The Economic Costs of Con ̄ ict : A Case Study of the Basque Country
نویسندگان
چکیده
This article investigates the economic effects of con ict, using the terrorist con ict in the Basque Country as a case study. We nd that, after the outbreak of terrorism in the late 1960’s, per capita GDP in the Basque Country declined about 10 percentage points relative to a synthetic control region without terrorism. In addition, we use the 1998–1999 truce as a natural experiment. We nd that stocks of rms with a signi cant part of their business in the Basque Country showed a positive relative performance when truce became credible, and a negative relative performance at the end of the cease- re. (JEL D74, G14, P16)
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