The attacks of September 11, 2001 (New York), March 11, 2004 (Madrid), July 7, 2005 (London) and August 10, 2006 (London) are several of many examples of terrorist events in recent years that have directly affected the transport sector. Because of their psychological impact in the short term, terrorist events targeting the transport sector inevitably have an impact on transport activity. This paper will focus mainly on the impact that terrorist events have had on outbound airline travel to the US. Section one outlines some stylised facts. Section two presents the analytical framework and the induced empirical specification. Section three gives the results. Section four presents some robustness checks and section five tests the exacerbating role of 9/11. For the covering abstract see ITRD E141216.
Samenvatting