EconPapers    
Economics at your fingertips  
 

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

Christos Kollias, Michel Zouboulakis () and Paleologou Suzanna-Maria ()
Additional contact information
Paleologou Suzanna-Maria: Department of Economics, Aristotle University of Thessaloniki, Thessaloniki, Greece

Peace Economics, Peace Science, and Public Policy, 2021, vol. 27, issue 4, 531-548

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.

Keywords: public debt; Greece; military spending; ARDL (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://doi.org/10.1515/peps-2021-0020 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:pepspp:v:27:y:2021:i:4:p:531-548:n:4

Ordering information: This journal article can be ordered from
https://www.degruyter.com/view/j/peps

DOI: 10.1515/peps-2021-0020

Access Statistics for this article

Peace Economics, Peace Science, and Public Policy is currently edited by Raul Caruso

More articles in Peace Economics, Peace Science, and Public Policy from De Gruyter
Bibliographic data for series maintained by Peter Golla ().

 
Page updated 2022-08-19
Handle: RePEc:bpj:pepspp:v:27:y:2021:i:4:p:531-548:n:4