The determinants of US military expenditures in the context of arms race

Matelly, Sylvie

doi:10.4324/9780203477168.ch10

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2010

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“…During the Cold War, much of the arms trade was driven by geopolitical factors associated with the arms race and the action‐reaction type behavior of the two super‐ powers. However, Matelly (2003) shows that while the arms race between the United States and the former Soviet Union can explain U.S. military expenditures between 1952 and 1989, it fails to predict these expenditures in the post‐Cold War period. Anderton (1995, 532) argues that there has been a shift from political to economic motives for arms transfers.…”

Section: Introductionmentioning

confidence: 99%

Guns and Oil: An Analysis of Conventional Weapons Trade in the Post‐cold War Era

Khanna

Chapman

2010

Economic Inquiry

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"This paper analyzes the global conventional weapons trade between 1989 and 1999. We postulate that a key reason for the huge transfer of weapons to the Persian Gulf region is the enormous value of the oil wealth there along with the dependence of Western economies on access to the relatively cheap and steady supply of crude oil. We find a strong, positive, and robust empirical association between arms trade and crude oil trade and explain it as the result of a target price band arrangement that was responsible for the remarkably stable crude oil prices during our study period." ("JEL" F10, F59, Q38) Copyright (c) 2009 Western Economic Association International.

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Section: Introductionmentioning

confidence: 99%