DEFENCE AND NON-DEFENCE SPENDING IN THE USA: STIMULI TO ECONOMIC GROWTH? COMPARATIVE FINDINGS FROM A SEMIPARAMETRIC APPROACH

Christos Kollias and Suzanna-Maria Paleologou

Bulletin of Economic Research, 2015, vol. 67, issue 4, 359-370

Abstract: type="main">

Given its significant policy implications, the nexus between public expenditures and economic growth has been the subject of an extensive and often emotive theoretical and empirical debate. In this paper, a semiparametric model is used to explore the link between GDP and defence and non-defence government spending in the USA over the period 1929–2009. Evidence reported herein indicates that the latter represents a greater stimulus vis-à-vis the former.

Date: 2015
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