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Article
Publication date: 11 January 2021

Relationship between different sources of geopolitical risks and stock markets in the GCC region: a dynamic correlation analysis

Abdullah Alqahtani, Shawkat Hammoudeh and Refk Selmi

The findings would help in designing useful and relevant hedging strategies against geopolitical risks (GPRs), which are rampant in the Gulf Cooperation Council (GCC) region.

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Abstract

Purpose

The findings would help in designing useful and relevant hedging strategies against geopolitical risks (GPRs), which are rampant in the Gulf Cooperation Council (GCC) region.

Design/methodology/approach

This study focuses on the regional and global costs of GPRs for businesses in the Gulf region.

Findings

The results of the analysis show that the time-varying conditional correlation between the stock returns of the GCC countries and the Saudi Arabian geopolitical risk is consistently negative, suggesting that the Saudi Arabian geopolitical risk hurts the GCC stock markets, thus underscoring the importance of studying regional GPRs.

Originality/value

The contribution of this paper is twofold: First, it uses a newly geopolitical risk index that includes recent geopolitical events not included in the Caldara and Iacoviello (2018) index. In addition to war threats and acts, terrorist threats and acts and nuclear threats, the authors consider global trade tensions (GTTs), Saudi Arabia's geopolitical risk and OPEC news mainly related to OPEC oil production levels. Second, it assesses whether Saudi Arabia, which is the largest economy in the region and the main global oil exporter, is really a risk exporter to the rest of the GCC countries.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/RBF-07-2019-0099
ISSN: 1940-5979

Keywords

  • GCC stock returns
  • Global geopolitical risks
  • Saudi Arabia geopolitical risks
  • Dynamic correlation analysis
  • C22
  • E32
  • G15
  • H56

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Book part
Publication date: 13 May 2019

In Search of Joint Governmental Policy against International Terrorism: India and the United States of America

Debasish Nandy

Terrorism has historically been spawned by inequitable, unjust systems with inadequate democratic options to articulate popular aspirations and ensure conflict resolution…

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Abstract

Terrorism has historically been spawned by inequitable, unjust systems with inadequate democratic options to articulate popular aspirations and ensure conflict resolution. The event of September 11, 2001 changed it all when terrorism hit the center of the increasingly globalized post-Cold War international system. The 9/11 incident has played as the role of a catalyst in initiating joint governmental policies to combat international terrorism both in India and the USA. After the incident, the former US President, George W. Bush, announced to the world community to fight against international terrorism collectively on the basis of a zero-tolerance policy. India has been the victim of cross-border terrorism promoted by Pakistan for a long time. India is the world’s largest democracy and one of its fastest-growing economics. Due to the recurrence of terrorist attacks, its security system and its socioeconomic structure have had to face tremendous pressure. Just after the 9/11 incident (attack on WTC) world’s largest (India) and oldest (USA) democracies have come closer to jointly fight against international terrorism. Both al-Qaida and the Taliban were the common enemies for Washington and New Delhi. At the governmental level, a number of policies and working groups have been organized by the two countries in order to diminish global terrorism. This chapter intends to explore the effects of joint governmental policies by India and the USA for combating international terrorism.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
DOI: https://doi.org/10.1108/978-1-78769-919-920191013
ISBN: 978-1-78769-919-9

Keywords

  • Terrorism
  • strategic
  • governmental
  • international
  • globalization
  • security
  • H56
  • K42

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Book part
Publication date: 13 May 2019

Terrorism, Military Expenditure, and Foreign Capital Inflow: An Empirical Study for India

Koushik Das

In this chapter, the relationship between terrorism and military expenditure and between terrorism and foreign capital inflow has been studied empirically with Indian…

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Abstract

In this chapter, the relationship between terrorism and military expenditure and between terrorism and foreign capital inflow has been studied empirically with Indian data. We considered an index for terrorism based on the number of terrorism incidents, the number of deaths and the number of injuries. Data are collected from the period of 1977–1978 to 2016–2017 on the incidence of terrorism, obtained from the data released by Government of India in July 2016. Augmented Dicky–Fuller (ADF) test is used for unit root and stationarity checks. Johansen co-integration test is performed for testing the presence of co-integrating relationship between Index of terrorism and military expenditure and also between FDI flow and index of terrorism. As a result, a co-integrating relationship is also found between terrorism and military expenditure but not between terrorism and foreign capital inflow. Vector error correction model (VECM) is used to study both the short-run and the long-run relationships between the variables.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
DOI: https://doi.org/10.1108/978-1-78769-919-920191023
ISBN: 978-1-78769-919-9

Keywords

  • Terrorism
  • military expenditure
  • capital flight
  • unit root
  • ADF test
  • co-integration
  • VECM
  • C22
  • D74
  • H56

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Book part
Publication date: 21 June 2014

Terrorism and economic sentiment in European countries

Christos Kollias and Stephanos Papadamou

Terrorist events are unforeseen and have the potential to shake and rattle markets and investors. The purpose of this study is to examine whether major terrorist incidents…

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Abstract

Purpose

Terrorist events are unforeseen and have the potential to shake and rattle markets and investors. The purpose of this study is to examine whether major terrorist incidents have affected the Economic Sentiment Indicator (ESI) in four European countries.

Methodology/approach

An index is constructed that weights the severity of each event and then used to evaluate through the use of vector autoregressive and impulse response analysis estimation techniques whether or not and to what extent the ESI has been affected.

Findings

Effects were more pronounced and evident in the case of France and Germany while the ESI in Spain and Great Britain did not appear to be particularly affected by terrorist incidents.

Research limitations/implications

The effects of terrorism on economic sentiment in other countries will provide additional evidence that will allow more robust and conclusive statistical inferences.

Originality/value of the chapter

The impact of terrorist activity on the ESI for the four European countries studied here has not been examined before using VAR and impulse response analysis.

Details

Understanding Terrorism
Type: Book
DOI: https://doi.org/10.1108/S1572-8323(2014)0000022011
ISBN: 978-1-78350-828-0

Keywords

  • Economic sentiment
  • terrorism
  • impulse response
  • H56
  • C58

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Book part
Publication date: 3 August 2015

Austrian Contributions to the Literature on Natural and Unnatural Disasters

Stefanie Haeffele-Balch and Virgil Henry Storr

Austrian insights on the limits of central planning, the pervasiveness of knowledge problems, and the importance of the entrepreneur in coordinating social change have…

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Abstract

Austrian insights on the limits of central planning, the pervasiveness of knowledge problems, and the importance of the entrepreneur in coordinating social change have yielded substantive contributions to the literature on how individuals and communities respond to both natural and unnatural, or manmade, disasters. Austrian economists have examined the political economy of natural disasters, disaster relief and recovery efforts, the economic effects of extended wars, post-conflict societal reconstitution, and the effectiveness of humanitarian aid. This literature advances two main findings: (1) that centralized governments are likely to be ineffective at providing the goods and services that are necessary for community recovery and (2) that decentralized efforts are better suited to address the needs of society, to discover the best course of action for producing and distributing these goods and services, and to adapt to changing needs, circumstances, and technology. This paper examines the Austrian theories utilized to examine disasters, provides a summary of the recent research on both natural and unnatural disasters, and proposes areas for future research.

Details

New Thinking in Austrian Political Economy
Type: Book
DOI: https://doi.org/10.1108/S1529-213420150000019004
ISBN: 978-1-78560-137-8

Keywords

  • Disasters
  • war
  • conflict
  • Austrian economics
  • knowledge problem
  • regime uncertainty
  • B53
  • H84
  • Q54
  • N40
  • H56
  • D74
  • D71

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Book part
Publication date: 13 May 2019

Terrorism: Its Economic Perspective

Debashis Mazumdar and Mainak Bhattacharjee

This chapter attempts to highlight the economic perspective behind the rising incidence of terrorism across the world that has impinged a serious threat to the…

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Abstract

This chapter attempts to highlight the economic perspective behind the rising incidence of terrorism across the world that has impinged a serious threat to the sustainability of mankind. Based on the sample of 123 countries all over the world, it has sought to analyze the relationship between the intensity of terrorism faced by a country and the level of its economic development. Moreover, classifying terrorist activities as externally sponsored and internal militancy triggered by extremist outfits, this chapter seeks to identify which type of terrorism is more pronounced in a country and the underlying economic considerations. Besides, in this study, an attempt has been made to examine the extent to which a country’s military expenditure is attributable to the degree of terrorism it is exposed to.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
DOI: https://doi.org/10.1108/978-1-78769-919-920191004
ISBN: 978-1-78769-919-9

Keywords

  • Terrorism
  • economic development
  • military expenditure
  • external militancy
  • internal militancy
  • extremist outfit
  • F59
  • O10
  • H56

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Book part
Publication date: 13 May 2019

Impact of Terrorism on Foreign Direct Investment in Nigeria

Ezebuilo R. Ukwueze, Henry T. Asogwa, Ozoemena S. Nwodo and Oliver E. Ogbonna

The relationship between terrorism and foreign direct investment (FDI) has stimulated research curiosity given its effects on lives lost, injuries, property damaged, and…

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Abstract

The relationship between terrorism and foreign direct investment (FDI) has stimulated research curiosity given its effects on lives lost, injuries, property damaged, and the psychological aftereffects, which to a very large extent impact economic growth and development. The realization of the magnitude of its influence on bilateral economic ties engineered the study, which examined the impact of terrorism on FDI in Nigeria. The data for this study were sourced from Global Terrorism Index (GTI), Stockholm International Peace Research Institute (SIPRI) database, International Country Risk Guide (ICRG)’s Quality of Governance (QoG) database, Central Bank of Nigeria (CBN) Bulletin, and World Bank Development Indicators (WDI) using autoregressive distributive lag (ARDL) bounds testing approach as described by Pesaran et al. (2001). From the results obtained, military expenditure, episode(s) of ethnic violence, and terrorist attacks have all been noted to have negative and significant impacts on FDI in Nigeria. The implication is that the reduction in FDI observed in the data is attributed to terrorism. Therefore, governments should overhaul the security apparatus so as to quell the menace of terrorists. This will go a long way to create a conducive environment for FDI to thrive, which will create more jobs for the growth and development of the Nigerian economy.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
DOI: https://doi.org/10.1108/978-1-78769-919-920191020
ISBN: 978-1-78769-919-9

Keywords

  • Bounds test
  • unit root
  • investment
  • terrorism
  • domestic violence
  • heteroscedasticity
  • C22
  • D74
  • H56
  • P47

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Book part
Publication date: 19 February 2020

British Public Debt Management Operations in the Early Nineteenth Century

Nesrine Bentemessek Kahia

By the beginning of the nineteenth century, British public debt, accumulated over the eighteenth century and during the Revolutionary and Napoleonic Wars (1793–1815), had…

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Abstract

By the beginning of the nineteenth century, British public debt, accumulated over the eighteenth century and during the Revolutionary and Napoleonic Wars (1793–1815), had attained extremely high levels, at times even reaching 200% of the gross national product (GNP). This increase in debt paradoxically coexisted with the early progression of the industrial revolution.

In this chapter, we explain this concomitance by the effective policies of sovereign debt management put in place by the State and the Bank of England (BoE). First, the State put in place measures to lower its risk of default by funding its debt with tax revenue that would allow it to honour due payments. Second, following the suspension in 1797 of cash payments for pounds sterling, the BoE, in addition to its role in financing the State, followed an active policy of sovereign debt management, promoting both bank liquidity and market liquidity.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
DOI: https://doi.org/10.1108/S0743-41542020000038A004
ISBN: 978-1-83867-699-5

Keywords

  • Public debt management
  • market liquidity
  • bank liquidity
  • Bank of England
  • solvency
  • default risk
  • fiscal policy
  • G21
  • G28
  • H56
  • H61
  • H63
  • N23

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Book part
Publication date: 13 May 2019

Terrorism, Defense Expenditure, and their Impact: Evidence from Selected Countries of Asia

Rajib Bhattacharyya

Following the financial crisis, across the Western world, defense budgets have undergone substantial and far-reaching cuts. But in the emerging markets there has been a…

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Abstract

Following the financial crisis, across the Western world, defense budgets have undergone substantial and far-reaching cuts. But in the emerging markets there has been a significant rise in defense expenditure (DE). Countries such as China, Brazil, and India have doubled or even tripled their defense spending during the past two decades. It has been generally argued that terrorism can potentially affect economic growth adversely in the short run through a number of channels. Terrorist attacks can increase uncertainty which limits the scope for domestic investments and also diverts foreign direct investment. In order to mitigate terrorism, increased government spending on security can crowd out more growth-enhancing public and private investments in social sectors such as health and education, which in turn may affect the long run growth of a nation. Terrorism also hinders growth by raising the cost of doing business in terms of higher wages, larger insurance premiums, and greater security expenditures. These higher costs result in reduced profits and, thus, smaller return on investment. Terrorist attacks can also destroy infrastructure, thereby leading to business disruptions. This study attempts to examine both the short- (SR) and long-run (LR) associations among terrorism, DE, and its impact on GDP taking time series evidence, using autoregressive distributed lag model (ARDL) model from some selected countries of Asia – India, China, Bangladesh, and Pakistan – during 1990 to 2014. The results show that there are LR associations among the three variables for Pakistan only.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
DOI: https://doi.org/10.1108/978-1-78769-919-920191018
ISBN: 978-1-78769-919-9

Keywords

  • Terrorism
  • defense expenditure
  • Global Terrorism Index (GTI)
  • impact on GDP
  • ARDL model
  • policy issues
  • H56
  • O19
  • C12
  • C32

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Book part
Publication date: 13 May 2019

Growth and Fiscal Effects of Terrorism in Nigeria

Richardson Kojo Edeme and Chigozie Nelson Nkalu

In addition to their effects on economic growth, prolonged terrorist activities can reduce government revenue. Apart from the destruction of physical infrastructure and…

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Abstract

In addition to their effects on economic growth, prolonged terrorist activities can reduce government revenue. Apart from the destruction of physical infrastructure and human capital, terrorism also has lagged-effect on investment, which ultimately dampens the fiscal position and further affects the economic growth. This chapter is devoted to the discussion on the interaction between terrorism, growth, and fiscal variables in Nigeria using real per capita income, government revenue, government expenditure and defense expenditure. The findings show that terrorism is associated with low economic growth which has the potency to reduce government expenditure. It was also observed that government expenditure can be improved by fostering government revenue. In view of this, apart from domestic efforts, interventions of international communities are further needed to reduce the drastic effects of terrorism, especially in meeting and improving expenditure on growth-enhancing sectors.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
DOI: https://doi.org/10.1108/978-1-78769-919-920191024
ISBN: 978-1-78769-919-9

Keywords

  • Boko Haram
  • defense expenditure
  • fiscal effect
  • government expenditure
  • government revenue
  • growth effect
  • per capita income
  • Terrorism
  • F52
  • H56
  • O11

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