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Interdependence between US and European Military Spending: A Panel Cointegration Analysis (1988-2013)

Caruso, Raul and Di Domizio, Marco (2015): Interdependence between US and European Military Spending: A Panel Cointegration Analysis (1988-2013).

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Abstract

The aim of this paper is to study the interdependence of military spending between US and a panel of European countries in the period 1988-2013. The empirical estimation is based on a: (i) a unit root tests and a cointegration analysis; (ii) FMOLS and DOLS estimations. General results highlight that military spending of European countries is: (1) positively associated with US military spending and (2) negatively associated with average military spending of other European countries.

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