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Le financement public du secteur de la défense, une source d'inefficacité

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Author Info

  • Besancenot, Damien

    ()
    (Université Paris 2 et LEM)

  • Vranceanu, Radu

    ()
    (ESSEC Business School)

Abstract

Continental European countries used to finance defence firms with public money. In the last few years, many governments aimed at implementing a hands-off policy towards the defence sector, which implies a gradual transition from public to private funding. This paper argues that the absence of long term relationships between defence firms and private investors may block this change.

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Bibliographic Info

Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number DR 05008.

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Length: 22 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:ebg:essewp:dr-05008

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Postal: ESSEC Research Center, BP 105, 95021 Cergy, France
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Web page: http://www.essec.edu/
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Related research

Keywords: Defense sector; Private funds; Defense industrial policy; Asymmetric information;

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References

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  1. Kollias, Christos & Manolas, George & Paleologou, Suzanna-Maria, 2004. "Defence expenditure and economic growth in the European Union: A causality analysis," Journal of Policy Modeling, Elsevier, vol. 26(5), pages 553-569, July.
  2. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  3. Keith Hartley, 2003. "The future of European defence policy: An economic perspective," Defence and Peace Economics, Taylor & Francis Journals, vol. 14(2), pages 107-115.
  4. Goyal, Vidhan K. & Lehn, Kenneth & Racic, Stanko, 2002. "Growth opportunities and corporate debt policy: the case of the U.S. defense industry," Journal of Financial Economics, Elsevier, vol. 64(1), pages 35-59, April.
  5. Jaffee, Dwight M & Russell, Thomas, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 651-66, November.
  6. Marc Guyot & Radu Vranceanu, 2001. "European defence: The cost of partial integration," Defence and Peace Economics, Taylor & Francis Journals, vol. 12(2), pages 157-174.
  7. Keith Hartley & Todd Sandler, 2003. "The Future of the Defence Firm," Kyklos, Wiley Blackwell, vol. 56(3), pages 361-380, 08.
  8. Stiglitz, Joseph E & Weiss, Andrew, 1983. "Incentive Effects of Terminations: Applications to the Credit and Labor Markets," American Economic Review, American Economic Association, vol. 73(5), pages 912-27, December.
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