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- W2295424222 abstract "This paper aimed to investigate the determinants of the demand for security in Korea for the last forty years and the economic implications of military expenditure, while analyzing the relationships between Korea`s defense burden and its economic development in aggregate terms. Empirical analysis on the determinants of military expenditure shows the significance of budgetary incrementalism, perceived threats and regime characteristics to the defense planning process. Economic constraint variable, the unemployment rate, contrary to the hypothetical inferences, has statistically significant positive values in relation to military expenditure. There is no statistical evidence that a trade-off exists between welfare and military expenditure in general. The empirical results also imply that defense allocation decisions have been based on the security threat posed by North Korea. The negative military aid coefficient on the force improvement model suggests evidence of security free-riding on the military spending. Of main concern is the size and externality effect of military spending on economic growth in Korea. It appears that the overall impact of the military on the economy is unclear. The positive effect of military expenditure mainly comes from the size effect of the force improvement expenditure which may stimulate the activities of the defense industry and other related industries. However, the results also show that the externality effect of force improvement spending on the growth of the Korean economy has been negative. This implies that force improvement expenditure diverts available resources which otherwise might have been invested in more productive purposes." @default.
- W2295424222 created "2016-06-24" @default.
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- W2295424222 date "2004-01-01" @default.
- W2295424222 modified "2023-09-24" @default.
- W2295424222 title "Articles : Guns Versus Butter? Military Expenditure and Its Economic Implications In Korea" @default.
- W2295424222 hasPublicationYear "2004" @default.
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