: This paper estimates the relationships between alternative measures of US defense spending and economic growth and government spending growth. The estimated relationships are derived from a plausible partial adjustment model that is based on the common practice of multi-year defense...

Previous studies on the relationship between government expenditure and economic growth have, invariably, aggregated periods of strong and weak GDP growth and reported a single government expenditure response coefficient estimate. We argue that traditional test specifications of this...

We examine co-movements of nine Asian equity markets with both the US and Japan with special interest in distinguishing co-movements during periods of positive returns from those during periods of negative returns. A discrete asymmetric piecewise linear conditional mean returns specification is...