What do we know about the substitution effect in transnational terrorism

Abstract

California to update the ITERATE data for 1999-2000. The success of the terrorist attacks on the World Trade Center and the Pentagon on 11 September 2001 (henceforth, 9/11) has resulted in profound economic and social consequences for the United States. In addition to the loss of life and property, total costs of the attacks are staggering. With the economy already on the brink of recession, the unemployment rate rose by almost 1%. 1 Some sectors bore the brunt of the loss in business and consumer confidence. Wall Street closed for a week; on its re-opening, various stock market indices fell substantially and investment funds seemed to dry up. The airline industry was temporarily shut down, the tourism industry was especially hard-hit, and several airlines never recovered. The opportunistic anthrax attacks that followed caused major disruptions of the mail. The worldwide response to fighting terrorism has been equally dramatic. The U.S.-led coalition known as “Operation Enduring Freedom ” quickly achieved its aim of eliminating the Taliban regime in Afghanistan. In total, seventeen nations contributed more than 16,500 troops to the initial operation. Other efforts included the enhancement of airport security and directives from nearly 150 countries to freeze terrorist assets totaling at least $104.8.

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