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| Tekijä: | Enders, W. Sandler, T. |
| Otsikko: | Terrorism and foreign direct investment in Spain and Greece |
| Lehti: | Kyklos
1996 : VOL. 49:3, p. 331-352 |
| Asiasana: | FOREIGN INVESTMENT ECONOMIC GROWTH TERRORISM GREECE SPAIN |
| Kieli: | eng |
| Tiivistelmä: | This paper puts forward a time-series methodology for quantifying the impact that terrorist incidents have had on net foreign direct investments (NFDI) in Spain and Greece. For Spain, a transfer function is used for quantification purposes, while, for Greece, a VAR model is employed. Terrorism had a significant and persistent negative impact on NFDI: a years's worth of terrorism discouraged NFDI by 13.5% annually in Spain and by 11.9% annually in Greece. The cumulative effect on foreign-held capital is also indicated. This study shows that some smaller countries that face a persistent threat of terrorism may incur economic costs in the form of reduced investment and, hence, growth. |
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