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Peace Economics, Peace Science and Public Policy

Editor-in-Chief: Caruso, Raul

Ed. by Böhmelt, Tobias / Bove, Vincenzo / Kibris, Arzu / Sekeris, Petros

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Volume 21, Issue 4 (Dec 2015)


Volume 17 (2011)

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The Impact of US Military Spending on Public Debt in Europe (1992–2013): A Note

Raul Caruso
  • Corresponding author
  • Catholic University of the Sacred Heart, Institute of Economic Policy, via necchi 5 Milan 20123, Italy
  • Email:
/ Marco Di Domizio
  • University of Teramo, Faculty of Political Sciences, University Campus of Coste Sant’agostino, via R. Balzarini 1 64100 Teramo, Italy
Published Online: 2015-10-30 | DOI: https://doi.org/10.1515/peps-2015-0040


This paper investigates the relationship between the US military spending and public debt in a panel of European countries in the period 1992–2013. Under the established evidence of the interdependence between US and European military spending, we exploited a dynamic panel estimation. Findings show that the debt of European countries is: (1) positively associated with US military spending; (2) negatively associated with average military burden of other European countries.

Keywords: interdependence; military spending; public debt


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About the article

Corresponding author: Raul Caruso, Catholic University of the Sacred Heart, Institute of Economic Policy, via necchi 5 Milan 20123, Italy, E-mail: ;

Published Online: 2015-10-30

Published in Print: 2015-12-01

Citation Information: Peace Economics, Peace Science and Public Policy, ISSN (Online) 1554-8597, ISSN (Print) 1079-2457, DOI: https://doi.org/10.1515/peps-2015-0040.

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