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Acemoglu, Daron - 2010

Despite the major advances in information technology that have shaped the recent wave of globalization, openness to trade is still a political choice, and trade policy can change with shifts in domestic political equilibria. This paper suggests that a particular threat and a limiting factor to...

Persistent link: https://www.econbiz.de/10012462958

Macroeconomic Effects from Government Purchases and Taxes

Barro, Robert J. - 2009

For U.S. annual data that include WWII, the estimated multiplier for temporary defense spending is 0.4-0.5 contemporaneously and 0.6-0.7 over two years. If the change in defense spending is "permanent" (gauged by Ramey's defense-news variable), the multipliers are higher by 0.1-0.2. The...

Persistent link: https://www.econbiz.de/10012463281

Military Expenditure, Threats, and Growth

Aizenman, Joshua - 2003

This paper clarifies one of the puzzling results of the economic growth literature: the impact of military expenditure is frequently found to be non-significant or negative, yet most countries spend a large fraction of their GDP on defense and the military. We start by empirical evaluation of...

Persistent link: https://www.econbiz.de/10012469080

The Importance of Economic Policy in Development : Contrasts Between Korea and Turkey

Krueger, Anne O. - 1987

In the mid-1950's, Turkey was a much richer country than Korea. With about the same population, Turkish GNP was about …

Persistent link: https://www.econbiz.de/10012476875

Microeconomic Aspects of Productivity Growth under Import Substitution : Turkey

Krueger, Anne O. - 1980

This paper assesses the empirical relevance of "dynamic" factors in industrialization in developing countries. Using data from a sample of 91 firms, rates of growth of output per unit of input are calculated. It is shown that there is little basis, at least with regard to Turkish experience, to...

Persistent link: https://www.econbiz.de/10012478603

The Ups and Downs of Turkish Growth, 2002-2015 : Political Dynamics, the European Union and the Institutional Slide

Acemoglu, Daron - 2015

following Turkey's financial crisis in 2001, but then started moving in the opposite direction in the second half of 2000s. This … military's influence and the broadening of effective political participation. As Turkey-European Union relations collapsed and …-paced and lower-quality growth Turkey has been experiencing since about 2007 …

Persistent link: https://www.econbiz.de/10012457061

Stock Volatility and the War Puzzle

Cortes, Gustavo Silva; Vossmeyer, Angela; Weidenmier, … - National Bureau of Economic Research - 2022

U.S. stock volatility is 33 percent lower during wartime and periods of conflict. This is true even for World Wars I and II, which would seemingly increase uncertainty. In a seminal paper, Schwert (1989) identified the "war puzzle" as one of the most surprising facts from two centuries of stock...

Persistent link: https://www.econbiz.de/10013172137

Public Debt Through the Ages

Eichengreen, Barry - 2019

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes...

Persistent link: https://www.econbiz.de/10012479450

When Uncle Sam Introduced Main Street to Wall Street : Liberty Bonds and the Transformation of American Finance

Hilt, Eric - 2020

We study the effects of the liberty bond drives of World War I on financial intermediation in the 1920s and beyond. Using panel data on U.S. counties we find that higher liberty bond subscription rates led to an increase in the number of investment banks, stronger local competition between...

Persistent link: https://www.econbiz.de/10012481251

Measuring the Output Responses to Fiscal Policy

Auerbach, Alan J. - 2010

A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. We provide three insights. First, using regime-switching models, we find large differences in the size of spending multipliers in recessions and expansions with fiscal policy being...

Persistent link: https://www.econbiz.de/10012462346

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