MILITARY %GDP vs GOVERNMENT DEBT %GDP
N=1500, 100 countries, 1989-2024 ; corr=0.165
[Two-way FE] debt ~ military: b=0.445 (se 1.837, p=0.809)  -> +ve = more defense, more debt
[Two-way FE] fiscal balance ~ military: b=-0.509 (p=0.0323)  -> -ve = more defense, worse balance/deficit  (N=4620)