Debt, Deficits and Defence: The UK Experience 1700-2016

Ronald Smith

Defence and Peace Economics, 2020, vol. 31, issue 4, 414-422

Abstract: Military spending associated with wars has been a major cause of government deficits and debt financing. This paper looks at the association between debt and defence spending in the UK over the last three centuries. The paper reviews the history, discusses the theory and provides some estimates of the effect of variations in military expenditure on debt. The association tends to be quite close and the effect of the change in the share of military spending in GDP on the debt–GDP ratio is quite stable.

Date: 2020
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DOI: 10.1080/10242694.2019.1710996

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