Military expenditure in developing countries raises complex questions regarding growth, development, security and governance. This chapter provides an analytical survey of the effects and causes of defense spending in developing economies. Using stylized facts, theoretical models and empirical...

The purpose of this book is to analyse world military expenditure at the end of the 1980s, and to discuss its political and economic implications. After a decade of unprecedented expansion of international military spending, its level is falling, though modestly. Political developments in Europe...

This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine...