Abstract
Of the public foreign debt acquired each year from 1972 to 1982 by non-oil developing countries, about 20 per cent is estimated to have been directly or indirectly attributable to the purchase of foreign weapons. Domestic military spending, by contributing to overall budget deficits, has also led to increased foreign borrowing by developing countries. Budget deficits in developed countries have led to interest rates which increase the debt problems of developing countries.
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Notes and References
Cline, W. R., International Debt and the Stability of the World Economy (Washington, DC: Institute for International Economics, 1983) pp. 20–2.
Goode, R., Government Finance in Developing Countries (Washington, DC: The Brookings Institute, 1984) p. 198 and Table 8.1.
Government Finance Statistics, vol. VII, 1983 (Washington, DC: International Monetary Fund, 1983) p. 27. Computed from data for seventy-six non-oil developing countries, 61 per cent of which claimed to spend more on education than on defence. IMF data on military spending tend to give low estimates. See Tullberg, R. and Millán, V., ‘Military expenditure series: a comparison of five Latin American countries’, in SIPRI, World Armaments and Disarmament, SIPRI Yearbook 1983 (London: Taylor & Francis, 1983) Appendix 7C, p. 181.
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© 1987 International Economic Association
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Tullberg, R.M., Urquidi, V.L. (1987). Military-related Debt in Non-oil Developing Countries, 1972–82. In: Schmidt, C., Blackaby, F. (eds) Peace, Defence and Economic Analysis. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-18898-7_14
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DOI: https://doi.org/10.1007/978-1-349-18898-7_14
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