The Budgetary Origins of Fiscal-Military Prowess

@article{Cox2021TheBO,
  title={The Budgetary Origins of Fiscal-Military Prowess},
  author={Gary W. Cox and Mark Dincecco},
  journal={The Journal of Politics},
  year={2021},
  volume={83},
  pages={851 - 866}
}
This paper evaluates the budgetary origins of fiscal-military prowess, taking early modern Europe as a laboratory. We first review evidence that states adopting credible budgets accrued substantial advantages in raising taxes and loans. Since victory in war during the early modern period was largely a matter of outspending one’s opponent, credible budgets should also have conferred an advantage in winning wars. Exploiting new panel data on 10 major European powers over several centuries, we… 

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