Terrorism and Tourism: Evidences from a Panel OLS Estimation

(Pages 107-115)

Enrique Cristóbal Santamaría*
Department of Economics, University of Navarra, Spain.
DOI: https://doi.org/10.35341/1923-7529.2021.19.11


This paper studies the impact of terrorism on the number of tourist arrivals through an unbalance data set using OLS estimation with fixed effects. The study is carried out on 167 countries for the period 1995 to 2014. The results suggest that the number of terrorist attacks have a significant negative effect on tourism. We also quantify the spillover effect from the regions directly affected by a terrorist attack to other non-affected regions located within and outside of the affected region. Finally, our findings also suggest that, in countries where terrorist attacks are observed, there exists a particular level of military expenditure as a proportion of GDP above which tourism statistics tend to increase.


terrorism, tourism, military expenditure, panel estimation, OLS.

JEL Classification:

C23, F14, H56, Z3

How to Cite:

Enrique Cristóbal Santamaría. Terrorism and Tourism: Evidences from a Panel OLS Estimation. [ref]: vol.19.2021. available at: https://refpress.org/ref-vol19-a11/

Licensee REF Press
This is an open access article licensed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, provided the work is properly cited.