Military expenditure and development in Latin America

Public military expenditure (PME) has been analysed very little in the region, mainly for political reasons, which have also limited access to the relevant information. Because of various events, however, it is beginning to be the subject of economic analysis both by governments and by multilateral bodies, especially with regard to its appropriate level (how much is enough?), its opportunity cost (what are its direct and indirect economic impacts?), and its cost-effectiveness as a system of acquiring arms (what is its effect per monetary unit?).