本文擬建構一個隨機的內生性成長模型，分析國防支出與軍事威脅對長期成長率的影響。我們證明如果消費的跨期替代彈性小 (大)於一，則國防支出與長期成長率是負 (正) 相關。如果消費的跨期替代彈性小 (大) 於一，則軍事威脅與長期成長率是正 (負) 相關。我們也證明軍事威脅的波動程度對於經濟成長率的影響，則受到消費跨期替代彈性的大小以及軍事威脅所產生負效用的程度所決定。
This paper analyzes the impact of military spending and military threat on the long-run growth rate in a stochastic endogenous growth model. We prove that if the intertemporal substitution elasticity in consumption is smaller (bigger) than one, the relationship between the military spending and the growth rate is negative (positive). If the intertemporal substitution elasticity in consumption is smaller (bigger) than one, the relationship between the military threat and the growth rate is positive (negative). We also prove that the impact of the volatility in military threat on the economic growth rate depends on the intertemporal substitution elasticity in consumption and the degree of disutility caused by the military threat.
