MILITARY SPENDING, INVESTMENT AND ECONOMIC GROWTH IN SMALL INDUSTRIALISING ECONOMIES

Eftychia Nikolaidou · Ron P Smith

79 citations0/0 files storedSouth African Journal of Economics

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Defense, Military, and Policy Studies Economic Growth and Productivity Fiscal Policy and Economic Growth

Abstract

An enduring and important debate in economics concerns the effects of military spending on economic growth. It has generated a huge literature, with a variety of results and no clear consensus. The end of the Cold War led to marked reductions in military burdens and to renewed concerns on whether this was likely to lead to a ‘peace dividend ’ or a ‘peace penalty’. This paper revisits the debate using a sample of small industrialising economies. It estimates a growth equation and an investment equation, where investment is a function of growth and military expenditure. The data is used to consider the individual economies and to provide some panel time-series results, which show some evidence of a negative impact of military spending on growth and investment.

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References

1995Estimating long-run relationships from dynamic heterogeneous panels 1970Efficient Inference in a Random Coefficient Regression Model 1999The New Growth Evidence 1999Explaining African Economic Performance 1997Growth and convergence in a multi-country empirical stochastic Solow model 1986Military Expenditures and Economic Growth in Less Developed Countries: An Augmented Model and Further Evidence 1996The Peace Dividend: Military Spending Cuts and Economic Growth 1980Military expenditure and investment in OECD countries, 1954–1973

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