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Greece and Turkey are both members of NATO and are two of the principal players in the Balkan region. Their respective defence burdens (i.e. the share of military expenditure to GDP) are the highest in NATO. Their bilateral relations are marred by serious friction and conflict of interest and...
Persistent link: https://www.econbiz.de/10009215262
The causal relationship between economic growth and defence spending has attracted considerable attention and has been the subject of many empirical studies. This paper investigates the existence of a causal link between military expenditure and economic growth in the case of Greece for the...
Persistent link: https://www.econbiz.de/10009215269
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Terrorist incidents exert a negative, albeit usually short-lived, impact on markets and equity returns. Given the integration of global financial markets, mega-terrorist events also have a high contagion potential with their shock waves being transmitted across countries and markets. This paper...
Persistent link: https://www.econbiz.de/10010421249
Beyond the loss of life and personal injuries that the victims of terrorist actions suffer and the atmosphere of fear terrorists seek to create with their premeditated use of brutal violence, terror also has real economic and political costs that go beyond the immediate costs and damages of a...
Persistent link: https://www.econbiz.de/10011335399
An expanding body of literature has addressed the question of the economic impact terrorist attacks have. A part of this literature has focused on the impact recent major terrorist hits had on financial markets. The question addressed by this paper is to what extent markets' reaction to major...
Persistent link: https://www.econbiz.de/10011335406
This paper, investigates the effect war and terrorism, have on the covariance between oil prices and the indices of four major stock markets - the American S&P500 and the European DAX, CAC40 and FTSE100 - using nonlinear BEKK-GARCH type models. Findings reported herein indicate that the...
Persistent link: https://www.econbiz.de/10011335423
Terrorist incidents exert a negative, albeit generally short-lived, impact on markets and equity returns. Given the integration of global financial markets, mega-terrorist events also have a high contagion potential with their shock waves being transmitted across countries and markets. This...
Persistent link: https://www.econbiz.de/10011335432