The Political Economy of Arms Export Restrictions: The Case of Japan

The export of arms belongs to the most contested issues in democracies. In this article, we examine the economic repercussions of the recent easing of the Japanese arms exports restrictions. We develop a rational expectations argument to understand why some political events increase the income of th...

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Vydáno v:	Japanese Journal of Political Science Ročník 13; číslo 3; s. 419 - 439
Hlavní autoři:	TAGO, ATSUSHI, SCHNEIDER, GERALD
Médium:	Journal Article
Jazyk:	angličtina
Vydáno:	Cambridge, UK Cambridge University Press 01.09.2012 Cambridge University Press (CUP)
Témata:	Argumentation Armament Arms trade Bans Budgets Case studies Cold War Defense industry Democracy Enterprises Expectations Exports Exports and Imports Income info:eu-repo/classification/ddc/320 Investors Japan Military sales Military technology Pacifism Political Development Political Economy Political factors Political parties Political science Politics Prices Prime ministers Profits Rational expectations Reforms Restrictions Stock prices Trade policy Trade restrictions Weapons World War II Japan
ISSN:	1468-1099, 1474-0060
On-line přístup:	Získat plný text
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Shrnutí:	The export of arms belongs to the most contested issues in democracies. In this article, we examine the economic repercussions of the recent easing of the Japanese arms exports restrictions. We develop a rational expectations argument to understand why some political events increase the income of the arms manufacturers, while other ones reduce it or have no effect at all. Event studies suggest that investors closely observe relevant political developments since stock prices of the six arms manufacturers companies reacted consistently to the announcements and leaks as to whether the arms export restrictions would be lifted or not.
Bibliografie:	SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 14 ObjectType-Article-2 content type line 23 ObjectType-Article-1 ObjectType-Feature-2
ISSN:	1468-1099 1474-0060
DOI:	10.1017/S1468109912000175