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Defence Spending and Sovereign Debt in Greece: A Long-Term Historical Perspective

Author

Listed:
  • Kollias Christos

    (Laboratory of Economic Policy and Strategic Planning, Department of Economics, University of Thessaly, Volos, Greece)

  • Paleologou Suzanna-Maria

    (Department of Economics, Aristotle University of Thessaloniki, Thessaloniki, Greece)

  • Zouboulakis Michel

    (Laboratory of Economic Policy and Strategic Planning, Department of Economics, University of Thessaly, Volos, Greece)

Abstract

The paper sets out to examine the military spending-public debt nexus in the case of Greece. Unlike previous studies that exclusively focus their analyses in the post-WWII period, the empirical investigation conducted herein covers almost the entire two hundred years of the modern Greek state. The estimations using an ARDL framework cover the period 1848–2018 as well as sub-periods therein. To the best of our knowledge, this is the first paper to approach this issue in the case of Greece with such a long-term perspective. In broad terms, the findings do not unearth a statistically traceable effect of defence expenditures on public debt accumulation. The results indicate that this was very much driven by debt dynamics and the need to draw funds to service existing loans. This finding is consistent across both the entire period under scrutiny here as well as the various sub-periods.

Suggested Citation

  • Kollias Christos & Paleologou Suzanna-Maria & Zouboulakis Michel, 2021. "Defence Spending and Sovereign Debt in Greece: A Long-Term Historical Perspective," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 27(4), pages 531-548, December.
    • Handle: RePEc:bpj:pepspp:v:27:y:2021:i:4:p:531-548:n:4
    DOI: 10.1515/peps-2021-0020
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    Cited by:

    1. Caruso Raul & Antonella Biscione, 2022. "Militarization and Income Inequality in European Countries (2000–2017)," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 28(3), pages 267-285, September.

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