The economic effects of indigenous arms production in Greece: a comment and further empirical evidence

Abstract

This paper comments on Kollias's (1993) analysis of the economic effects of indigenous arms production
in Greece and suggests an alternative model for the estimation of the defence effects on this country.
Through a broader consideration of the defence effects on the whole economy for a longer time period, it
is shown that military expenditure has been detrimental to economic growth in Greece, contrary to
Kollias's findings.