This article examines the world military expenditures in the period 1991-2009, based on an exploratory analysis about the institutional and economic factors that affected the defense budgets in the countries with the largest military expenditures in the world. Furthermore, there is a comparative...

The main argument of this paper is that initiatives for regional cooperation - particularly related to short-term external financing: reserve sharing and trade-related payments systems - are promising avenues for policy efforts, in face of an international financial situation marked by...