Abstract
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-term “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.
Papers on Policy Analysis and Assessment are intended to make staff work in the area of policy design available to a wide audience. A list of PPAAs issued in 1995:4 follows. Papers may also be considered for inclusion in the journal.
“Singapore’s Central Provident Fund,” by Robert Carling and Geoffrey Oestreicher [95/11]
An annual subscription to IMF Working Papers is available for US$210, and an annual subscription to Papers on Policy Analysis and Assessment, for US$80. Each subscription includes 12 monthly shipments and priority mail delivery. Individual Working Papers and Papers on Policy Analysis and Assessment are available on request for US$7 a copy. Prepayment is required. Please specify the series name, issue date, paper number, and complete title. American Express, MasterCard, and Visa credit cards are accepted, as well as checks in US dollars. Requests should be made to:
International Monetary Fund
Publication Services
Washington, DC 20431, U.S.A.
Telephone: (202) 623-7430
Telefax: (202) 623-7201
Internet: publications@imf.org
The World Bank Research Observer
The World Bank Research Observer is intended for anyone who has a professional interest in development. Observer articles are written to be accessible to nonspecialist readers; contributors examine key issues in development economics, survey the literature and the latest World Bank research, and debate issues of development policy.
Subscribers to the Observer also receive Proceedings of the World Bank Annual Conference on Development Economics.
The World Bank Research Observer is published two times a year (February and August) by the World Bank. Subscription rates are US$20 for individuals and US$35 tor institutions. Discount prices are also available for multiyear subscriptions.
To subscribe to the Observer, send a written request to World Bank Publications, Box 7247-7956, Philadelphia, PA 19170-7956, or call 201-476-2192, or fax 201-476-2197.
Individuals in developing countries and socialist economies in transition are eligible to receive complimentary subscriptions by writing to the above address.
To view the table of contents page and abstracts from recent issues of the Observer, see the World Bank home page on the World Wide Web: http://www.worldbank.org.Selectpublications.
In statistical matter throughout this issue,
dots (…) indicate that data are not available;
a dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;
a single dot (.) indicates decimals;
a comma (,) separates thousands and millions;
“billion” means a thousand million, and “trillion” means a thousand billion;
a short dash (–) is used between years or months (for example, 1992-94 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months;
a stroke (/) is used between years (for example, 1993/94) to indicate a fiscal year or a crop year;
a colon (:) is used between a year and the number indicating a quarter within that year (for example, 1994:1);
components of tables may not add to totals shown because of rounding.
