Isiaka Akande Raifu

Are All Shocks Alike? Evidence From the Effects of Oil Shocks on Military Expenditure in Nigeria

  • General Medicine

This study investigated the asymmetric effects of oil shocks–oil price, oil demand and oil supply shocks–on military expenditure in Nigeria. Our study confirmed the presence of short-run and long-run asymmetries in all the three models used. Generally, positive oil price and demand shocks positively influence military expenditure and vice versa for negative shocks. However, a positive oil supply shock is detrimental to military expenditure.

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