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Author: Delano Villanueva
Publisher: International Monetary Fund
ISBN: 1451847335
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and estimates it using techniques that exploit both cross-section and time-series dimensions of available data to obtain consistent estimates of the growth-retarding effects of military spending via its adverse impact on capital formation and resource allocation. Model simulations suggest that a substantial long-run “Peace Dividend”--in the form of higher capacity output--may result from: (i) markedly lower military expenditure levels achieved in most regions during the late 1980s; and (ii) further military spending cuts that would be possible in the future if a global peace could be secured.
Author: Delano Villanueva
Publisher: International Monetary Fund
ISBN: 1451847335
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and estimates it using techniques that exploit both cross-section and time-series dimensions of available data to obtain consistent estimates of the growth-retarding effects of military spending via its adverse impact on capital formation and resource allocation. Model simulations suggest that a substantial long-run “Peace Dividend”--in the form of higher capacity output--may result from: (i) markedly lower military expenditure levels achieved in most regions during the late 1980s; and (ii) further military spending cuts that would be possible in the future if a global peace could be secured.
Author: Loayza
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Malcolm Knight
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Author: Norman Loayza
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
February 1996 Empirical results suggest that lower military spending in the late 1980s -- plus further cuts in military spending should global peace be secured -- could produce a substantial long-term peace dividend in higher capacity output. 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, Knight, Loayza, and Villanueva 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 resource allocation. 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. This paper -- a joint product of the Macroeconomics and Growth Division, Policy Research Department, and the International Monetary Fund -- is part of a larger effort to understand the link between policies and growth.
Author: James E. Payne
Publisher: Routledge
ISBN: 0429695675
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
This book examines the impact defense spending has on economic growth. While defense spending was not deliberately invented as a fiscal policy instrument, its importance in the composition of overall government spending and thus in determining employment is now easily recognized. In light of the collapse of the Soviet Union and the consequent reduction in the threat to the security of the United States, maintaining defense spending at the old level seems indefensible. The media has concentrated on the so-called peace dividend. However, as soon as the federal government is faced with defense cuts, it realizes the macroeconomic ramifications of such a step. Based on studies included in this volume, we examine the effects of defense spending on economic growth and investigate how the changed world political climate is likely to alter the importance and pattern of defense spending both for developed and developing countries.
Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
ISBN: 1451851006
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
The end of the Cold War has ushered in significant changes in worldwide military spending. This paper finds that the easing of (1) international tensions, (2) regional tensions, and (3) the existence of IMF-supported programs are related to lower military spending and a higher share of nonmilitary spending in total government outlays. These factors account for up to 66 percent, 26 percent, and 11 percent of the decline in military spending, respectively. Furthermore, fiscal adjustment has implied a larger cut in military spending of countries with IMF-supported programs.
Author: Malcolm Knight
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
Author: Jörn Brömmelhörster
Publisher: Nomos Verlagsgesellschaft
ISBN:
Category : Political Science
Languages : en
Pages : 236
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Book Description
Die weltweiten Militarausgaben sind seit dem Ende des Kalten Krieges vor 10 Jahren um mehr als ein Drittel gesunken. Enorme finanzielle Mittel fur zivile Verwendungen wurden frei und nahrten so die Hoffnung auf eine direkte Friedensdividende fur nachhaltige und soziale Entwicklung.Der Sammelband beleuchtet Mythen und Realitaten um diese Friedensdividende. Wer hat vom Ruckgang der Verteidigungsausgaben profitiert? Wie hoch sind die Einsparungen, wie wurden sie in unterschiedlichen Landern verwendet oder verschwanden sie durch die Folgen der Abrustung?In acht Landerstudien (USA, Sudafrika, Deutschland, Rualand, Guatemala, Nigeria, China und Pakistan) analysieren die Autoren dieses Spannungsfeld von direkten Verbindungen zwischen niedrigeren Militarausgaben und positiven sozio-okonomischen Entwicklungen einerseits und der Komplexitat politischer und okonomischer Prozesse in einem langeren Zeitrahmen andererseits. Deutlich wird dabei vor allem auch die Relevanz landerspezifischer Besonderheiten.Der Band wird herausgegeben vom Internationalen Konversionszentrum Bonn (BICC), das sich vor allem durch sein seit 1999 im Nomos Verlag erscheinendes Jahrbuch conversion survey einen Namen gemacht hat.
Author: Uk Heo
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
With the end of the Cold War, one question that interests both scholars and policy makers alike is how defence cutbacks will affect economic performance. This text provides a review of the existing literature and addresses the issue of the peace dividend in an empirical analysis of 80 countries
Author: Derek Braddon
Publisher: Routledge
ISBN: 1317836502
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
From a cold war peak of some $1000 billion per annum, world military expenditure has declined by about 40% since 1990, reaching its lowest level for thirty years. With such significant decline in global public expenditure committments to the defence sector, a substantial and lasting peace dividend was anticipated. Most governments believed that market forces, left more or less to their own devices, would deal effectively with this major exogenous shock and generate sufficient new economic activity to allow increased public expenditure on health, education and welfare. The approach of this book is to challenge the fundamental but flawed belief that a substantial and lasting peace dividend could be secured through market solution alone. The principal assertion is that market adjustment by itself cannot deliver such a dividend.The book focuses on the major aspects of the economic, business and security consequences of post Cold War defence expenditure reduction. Key problems obstructing optimal market response are identified and possible remedial action by government and others is considered.
