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Defence spending and growth in Greece: a comment and further empirical evidence

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  • Nicholas Antonakis

Abstract

This note critically evaluates the theoretical framework and empirical results of Chletsos and Kollias (1995) on the relationship between defence expenditure and economic growth in Greece, and re-examines the issue on the basis of an alternative model. It is argued that the reviewed paper does not provide a formal rationalization for the incorporation of military spending in a sources of growth equation, and it does not make use of the entire set of available data, leading thus to questionable and inconclusive empirical results. The specification of an alternative model within the neoclassical production-function framework and its estimation over the period 1958-91 shows that military expenditure has been detrimental to economic growth in Greece, contrary to Chletsos and Kollias' findings.

Suggested Citation

  • Nicholas Antonakis, 1997. "Defence spending and growth in Greece: a comment and further empirical evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 4(10), pages 651-655.
    • Handle: RePEc:taf:apeclt:v:4:y:1997:i:10:p:651-655
    DOI: 10.1080/758533294
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    Cited by:

    1. Albert J.F. Yang & William N. Trumbull & Chin Wei Yang & Bwo‐Nung Huang, 2011. "On The Relationship Between Military Expenditure, Threat, And Economic Growth: A Nonlinear Approach," Defence and Peace Economics, Taylor & Francis Journals, vol. 22(4), pages 449-457, April.
    2. Riadh Ben Jelili, 2012. "Revisiting The Finance-Growth Nexus: Further Evidence From Tunisia," Middle East Development Journal (MEDJ), World Scientific Publishing Co. Pte. Ltd., vol. 4(01), pages 1-15.
    3. Chang, Hsin-Chen & Huang, Bwo-Nung & Yang, Chin Wei, 2011. "Military expenditure and economic growth across different groups: A dynamic panel Granger-causality approach," Economic Modelling, Elsevier, vol. 28(6), pages 2416-2423.
    4. Andreou Andreas S. & Zombanakis George A. & Migiakis Petros M., 2013. "On Defence Expenditure Reduction: Balancing Between Austerity and Security in Greece," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 19(3), pages 437-458, December.
    5. Bragoudakis Zacharias G. & Zombanakis George A., 2017. "Earning a Peace Dividend in a Crisis Environment: The Greek Case," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 23(3), pages 1-15, August.
    6. J. Paul Dunne & Ron Smith & Dirk Willenbockel, 2005. "Models Of Military Expenditure And Growth: A Critical Review," Defence and Peace Economics, Taylor & Francis Journals, vol. 16(6), pages 449-461.
    7. Christos Kollias & Stelios Makrydakis, 2000. "A note on the causal relationship between defence spending and growth in Greece: 1955-93," Defence and Peace Economics, Taylor & Francis Journals, vol. 11(1), pages 173-184.

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