Publication:
Impact of Military Expenditures on Third World Debt

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Authors
Looney, R.E.
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Date of Issue
1987
Date
1987
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Abstract
The general purpose of this paper is to determine the main causes of Third World external public debt, and in particular the role military expenditures have played in contributing to that debt. For purposes of analysis, it was found useful to separate devewping countries into two groups. The first were classified as largely undynamic and resource &onstrained, while the second group were dynamic and less constrained by such factors as domestic savings and foreign exchange. Examining each group separately, it was found that military expenditures have significantly contributed to the external debt position of the constrained group of countries, but not those countries with relatively high foreign exchange earning capacity. Given that military expenditures are largely ''unproductive'', it appears that the resource constrained countries will face particularly severe problems in servicing their external liabilities.
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Article
Description
Canadian Journal of Development Studies, vol. 7, no. 1, 1987.
Refereed Journal Article
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Citation
Looney, R.E., "Impact of Military Expenditures on Third World Debt," Canadian Journal of Development Studies, vol. 7, no. 1, 1987.
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This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.
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