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Although UN reimbursements for personnel and equipment may provide a significant source of income for some Troop-Contributing Countries (TCCs) to update their militaries, the process of modernization often commences prior to their participation in peacekeeping operations (PKOs). The UN requires TCCs to meet minimum and mutually agreed-upon standards for the preparedness and equipment of their troops to participate in PKOs. We argue that leaders often make new troop contributions to UN PKOs in order to prioritize increases in military expenditures while pursuing other varied benefits associated with peacekeeping participation. The UN's readiness requirements can also enable leaders to circumvent political and financial constraints. Results from an analysis of states' first-time voluntary troop contributions to PKOs and military expenditures from 1990-2018 support our argument. States that join PKOs as TCCs for the first time significantly increase their military expenditures prior to the deployment of their troops. We also consider the extent to which different constraining factors moderate this relationship. We find that the effect of joining a PKO for the first time on military expenditures is strongest for lower income states and states experiencing economic hardship.