Military Expenditures Worldwide: Determinants and Trends, 1972–1988

Daniel P. Hewitt

94 citations0/0 files storedJournal of Public Policy

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

Abstract

ABSTRACT This paper examines trends in world military expenditures and offers an econometric examination of their determinants in 125 countries from 1972 to 1988. A simultaneous equation framework based on a public choice model shows military expenditures as a ratio of GDP to be influenced by the level of GDP, central government expenditures, other financial indicators, the form of government, and geographical characteristics of countries. The study also examines the opportunity cost of military expenditures and analyzes the budgetary trade-off between military, social, and development expenditures. Although military expenditures may benefit a given country, they may also have a negative impact on the welfare of rival nations. Hence a coordinated reduction in military expenditures that does not alter the strategic balance will increase economic wellbeing in the world.

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1989Is public expenditure productive?1990Econometric Models and Economic Forecasts 1986Economics of the Public Sector 1988A NEW SET OF INTERNATIONAL COMPARISONS OF REAL PRODUCT AND PRICE LEVELS ESTIMATES FOR 130 COUNTRIES, 1950–1985 2014World Bank World Development Indicators 1978Growth and Defense in Developing Countries 1988Economics of the Public Sector 1971Defense and economic growth in developing countries

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