"Economically speaking, terrorism may be winning," said Glenn Yago, director of Capital Studies at the Milken Institute.

In the new paper, "The Economic Impacts of Global Terrorism: From Munich to Bali," the institute finds that contrary to research which has minimized or emphasized the transitory impact of these attacks, terrorism has had a large financial and economic impact, especially as terrorists have shifted their attacks from government to civilian targets.

It also shows that the marked increase in private-sector targets since the late-1990s had a consistently negative and significant impact on economic growth and investment across countries, with one exception: the number of terrorist events have had a positive impact on traded value of defense and security industry stocks.

The paper can be viewed online at www.milkeninstitute.org.

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