Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/333772 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
CESifo Working Paper No. 12226
Verlag: 
Munich Society for the Promotion of Economic Research - CESifo GmbH, Munich
Zusammenfassung: 
We provide the first global, long-run analysis of how governments fund and de-fund military spending. Constructing a panel of 167 countries from 1817 to 2024, we estimate fiscal responses to armaments and disarmaments, including wartime shifts. Deficit spending is the primary financing policy, while larger armaments trigger deeper cuts to civilian spending. Fiscal space is a critical moderator: low-debt countries rely mainly on borrowing, whereas high-debt countries resort to taxation and budget reallocations. Armaments and disarma-ments have asymmetric effects: disarmaments only partially reverse prior poli-cies, sustaining elevated civilian spending as a fiscal peace dividend and leaving the state permanently larger.
Schlagwörter: 
military spending
war Finance
fiscal space
peace dividend
JEL: 
N4
H1
H56
H60
E6
Dokumentart: 
Working Paper
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