Abstract
This paper examines the impact of terrorism on economic growth and capital formation using data for 152 countries from 1970 to 2003.During the past thirty-five years, the world has witnessed nearly twenty thousand terrorist incidents. The increasingly global scope of terrorism has raised important questions about its economic impacts in countries around the world. We find that terrorist incidents have a negative and significant impact on economic growth and capital formation. We also find that the terrorist target matters. Specifically, terrorist incidents targeting private properties are negatively associated with both growth and capital formation.
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