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Does higher military spending affect business regulatory and growth specific measures? Evidence from the group of seven (G-7) countries

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  • Khalid Zaman

    (University of Wah)

Abstract

The effects of military spending mostly viewed with the growth specific factors while its effect on business regulatory measures mostly unobserved in the previous literature which has been evaluated in this study for robust inferences. The results confirmed the (i) Keynesian defense burden hypothesis, (ii) supply side spillovers and aggregate demand hypothesis, and (iii) non-linear hypothesis by using different military factors including armed forces personnel, arms exports, arms imports, and military expenditures in relation with the business disclosure index, cost of doing business, insurance and financial services, per capita income, inbound FDI, business growth factors, and trade openness. The bidirectional causality found between (i) income growth and military factors, and (ii) military growth and business factors, while it further validates the (i) business led military expenditures, (ii) income led military expenditures, and (iii) military led trade openness in a panel of G-7 countries.

Suggested Citation

  • Khalid Zaman, 2019. "Does higher military spending affect business regulatory and growth specific measures? Evidence from the group of seven (G-7) countries," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(1), pages 323-348, April.
    • Handle: RePEc:spr:epolit:v:36:y:2019:i:1:d:10.1007_s40888-018-0131-5
    DOI: 10.1007/s40888-018-0131-5
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    More about this item

    Keywords

    Military expenditures; Business regulatory measures; Growth specific factors; Robust least squares regression; G-7 countries;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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