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MALCOLM KNIGHT, NORMAN LOAYZA, and DELANO VILLANUEVA

Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-run “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.

Mr. Axel Palmason

On September 6–8, the United Nations played host to the Millennium Summit, a truly international effort aimed at addressing a host of current and ongoing issues, including globalization, poverty eradication, and UN peacekeeping operations. The summit, whose official theme was “The United Nations in the Twenty-First Century,” was the scene of the largest-ever gathering of world leaders—100 heads of state and 47 heads of government. Some 8,000 delegates and 5,000 journalists also attended the event. In addition to the main summit, a series of side events were convened, including various forums for nongovernmental organizations (NGOs); the Millennium World Peace Summit of Religious and Spiritual Leaders; the UN Millennium Women’s Summit attended by women presidents and prime ministers; and the State of the World Forum, a global network of leaders from business, government, and civil society, convened by Mikhail Gorbachev.