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The Price Of Modern Maritime Piracy

  • Inmaculada Martínez-Zarzoso
  • Sami Bensassi

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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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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  1. Anja Shortland & Sarah Percy, 2011. "The Business of Piracy in Somalia," CEDI Discussion Paper Series 11-08, Centre for Economic Development and Institutions(CEDI), Brunel University.
  2. Daniel Mirza & Thierry Verdier, 2008. "International trade, security and transnational terrorism: Theory and a survey of empirics," Post-Print halshs-00754282, HAL.
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  5. Sami Bensassi & Inmaculada Martínez-Zarzoso, 2011. "How Costly is Modern Maritime Piracy for the International Community?," Ibero America Institute for Econ. Research (IAI) Discussion Papers 208, Ibero-America Institute for Economic Research.
  6. Gordon Wilmsmeier & Inmaculada Martínez-Zarzoso, 2009. "Determinants of maritime transport costs -- a panel data analysis for Latin American trade," Transportation Planning and Technology, Taylor & Francis Journals, vol. 33(1), pages 105-121, October.
  7. 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.
  8. 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.
  9. Helen B Bendall, 2010. "Cost of piracy: A comparative voyage approach," Maritime Economics and Logistics, Palgrave Macmillan, vol. 12(2), pages 178-195, June.
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  11. 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.
  12. 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.
  13. Rikhil Bhavnani & Natalia T. Tamirisa & Arvind Subramanian & David T. Coe, 2002. "The Missing Globalization Puzzle," IMF Working Papers 02/171, International Monetary Fund.
  14. 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.
  15. 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.
  16. Dollar, David & Micco, Alejandro & Clark, Ximena, 2002. "Maritime transport costs and port efficiency," Policy Research Working Paper Series 2781, The World Bank.
  17. Limao, Nuno & Venables, Anthony J., 1999. "Infrastructure, geographical disadvantage, and transport costs," Policy Research Working Paper Series 2257, The World Bank.
  18. Jane Korinek & Patricia Sourdin, 2009. "Clarifying Trade Costs: Maritime Transport and its Effect on Agricultural Trade," OECD Trade Policy Papers 92, OECD Publishing.
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