Terrorism and investment in Africa: Exploring the role of military expenditure

Abdel-Khalek, G., Mazloum, M., & El Zeiny, M. (2020). Military expenditure and economic growth: The case of India. Review of Economics and Political Science, 5(2), 116‒135. http://doi.org/10.1108/REPS-03-2019-002510.1108/REPS-03-2019-0025 Search in Google Scholar

Akinci, M., Yuce Akinci, G., & Yilmaz, O. (2014). Terrorism inflation and economic effects on growth: Panel two-step least squares method. International Journal of Security and Terrorism, 5(1), 1‒24. Search in Google Scholar

Ali, H., Wang, Q., Ullah, I., & Ali, Z. (2017). How terrorism affects Foreign Direct Investment in Pakistan. International Journal of Economics and Financial Issues, 7(3), 625‒631. Search in Google Scholar

Arif, I., & Suleman, T. (2017). Terrorism and stock market linkages: An empirical study from a front-line state. Global Business Review, 18(2), 1‒14. https://doi.org/10.1177%2F097215091666860410.1177/0972150916668604 Search in Google Scholar

Asongu, S., & Biekpe, N. (2018). ICT, information asymmetry and market power in African banking industry. Research in International Business and Finance, 44, 518‒531. https://doi.org/10.1016/j.ribaf.2017.07.121 Search in Google Scholar

Asongu, S., Efobi, U., & Beecroft, I. (2018). Aid in modulating the impact of terrorism on FDI: No positive thresholds, no policy. Forum for Social Economics, 50(40), 432‒456. https://doi.org/10.1080/07360932.2018.1434676 Search in Google Scholar

Asongu, S., & Nwachukwu, J. (2017). The impact of terrorism on governance in African countries. World Development, 99, 253‒270. https://doi.org/10.1016/j.world-dev.2017.05.023 Search in Google Scholar

Asongu, S., & Odhiambo, N. (2021). The green economy and inequality in sub-Saharan Africa: Avoidable thresholds and thresholds for complementary policies. Energy Exploration and Exploitation, 838‒852. http://doi.org/10.1177/014459872098422610.1177/0144598720984226 Search in Google Scholar

Aziz, N., & Khalid, U. (2017). Armed conflict, military expenses and FDI inflow to developing countries. Defence and Peace Economics, 30(2), 238‒251. https://doi.org/10.1080/10242694.2017.1388066 Search in Google Scholar

Baltagi, B., Kao, C., & Peng, B. (2016). Testing cross-sectional correlation in large panel data models with Serial correlation. Econometrics, 4(4), 1‒24. https://doi.org/10.3390/econometrics4040044 Search in Google Scholar

Bezic, H., Galovic, T., & Misevic, P. (2016). The impact of terrorism on the FDI of the EU and EEA countries. Zbornik radova Ekonomskog fakulteta Rijeka, 34(2), 333‒362. Search in Google Scholar

Brambor, T., Clark, W., & Golder, M. (2006). Understanding interaction models: Improving empirical analyses. Political Analysis, 14, 63‒82. https://doi.org/10.1093/pan/mpi014 Search in Google Scholar

Callen, T. (2008). Back to basics. What is Gross Domestic Product? Finance & Development. Retrieved from http://www.imf.org/external/pubs/ft/fandd/2008/12/pdf/basics.pdf Search in Google Scholar

Cinar, M. (2017). The effects of terrorism on economic growth: Panel data approach. Zbornik radova Ekonomskog fakulteta Rijeka, 35(1), 97‒121. Search in Google Scholar

Collier, P., Elliot, E., Hegre, H., Reynal-Querol, M., & Sambanis, N. (2003). Breaking the conflict trap: Civil War and development policy. Washington: World Bank. Search in Google Scholar

Driscoll, J., & Kraay, A. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549‒560.10.1162/003465398557825 Search in Google Scholar

Dunne, J., Nikolaidou, E., & Smith, R. (2002). Military spending, investment and economic growth in small industrialising economies. South African Journal of Economics, 70(5), 789‒808.10.1111/j.1813-6982.2002.tb00045.x Search in Google Scholar

Ebere, C., Abolore, Y., Oluyemi, A., & Mose, S. (2019). Security spending and foreign direct investment inflows. Acta Universitatis Danubius Oeconomica, 15(7). Search in Google Scholar

Efobi, U., Asongu, S., & Beecroft, I. (2015). Foreign Direct Investment, aid and terrorism: Empirical insight conditioned on corruption control. (AGDI Working Paper No. 15/007).10.2139/ssrn.2586355 Search in Google Scholar

Emmanouilidis, K., & Karpetis, C. (2021). The effects of military expenditures on economic growth and inflation: evidence from Turkey. Peace Economics, Peace Science and Public Policy. https://doi.org/10.1515/peps-2020-0058 Search in Google Scholar

Filer, R., & Stanisic, D. (2016). The effect of terrorism incidents on capital flows. Review of Development Economics, 20(2), 502‒513.10.1111/rode.12246 Search in Google Scholar

Hoechle, D. (2017). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281‒312.10.1177/1536867X0700700301 Search in Google Scholar

Hyder, S., Akram, N., & Padda, I. (2015). Impact of terrorism on economic development in Pakistan. Pakistan Business Review, 704‒722. Search in Google Scholar

Iheonu, C. (2019). Governance and domestic investment in Africa. European Journal of Government and Economics, 8(1), 63‒80.10.17979/ejge.2019.8.1.4565 Search in Google Scholar

Iheonu, C., Asongu, S., Odo, K., & Ojiem, P. (2020). Financial sector development and Investment in selected countries of the Economic Community of West African States: Empirical evidence using heterogeneous panel data method. Financial Innovation, 6(1), 1‒15. https://doi.org/10.1186/s40854-020-00195-0 Search in Google Scholar

Iheonu, C., & Ichoku, H. (2021a). Poverty and terrorism in Africa: Understanding the nexus based on existing levels of terrorism. Poverty & Public Policy, 13(3), 254‒272. https://doi.org/10.1002/pop4.318 Search in Google Scholar

Iheonu, C., & Ichoku, H. (2021b). Terrorism and economic growth in Africa: Understanding the role of military expenditure. Behavioral Sciences of Terrorism and Political Aggression. https://doi.org/10.1080/19434472.2021.1987967 Search in Google Scholar

Institute for Economics & Peace. (2020). Global Terrorism Index 2020: Measuring the impact of Terrorism. Sydney. Retrieved from http://visionofhumanity.org/reports Search in Google Scholar

Khan, S., & Yu, Z. (2020). The impact of terrorism on economic and logistics performance: An empirical study from the perspective of SAARC Member States. Romanian Journal of Economic Forecasting, 13(4), 99‒117. Search in Google Scholar

Lee, C. (2014). Terrorism, counterterrorism aid, and Foreign Direct Investment. Foreign Policy Analysis, 168‒187. Search in Google Scholar

Mehmood, S., & Mehmood, B. (2016). Hampering effect of terrorism on investment: The South Asian perspective. Science International, 28(2), 1475‒1479. Search in Google Scholar

Miao, M., Borojo, D., Yushi, J., & Desalegn, T. (2021). The impact of Chinese FDI on Domestic Investment and Economic Growth for Africa. Cogent Business & Management, 8(1), 1886472.10.1080/23311975.2021.1886472 Search in Google Scholar

Nidhal, M., & Wajdi, M. (2019). The impact of governance on FDI attractiveness: The MENA countries case. Global Journal of Management and Business Research, 19(1). Search in Google Scholar

Oukhallou, Y. (2019). Military expenditure and economic development. (MPRA Working Paper Series No. 98352). Retrieved from http://mpra.ub.uni-muenchen.de/98352 Search in Google Scholar

Pesaran, M. (2015). Testing for weak cross-sectional dependence in large panels. Econometric Review, 34, 1089‒1117. https://doi.org/10.1080/07474938.2014.956623 Search in Google Scholar

Posma, S. (2021). The effect of defense spending on private investment in Indonesia based on historical data for the period 1981‒2010. PalArch’s Journal of Archaeology of Egypt/Egyptology, 18(4), 7094‒7102. Search in Google Scholar

Saba, C., & Ngepah, N. (2019). Empirical analysis of military expenditure and indus-trialisation nexus: A regional approach for Africa. International Economic Journal, 34(1), 58‒84. https://doi.org/10.1080/10168737.2019.1641541 Search in Google Scholar

Siddique, H., Liaqat, R., & Ullah, K. (2017). Impact of terrorism on investment: Evidence from Pakistan. Bulletin of Business and Economics, 6(4), 195‒199. Search in Google Scholar

Stockholm International Peace Research Institute. (2021). SIPRI Military Expenditure Database. Retrieved from https://milex.sipri.org/sipri Search in Google Scholar

Thomas, K. (1992). Conflict and negotiation processes in organisations. In M. Dunnette & L. Hough (Eds.), Handbook of industrial and organisational psychology (pp. 651‒717). Palo Alto: Consulting Psychologist Press. Search in Google Scholar

UNCTAD. (2021). Foreign direct investment: Inward and outward flows and stocks, annual. Retrieved from https://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740 Search in Google Scholar

Zakaria, M., Jun, W., & Ahmed, H. (2019). Effect of terrorism on economic growth in Pakistan: An empirical analysis. Economic Research, 32(1), 1794‒1812. https://doi.org/10.1080/1331677X.2019.1638290 Search in Google Scholar