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Wiley InterScience | ||||||||||||||||||||
  Oxford Bulletin of Economics and StatisticsVolume 69 Issue 1, Pages 1 - 27 Published Online: 12 Dec 2006 © 2010 Blackwell Publishing Ltd and the Department of Economics, University of Oxford
Abstract | References | Full Text: HTML, PDF (Size: 619K) | Related Articles | Citation Tracking  KEYWORDS H56 • F35 • O10 Abstract
Using global data for the period 1960–99, we model military expenditure. Neighbours' military spending and development aid are important determinants of military expenditure. An implication of the model is that there are regional arms races which are fuelled by aid. Potentially, aid is encouraging a 'regional public bad'. There may, however, be an offsetting public good effect if military spending deters rebellions. In a simultaneous equation model, we find no deterrence effect of spending on the risk of civil war. Hence, there appears to be no regional public good effect offsetting the public bad arising from a neighbourhood arms race. Final Manuscript Received: March 2006 | 
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