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    Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/24329


    Title: MILITARY SPENDING, THREATS AND STOCHASTIC GROWTH
    Authors: n, PS (Lin, Po-Sheng)
    Lee, CT (Lee, Cheng-Te)
    Contributors: Dept Int Trade
    Keywords: military spending
    military threat
    stochastic growth
    E22
    H56
    O40
    Date: 2012-01
    Issue Date: 2013-02-26 11:16:28 (UTC+8)
    Abstract: This paper analyses the impact of home military spending and foreign military threat on economic growth in a stochastic endogenous growth model involving the supply-side and demand-side effects produced by military spending. The paper states that an increase in home military spending affects economic growth through three channels, including the crowding-out effect, the spin-off effect, and the resource mobilization effect. The net effect which depends on these three channels is ambiguous. Hence, we demonstrate that there exists an optimal defence burden that maximizes the economic growth rate. Furthermore, the optimal defence burden depends on the degree of risk preference. Namely, the optimal defence burden of the risk-loving agent is more than that of the risk-neutral agent, and in turn is more than that of the risk-averse agent. At the same time, we prove that the relationship between the volatility in military spending and economic growth also depends on the degree of risk preference. In addition, we show that greater volatility in foreign military spending leads to a decrease in home aggregate consumption, and hence speeds up economic growth in the home country.
    Relation: BULLETIN OF ECONOMIC RESEARCH 卷: 64 期: 1 頁數: 8-19
    Appears in Collections:[Department of International Trade 7 Graduate Institute of International Trade ] periodical articles

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