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    STUDIA OECONOMICA - Issue no. 1 / 2003  

Authors:  ADINA TURCU.
  Abstract:  The unprecedented 11 September 2001 terrorist attacks in the United States caused massive casualties and damage, and ushered in an era of greater uncertainty. While a prompt and vigorous policy response helped limit the immediate economic impact of the aggression, the heightened terrorist threat has some long lasting, if diffuse, macroeconomic repercussions. Three channels of influence are explored in this paper: shrinking insurance coverage stemming from the perception of greater risk, higher trade costs possibly affecting international trade, and stepped-up security spending partially rolling back the "peace dividend" of the 1990s. It is argued that, in the absence of new large-scale terrorist attacks, and provided terrorism risk is dealt with efficiently, the net long-run macroeconomic impact is probably tangible but limited.  
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