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Military Expenditure and Economic Growth in Less Developed Countries: A Simulta¬neous Equation Approach with an Appli¬cation to Greece, 1958-90
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Military Expenditure and Economic Growth in Less Developed Countries: A Simulta¬neous Equation Approach with an Appli¬cation to Greece, 1958-90

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Abstract

Earlier empirical studies on the growth effects of military expenditure in LDCs have reported statistical results of limited reliability and were led to confusing conclusions, basically for reasons generated by the use of single-equation models in cross-country analysis. Their findings, therefore, cannot provide full insights into the nature and impacts of defence in individual LDCs. This paper uses three-equation simultaneous model to examine the multiple conduits through .which military expenditure affects the output growth rate as well as the other intermediate effects and feedbacks between military expenditure, savings and growth individual LDCs. The estimation of the model for the Greek economy over the period 1958-90 reveals that the combined effect of military expenditure on economic growth is negative, though less significant than earlier specifications based on le-equation models would suggest.

Suggested Citation

  • Antonakis, Nicholas, 1996. "Military Expenditure and Economic Growth in Less Developed Countries: A Simulta¬neous Equation Approach with an Appli¬cation to Greece, 1958-90," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 49(3), pages 329-346.
    • Handle: RePEc:ris:ecoint:0358
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    Cited by:

    1. Andreou, Andreas S. & Zombanakis, George A., 2003. "Intelligent information systems for defence problems," MPRA Paper 38637, University Library of Munich, Germany.
    2. 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.
    3. ANDREOU, A. S. & PARSOPOULOS, K. E. & VRACHATIS, M. N. & Zombanakis, George A., 2002. "Searching for the Optimal Defence Expenditure: An Answer in the Context of the Greek – Turkish Arms Race," MPRA Paper 51580, University Library of Munich, Germany, revised 15 Aug 2002.
    4. Andreou, Andreas S. & Zombanakis, George A., 2000. "Financial Versus Human Resources in the Greek-Turkish Arms Race: A Forecasting Investigation Using Artificial Neural Networks," MPRA Paper 13892, University Library of Munich, Germany.
    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. A. S. Andreou & K. E. Parsopoulos & M. N. Vrahatis & G. A. Zombanakis, 2002. "Optimal versus required defence expenditure: The case of the Greek-Turkish arms race," Defence and Peace Economics, Taylor & Francis Journals, vol. 13(4), pages 329-347.

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