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The Effect of Terrorism on the Cost of Debt: Empirical Validation for a Panel of Countries | ||
| Iranian Economic Review | ||
| مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 30 شهریور 1401 | ||
| شناسه دیجیتال (DOI): 10.22059/ier.2022.89061 | ||
| نویسندگان | ||
| Asma Sghaier* 1؛ Nadia Farjallah2 | ||
| 1CGSP, Presidency of the Government; Departement of Finance & Accounting, University of Sousse, Sousse, Tunisia | ||
| 2IHEC, University of Sousse, Sousse, Tunisia | ||
| چکیده | ||
| Terrorism is considered a great threat in many countries around the world. This phenomenon affects a country's political, economic, and financial situation. This research aims to explore a new line of thinking that bears the impact of terrorism on the cost of debt. In addition, being a rough indicator of the cost of debt, we analyzed the effect of terrorism on the sovereign debt rating. This is also justified by analyzing dynamic panel data from a sample of 24 countries from 1994 to 2019. The results of our study confirm the hypothesis that terrorism would result in a higher cost of debt for the states of these countries. An increase in terrorist attacks leads to an average reduction in sovereign credit rating. This corresponds to a deterioration in the credit rating of sovereign debt, for example, from BB + to BB-. | ||
| کلیدواژه‌ها | ||
| Keywords: Sovereign Debt, Terrorism, Country Risk, Panel Data, Developing Countries, GMM. JEL Classification: F21؛ F41؛ H56 | ||
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آمار تعداد مشاهده مقاله: 253 |
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