Findings from previous studies indicate that the long-run stationarity of the real exchange rate in different time horizons remains unclear. In order to shed light on this problem, we have adopted a new method which is widely used to analyze signals, the so-called wavelet transformation. This...

Military expenditure is difficult to define. Major issues are functional versus institutional approaches to defense, indirect and intangible costs and benefits and current versus comprehensive accounting. Authoritative institutions have adopted standard definitions but national governments are...