“Does military expenditure crowd-out private investment? A disaggregated perspective for the case of France”

Article de Julien Malizard accepté pour publication dans Economic Modelling.

“This article explores the effects of military expenditure on private investment in France, for between 1980 and 2010. Using a keynesian model, our empirical results reveal that military spending crowds-out private investment, a result commonly accepted in the literature. However, our approach is original in that we use disaggregated data. Such an approach distinguishes between the effects of non-equipment expenditure which crowds-out investment and those of equipment expenditure which crowds-in investment. As a result, we show that between military equipment and private investment are complementary to one other.”

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