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Yoad Shefi 《Defence and Peace Economics》2013,24(6):427-448
This paper models the interactions between the defense industry market structure and the defense needs of Israel, the USA and Western Europe, which produce several heterogeneous defense goods. The model specifies that the defense industries of the US and Europe are ‘large’ while that of Israel is ‘small’. The US military aid to Israel is also an integral part of the model. The results show that net defense costs of Israel are minimal when the number of its defense firms is one. The model predicts that an increase in US military aid reduces Israel’s government expenditure, its defense industry’s profits and its net defense costs. 相似文献
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Nicholas Apergis Matteo Bonato Rangan Gupta Clement Kyei 《Defence and Peace Economics》2013,24(6):684-696
AbstractWe use the k-th-order nonparametric causality test at monthly frequency over the period of 1985:1 to 2016:06 to analyze whether geopolitical risks can predict movements in stock returns and volatility of 24 global defense firms. The nonparametric approach controls for the existing misspecification of a linear framework of causality, and hence, the mild evidence of causality obtained under the standard Granger tests cannot be relied upon. When we apply the nonparametric test, we find that there is no evidence of predictability of stock returns of these defense companies emanating from the geopolitical risk measure. However, the geopolitical risk index does predict realized volatility in 50% of the companies. Our results indicate that while global geopolitical events over a period of time is less likely to predict returns, such global risks are more inclined in affecting future risk profile of defense firms. 相似文献
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Since the post-World War II genesis of nuclear deterrence, two presidential initiatives have been presented to deliver humanity from the threat of its failure. The first was the Strategic Defense Initiative (SDI), a constellation of space- and ground-based systems that President Ronald Reagan envisioned would render nuclear weapons “impotent and obsolete.” The second is President Barack Obama's roadmap to “a world without nuclear weapons,” commonly referred to as “Global Zero.” While these proposals appear to have little in common, deeper investigation reveals a number of provocative similarities in motivation and presentation. Moreover, both generated fierce debate, often with ideological overtones, about their strategic desirability and technical feasibility. We use these parallels, as well as prominent dissimilarities, to draw lessons from the SDI experience that can be applied to the debate over Global Zero. 相似文献
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