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Contents

SIPRI Yearbook 2017

SIPRI Yearbook 2017

III. Oil price shocks and military expenditure

Chapter:
9. Military expenditure
Source:
SIPRI Yearbook 2017
Author(s):
Nan Tian

The relationship between the price of oil and macroeconomic performance is the subject of much debate.1 The dynamics of this relationship are relevant to military spending as such spending is partially correlated to economic well-being, which in oil exporting countries is driven by the price of oil.2 Comparisons are often made between oil price shocks and military spending but due to the brevity of historical oil price slumps (e.g. 1998–99 and 2008–2009) and various other factors, it has been difficult to identify a causal relationship. Nonetheless, oil revenues are thought to play a role in determining the level of military spending in oil exporting economies, as highlighted in many African, South American and Middle Eastern countries where the rise in military spending over the past 10 years is correlated with high oil prices.

Citation (MLA):
Tian, Nan. "9. Military expenditure." SIPRI Yearbook. SIPRI. Oxford: Oxford University Press. 2016. Web. 18 Oct. 2018. <http://www.sipriyearbook.org/view/9780198811800/sipri-9780198811800-chapter-9-div1-47.xml>.
Citation (APA):
Tian, N. (2016). 9. Military expenditure. In SIPRI, SIPRI Yearbook 2017: Armaments, Disarmament and International Security. Oxford: Oxford University Press. Retrieved 18 Oct. 2018, from http://www.sipriyearbook.org/view/9780198811800/sipri-9780198811800-chapter-9-div1-47.xml
Citation (Chicago):
Tian, Nan. "9. Military expenditure." In SIPRI Yearbook 2017: Armaments, Disarmament and International Security, SIPRI. (Oxford: Oxford University Press, 2016). Retrieved 18 Oct. 2018, from http://www.sipriyearbook.org/view/9780198811800/sipri-9780198811800-chapter-9-div1-47.xml
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