Empirical results suggest that lower military spending in the late 1980s - plus further cuts in military spending should global peace be secured - could produce a substantial long-term peace dividend in higher capacity output.Conventional wisdom suggests that reducing military spending may...

Although conventional wisdom suggests that reducing military spending may improve a country`s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and estimates it using techniques that exploit both cross-section and...

Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and estimates it using techniques that exploit both cross-section and...

This paper analyzes the impact of the globalization of financial markets on developing and transition economies. Differences between the responses of competitive and imperfectly competitive banking sectors cause them to affect economic activity differently. While nonbank financial markets and...