Guns, butter, and debt
Sovereign creditworthiness and military expenditure
Bibliographic Data
| ID | 3916434 |
|---|---|
| Authors | Matthew Digiuseppe (0000-0003-0823-0436, University of Mississippi, corresponding author) |
| Year | 2015 |
| Volume | 52 |
| Issue | 5 |
| Pages | 680-693 |
| Publication date | 2015-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Peace Research (JOURNAL) |
| Journal identifiers | ISSN: 0022-3433 • E-ISSN: 1460-3578 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/0022343315587970 |
| OpenAlex | W2208416441 |
| Language | EN |
| Citations received | 25 |
| References cited | 63 |
I argue that favorable access to sovereign credit provides governments with greater autonomy to invest in security by allowing political incumbents to relax fixed-budget constraints. Borrowing permits leaders to delay and minimize the macroeconomic and redistributive costs associated with domestic sources of finance. Consequently, leaders of creditworthy states face fewer political costs when increasing military expenditure in response to growing demand or maintaining military expenditure when government revenues fall. A cross-sectional time-series analysis supports two observable implications of the argument. First, creditworthiness is positively associated with military spending with an effect on par with regime type. Second, creditworthiness conditions the effect of external threats on military expenditure, suggesting that poor credit terms constrain the provision of security
Argument (complex analysis) · Autonomy · Business · Debt · Economics · Government (linguistics) · Monetary economics · Politics · Public economics · Revenue · Defense, Military, and Policy Studies · Finance · Fiscal Policies and Political Economy · Fiscal Policy and Economic Growth
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| Unique citing works | 25 |
|---|---|
| Citations per year | 2,5 |
| Citation span | 2016 - 2025 (10) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 25 |