Military Spending, the Peace Dividend, and Fiscal Adjustment

Released on by Mr.Benedict J. Clements
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  • Military Spending, the Peace Dividend, and Fiscal Adjustment Book Detail

  • Author : Mr.Benedict J. Clements
  • Release Date : 1999-07-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 33
  • ISBN 13 : 1451851006
  • File Size : 50,50 MB
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Military Spending, the Peace Dividend, and Fiscal Adjustment by Mr.Benedict J. Clements PDF Summary

Book Description: 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.

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Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced amb

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From a cold war peak of some $1000 billion per annum, world military expenditure has declined by about 40% since 1990, reaching its lowest level for thirty year