000			01508cam a2200169 4500
100	1		_aDUNNE Paul
700			_aSMITH Ron P.
245			_aMilitary expenditure, investment and growth/ _cPaul Dunne and Ron Smith
260			_c2020
520			_aThis paper considers the issues involved in estimating the effect of military expenditure on growth and the reasons for the lack of consensus in the literature. It briefly reviews the economic theory, emphasising the difficult identification issues involved in determining the interaction between military expenditure and output and discusses econometric methods for panels. It then takes advantage of the extended SIPRI military spending to construct a relatively large balanced panel of countries for the period 1960-2014. Rather than the usual focus on the direct relation between military spending on growth, it focusses upon the investment channel. It provides estimates of various models examining the interaction between the three variables and finds that the data do not suggest any strong relations between military expenditure and either investment or growth. This is not unexpected given the theoretical and econometric problems identified.
650			_aMILITARY SPENDING _xBUDGET
650			_aINVESTMENT
650			_aGROWTH
773			_aDefence and Peace Economics: _gVol 31, No. 6, October 2020, pp.601-614
856			_uhttps://www.tandfonline.com/doi/full/10.1080/10242694.2019.1636182 _zClick here for full text
945			_i66430.1001 _rY _sY
999			_c40597 _d40597