The Economic Cost of March 11: Measuring the Direct Economic Cost of the Terrorist Attack on March 11, 2004 in Madrid

Buesa, Mikel; Valiño, Aurelia; Heijs, Joost; Baumert, Thomas; Gómez, Javier González

doi:10.1080/09546550701590677

Cited by 31 publications

(10 citation statements)

References 7 publications

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“…According to Kunreuther, Michel-Kerjan, and Porter (2003) the damage from the 9/11 terrorist attacks was more than $80 billion for the United States. Similarly, the estimated direct cost of the March 11, 2004 terrorist attacks in Madrid, Spain, was around 212 million euros, which was about 0.03 percent of Spain's GDP (Buesa et al 2007). As pointed out by Becker and Murphy (2001), diversified economies adjust and withstand large-scale attacks with a small number of key sectors affected.…”

Section: Direct and Indirect Costs Of Large-scale Terrorist Incidentsmentioning

confidence: 99%

What We Have Learned about Terrorism since 9/11

Gaibulloev

Sandler²

2019

Journal of Economic Literature

162

126

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This overview examines critically the post-9/11 empirical literature on terrorism. Major contributions by both economists and political scientists are included. We focus on five main themes: the changing nature of terrorism, the organization of terrorist groups, the effectiveness of counterterrorism policies, modern drivers or causes of terrorism, and the economic consequences of terrorism. In so doing, we investigate a host of questions that include: How do terrorist groups attract and retain members? What determines the survival of terrorist groups? Is poverty a root cause of terrorism? What counterterrorism measures work best? In the latter regard, we find that many counterterrorism policies have unintended negative consequences owing to attack transference and terrorist backlash. This suggests the need for novel policies such as service provision to counter some terrorist groups’ efforts to provide such services. Despite terrorists’ concerted efforts to damage targeted countries’ economies, the empirical literature shows that terrorism has had little or no effect on economic growth or GDP except in small terrorism-plagued countries. At the sectoral level, terrorism can adversely affect tourism and foreign direct investment, but these effects are rather transient and create transference of activities to other sectors, thus cushioning the consequences. (JEL F21, F52, H56, K42, Z31)

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Section: Direct and Indirect Costs Of Large-scale Terrorist Incidentsmentioning

confidence: 99%

What We Have Learned about Terrorism since 9/11

Gaibulloev

Sandler²

2019

Journal of Economic Literature

162

126

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“…In within-country studies of Abadie and Gardeazabal (2003), Eckstein and Tsiddon (2004) and Buesa et al (2007), separatist terrorism is found to have a sizeable impact on GDP. In cross-country studies of Gupta et al (2004) and Blomberg et al (2004a), domestic and transnational terrorism is found to exert some impact on GDP growth while Tavares (2004), Abadie (2005) and recently Gries et al (2011) found no impact of domestic and/or transnational terrorism on GDP or GDP growth.…”

Section: Developmentmentioning

confidence: 99%

The Economic Costs of Separatist Terrorism in Turkey

Bilgel

Karahasan

2016

Journal of Conflict Resolution

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Turkey has been suffering from separatist terrorism and the political conflict it implies since the mid-1980s, both of which are believed to have a negative impact on economic welfare. This article investigates the economic costs of Kurdistan Workers’ Party (PKK) terrorism, particularly in the Eastern and Southeastern provinces of Turkey by invoking the synthetic control method. We create a synthetic control group that mimics the socioeconomic characteristics of the provinces exposed to terrorism before the PKK terrorism emerged in the mid-1980s. We then compare the real gross domestic product (GDP) of the synthetic provinces without terrorism to the actual provinces with terrorism for the period 1975 to 2001. Causal inference is carried out by comparing the real per capita GDP gap between the synthetic and actual provinces against the intensity of PKK terrorist activity. Extended over a period of fourteen years (1988 to 2001), we find that after the emergence of terrorism, the per capita real GDP in Eastern and Southeastern Anatolia declined by about 6.6 percent relative to a comparable synthetic Eastern and Southeastern Anatolia without terrorism.

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“…Например, ущерб от теракта 11 сентября 2001 г. в Нью-Йорке, согласно оценкам, составил около 0,8-0,9 % ВВП США [26], терактов в Мадриде 11 марта 2004 г. -около 0,03 % ВВП Испании [10].…”

Section: политологияunclassified

On the issue of studying the social economic factors of terrorism

Ryazanov

YAkh'yaeva

Okhrimenko³

2015

Bulletin of the MSRU

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Дагестанский государственный технический университет 2 Ростовский государственный экономический университет (РИНХ) 3 Дагестанский институт экономики и политики К ВОПРОСУ ОБ ИЗУЧЕНИИ СОЦИАЛЬНО-ЭКОНОМИЧЕСКИХ ФАКТОРОВ ТЕРРОРИЗМА 1 Аннотация. В статье поднимаются вопросы социально-экономических факторов возникновения терроризма, влияния этих процессов на экономическое развитие территорий. Авторами проведён обзорный анализ попыток установления связей различных факторов, таких как материальное благосостояние населения, уровень образования, урбанизации, террористической активности. Приводится ряд математических моделей, которые рассматриваются в качестве возможных механизмов прогнозирования динамики террористической активности или указывают на зависимость социально-экономических показателей от количества терактов, числа их жертв. Ключевые слова: терроризм, факторы терроризма, последствия терроризма, влияние терроризма.

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The Economic Cost of March 11: Measuring the Direct Economic Cost of the Terrorist Attack on March 11, 2004 in Madrid

Cited by 31 publications

References 7 publications

What We Have Learned about Terrorism since 9/11

What We Have Learned about Terrorism since 9/11

The Economic Costs of Separatist Terrorism in Turkey

On the issue of studying the social economic factors of terrorism

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