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SECURITY EXPENDITURE ON ECONOMIC GROWTH IN NIGERIA
Corresponding Author(s) : Udo Emmanuel Samuel
Humanities & Social Sciences Reviews,
Vol. 8 No. 3 (2020): May
Abstract
Purpose of study: This study examines security expenditure as an economically contributive or a non-contributive expenditure on human capital development and economic growth in Nigeria.
Methodology: Adopting the ARDL bounds test and Error Correction Model (ECM) on quarterly time-series data from January 2010-December 2018.
Result: The findings and results indicate that security expenditure is economically a contributive expenditure. In the long-run a positive and significant impact on economic growth and human capital development, in the shot-run a negative relationship. The ECM model conveyed the speed of convergence from disequilibrium in the short-run back to long-run equilibrium by 86% quarterly.
Implication/Application: The finding and results have critical implications for the government and policymakers, protection of life, properties, economic, and business assets positively stimulate economic growth. A unit increase in government expenditure on human capital development decreases insecurity and increase economic growth.
Novelty/Originality of this study: Previous studies conducted globally and in Nigeria reported diverse results on the co-integrating relationship between security expenditure and economic growth, using diverse variables and annualized time series data predominantly. This study differs from the previous studies to adopt quarterly time-series data, the ARDL, and the ECM models as the major techniques of analysis along with a battery of pre-test and diagnostic tests.
Keywords
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- Abdul R, Mohd SZ, & Dewi AS (2015). Effect of conflict and military expenditure on school performance in South Asia. International Journal of Humanities and Social Science 2015, 5(12).
- Aderemi, T, A., Olayemi, H, O., Ebere, C, E., & Adeniran, A, A., (2018). Security Spending and Foreign Direct Investment Inflows: Evidence from the Nigerian Economy. Journal of Humanities and Social Science. 23 (11) PP-29-35.
- Alexander, W.R.J. (1990). The impact of defense spending on economic growth: A multi- Sectoral approach to defense spending and economic growth with evidence from developed economies. Defense Economics 2(1), 39-55. https://doi.org/10.1080/10430719008404677 DOI: https://doi.org/10.1080/10430719008404677
- Anfofum, A., Andow, H., and Mohammed, A., (2014). Military Spending and External Debt Burden in Nigeria. International Journal of Education and Research, 2(7). https://doi.org/10.1080/10242694.2015.1072371 DOI: https://doi.org/10.1080/10242694.2015.1072371
- Anyanwu, S. (2011). Defense expenditure and economic growth in Nigeria: A Vector Error Correction Model(VECM) approach. Asia Journal of Empirical Research. 1(2).
- Anyanwu, S., (2012). Comparative Regime Analysis of the Trend and Structure of Security Expenditure in Nigeria, 1980-2010, Journal of African Macroeconomic Review 2(1), pp. 93- 100.
- Apanisile, O. T., & Okunlola, O. C. (2014). Does Security Expenditure Influence Economic Growth in Nigeria during 1989-2013? A Bound Testing Approach. Romanian Journal of Fiscal Policy Vol 5, (2), Pp 56-71.
- Atesoglu, H.S. & Mueller, M.J. (1990). Defense spending and economic growth. Defense and Peace Economics, 2(1): 19-27. https://doi.org/10.1080/10430719008404675 DOI: https://doi.org/10.1080/10430719008404675
- Ben, E. U., Abner, P. I., Udo, E. S. & Kelvin-Iioafu, L. E. (2019). Insecurity on Economic and Business Climate; Empirical Evidence from Nigeria. International Journal of Supply and Operations Management, Volume 6, Issue 2, pp. 182-187.
- Benoit, B. (1973). Defense and Growth in Developing Countries. London Boston DC Heath; Lexington Books.
- Benoit, E., (1978). Growth and Defence in developing countries. Economic Development and Cultural Change: 271-280. https://doi.org/10.1086/451015 DOI: https://doi.org/10.1086/451015
- Biswas, B. & Ram, R. (1986). Security expenditures and economic growth in less developed countries: An augmented model and further evidence. Economic Development and Cultural Change, 34(2): 361-372. https://doi.org/10.1086/451533 DOI: https://doi.org/10.1086/451533
- Central Bank of Nigeria. Annual Report and Statement of Account (2018). Available from: Central Bank of Nigeria.
- Chipaumire, G., Ngirande, H., Mangena, M. &Ruswa, Y. (2014). The impact of government spending on economic growth: a case of South Africa. Mediterranean Journal of Social Sciences, 5 (1), pp. 109-118. https://doi.org/10.5901/mjss.2014.v5n1p109 DOI: https://doi.org/10.5901/mjss.2014.v5n1p109
- Dakurah, H., Davies,S. &Sampath, R. (2001). Defense Spending and Economic Growth in Developing Countries: A Causality Analysis. Journal of Policy Modelling 23 (6) 651-658. https://doi.org/10.1016/S0161-8938(01)00079-5 DOI: https://doi.org/10.1016/S0161-8938(01)00079-5
- Danek, T. (2013). Analysis of Relationship between Security Expenditure and Economic Growth. The Business & Management Review, 3(3). pp.117-125.
- Deger, S. (1986). Economic Development and Defence Expenditure. Economic Development and Cultural Change 34(2) 361-372. https://doi.org/10.1086/451577 DOI: https://doi.org/10.1086/451577
- Deger, S., and Smith, R., 1986. Military Expenditures and Growth in Less Developed Countries. Journal of Conflict Resolution 27(1), pp. 335–353. https://doi.org/10.1177/0022002783027002006 DOI: https://doi.org/10.1177/0022002783027002006
- Dickey, D.A. & Fuller W.A., (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a): 427-431. https://doi.org/10.2307/2286348 DOI: https://doi.org/10.2307/2286348
- Dumas, J. (2002) The role of demilitarization in promoting democracy and prosperity in Africa, in Brauer, J and Dunne, J, eds, Arming the south, Palgrave, London: 9 (4) pp15-33. https://doi.org/10.1057/9780230501256_2 DOI: https://doi.org/10.1057/9780230501256_2
- Edame, G.E., & Nwanko, C. (2013). The interaction between Defence Spending, Debt service obligation, and Economic Growth in Nigeria. Research Journal of Finance and Accountancy. 2013; 4(13).
- Feder G (1982). On Exports and Economic Growth. Journal of Development, 12(1-2), 59-73. https://doi.org/10.1016/0304-3878(83)90031-7 DOI: https://doi.org/10.1016/0304-3878(83)90031-7
- Fiani, R., Anne,P. and Taylor,L. (1984). Defence Spending and Economic Growth: Time Series Evidence On Causality for the Philippines 1950-1982. Journal of Philippine Development, 25(2), 354-360.
- Harris, G. (2004). Military expenditure in Sub-Saharan Africa: Why guns cost more than butter. FMF Monograph No. 39, first published in November 2004 by The Free Market Foundation.
- Huang, C. &Mintz, A. (1991). Defence expenditure and economic growth: The externality effect. Defense Economics 3 (2), 35-40. https://doi.org/10.1080/10430719108404713 DOI: https://doi.org/10.1080/10430719108404713
- International Peace Bureau, (2012). Disarmament for Sustainable Development. Available from http://www.ipb.org/
- Khalid, M.A., & Mustapha, B. (2014). Security expenditure and economic growth in the case of China: using ARDL Approach. 2014. Vol 3 pp20-35.
- Korkmaz, S. (2015). The Effect of Security Spending on Economic Growth and Unemployment in Mediterranean Countries. International Journal of Economics and Financial Issues, 5 (1), pp. 273-280.
- Landau, D. (1986). Government and economic growth in the less developed countries: An empirical study for 1960-1980. Economic Development and Cultural Change: 35-75. https://doi.org/10.1086/451572 DOI: https://doi.org/10.1086/451572
- Landau, D.L. (1993). The economic impact of security expenditures. World Bank Publications.
- Lucas, R.E. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7 DOI: https://doi.org/10.1016/0304-3932(88)90168-7
- MacNair, E.S., Murdoch J.C., Pi, C.R. & Sandler, T., (1995). Growth and Defence: Pooled estimates for the NATO alliance, 1951-1988. Southern Economic Journal: 846-860. https://doi.org/10.2307/1061002 DOI: https://doi.org/10.2307/1061002
- Masoud, A.K., &Munadhil, A.J. (2015). The Impact of Security Spending on Economic Growth: Evidence from the US Economy. Research Journal of Finance and Accounting. 2015; 6(7). https://doi.org/10.18488/journal.29/2014.1.4/29.4.49.58 DOI: https://doi.org/10.18488/journal.29/2014.1.4/29.4.49.58
- Mbasua, A. Y., Muhammad, M. B., and Abia, F. K. (2016). Implications of Boko Haram Insurgency on Small and Medium Enterprises in Borno State, Nigeria: A Review. Sahel Analyst: Journal of Management Sciences, Vol.14 (1), pp. 96-108.
- Mintz, A. & Stevenson, R.T. (1995). Defense expenditures, economic growth, and the peace dividend. A longitudinal analysis of 103 countries. Journal of Conflict Resolution, 39(2): 283-305. https://doi.org/10.1177/0022002795039002004 DOI: https://doi.org/10.1177/0022002795039002004
- Mueller, M.J. &Atesoglu, H.S. (1993). Defense spending, technological change, and economic growth in the United States. Defense and Peace Economics, 4(3): 259-269. https://doi.org/10.1080/10430719308404765 DOI: https://doi.org/10.1080/10430719308404765
- Obasi, C. N., Asogwa, F. O., &Nwafee, F. I. (2018). Military Expenditure and Human Capital Development in Nigeria. American Journal of Economics 8(5): 221-229.
- Okoro, A. (2013). Government spending and economic growth in Nigeria (1980-2011). Global Journal of Management and Business Research Economics and Commerce, 13 (5), pp. 21-29.
- Olofin, O. (2012). Defense Spending and Poverty Reduction in Nigeria. American Journal of Economics 2012, 2(6): pp. 122-127. https://doi.org/10.5923/j.economics.20120206.05 DOI: https://doi.org/10.5923/j.economics.20120206.05
- Omojomite, O. U. (2012). Public Education and Defence Spending in Nigeria. Implications for Economic Growth. Journal of Educational and Social Research. 2012; 2 (1).
- Oriavwote, E.& Eshenake, S. (2013). A Vector Error Correction Modeling of Security Spending and Economic Growth in Nigeria. Accounting and Finance Research 2(2), pp. 100-109. https://doi.org/10.5430/afr.v2n2p59 DOI: https://doi.org/10.5430/afr.v2n2p59
- Park, K.Y., (1993). Pouring new wine into fresh wineskins: Defense spending and economic growth in LDCs with application to South Korea. Journal of Peace Research, 30(1): 79-93. https://doi.org/10.1177/0022343393030001007 DOI: https://doi.org/10.1177/0022343393030001007
- Pesaran, M.H., Shin,Y. & Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3): 289-326. https://doi.org/10.1002/jae.616 DOI: https://doi.org/10.1002/jae.616
- Phillips, P.C. & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2): 335-346. https://doi.org/10.1093/biomet/75.2.335 DOI: https://doi.org/10.1093/biomet/75.2.335
- Ram, R. (1986). Government Size and Economic Growth: A New Framework and Some Evidence from Cross-Section and Time Series Data. America economic review, 76(1), 191-203.
- Rashid Saifur, A.K.M. and ArifZahir Uddin, Md. (2012). Does Security Expenditure Influence Economic Growth in Developing Countries? A Cointegration Analysis. Journal of Arts, Science & Commerce, 2012, 2(6): pp. 122-127.
- Raster, K. and Thompson,W.R.(1998). Defence Burdens, Capital Formation and Economic Growth. Journal of Conflict Resolution, 32(1), 61-86. https://doi.org/10.1177/0022002788032001003 DOI: https://doi.org/10.1177/0022002788032001003
- Romer, P.M. (1986). Increasing Return and Long-Run Growth. Journal of Political Economy, 94(5), 1002-1037. https://doi.org/10.1086/261420 DOI: https://doi.org/10.1086/261420
- Smith, R. (1980). Military expenditure and investment in OECD countries 1954-1973. Journal of Comparative Economics, 4(1), 11-32. https://doi.org/10.1016/0147-5967(80)90050-5 DOI: https://doi.org/10.1016/0147-5967(80)90050-5
- Shieh, B.H., Parker, L., &Popescu, D. (2002). security expenditure on private sector investments. Journal of Economic Development 9(7), 10-27. 44, 1, (47-68), (2002).
- Solow, R.M. (1950). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513 DOI: https://doi.org/10.2307/1884513
- Udoh, B. E., Udo, E. S., Abner, P. I., Ike, R. N., Tingir J., &Ibekwe, J. (2018). Effect of Administrative Capital Expenditure on Economic Development: An Emerging Nation Outlook. Journal of Internet Banking and Commerce vol. 23, no. 1 pp 1-17.
- Umar, M, & Abu Bakar A., (2016). Defense Expenditures and Political Instability Impact On Economic Growth of Nigeria. Actual Problems of Economics 6(180) 2016.
- Wagner, A. (1890). Finanzwissenschaft(3ed) partly Reprinted in Musgrave, and Peacock, A.T (ed.) The Classics in the Theory of Public Finance. Macmillan, London 1958.
- Ward, M.D., Davis,D.R. & Chan, S. (1993). Security spending and economic growth in Taiwan. Armed Forces & Society, 19(4): 533-550. https://doi.org/10.1177/0095327X9301900404 DOI: https://doi.org/10.1177/0095327X9301900404
- World Bank (WDI World Development Indicator- World Bank), 2019. Available from http://databank.worldbank.org/data/home.aspx.
References
Abdul R, Mohd SZ, & Dewi AS (2015). Effect of conflict and military expenditure on school performance in South Asia. International Journal of Humanities and Social Science 2015, 5(12).
Aderemi, T, A., Olayemi, H, O., Ebere, C, E., & Adeniran, A, A., (2018). Security Spending and Foreign Direct Investment Inflows: Evidence from the Nigerian Economy. Journal of Humanities and Social Science. 23 (11) PP-29-35.
Alexander, W.R.J. (1990). The impact of defense spending on economic growth: A multi- Sectoral approach to defense spending and economic growth with evidence from developed economies. Defense Economics 2(1), 39-55. https://doi.org/10.1080/10430719008404677 DOI: https://doi.org/10.1080/10430719008404677
Anfofum, A., Andow, H., and Mohammed, A., (2014). Military Spending and External Debt Burden in Nigeria. International Journal of Education and Research, 2(7). https://doi.org/10.1080/10242694.2015.1072371 DOI: https://doi.org/10.1080/10242694.2015.1072371
Anyanwu, S. (2011). Defense expenditure and economic growth in Nigeria: A Vector Error Correction Model(VECM) approach. Asia Journal of Empirical Research. 1(2).
Anyanwu, S., (2012). Comparative Regime Analysis of the Trend and Structure of Security Expenditure in Nigeria, 1980-2010, Journal of African Macroeconomic Review 2(1), pp. 93- 100.
Apanisile, O. T., & Okunlola, O. C. (2014). Does Security Expenditure Influence Economic Growth in Nigeria during 1989-2013? A Bound Testing Approach. Romanian Journal of Fiscal Policy Vol 5, (2), Pp 56-71.
Atesoglu, H.S. & Mueller, M.J. (1990). Defense spending and economic growth. Defense and Peace Economics, 2(1): 19-27. https://doi.org/10.1080/10430719008404675 DOI: https://doi.org/10.1080/10430719008404675
Ben, E. U., Abner, P. I., Udo, E. S. & Kelvin-Iioafu, L. E. (2019). Insecurity on Economic and Business Climate; Empirical Evidence from Nigeria. International Journal of Supply and Operations Management, Volume 6, Issue 2, pp. 182-187.
Benoit, B. (1973). Defense and Growth in Developing Countries. London Boston DC Heath; Lexington Books.
Benoit, E., (1978). Growth and Defence in developing countries. Economic Development and Cultural Change: 271-280. https://doi.org/10.1086/451015 DOI: https://doi.org/10.1086/451015
Biswas, B. & Ram, R. (1986). Security expenditures and economic growth in less developed countries: An augmented model and further evidence. Economic Development and Cultural Change, 34(2): 361-372. https://doi.org/10.1086/451533 DOI: https://doi.org/10.1086/451533
Central Bank of Nigeria. Annual Report and Statement of Account (2018). Available from: Central Bank of Nigeria.
Chipaumire, G., Ngirande, H., Mangena, M. &Ruswa, Y. (2014). The impact of government spending on economic growth: a case of South Africa. Mediterranean Journal of Social Sciences, 5 (1), pp. 109-118. https://doi.org/10.5901/mjss.2014.v5n1p109 DOI: https://doi.org/10.5901/mjss.2014.v5n1p109
Dakurah, H., Davies,S. &Sampath, R. (2001). Defense Spending and Economic Growth in Developing Countries: A Causality Analysis. Journal of Policy Modelling 23 (6) 651-658. https://doi.org/10.1016/S0161-8938(01)00079-5 DOI: https://doi.org/10.1016/S0161-8938(01)00079-5
Danek, T. (2013). Analysis of Relationship between Security Expenditure and Economic Growth. The Business & Management Review, 3(3). pp.117-125.
Deger, S. (1986). Economic Development and Defence Expenditure. Economic Development and Cultural Change 34(2) 361-372. https://doi.org/10.1086/451577 DOI: https://doi.org/10.1086/451577
Deger, S., and Smith, R., 1986. Military Expenditures and Growth in Less Developed Countries. Journal of Conflict Resolution 27(1), pp. 335–353. https://doi.org/10.1177/0022002783027002006 DOI: https://doi.org/10.1177/0022002783027002006
Dickey, D.A. & Fuller W.A., (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74(366a): 427-431. https://doi.org/10.2307/2286348 DOI: https://doi.org/10.2307/2286348
Dumas, J. (2002) The role of demilitarization in promoting democracy and prosperity in Africa, in Brauer, J and Dunne, J, eds, Arming the south, Palgrave, London: 9 (4) pp15-33. https://doi.org/10.1057/9780230501256_2 DOI: https://doi.org/10.1057/9780230501256_2
Edame, G.E., & Nwanko, C. (2013). The interaction between Defence Spending, Debt service obligation, and Economic Growth in Nigeria. Research Journal of Finance and Accountancy. 2013; 4(13).
Feder G (1982). On Exports and Economic Growth. Journal of Development, 12(1-2), 59-73. https://doi.org/10.1016/0304-3878(83)90031-7 DOI: https://doi.org/10.1016/0304-3878(83)90031-7
Fiani, R., Anne,P. and Taylor,L. (1984). Defence Spending and Economic Growth: Time Series Evidence On Causality for the Philippines 1950-1982. Journal of Philippine Development, 25(2), 354-360.
Harris, G. (2004). Military expenditure in Sub-Saharan Africa: Why guns cost more than butter. FMF Monograph No. 39, first published in November 2004 by The Free Market Foundation.
Huang, C. &Mintz, A. (1991). Defence expenditure and economic growth: The externality effect. Defense Economics 3 (2), 35-40. https://doi.org/10.1080/10430719108404713 DOI: https://doi.org/10.1080/10430719108404713
International Peace Bureau, (2012). Disarmament for Sustainable Development. Available from http://www.ipb.org/
Khalid, M.A., & Mustapha, B. (2014). Security expenditure and economic growth in the case of China: using ARDL Approach. 2014. Vol 3 pp20-35.
Korkmaz, S. (2015). The Effect of Security Spending on Economic Growth and Unemployment in Mediterranean Countries. International Journal of Economics and Financial Issues, 5 (1), pp. 273-280.
Landau, D. (1986). Government and economic growth in the less developed countries: An empirical study for 1960-1980. Economic Development and Cultural Change: 35-75. https://doi.org/10.1086/451572 DOI: https://doi.org/10.1086/451572
Landau, D.L. (1993). The economic impact of security expenditures. World Bank Publications.
Lucas, R.E. (1988). On the Mechanics of Economic Development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7 DOI: https://doi.org/10.1016/0304-3932(88)90168-7
MacNair, E.S., Murdoch J.C., Pi, C.R. & Sandler, T., (1995). Growth and Defence: Pooled estimates for the NATO alliance, 1951-1988. Southern Economic Journal: 846-860. https://doi.org/10.2307/1061002 DOI: https://doi.org/10.2307/1061002
Masoud, A.K., &Munadhil, A.J. (2015). The Impact of Security Spending on Economic Growth: Evidence from the US Economy. Research Journal of Finance and Accounting. 2015; 6(7). https://doi.org/10.18488/journal.29/2014.1.4/29.4.49.58 DOI: https://doi.org/10.18488/journal.29/2014.1.4/29.4.49.58
Mbasua, A. Y., Muhammad, M. B., and Abia, F. K. (2016). Implications of Boko Haram Insurgency on Small and Medium Enterprises in Borno State, Nigeria: A Review. Sahel Analyst: Journal of Management Sciences, Vol.14 (1), pp. 96-108.
Mintz, A. & Stevenson, R.T. (1995). Defense expenditures, economic growth, and the peace dividend. A longitudinal analysis of 103 countries. Journal of Conflict Resolution, 39(2): 283-305. https://doi.org/10.1177/0022002795039002004 DOI: https://doi.org/10.1177/0022002795039002004
Mueller, M.J. &Atesoglu, H.S. (1993). Defense spending, technological change, and economic growth in the United States. Defense and Peace Economics, 4(3): 259-269. https://doi.org/10.1080/10430719308404765 DOI: https://doi.org/10.1080/10430719308404765
Obasi, C. N., Asogwa, F. O., &Nwafee, F. I. (2018). Military Expenditure and Human Capital Development in Nigeria. American Journal of Economics 8(5): 221-229.
Okoro, A. (2013). Government spending and economic growth in Nigeria (1980-2011). Global Journal of Management and Business Research Economics and Commerce, 13 (5), pp. 21-29.
Olofin, O. (2012). Defense Spending and Poverty Reduction in Nigeria. American Journal of Economics 2012, 2(6): pp. 122-127. https://doi.org/10.5923/j.economics.20120206.05 DOI: https://doi.org/10.5923/j.economics.20120206.05
Omojomite, O. U. (2012). Public Education and Defence Spending in Nigeria. Implications for Economic Growth. Journal of Educational and Social Research. 2012; 2 (1).
Oriavwote, E.& Eshenake, S. (2013). A Vector Error Correction Modeling of Security Spending and Economic Growth in Nigeria. Accounting and Finance Research 2(2), pp. 100-109. https://doi.org/10.5430/afr.v2n2p59 DOI: https://doi.org/10.5430/afr.v2n2p59
Park, K.Y., (1993). Pouring new wine into fresh wineskins: Defense spending and economic growth in LDCs with application to South Korea. Journal of Peace Research, 30(1): 79-93. https://doi.org/10.1177/0022343393030001007 DOI: https://doi.org/10.1177/0022343393030001007
Pesaran, M.H., Shin,Y. & Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3): 289-326. https://doi.org/10.1002/jae.616 DOI: https://doi.org/10.1002/jae.616
Phillips, P.C. & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2): 335-346. https://doi.org/10.1093/biomet/75.2.335 DOI: https://doi.org/10.1093/biomet/75.2.335
Ram, R. (1986). Government Size and Economic Growth: A New Framework and Some Evidence from Cross-Section and Time Series Data. America economic review, 76(1), 191-203.
Rashid Saifur, A.K.M. and ArifZahir Uddin, Md. (2012). Does Security Expenditure Influence Economic Growth in Developing Countries? A Cointegration Analysis. Journal of Arts, Science & Commerce, 2012, 2(6): pp. 122-127.
Raster, K. and Thompson,W.R.(1998). Defence Burdens, Capital Formation and Economic Growth. Journal of Conflict Resolution, 32(1), 61-86. https://doi.org/10.1177/0022002788032001003 DOI: https://doi.org/10.1177/0022002788032001003
Romer, P.M. (1986). Increasing Return and Long-Run Growth. Journal of Political Economy, 94(5), 1002-1037. https://doi.org/10.1086/261420 DOI: https://doi.org/10.1086/261420
Smith, R. (1980). Military expenditure and investment in OECD countries 1954-1973. Journal of Comparative Economics, 4(1), 11-32. https://doi.org/10.1016/0147-5967(80)90050-5 DOI: https://doi.org/10.1016/0147-5967(80)90050-5
Shieh, B.H., Parker, L., &Popescu, D. (2002). security expenditure on private sector investments. Journal of Economic Development 9(7), 10-27. 44, 1, (47-68), (2002).
Solow, R.M. (1950). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513 DOI: https://doi.org/10.2307/1884513
Udoh, B. E., Udo, E. S., Abner, P. I., Ike, R. N., Tingir J., &Ibekwe, J. (2018). Effect of Administrative Capital Expenditure on Economic Development: An Emerging Nation Outlook. Journal of Internet Banking and Commerce vol. 23, no. 1 pp 1-17.
Umar, M, & Abu Bakar A., (2016). Defense Expenditures and Political Instability Impact On Economic Growth of Nigeria. Actual Problems of Economics 6(180) 2016.
Wagner, A. (1890). Finanzwissenschaft(3ed) partly Reprinted in Musgrave, and Peacock, A.T (ed.) The Classics in the Theory of Public Finance. Macmillan, London 1958.
Ward, M.D., Davis,D.R. & Chan, S. (1993). Security spending and economic growth in Taiwan. Armed Forces & Society, 19(4): 533-550. https://doi.org/10.1177/0095327X9301900404 DOI: https://doi.org/10.1177/0095327X9301900404
World Bank (WDI World Development Indicator- World Bank), 2019. Available from http://databank.worldbank.org/data/home.aspx.