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    The arms trade and the stability of regional arms races

    Levine, P. and Smith, Ron P. (1997) The arms trade and the stability of regional arms races. Journal of Economic Dynamics and Control 21 (2-3), pp. 631-654. ISSN 0165-1889.

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    Arms sales to countries involved in regional conflicts raise a range of pressing policy issues. This paper models the interaction between two potentially hostile countries who spend their national income on arms imports and consumption goods. Their welfare depends on consumption and military security. Military security is a function of relative arms stocks and depends on the relative advantages of aggressive and defensive strategies. We examine the dynamic game for noncooperative and regional arms control regimes. An innovation of the paper is the inclusion of the price of arms which proves to have a major effect on the stability of arms races.


    Item Type: Article
    School: Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
    Depositing User: Sarah Hall
    Date Deposited: 20 Oct 2020 12:25
    Last Modified: 02 Aug 2023 18:04


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