Can Economic Liberalization and Improved Governance Alter The Defense-Growth Trade-Off?
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The demise of the Cold War and the increasing pace of globalization, coupled with changing perceptions on the economic impact of defense expenditures, affected defense budgets in developed and developing countries alike. Following the collapse of the Soviet Union in 1991, perceived or actual reductions in international tensions contributed to discussions regarding the magnitude and use of the 'peace dividend.' Simultaneously, the need for fiscal adjustment led to an increasing focus on 'unproductive' expenditures, including military expenditures.
Review of Financial Economics, 2007.Refereed Journal Article