English, Article, Journal or magazine article edition: The peace dividend : military spending cuts and economic growth Knight, Malcolm; Loayza, Norman; Villanueva, Delano

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Bookmark: http://trove.nla.gov.au/version/186792
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The peace dividend : military spending cuts and economic growth
Author
  • Knight, Malcolm
  • Loayza, Norman
  • Villanueva, Delano
Physical Description
  • preprint
Notes
  • Conventional wisdom suggests that reducing military spending may improve a country's economic growth, but empirical studies have produced ambiguous results on this point. Extending a standard growth model, the authors exploit both cross-section and time-series dimensions of available data to get consistent estimates of the growth-retarding effects of military spending. Military spending is growth-retarding because of its adverse impact on capital formation and resourceallocation. Model simulation results suggest a substantial long-term peace dividend - in the form of higher capacity output per capita - that may result from: 1) markedly lower military spending in most regions in the late 1980s; and 2) future cuts in military spending if global peace is secured.
  • Legal Products,Peace&​Peacekeeping,Economic Theory&​Research,Environmental Economics&​Policies,Decentralization,Peace&​Peacekeeping,Achieving Shared Growth,Inequality,Economic Theory&​Research,Legal Products
  • RePEc:wbk:wbrwps:1577
Language
  • English
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