摘要
本文延伸Barro (1990)、Turnovsky (1999)與Gong and Zou (2003)所提政府支出具生產力的概念，建構一個隨機的內生性成長模型，探討國防支出對於長期經濟成長率與福利水準的影響。我們發現國防支出與長期經濟成長率的關係是非線性的，並且得到使得長期經濟成長率最大時的最適國防支出比例。此外，我們也證明國防支出會透過兩種管道影響福利水準：第一種管道為國家安全效果，第二種管道為經濟成長效果。最後，本文首先提出國防支出波動程度對長期經濟成長率及福利水準的衝擊會受到生產與國防支出干擾項的共變數以及代表性個人的風險偏好程度所影響。
並列摘要
This paper extends the Barro (1990), Turnovsky (1999) and Gong and Zou (2003) model of productive government expenditures to analyze the impact of military spending on the long-run economic growth rate and the welfare in a stochastic endogenous growth model. We find that there exists a non-linear relationship between the military spending and the long-run economic growth rate. We also find that there exists an optimal military spending share that maximizes the long-run economic growth rate. In addition, we prove that a rise in military spending has two channels to affect the level of welfare. The first channel is the national security effect. The second channel is the economic growth effect. Finally, this paper also shows that the impact of the volatility in military spending on the long-run economic growth rate and welfare depends on the covariance of the shocks of production process and military spending and the degree of risk preference of the representative agent.