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Jeopolitik Riskler Savunma Harcamalarını Etkiliyor mu? Panel ARDL Yaklaşımı İle Bir Analiz

Yıl 2024, Cilt: 17 Sayı: 1, 69 - 85, 30.04.2024
https://doi.org/10.37093/ijsi.1428209

Öz

Doğası gereği jeopolitik riskler son derece öngörülemez ve yönetilmesi zor bir risk türüdür. Bu riskler, ticari entegrasyon ve küreselleşmeyle birlikte dünya genelinde her geçen gün daha da artmaktadır. Jeopolitik risklerin artması, ülkeleri güvenlik konusunda endişelendirmekte ve onları silahlanma yarışına itebilmektedir. Böylece küresel ölçekte savunma harcamalarında ciddi artışlar söz konusu olabilmektedir. Bu çalışma, jeopolitik risk ve savunma harcamaları ilişkisini aralarında Türkiye’nin de bulunduğu beş ülkeli bir örneklemde incelemeyi amaçlamaktadır. Bu amaç doğrultusunda panel ARDL yaklaşımı kullanılarak ilgili ülkelere ait 1993-2021 dönemi verileri ile analiz gerçekleştirilmiştir. Analiz bulguları, uzun dönemde jeopolitik riskin savunma harcamaları üzerinde anlamlı pozitif etkiye sahip olduğunu göstermektedir. Buna göre jeopolitik riskin artması, analiz edilen ülkelerde savunma harcamalarını artırmaktadır. Ancak kısa dönemde jeopolitik risklerin savunma harcamaları üzerinde herhangi bir etkisi söz konusu değildir. Bu sonuçlar dâhilinde egemen ülkelerin gerek komşularla ilişkilerde gerekse bölgesel çıkarlar doğrultusunda sorunlarını barışçıl yollarla çözümlemeleri, jeopolitik riskleri ve dahi savunma harcamalarını azaltabilecektir.

Etik Beyan

Bu çalışmada etik ilke ve standartlara uyulduğu beyan edilmiştir.

Destekleyen Kurum

Yazarlar bu çalışma için herhangi bir finansal destek almadıklarını beyan etmiştir.

Kaynakça

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  • Agoraki, M. E. K., Kouretas, G. P., & Laopodis, N. T. (2022). Geopolitical risks, uncertainty, and stock market performance. Economic and Political Studies, 10(3), 253–265. https://doi.org/10.1080/20954816.2022.2095749
  • Alesina, A., Özler, S., Roubini, N., & Swagel, P. (1996). Political instability and economic growth. Journal of Economic Growth, 1(2), 189–211. https://doi.org/10.1007/BF00138862
  • Azam, A., Rafiq, M., Shafique, M., Ateeq, M., & Yuan, J. (2021). Investigating the impact of renewable electricity consumption on sustainable economic development: A panel ARDL approach. International Journal of Green Energy, 18(11), 1185–1192. https://doi.org/10.1080/15435075.2021.1897825
  • Bandyopadhyay, S., Sandler, T., & Younas, J. (2014). Foreign direct investment, aid, and terrorism. Oxford Economic Papers, 66(1), 25–50. https://doi.org/10.1093/oep/gpt026
  • Barış, S. (2021). Jeopolitik risk ve ekonomik kalkınma. İçinde H. Erkekoğlu ve K. H. Arıç (Ed.), 2000’li yıllarda dünya ekonomisinde fönüşüm (ss. 219–246). Ekin Yayınevi.
  • Baur, D. G., & Smales, L. A. (2020). Hedging geopolitical risk with precious metals. Journal of Banking & Finance, 117, 105823. https://doi.org/10.1016/j.jbankfin.2020.105823
  • Blomberg, S. B., Hess, G. D., & Orphanides, A. (2004). The macroeconomic consequences of terrorism. Journal of Monetary Economics, 51(5), 1007–1032. https://doi.org/10.1016/j.jmoneco.2004.04.001
  • Bouoiyour, J., Selmi, R., Hammoudeh, S., & Wohar, M. E. (2019). What are the categories of geopolitical risks that could drive oil prices higher? Acts or threats? Energy Economics, 84, 104523. https://doi.org/10.1016/j.eneco.2019.104523
  • Buzdağlı, Ö., & Özdemir, D. (2021). Jeopolitik risk endeksinin askeri harcamalar üzerindeki etkisi. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 12(29), 188–203. https://doi.org/10.21076/vizyoner.761633
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  • Carter, B., & Fay, E. M. (2019). Responding to terror: An empirical analysis of U.S. military activity, public opinion, and transnational terrorism. Journal of Applied Security Research, 14(2), 140–168. https://doi.org/10.1080/19361610.2019.1581875
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  • Demir Bingöl, N., & Emsen, Ö. S. (2023). Jeopolitik risk endeksi ve askeri harcamalar arasındaki ilişkiler: Kulüp yakınsama analizinden kanıtlar. İzmir İktisat Dergisi, 38(4), 1029–1051. https://doi.org/10.24988/ije.1295517
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Do Geopolitical Risks Affect Defense Expenditures? An Analysis With Panel ARDL Approach

Yıl 2024, Cilt: 17 Sayı: 1, 69 - 85, 30.04.2024
https://doi.org/10.37093/ijsi.1428209

Öz

By their nature, geopolitical risks are highly unpredictable and difficult to manage. These risks are increasing day by day around the world with commercial integration and globalization. Increasing geopolitical risks make countries worry about security and may push them into an arms race. This study examines the relationship between geopolitical risk and defense expenditures in a sample of five countries, including Türkiye. A panel ARDL method was used to analyze the 1993–2021 period data of the relevant countries for this purpose. Analysis findings show that geopolitical risk positively affects defense expenditures in the long term. Accordingly, the increase in geopolitical risk increases defense expenditures in the analyzed countries. However, there is no effect in the short term. As a result, sovereign states can reduce geopolitical risks and even defense expenditures if they resolve their problems peacefully, both in relations with their neighbors and in line with regional interests.

Etik Beyan

The authors declare that this article complies with ethical standards and rules.

Destekleyen Kurum

No financial support was received from any person or institution for the study.

Kaynakça

  • Aizenman, J., & Glick, R. (2006). Military expenditure, threats, and growth. The Journal of International Trade & Economic Development, 15(2), 129–155. https://doi.org/10.1080/09638190600689095
  • Agoraki, M. E. K., Kouretas, G. P., & Laopodis, N. T. (2022). Geopolitical risks, uncertainty, and stock market performance. Economic and Political Studies, 10(3), 253–265. https://doi.org/10.1080/20954816.2022.2095749
  • Alesina, A., Özler, S., Roubini, N., & Swagel, P. (1996). Political instability and economic growth. Journal of Economic Growth, 1(2), 189–211. https://doi.org/10.1007/BF00138862
  • Azam, A., Rafiq, M., Shafique, M., Ateeq, M., & Yuan, J. (2021). Investigating the impact of renewable electricity consumption on sustainable economic development: A panel ARDL approach. International Journal of Green Energy, 18(11), 1185–1192. https://doi.org/10.1080/15435075.2021.1897825
  • Bandyopadhyay, S., Sandler, T., & Younas, J. (2014). Foreign direct investment, aid, and terrorism. Oxford Economic Papers, 66(1), 25–50. https://doi.org/10.1093/oep/gpt026
  • Barış, S. (2021). Jeopolitik risk ve ekonomik kalkınma. İçinde H. Erkekoğlu ve K. H. Arıç (Ed.), 2000’li yıllarda dünya ekonomisinde fönüşüm (ss. 219–246). Ekin Yayınevi.
  • Baur, D. G., & Smales, L. A. (2020). Hedging geopolitical risk with precious metals. Journal of Banking & Finance, 117, 105823. https://doi.org/10.1016/j.jbankfin.2020.105823
  • Blomberg, S. B., Hess, G. D., & Orphanides, A. (2004). The macroeconomic consequences of terrorism. Journal of Monetary Economics, 51(5), 1007–1032. https://doi.org/10.1016/j.jmoneco.2004.04.001
  • Bouoiyour, J., Selmi, R., Hammoudeh, S., & Wohar, M. E. (2019). What are the categories of geopolitical risks that could drive oil prices higher? Acts or threats? Energy Economics, 84, 104523. https://doi.org/10.1016/j.eneco.2019.104523
  • Buzdağlı, Ö., & Özdemir, D. (2021). Jeopolitik risk endeksinin askeri harcamalar üzerindeki etkisi. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 12(29), 188–203. https://doi.org/10.21076/vizyoner.761633
  • Caldara, D., & Iacoviello, M. (2016). Measuring geopolitical risk (Working Paper, 2016). https://www2.bc.edu/matteo-iacoviello/gpr_files/GPR_PAPER.pdf
  • Caldara, D., & Iacoviello, M. (2018). Measuring geopolitical risk. (International Finance Discussion Paper, 2018/1222). Board of Governors of the Federal Reserve System.
  • Caldara, D., & Iacoviello M. (2021, November). Measuring geopolitical risk (Working Paper). Board of Governors of the Federal Reserve Board.
  • Caldara, D., & Iacoviello, M. (2022). Measuring geopolitical risk. American Economic Review, 112(4), 1194–1225. https://doi.org/10.1257/aer.20191823
  • Carter, B., & Fay, E. M. (2019). Responding to terror: An empirical analysis of U.S. military activity, public opinion, and transnational terrorism. Journal of Applied Security Research, 14(2), 140–168. https://doi.org/10.1080/19361610.2019.1581875
  • Clements, B. J., Gupta, S., & Khamidova, S. (2019). Is military spending converging across countries? An examination of trends and key determinants (IMF Working Paper, No. 19/196). International Monetary Fund. https://www.imf.org/en/Publications/WP/Issues/2019/09/20/Is-Military-Spending-Converging-Across-Countries-An-Examination-of-Trends-and-Key-48556
  • Çinar, M. (2017). The effects of terrorism on economic growth: Panel data approach. Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, 35(1), 97–121. https://hrcak.srce.hr/file/270555
  • da Silva, P. P., Cerqueira, P. A., & Ogbe, W. (2018). Determinants of renewable energy growth in Sub-Saharan Africa: Evidence from panel ARDL. Energy, 156, 45–54. https://doi.org/10.1016/j.energy.2018.05.068
  • Demir Bingöl, N., & Emsen, Ö. S. (2023). Jeopolitik risk endeksi ve askeri harcamalar arasındaki ilişkiler: Kulüp yakınsama analizinden kanıtlar. İzmir İktisat Dergisi, 38(4), 1029–1051. https://doi.org/10.24988/ije.1295517
  • Efe, E. & Aydın, Ü. (2023). Makroekonomik değişkenlerin ve jeopolitik risk endeksinin savunma harcamalarına etkisi. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 24(3), 692–707. https://doi.org/10.17494/ogusbd.1317847
  • Feridun, M. (2011). Impact of terrorism on tourism in Turkey: Empirical evidence from Turkey. Applied Economics, 43(24), 3349–3354. https://doi.org/10.1080/00036841003636268
  • Fielding, D. (2004). How does violent conflict affect investment location decisions? Evidence from Israel during the Intifada. Journal of Peace Research, 41(4), 465–484. https://doi.org/10.1177/0022343304044477
  • Filer, R. K., & Stanišić, D. (2016). The effect of terrorist incidents on capital flows. Review of Development Economics, 20(2), 502–513. https://doi.org/10.1111/rode.12246
  • Flint, C. (2006). Introduction to geopolitics. Routledge. https://doi.org/10.4324/9780203503768
  • Fonfría, A., & Marín, R. (2012). Determinants of the demand for defence expenditure in the NATO countires. Journal of the Higher School of National Defense Studies, 12, 9–30.
  • Gaberli, Y. C., Gaberli, Ü. & Güler, M. E. (2022). Impact of political stability and absence of violence/terrorism on tourism: A panel co-integration analysis. Journal of Management and Economics Research, 20(4), 387–400. https://doi.org/10.11611/yead.1168124
  • Gaibulloev, K., & Sandler, T. (2008). Growth consequences of terrorism in Western Europe. Kyklos, 61(3), 411–424. https://doi.org/10.1111/j.1467-6435.2008.00409.x
  • Gkillas, K., Gupta, R., & Pierdzioch, C. (2020). Forecasting realized gold volatility: Is there a role of geopolitical risks? Finance Research Letters, 35, 101280. https://doi.org/10.1016/j.frl.2019.08.028
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
  • International Monetary Fund. (2017, October). World economic outlook: Seeking sustainable growth: Short-term recovery, long-term challenges. https://www.imf.org/en/Publications/WEO/Issues/2017/09/19/world-economic-outlook-october-2017
  • International Monetary Fund. (2023, October). World economic outlook: Navigating global divergences. https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023
  • İlhan, S. (1999). Dünya yeniden kuruluyor jeopolitik ve jeokültür tartışmaları. Ötüken Yayınları.
  • İlhan, S. (2002). Jeopolitik kavramı ve unsurları. Avrasya Dosyası Jeopolitik Özel, 8(4), 318–322.
  • Keser, A., Cutcu, I., Tiwari, S., Eren, M. V., Askar, S. S., & Abouhawwash, M. (2023). How does terrorism hollow out the sustainable economic growth in Big Ten Countries? International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-03-2023-0384
  • Khan, K., Su, C. W., & Rizvi, S. K. A. (2022). Guns and blood: A review of geopolitical risk and defence expenditures. Defence and Peace Economics, 33(1), 42–58. https://doi.org/10.1080/10242694.2020.1802836
  • Kollias, C., Paleologou, S. M., Tzeremes, P., & Tzeremes, N. (2018). The demand for military spending in Latin American Countries. Latin American Economic Review, 27(1), 11–27. https://doi.org/10.1186/s40503-018-0059-8
  • Korkmaz, S. (2015). The effect of military spending on economic growth and unemployment in Mediterranean Countries. International Journal of Economics and Financial Issues, 5(1), 273–280. https://dergipark.org.tr/en/pub/ijefi/issue/31967/352125
  • Long, H., Demir, E., Będowska-Sójka, B., Zaremba, A., & Shahzad, S. J. H. (2022). Is geopolitical risk priced in the cross-section of cryptocurrency returns? Finance Research Letters, 49, 103131. https://doi.org/10.1016/j.frl.2022.103131
  • Murdoch, J. C., & Sandler, T. (2002). Economic growth, civil wars, and spatial spillovers. Journal of Conflict Resolution, 46(1), 91–110. https://doi.org/10.1177/0022002702046001006
  • NATO. (2018, May 17), Statements, by NATO Secretary General Jens Stoltenberg and US President Donald Trump in the Oval Office. North Atlantic Treaty Organization. https://www.nato.int/cps/en/natohq/opinions_154817.htm
  • Neubauer, J., & Odehnal, J. (2018). ARDL models of military spending and its security and economic determinants. Challenges to National Defence in Contemporary Geopolitical Situation, 1(1), 109–114. https://doi.org/10.47459/cndcgs.2018.16
  • Njamen Kengdo, A. A., Nchofoung, T. N., & Kos A. Mougnol, A. (2023). Determinants of military spending in Africa: Do institutions matter?. Peace Economics, Peace Science and Public Policy, 29(4), 401–440.
  • Nordhaus, W. D., Oneal, J. R., & Russett, B. (2009, October). The effects of the security environment on military expenditures: Pooled analyses of 165 countries, 1950-2000 (Cowles Foundation Discussion Paper, No. 1707). https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=3024&context=cowles-discussion-paper-series
  • Nordhaus, W., Oneal, J. R., & Russett, B. (2012). The effects of the international security environment on national military expenditures: A multicountry study. International Organization, 66(3), 491–513. https://doi.org/10.1017/S0020818312000173
  • Odehnal, J., & Neubauer, J. (2020). Economic, security, and political determinants of military spending in NATO countries. Defence and Peace Economics, 31(5), 517–531. https://doi.org/10.1080/10242694.2018.1544440
  • Öcal, N., & Yildirim, J. (2010). Regional effects of terrorism on economic growth in Turkey: A geographically weighted regression approach. Journal of Peace Research, 47(4), 477–489. https://doi.org/10.1177/0022343310364576
  • Özçelik, Ö. & Önder, H. (2016). Savunma harcamalarına terör riskinin etkisi: Ampirik bir uygulama. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 47, 36–46. https://dergipark.org.tr/tr/pub/dpusbe/issue/26801/286151
  • Pesaran, M. H. (2006). Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica, 74(4), 967–1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621–634. https://doi.org/10.1080/01621459.1999.10474156
  • Polachek, S. W., & Sevastianova, D. (2012). Does conflict disrupt growth? Evidence of the relationship between political instability and national economic performance. The Journal of International Trade & Economic Development, 21(3), 361–388. https://doi.org/10.1080/09638191003749783
  • Shahbaz, M., Shabbir, M. S., Malik, M. N., & Wolters, M. E. (2013). An analysis of a causal relationship between economic growth and terrorism in Pakistan. Economic Modelling, 35, 21–29. https://doi.org/10.1016/j.econmod.2013.06.031
  • Shahbaz, M. A., Javed, A., Dar, A., & Sattar, T. (2013). Impact of terrorism on foreign direct investment in Pakistan. Archives of Business Research, 1(1), 1–7. https://doi.org/10.14738/abr.11.27
  • Smith, A. (1976). An inquiry into the nature and causes of the wealth of nations. (Volume 1, Liberty Classics). Oxford University Press. (Original work published 1776).
  • Smith, D., Bell, N., Faller, J., Galaz, V., Norström, A., Pattison, C., & Queiroz, C. (2022). Elements of a planetary emergency: Environment of peace (Part 1). Stockholm International Peace Research Institute. https://doi.org/10.55163/MDEB4357
  • Stockholm International Peace Research Institute. (2023). SIPRI Yearbook 2023: Armaments, disarmament and international security. Oxford University Press. https://www.sipri.org/yearbook/2023
  • Stockholm International Peace Research Institute. (2024). SIPRI Military Expenditure Database. https://milex.sipri.org/sipri
  • Sweidan, O. D. (2023). Geopolitical risk and military expenditures: Evidence from the US economy. Russian Journal of Economics, 9(2), 201–218. https://doi.org/10.32609/j.ruje.9.97733
  • Taylor, M. P., & Sarno, L. (1998). The behavior of real exchange rates during the post-Bretton Woods period. Journal of International Economics, 46(2), 281–312. https://doi.org/10.1016/S0022-1996(97)00054-8
  • Tian, N., da Silva, D. L., Liang, X., Scarazzato, L., Béraud-Sudreau, L., & de Oliveira Assis, A. C. (2023, April). Trends in world military expenditure [SIPRI Fact Sheet]. Stockholm International Peace Research Institute. https://doi.org/10.55163/PNVP2622
  • Türk Dil Kurumu. (2023). Jeopolitik. In Güncel Türkçe Sözlük. https://sozluk.gov.tr
  • Yakovlev, P. (2007). Arms trade, military spending, and economic growth. Defence and Peace Economics, 18(4), 317–338. https://doi.org/10.1080/10242690601099679
  • Yaya, M. E. (2009). Terrorism and tourism: The case of Turkey. Defence and Peace Economics, 20(6), 477–497. https://doi.org/10.1080/10242690903105414
  • Yilanci, V., & Kilci, E. N. (2021). The role of economic policy uncertainty and geopolitical risk in predicting prices of precious metals: Evidence from a time-varying bootstrap causality test. Resources Policy, 72, 102039. https://doi.org/10.1016/j.resourpol.2021.102039
  • Zakaria, M., Jun, W., & Ahmed, H. (2019). Effect of terrorism on economic growth in Pakistan: An empirical analysis. Economic Research-Ekonomska Istraživanja, 32(1), 1794–1812. https://doi.org/10.1080/1331677X.2019.1638290
  • Zhang, Y., He, J., He, M., & Li, S. (2023). Geopolitical risk and stock market volatility: A global perspective. Finance Research Letters, 53, 103620. https://doi.org/10.1016/j.frl.2022.103620
  • Zhong, M., Chang, T., Goswami, S., Gupta, R., & Lou, T.-W. (2017). The nexus between military expenditures and economic growth in the BRICS and the US: An empirical note. Defence and Peace Economics, 28(5), 609–620. https://doi.org/10.1080/10242694.2016.1144897
Toplam 66 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Uluslararası İktisatta Bölgesel Gelişme ve Küreselleşme, Kamu Ekonomisi
Bölüm Makaleler
Yazarlar

Serap Barış 0000-0003-3905-4746

Abdullah Barış 0000-0001-5637-9126

Yayımlanma Tarihi 30 Nisan 2024
Gönderilme Tarihi 30 Ocak 2024
Kabul Tarihi 12 Mart 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 17 Sayı: 1

Kaynak Göster

APA Barış, S., & Barış, A. (2024). Jeopolitik Riskler Savunma Harcamalarını Etkiliyor mu? Panel ARDL Yaklaşımı İle Bir Analiz. International Journal of Social Inquiry, 17(1), 69-85. https://doi.org/10.37093/ijsi.1428209

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