We add to the ongoing discussion regarding the policy consequences of terrorism by analyzing the effect of terrorism on international economic policy for a panel of 170 countries between 1970 and 2016. We find that countries resort to less liberal international economic policies when facing the threat of terrorism. This effect is especially relevant to smaller (less populated) countries. Our main finding is robust to an instrumental-variable approach. We argue that governments pursue less liberal international economic policies in response to terrorism to interrupt the organization and financing of terrorism, limit capital flight, stabilize public finances and signal political resolve.

我们通过分析 1970 年至 2016 年间由 170 个国家组成的小组分析恐怖主义对国际经济政策的影响，加入了正在进行的关于恐怖主义政策后果的讨论。 . 这种影响与较小（人口较少）的国家尤其相关。我们的主要发现对于工具变量方法是稳健的。我们认为，政府在应对恐怖主义时采取较不自由的国际经济政策，以中断恐怖主义的组织和资助，限制资本外逃，稳定公共财政并发出政治决心。