The Peace Dividend

The Peace Dividend PDF

Author: Delano Villanueva

Publisher: International Monetary Fund

Published: 1995-05-01

Total Pages: 40

ISBN-13: 1451847335

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Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and estimates it using techniques that exploit both cross-section and time-series dimensions of available data to obtain consistent estimates of the growth-retarding effects of military spending via its adverse impact on capital formation and resource allocation. Model simulations suggest that a substantial long-run “Peace Dividend”--in the form of higher capacity output--may result from: (i) markedly lower military expenditure levels achieved in most regions during the late 1980s; and (ii) further military spending cuts that would be possible in the future if a global peace could be secured.

The Peace Dividend: Military Spending Cuts and Economic Growth

The Peace Dividend: Military Spending Cuts and Economic Growth PDF

Author: Norman Loayza

Publisher:

Published: 1999

Total Pages:

ISBN-13:

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February 1996 Empirical results suggest that lower military spending in the late 1980s -- plus further cuts in military spending should global peace be secured -- could produce a substantial long-term peace dividend in higher capacity output. Conventional wisdom suggests that reducing military spending may improve a country's economic growth, but empirical studies have produced ambiguous results on this point. Extending a standard growth model, Knight, Loayza, and Villanueva exploit both cross-section and time-series dimensions of available data to get consistent estimates of the growth-retarding effects of military spending. Military spending is growth-retarding because of its adverse impact on capital formation and resource allocation. Model simulation results suggest a substantial long-term peace dividend -- in the form of higher capacity output per capita -- that may result from (1) markedly lower military spending in most regions in the late 1980s and (2) future cuts in military spending if global peace is secured. This paper -- a joint product of the Macroeconomics and Growth Division, Policy Research Department, and the International Monetary Fund -- is part of a larger effort to understand the link between policies and growth.

Defense Spending And Economic Growth

Defense Spending And Economic Growth PDF

Author: James E. Payne

Publisher: Routledge

Published: 2019-03-13

Total Pages: 286

ISBN-13: 0429695675

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This book examines the impact defense spending has on economic growth. While defense spending was not deliberately invented as a fiscal policy instrument, its importance in the composition of overall government spending and thus in determining employment is now easily recognized. In light of the collapse of the Soviet Union and the consequent reduction in the threat to the security of the United States, maintaining defense spending at the old level seems indefensible. The media has concentrated on the so-called peace dividend. However, as soon as the federal government is faced with defense cuts, it realizes the macroeconomic ramifications of such a step. Based on studies included in this volume, we examine the effects of defense spending on economic growth and investigate how the changed world political climate is likely to alter the importance and pattern of defense spending both for developed and developing countries.

Military Spending, the Peace Dividend, and Fiscal Adjustment

Military Spending, the Peace Dividend, and Fiscal Adjustment PDF

Author: Mr.Benedict J. Clements

Publisher: International Monetary Fund

Published: 1999-07-01

Total Pages: 33

ISBN-13: 1451851006

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The end of the Cold War has ushered in significant changes in worldwide military spending. This paper finds that the easing of (1) international tensions, (2) regional tensions, and (3) the existence of IMF-supported programs are related to lower military spending and a higher share of nonmilitary spending in total government outlays. These factors account for up to 66 percent, 26 percent, and 11 percent of the decline in military spending, respectively. Furthermore, fiscal adjustment has implied a larger cut in military spending of countries with IMF-supported programs.

The Political Economy of Defense Spending Around the World

The Political Economy of Defense Spending Around the World PDF

Author: Uk Heo

Publisher:

Published: 1999

Total Pages: 170

ISBN-13:

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With the end of the Cold War, one question that interests both scholars and policy makers alike is how defence cutbacks will affect economic performance. This text provides a review of the existing literature and addresses the issue of the peace dividend in an empirical analysis of 80 countries

IMF Staff papers, Volume 43 No. 1

IMF Staff papers, Volume 43 No. 1 PDF

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 1996-01-01

Total Pages: 268

ISBN-13: 1451957092

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This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.

Demystifying the Peace Dividend

Demystifying the Peace Dividend PDF

Author: Jörn Brömmelhörster

Publisher: Nomos Verlagsgesellschaft

Published: 2000

Total Pages: 236

ISBN-13:

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Die weltweiten Militarausgaben sind seit dem Ende des Kalten Krieges vor 10 Jahren um mehr als ein Drittel gesunken. Enorme finanzielle Mittel fur zivile Verwendungen wurden frei und nahrten so die Hoffnung auf eine direkte Friedensdividende fur nachhaltige und soziale Entwicklung.Der Sammelband beleuchtet Mythen und Realitaten um diese Friedensdividende. Wer hat vom Ruckgang der Verteidigungsausgaben profitiert? Wie hoch sind die Einsparungen, wie wurden sie in unterschiedlichen Landern verwendet oder verschwanden sie durch die Folgen der Abrustung?In acht Landerstudien (USA, Sudafrika, Deutschland, Rualand, Guatemala, Nigeria, China und Pakistan) analysieren die Autoren dieses Spannungsfeld von direkten Verbindungen zwischen niedrigeren Militarausgaben und positiven sozio-okonomischen Entwicklungen einerseits und der Komplexitat politischer und okonomischer Prozesse in einem langeren Zeitrahmen andererseits. Deutlich wird dabei vor allem auch die Relevanz landerspezifischer Besonderheiten.Der Band wird herausgegeben vom Internationalen Konversionszentrum Bonn (BICC), das sich vor allem durch sein seit 1999 im Nomos Verlag erscheinendes Jahrbuch conversion survey einen Namen gemacht hat.