European Business Schools Librarian's Group

ESSEC Working Papers,
ESSEC Research Center, ESSEC Business School

No DR 05008: Le financement public du secteur de la défense, une source d'inefficacité

Damien Besancenot () and Radu Vranceanu ()
Additional contact information
Damien Besancenot: Université Paris 2 et LEM, Postal: 92 rue d'Assas, 75007 PARIS, FRANCE
Radu Vranceanu: ESSEC Business School, Postal: Avenue Bernard Hirsch - B.P. 50105, 95021 CERGY-PONTOISE CEDEX , FRANCE,

Abstract: Continental European countries used to finance defence firms with public money. In the last few years, many governments aimed at implementing a hands-off policy towards the defence sector, which implies a gradual transition from public to private funding. This paper argues that the absence of long term relationships between defence firms and private investors may block this change.

Keywords: Defense sector; Private funds; Defense industrial policy; Asymmetric information

JEL-codes: D82; G32; L60

22 pages, September 2005

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