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    Debt, deficits and defence: the UK experience 1700-2016

    Smith, Ron P. (2020) Debt, deficits and defence: the UK experience 1700-2016. Defence and Peace Economics 31 (4), pp. 414-422. ISSN 1024-2694.

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    Military spending associated with wars has been a major cause of government deficits and debt financing. This paper looks at the association between debt and defence spending in the UK over the last three centuries. The paper reviews the history, discusses the theory and provides some estimates of the effect of variations in military expenditure on debt. The association tends to be quite close and the effect of the change in the share of military spending in GDP on the debt–GDP ratio is quite stable.


    Item Type: Article
    Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis, available online at the link above.
    Keyword(s) / Subject(s): Government debt, military expenditure, wars, UK history
    School: School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Research Centres and Institutes: Applied Macroeconomics, Birkbeck Centre for
    Depositing User: Ron Smith
    Date Deposited: 22 Apr 2020 10:20
    Last Modified: 27 Sep 2022 18:20


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