The effect of military expenditure on growth: an empirical synthesis
Sefa Awaworyi Churchill () and
Siew Ling Yew ()
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Sefa Awaworyi Churchill: RMIT University
Siew Ling Yew: Monash University
Empirical Economics, 2018, vol. 55, issue 3, 1357-1387
Abstract Using a sample of 272 meta-observations drawn from 48 primary studies, this paper conducts a meta-analysis of the empirical literature that examines the impact of military expenditure on economic growth. We find that existing studies indicate growth-retarding effects of military expenditure. The results from the meta-regression analysis suggest that the effect size estimate is strongly influenced by study variations. Specifically, we find that underlying theoretical models, econometric specifications, and data type as well as data period are relevant factors that explain the heterogeneity in the military expenditure–growth literature. Results also show that positive effects of military expenditure on growth are more pronounced for developed countries than less developed countries.
Keywords: Military expenditure; Economic growth; Crowding out (search for similar items in EconPapers)
JEL-codes: H56 O49 E62 (search for similar items in EconPapers)
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