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Bullets and Budgets: Measuring Defense Spending Multipliers
This paper examines the macroeconomic effects of defense spending shocks in emerging markets and developing economies, with a focus on Asia and the Pacific during 1990？2023.
The findings suggest that the macroeconomic impact of defense spending is neither universally expansionary nor contractionary, but depends on country circumstances and spending composition. While defense spending can provide stimulus to growth in certain conditions, it should not be regarded as a blanket tool for macroeconomic stabilization. Resource allocation to infrastructure, health, or education could lead to larger and more inclusive long-term gains.
The findings suggest that the macroeconomic impact of defense spending is neither universally expansionary nor contractionary, but depends on country circumstances and spending composition. While defense spending can provide stimulus to growth in certain conditions, it should not be regarded as a blanket tool for macroeconomic stabilization. Resource allocation to infrastructure, health, or education could lead to larger and more inclusive long-term gains.
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