Greece and Turkey are both members of NATO and are two of the principal players in the Balkan region. Their respective defence burdens (i.e. the share of military expenditure to GDP) are the highest in NATO. Their bilateral relations are marred by serious friction and conflict of interest and...

The causal relationship between economic growth and defence spending has attracted considerable attention and has been the subject of many empirical studies. This paper investigates the existence of a causal link between military expenditure and economic growth in the case of Greece for the...

Purpose: Portfolio construction and diversification is a prominent challenge for investors. It reflects market agents’ behavior and response to market conditions. This paper aims to investigate the stock-bond nexus in the case of two emerging and two mature markets, India, South Africa, the...

Purpose: Social change and modernization theories postulate that as countries grow they gradually move toward a condition of similarity in various spheres exhibiting similar economic and social traits. The purpose of this paper is to investigate whether a process of convergence in terms of...

The nexus between economic growth and military expenditure has attracted considerable attention and has been the subject of extensive theoretical and empirical work. Given the move towards the development of a Common European Security and Defence Policy (CESDP), this paper, using panel data...

In this paper we examine the effects of irreversibility on foreign trade in the case where there are two sources of uncertainty. The two sources considered in this paper are uncertainty arising from business risk and uncertainty arising from military tension. The resulting insights are then used...

This paper examines the effect of military expenditure on the profitability of the Greek economy for the 1962-1994 period. In the theoretical debate on the role of military expenditures they have alternatively been viewed either as a "burden on growth" (i.e. an unproductive drain of resources)...

The paper draws on the demand for arms imports model of Levine and Smith (1995, 1997) using stochastic processes of the birth-death type in steady state. It assumes two antagonistic regional players engaged in an armaments race satisfying their demand for military hardware through imports from...