Debt, Deficits and Defence: The UK Experience 1700-2016

Received: 20 May 2020, Revised: 22 May 2020, Accepted: 15 Aug 2020, Available online: 09 Sep 2020, Version of Record: 09 Sep 2020

Ron P. Smith

Abstract


Military spending associated with wars has been a major cause of government deficits and debt financing. This paper looks at the association between debt and defence spending in the UK over the last three centuries. The paper reviews the history, discusses the theory and provides some estimates of the effect of variations in military expenditure on debt. The association tends to be quite close and the effect of the change in the share of military spending in GDP on the debt–GDP ratio is quite stable.
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Conflict of interest


“Authors state no conflict of interest”


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This research received no external funding or grants


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Peer review under responsibility of Defence Science Journal


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