“…shown to impact on economic growth and development, as well as other economic variables such as international debt or corruption (see for example, Dunne et al, 2005;Collier and Hoeffler, 2006;Aizenman and Glick, 2006;Lin and Ali, 2009;Pieroni, 2009;Smyth and Narayan, 2009;Heo, 2010;Dunne and Smith, 2010;Alptekin and Levine, 2011;Kollias and Paleologou, 2013). Moreover, research has found that there may exist a trade-off between spending on the military and other areas such as health and education, the so-called guns-vs.-butter trade-off (see for example, Russet 1969;Deger 1985;Palmer 1990).…”