Variables/

Regressions

27

28

29

30

31

32

33

34

35

36

37

38

39

Dependent

Variables

Defense Expenses of Greece as a percent of its GDP

X

X

X

X

X

X

X

X

X

X

X

X

X

Independent

Variables

GDP of Turkey/GDP of Greece

0.0040419

(1.29)

GDP growth of Turkey/GDP growth of Greece

0.0000883

(0.20)

GDP per capita of Turkey/GDP per capita of Greece

0.0151504

(0.55)

Total Reserves of Turkey/Total Reserves of Greece

0.0003264

(1.27)

Exports as a percent of GDP of Turkey/Exports as a percent of GDP of Greece

0.0354032***

(5.51)

Balance of Trade of Turkey/Balance of Trade of Greece

−0.0019604

(−1.38)

Defense Expenditure of Turkey/Defense Expenditure of Greece

−0.0046216***

(−5.24)

Debt as a percent of GDP of Turkey/Debt as a percent of GDP of Greece

0.0224471

(1.76)

Unemployment of Turkey/ Unemployment of Greece

0.0025463

(1.09)

Market Cap as a percent of GDP of Turkey/Market Cap as a percent of GDP of Greece

−0.0020051

(−1.67)

Market Cap of Turkey/Market Cap of Greece

−0.0007957**

(−2.38)

FDI (Net Inflows) as a percent of GDP of Turkey/FDI (Net Inflows) as a percent of GDP of Greece

8.42e−06

(0.74)