The Military Expenditure – Economic Growth Nexus Revisited: Evidence from the United Kingdom.
In: Peace Economics, Jg. 30 (2024-05-01), Heft 2, S. 207-248
Online
academicJournal
Zugriff:
The relationship between government defence expenditure and economic growth is a debated topic. This study uses UK data for the period of 1960–2012 and applies two of the most prevailing theories used within the literature, the 'Feder-Ram' and the 'augmented Solow' models, to assess this question. We utilise traditional model specifications, alongside extensively altered versions of both models, enabling a comprehensive comparison between them. The alterations to the models include re-evaluating how core variables are expressed, inclusion of measures of conflict, the impact of recession, etc. The results show that the augmented Solow model outperforms the Feder-Ram model, and we provide some explanations for this result. In addition, our results suggest that military expenditure has a positive effect on economic growth within the UK, implying that the decision to reduce defence spending may have been detrimental to the UK economy. [ABSTRACT FROM AUTHOR]
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Titel: |
The Military Expenditure – Economic Growth Nexus Revisited: Evidence from the United Kingdom.
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Autor/in / Beteiligte Person: | Hanson, Robert ; Jeon, Joo Young |
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Zeitschrift: | Peace Economics, Jg. 30 (2024-05-01), Heft 2, S. 207-248 |
Veröffentlichung: | 2024 |
Medientyp: | academicJournal |
ISSN: | 1554-8597 (print) |
DOI: | 10.1515/peps-2023-0059 |
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