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Titre :
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The Peace Dividend : Military Spending Cuts and Economic Growth
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Titre de série :
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Working Paper, 53
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Auteurs :
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Delano Villanueva
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Type de document :
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document électronique
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Editeur :
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[S.l.] : International Monetary Fund, 1995
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ISBN/ISSN/EAN :
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978-1-4518-4733-8
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Résumé :
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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.
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