Military Expenditure and Debt in Small Industrialised Economies: A Panel Analysis
This paper considers the impact of military spending on debt in a panel of 11 small industrialising economies using panel data methods. It provides 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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Web page: http://www1.uwe.ac.uk/bl/research/bristoleconomics.aspx
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