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The Impact of Terrorismon Financial Markets

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  • Oana M. Nedelescu
  • R. B. Johnston
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    Abstract

    The terrorist attacks that have occurred in the past few years around the world have raised international awareness of the danger of terrorism and its complex repercussions on the financial markets. This paper explores the ways in which financial markets reacted to the attacks and the authorities'' responses. Well-functioning financial markets, bolstered by the prompt and effective reaction of the relevant authorities, were generally efficient in absorbing shocks stemming from terrorist attacks. The paper discusses market and regulatory responses to the terrorist attacks and the elements that should be strengthened so as to further enhance the resilience of financial markets to terrorism.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=17974
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/60.

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    Length: 22
    Date of creation: 01 Mar 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/60

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    Related research

    Keywords: Terrorism; Combating the financing of terrorism; terrorist; terrorist attacks; terrorist financing; money laundering; terrorists; terrorist acts; business continuity plans; financing of terrorism; terrorist assets; law enforcement; market participants; terrorist activities; international standards; fight against terrorism; terrorist organizations; intelligence units; financial intelligence units; due diligence; financial crime; suspicious transactions; investor confidence; international cooperation; regulatory requirements; terrorism financing; competent authorities; payment systems; terrorist finance; assessing compliance; acts of terrorism; payment system; contingency plans; banking supervision; terrorist financing investigations; money launderers; law enforcement agencies; criminal activities; banking relationships; financial system abuse; counter terrorist financing; drug trafficking; structured deposits; illicit funds; regulatory measures; criminal groups; suspicious activity; monetary instruments; suspected money laundering; risk management; international terrorist; financial intermediaries; customer identification; know your customer; suspicious activity reports; negotiable instruments; law enforcement authorities; criminal intelligence; terrorist attack; terrorist target; precious metals; securities markets; enforcement authorities; alternative remittance systems; regulatory authorities; domestic wire transfers; fighting terrorist financing; money laundering typologies; conducting assessments; intelligence sources; foreign authorities; suspicious transaction; financial crimes; alternative remittance; suspicious transaction reporting; terrorist group; counterterrorism; criminal acts; market infrastructure; settlement systems; terrorism risk; transaction reporting;

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    References

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    1. Sandler, Todd & Enders, Walter, 2004. "An economic perspective on transnational terrorism," European Journal of Political Economy, Elsevier, vol. 20(2), pages 301-316, June.
    2. Eldor, Rafi & Melnick, Rafi, 2004. "Financial markets and terrorism," European Journal of Political Economy, Elsevier, vol. 20(2), pages 367-386, June.
    3. Bruck, Tilman & Wickstrom, Bengt-Arne, 2004. "The economic consequences of terror: guest editors' introduction," European Journal of Political Economy, Elsevier, vol. 20(2), pages 293-300, June.
    4. Patrice Flynn, 2002. "Financial Bailout of September 11: Rapid Response," Challenge, M.E. Sharpe, Inc., vol. 45(1), pages 104-116, January.
    5. Chen, Andrew H. & Siems, Thomas F., 2004. "The effects of terrorism on global capital markets," European Journal of Political Economy, Elsevier, vol. 20(2), pages 349-366, June.
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    Cited by:
    1. Arin, K. Peren & Ciferri, Davide & Spagnolo, Nicola, 2008. "The price of terror: The effects of terrorism on stock market returns and volatility," Economics Letters, Elsevier, vol. 101(3), pages 164-167, December.
    2. Kollias, Christos & Kyrtsou, Catherine & Papadamou, Stephanos, 2013. "The effects of terrorism and war on the oil price–stock index relationship," Energy Economics, Elsevier, vol. 40(C), pages 743-752.
    3. Chesney, Marc & Reshetar, Ganna & Karaman, Mustafa, 2011. "The impact of terrorism on financial markets: An empirical study," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 253-267, February.
    4. Marco Arnone & Pier Padoan, 2008. "Anti-money laundering by international institutions: a preliminary assessment," European Journal of Law and Economics, Springer, vol. 26(3), pages 361-386, December.

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