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Financial Decisions under the Shadow of Terrorism


Dimitris Christelis


European Central Bank (ECB) - Directorate General Research; Centre for Studies in Economics and Finance (CSEF), University of Naples Federico II; Center for Financial Studies (CFS); ARC Centre of Excellence in Population Ageing Research (CEPAR)

Dimitris Georgarakos


University of Frankfurt; European Central Bank (ECB) - Directorate General Research; Center for Financial Studies (CFS)
April 4, 2013


Abstract:     
We investigate, using the 2002 US Health and Retirement Study, individuals’ insecurity and expectations about terrorism, and their effects on household financial decisions. We find that those without any military experience, the less educated, the more religious and females worry a lot about their safety. In addition, fear of terrorism discourages households from investing in stocks and owning a business, while it makes them more likely to buy term life insurance.

Number of Pages in PDF File: 34

Keywords: terrorism, expectations, household finance, demand analysis

JEL Classification: D12, D14, D74, D84, G11

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Date posted: December 17, 2008 ; Last revised: April 7, 2013

Suggested Citation

Christelis, Dimitris and Georgarakos, Dimitris, Financial Decisions under the Shadow of Terrorism (April 4, 2013). Available at SSRN: http://ssrn.com/abstract=1317086 or http://dx.doi.org/10.2139/ssrn.1317086

Contact Information

Dimitris Christelis
European Central Bank (ECB) - Directorate General Research ( email )
Neue Mainzer Str. 66-68
D-60311 Frankfurt am Main
Germany
+49 69 1344 6616 (Phone)
Centre for Studies in Economics and Finance (CSEF), University of Naples Federico II ( email )
Via Cintia, Monte S. Angelo
Naples, NA 80126
Italy
Center for Financial Studies (CFS) ( email )
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
ARC Centre of Excellence in Population Ageing Research (CEPAR) ( email )
Australian School of Business
Ground Floor, East Wing UNSW Kensington Campus
Sydney, New South Wales NSW 2052
Australia
+61 (2) 9931 9202 (Phone)
HOME PAGE: http://www.cepar.edu.au
Dimitris Georgarakos (Contact Author)
University of Frankfurt ( email )
House of Finance
Grueneburgplatz 1, PF H32
Frankfurt am Main, DE Hessen 60323
Germany
European Central Bank (ECB) - Directorate General Research
Neue Mainzer Str. 66-68
Frankfurt am Main, D-60311
Germany
Center for Financial Studies (CFS)
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
Feedback to SSRN (Beta)


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