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The Arms Industry is an area that is of huge concern to many people around the world. The economics of this hugely important industry are a vital strand that needs to be understood. This volume brings together contributors from all over the globe, such as Todd Sandler and Keith Hartley, and focuses on the important issues surrounding the Arms Trade such as:*the determinants of US military expenditure*alliance formation and expansion*new challenges to export controlsThis well-rounded, comprehensive book will be of huge interest to students and academics involved in the econo

ARMS TRANSFERS --- WEAPONS INDUSTRY --- Arms transfers --- Defense industries --- National security --- Armaments industries --- Arms sales --- Military sales --- Military supplies industry --- Munitions --- Sale of military equipment --- Arms traffic --- Foreign military sales --- Industries --- International trade --- Arms race --- Military assistance

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The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.

Debts, Public. --- Monetary policy. --- Fiscal policy. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Government policy --- Financial Risk Management --- Investments: Bonds --- Public Finance --- Monetary Policy --- Fiscal Policy --- Crisis Management --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- Investment & securities --- Macroeconomics --- Finance --- Expenditure --- Fiscal policy --- Debt management --- Financial institutions --- Asset and liability management --- Debts, Public --- Expenditures, Public --- United States