Optimal military spending, trade and stochastic economic growth
نویسندگان
چکیده
منابع مشابه
Optimal military spending, trade and stochastic economic growth
In this paper, based on dynamic programming we investigate the military spending, trade and wealth accumulation in a stochastic endogenous growth model. For the CobbDauglas utility function, explicit solutions of the optimal problem in the home country are obtained, and the optimal consumptions of domestic goods and foreign goods, the share of domestic capital stock and foreign bond holdings ar...
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The economic effects of military spending is an important issue for developing countries, particularly for regions such as Sub Saharan Africa (SSA), has been through considerable turmoil, with high levels of conflict in the region and generally poor economic performance. There has, however, been a limited amount of empirical work on the area, particularly work that takes into account the years ...
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An enduring and important debate in economics concerns the effects of military spending on economic growth. It has generated a huge literature, with a variety of results and no clear consensus. The end of the Cold War led to marked reductions in military burdens and to renewed concerns on whether this was likely to lead to a ‘peace dividend’ or a ‘peace penalty’. This paper revisits the debate ...
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This paper presents estimates of the effects that terms of trade volatility has on real GDP per capita growth. Based on 5-year non-overlapping panel data comprising 175 countries during 1980-2010, the paper finds that terms of trade volatility has significant adverse effects on economic growth in countries with procyclical government spending; in countries where government spending is countercy...
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Stochastic optimal growth involves the study of the optimal intertemporal allocation of capital and consumption in an economy where production is subject to random disturbances. The theory traces its roots to the seminal work on deterministic optimal growth by Ramsey [106], Cass [21] and Koopmans [55]. Its influence has been enhanced by research that shows how the convex stochastic growth model...
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ژورنال
عنوان ژورنال: Journal of Systems Science and Complexity
سال: 2016
ISSN: 1009-6124,1559-7067
DOI: 10.1007/s11424-015-4168-z