The Greek Military Sector and Macroeconomic Effects of Military Spending in Greece

Survey and Review of the Defense Economics Literature on Greece and Turkey: What Have We Learned?

“…Human capital is statistically insignificant 12 On Turkey: Sezgin (1997); Sezgin (1998);Sezgin (1999);and Ö zsoy (2000). On Greece: Kollias (1994b); Antonakis (1995); Kollias (1995b); Antonakis (1996a); Chletsos and Kollias (1995a); Balfoussias and Stavrinos (1996); Antonakis (1997a); Antonakis (1997b); and Sezgin (2000). ''Economic impact'' is understood in the literature as the impact of military spending on economic growth.…”

“…Both models are satisfying in that they include supply and demand equations, fiscal and monetary policy equations, and so on. Balfoussias and Stavrinos (1996) employ a large-scale macroeconometric model consisting of some 330 equations (90 stochastic and 240 identities) to simulate the effects of possible reductions in Greek military expenditure. The scenarios involve an annual five percentage point reduction in Greek nominal military expenditure for 1995 to 2000, to be taken from procurement, leaving military personnel outlays unaffected.…”

Military Expenditure, Economic Performance, and Political Economy of Conflict Resolution in Greece and Turkey

“…I would say that Antonakis' papers 7 On Turkey: Sezgin (1997); Sezgin (1998);Sezgin (1999);and Özsoy (2000). On Greece: Kollias (1994); Antonakis (1995); Kollias (1995b); Antonakis (1996); Chletsos and Kollias (1995a); Balfoussias and Stavrinos (1996); Antonakis (1997a); Antonakis (1997b); and Sezgin (2000a). "Economic impact" is understood in the literatüre as the impact of military spending on economic growth.…”

“…Both models are satisfying in that they inelude supply and demand equations, fıscal and monetary policy equations, and so on. Balfoussias and Stavrinos (1996) employ a large-scale macroeconometric model consisting of some 330 equations (90 stochastic and 240 identities) to simulate the effects of possible reduetions in Greek military expenditure. The scenarios involve an annual five percentage point reduetion in Greek nominal military expenditure for 1995 to 2000, to be taken from procurement, leaving military personnel outlays unaffeeted.…”

A neural network measurement of relative military security ‐ the case of Greece and Cyprus

“…Whereas the impact of an arms race on the economy of the countries involved in it has been extensively dealt within the literature (Balfoussias and Stavrinos 1996;Ozmucur 1996;Kollias 1997), research referring to the consequences of arms races upon the security of the sides involved leaves a great deal to contribute on the issue. To forecast the impact of this arms race on the security of Greece and Cyprus we resort to using artificial neural networks, with all advantages a data driven approach may entail, given the complexity of the models employed by the theory of alliances and the contradictory empirical results (Hartley and Sandler 1995), as well as the limited theoretical background covering the concept of relative security in similar cases.…”