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An Empirical Analysis of Arms Exports and Economic Growth Spillovers: The Case of the United States

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  • Francisco José Callado Muñoz
  • Jana Hromcová
  • Ricardo Laborda Herrero
  • Natalia Utrero González

Abstract

In this paper, we study closely the relationship between arms exports, labor productivity and economic growth. Using a connectedness-measurement technology fundamentally grounded in modern network theory, we determine the size and direction of the spillover effects between these three variables. Our findings indicate that shocks from arms exports have direct spillovers over the labor productivity and GDP growth, whereas the reverse is not captured by our data. We also provide a dynamic analysis of the spillovers that confirm the direction of spillovers from arms exports to the other variables. The recent evolution of arms exports from the United States together with the changes in arms exports policy show the timeliness of studying the effects of this particular trade to the rest of the economy.

Suggested Citation

  • Francisco José Callado Muñoz & Jana Hromcová & Ricardo Laborda Herrero & Natalia Utrero González, 2023. "An Empirical Analysis of Arms Exports and Economic Growth Spillovers: The Case of the United States," Defence and Peace Economics, Taylor & Francis Journals, vol. 34(7), pages 893-913, October.
    • Handle: RePEc:taf:defpea:v:34:y:2023:i:7:p:893-913
    DOI: 10.1080/10242694.2022.2087324
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