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Ari Francisco de Araujo Junior and Cláudio D. Shikida
''Military Expenditures, External Threats and Economic Growth''
( 2008, Vol. 15 No.16 )
Do military expenditures have impact on growth? Aizenman & Glick (2006) found that this impact is positive in countries with good governance, where the external threat is significant. Our article shows that their results suffer from three limitations: (i) they are not robust to the most recent main database used (ii) small changes in the time period of some variables change their results, and (iii) the authors' econometric specification is not adequate to their hypothesis. Using a 2SLS specification we reconfirm the authors'' hypothesis.
JEL: O1 - Economic Development: General
Manuscript Received : Aug 13 2008 Manuscript Accepted : Sep 16 2008

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