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Military expenditure and debt in small industrialised economies: A panel analysis

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Author Info

  • Paul Dunne
  • Sam Perlo-Freeman
  • Aylin Soydan

Abstract

This paper considers the impact of military spending on debt in a panel of 11 small industrialising economies using panel data methods. It provide estimates for fixed effects and random effects models and then moves on to consider dynamic models. The dynamics are found to be important and the results suggest that military burden does indeed have a positive impact on the share of external debt in GDP.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1024269032000110504
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Defence and Peace Economics.

Volume (Year): 15 (2004)
Issue (Month): 2 ()
Pages: 125-132

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Handle: RePEc:taf:defpea:v:15:y:2004:i:2:p:125-132

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Related research

Keywords: Military spending; External debt; Panel data; JEL Codes; H56; C33;

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References

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  1. Randa Alami, 2002. "Military Debt: Perspectives from the Experience of Arab Countries," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(1), pages 13-30.
  2. Pesaran, M.H. & Smith, R., 1992. "Estimating Long-Run Relationships From Dynamic Heterogeneous Panels," Cambridge Working Papers in Economics 9215, Faculty of Economics, University of Cambridge.
  3. Fischer, Stanley & Easterly, William, 1990. "The Economic of the Government Budget Constraint," World Bank Research Observer, World Bank Group, vol. 5(2), pages 127-42, July.
  4. Hélène Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
  5. Rudiger Dornbusch, 1987. "International debt and economic instability," Economic Review, Federal Reserve Bank of Kansas City, issue Jan, pages 15-32.
  6. Kevin Ross & R. Brooks & Robert Powell & Ydahlia A. Metzgen Quemarez & Doris C. Ross & Mariano Cortes & Saqib Rizavi & Benoit Ketchekmen & Francesca Fornasari, 1998. "External Debt Histories of Ten Low-Income Developing Countries - Lessons from Their Experience," IMF Working Papers 98/72, International Monetary Fund.
  7. J Paul Dunne, 2006. "The Making of Arms in South Africa," Economics of Peace and Security Journal, Economists for Peace and Security (UK), vol. 1(1), pages 40-48, January.
  8. Milman, Claudio D., 1998. "The Latin American foreign debt revisited," Global Finance Journal, Elsevier, vol. 9(2), pages 173-180.
  9. Brauer, Jurgen, 2007. "Arms Industries, Arms Trade, and Developing Countries," Handbook of Defense Economics, Elsevier.
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Citations

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Cited by:
  1. Erdogdu, Oya Safinaz, 2006. "Political Decisions, Defence and Growth," MPRA Paper 2520, University Library of Munich, Germany, revised Feb 2007.
  2. J. Paul Dunne & Sam Perlo-Freeman & Aylin Soydan, 2004. "Military expenditure and debt in South America," Defence and Peace Economics, Taylor & Francis Journals, vol. 15(2), pages 173-187.
  3. Luca Pieroni, 2007. "How Strong is the Relationship between Defence Expenditure and Private Consumption? Evidence from the United States," Working Papers 0705, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
  4. Shahbaz, Muhammad & Shabbir, Shahbaz Muhammad & Butt, Muhammad Sabihuddin, 2011. "Does Military Spending Explode External Debt in Pakistan?," MPRA Paper 30429, University Library of Munich, Germany, revised 21 Apr 2011.
  5. Yemane Wolde-Rufael, 2009. "The Defence Spending-External Debt Nexus In Ethiopia," Defence and Peace Economics, Taylor & Francis Journals, vol. 20(5), pages 423-436.
  6. Paresh Kumar Narayan & Russell Smyth, 2007. "The Military Expenditure-External Debt Nexus: New Evidence From A Panel Of Middle Eastern Countries," Monash Economics Working Papers 17-07, Monash University, Department of Economics.

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