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The Price Of Modern Maritime Piracy

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  • Inmaculada Martínez-Zarzoso
  • Sami Bensassi

Abstract

A growing body of literature has recently focused on the economic origins and consequences of modern maritime piracy and on the perception that the international community has failed to control it. This paper aims to investigate maritime transport costs as one of the channels through which modern maritime piracy could have a major impact on the global economy. A transport-cost equation is estimated using a newly released data-set on maritime transport costs from the Organization for Economic Cooperation and Development together with data on maritime piracy from the International Maritime Bureau. Our results show that maritime piracy significantly increases trade costs between Europe and Asia.

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File URL: http://hdl.handle.net/10.1080/10242694.2012.723156
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Defence and Peace Economics.

Volume (Year): 24 (2013)
Issue (Month): 5 (October)
Pages: 397-418

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Handle: RePEc:taf:defpea:v:24:y:2013:i:5:p:397-418

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References

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  1. I Mart�nez-Zarzoso & L Garc�a-Men�ndez & C Su�rez-Burguet, 2003. "Impact of Transport Costs on International Trade: The Case of Spanish Ceramic Exports," Maritime Economics and Logistics, Palgrave Macmillan, vol. 5(2), pages 179-198, June.
  2. James E. Anderson & Douglas Marcouiller, S.J., 1997. "Anarchy and Autarky: Endogenous Predation as a Barrier to Trade," Boston College Working Papers in Economics 383, Boston College Department of Economics, revised 01 Oct 2001.
  3. Baier, Scott L. & Bergstrand, Jeffrey H., 2001. "The growth of world trade: tariffs, transport costs, and income similarity," Journal of International Economics, Elsevier, vol. 53(1), pages 1-27, February.
  4. Olaf J. de Groot & Anja Shortland, 2010. "Gov-arrrgh-nance: Jolly Rogers and Dodgy Rulers," Economics of Security Working Paper Series 39, DIW Berlin, German Institute for Economic Research.
  5. Maximo Mejia & Pierre Cariou & Francois-Charles Wolff, 2009. "Is maritime piracy random?," Applied Economics Letters, Taylor & Francis Journals, vol. 16(9), pages 891-895.
  6. Dollar, David & Micco, Alejandro & Clark, Ximena, 2002. "Maritime transport costs and port efficiency," Policy Research Working Paper Series 2781, The World Bank.
  7. Inmaculada Martínez-Zarzoso & Gordon Wilmsmeier, 2008. "Determinants of Maritime Transport Costs. A Panel Data Analysis for Latin American Trade," Ibero America Institute for Econ. Research (IAI) Discussion Papers 172, Ibero-America Institute for Economic Research.
  8. Helen B Bendall, 2010. "Cost of piracy: A comparative voyage approach," Maritime Economics and Logistics, Palgrave Macmillan, vol. 12(2), pages 178-195, June.
  9. Sami Bensassi & Inmaculada Martínez-Zarzoso, 2012. "How Costly is Modern Maritime Piracy to the International Community?," Review of International Economics, Wiley Blackwell, vol. 20(5), pages 869-883, November.
  10. de Groot, Olaf J. & Rablen, Matthew D. & Shortland, Anja, 2011. "Gov-Aargh-Nance – “Even Criminals Need Law And Order”," NEPS Working Papers 7/2011, Network of European Peace Scientists.
  11. Jane Korinek & Patricia Sourdin, 2009. "Clarifying Trade Costs: Maritime Transport and its Effect on Agricultural Trade," OECD Trade Policy Papers 92, OECD Publishing.
  12. Limao, Nuno & Venables, Anthony J., 1999. "Infrastructure, geographical disadvantage, and transport costs," Policy Research Working Paper Series 2257, The World Bank.
  13. Anja Shortland, 2010. "The Business of Piracy in Somalia," Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 6(23), pages 182-186.
  14. James E. Anderson & Douglas Marcouiller, S.J., 1999. "Insecurity and the Pattern of Trade: An Empirical Investigation," Boston College Working Papers in Economics 418, Boston College Department of Economics, revised 03 Aug 2000.
  15. Rikhil Bhavnani & Natalia T. Tamirisa & Arvind Subramanian & David T. Coe, 2002. "The Missing Globalization Puzzle," IMF Working Papers 02/171, International Monetary Fund.
  16. Inmaculada Martinez-Zarzoso & Celestino Suarez-Burguet, 2005. "Transport costs and trade: Empirical evidence for Latin American imports from the European union," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 14(3), pages 353-371.
  17. Olaf Jonkeren & Erhan Demirel & Jos van Ommeren & Piet Rietveld, 2008. "Endogenous Transport Prices and Trade Imbalances," Tinbergen Institute Discussion Papers 08-088/3, Tinbergen Institute.
  18. Mirza, Daniel & Verdier, Thierry, 2008. "International trade, security and transnational terrorism: Theory and a survey of empirics," Journal of Comparative Economics, Elsevier, vol. 36(2), pages 179-194, June.
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Citations

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Cited by:
  1. Tim Besley & Thiemo Fetzer & Hannes Mueller, 2012. "One Kind of Lawlessness: Estimating the Welfare Cost of Somali Piracy," Working Papers 626, Barcelona Graduate School of Economics.
  2. Thomas Gries & Margarete Redlin, 2014. "Maritime Piracy: Socio-Economic, Political, and Institutional Determinants," Working Papers 75, University of Paderborn, CIE Center for International Economics.
  3. Olaf J. de Groot & Matthew D. Rablen & Anja Shortland, 2012. "Barrgh-gaining with Somali Pirates," Economics of Security Working Paper Series 74, DIW Berlin, German Institute for Economic Research.

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