Greece has over the years allocated substantial human and material resources to defence. Its defence burden (i.e. military expenditure as a share of GDP) has invariably been substantially higher than the EU and NATO averages. Furthermore, during the post-bipolar period, when the defence budgets...

Greece yearly allocates a substantial part of its national income to defence and its defence burden is the highest among EU and NATO members. To meet the demand for military hardware it relies almost exclusively on imports, ranking among the largest conventional arms importers in the world....

The Greek-Turkish rivalry has attracted considerable attention in the defence economics literature. Given the tense bilateral relations between the two countries, a number of studies have addressed the issue of a Greek-Turkish arms race. The empirical results that have been reported vary...

The move towards a common European defence policy raises a multitude of multidimensional and complex issues. As pointed out in a recent paper (Hartley, 2003), these issues include economic aspects ranging from the role of the European defence industrial base to the costs of a common defence...

The causal relationship between economic growth and defence spending has attracted considerable attention and has been the subject of many empirical studies. Hoping to contribute to the existing pool of literature, this paper examines the relationship between military expenditure and growth in...

Hatzinikolaou raises a number of issues related mainly to the econometrics of our paper. These issues are categorized according to the three stages of econometric analysis: specification, estimation, and diagnostic checking. We categorize our reply to his comments accordingly.

By European Union and NATO standards, Greece consistently allocates substantial human and material resources to defence. The Greek defence burden (i.e. military expenditure as a share of GDP) has invariably been appreciably higher than the EU and NATO averages. The paper applies an...

This paper addresses the issue of the impact that armed conflicts have on capital markets. It focuses on the recent Israeli military offensive in the Gaza Strip launched in late 2008 and concluded in early 2009. The paper examines the effects of this armed conflict on the return and volatility...