Bahmani-Oskooee, Mohsen; Goswami, Gour Gobinda - In: Applied Economics Letters 12 (2005) 11, pp. 663-667
In a recent article, with a strong theoretical argument but poor empirical support, military spending was identified to be a determinant of real exchange rate or a factor causing the PPP to deviate from equilibrium exchange rate. The poor empirical results were mostly due to a small number of...