A. Abadie and J. Gardeazabal, Terrorism and the world economy, European Economic Review, vol.52, issue.1, pp.1-27, 2007.
DOI : 10.1016/j.euroecorev.2007.08.005

D. Acemoglu, S. Johnson, J. Robinson, and Y. Thaicharoen, Institutional causes, macroeconomic symptoms: volatility, crises and growth, Journal of Monetary Economics, vol.50, issue.1, pp.49-123, 2003.
DOI : 10.1016/S0304-3932(02)00208-8
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.390.347

T. Addison, A. R. Chowdhury, and S. M. Murshed, By how much does conflict reduce financial development?, WIDER Discussion Paper, vol.48, 2002.

A. Afonso, L. Agnello, and D. Furceri, Fiscal policy responsiveness, persistence, and discretion, Public Choice, vol.25, issue.7, pp.503-533, 2010.
DOI : 10.1007/s11127-009-9577-x
URL : http://www.repository.utl.pt/bitstream/10400.5/2152/1/ecbwp954.pdf

L. Agnello and R. Souza, The Determinants of the Volatility of Fiscal Policy Discretion, Fiscal Studies, vol.87, issue.3, pp.91-115, 2014.
DOI : 10.1111/j.1475-5890.2014.12024.x

T. W. Anderson and H. Rubin, Estimation of the Parameters of a Single Equation in a Complete System of Stochastic Equations, The Annals of Mathematical Statistics, vol.20, issue.1, pp.46-63, 1949.
DOI : 10.1214/aoms/1177730090

D. Berkowitz, M. Caner, and Y. Fang, The validity of instruments revisited, Journal of Econometrics, vol.166, issue.2, pp.255-266, 2012.
DOI : 10.1016/j.jeconom.2011.09.038

S. B. Bertin-levecq, D. G. Hess, and A. Orphanides, Determinants of Fiscal Policy: An empirical Investigation of Latin America and Industrialized Countries The Macroeconomic Consequences of Terrorism, Journal of Monetary Economics, vol.51, pp.1007-1032, 2002.

S. Cevik and K. Teksoz, Deep Roots of Fiscal Behavior, IMF Working Papers, vol.14, issue.45, p.45, 2014.
DOI : 10.5089/9781475516111.001

K. Drakos and T. P. Konstantinou, Terrorism, crime and public spending: Panel VAR evidence from europe, Defence and Peace Economics, vol.87, issue.3, pp.349-361, 2014.
DOI : 10.1006/juec.2001.2263

K. Drakos and A. M. Kutan, Regional Effects of Terrorism on Tourism in Three Mediterranean Countries, Journal of Conflict Resolution, vol.57, issue.4, pp.621-647, 2003.
DOI : 10.1177/0022002703258198

D. De-la-croix and M. Doepke, Inequality and Growth: Why Differential Fertility Matters, American Economic Review, vol.93, issue.4, pp.1091-1113, 2003.
DOI : 10.1257/000282803769206214

C. N. Fink and W. R. Barakat, Preventing Conflict and Terrorism: What Role for Security Council, Policy Brief, 2013.

M. Gavin and R. Perotti, Fiscal Policy in Latin America, NBER Macroeconomic Annuals, 1997.
DOI : 10.1086/654320

S. Gupta, B. Clements, R. Bhattacharya, and . Chakravarti, Fiscal consequences of armed conflict and terrorism in low- and middle-income countries, European Journal of Political Economy, vol.20, issue.2, pp.403-421, 2004.
DOI : 10.1016/j.ejpoleco.2003.12.001

H. Ito and M. Chinn, Note on the Chinn-Ito Financial Openness Index, Update, 2011.

K. Kis-katos, H. Liebert, and G. G. Schulze, On the origin of domestic and international terrorism, European Journal of Political Economy, vol.27, pp.17-36, 2011.
DOI : 10.1016/j.ejpoleco.2011.02.002

A. Lewbel, Using Heteroscedasticity to Identify and Estimate Mismeasured and Endogenous Regressor Models, Journal of Business & Economic Statistics, vol.73, issue.1, pp.67-80, 2012.
DOI : 10.1080/01621459.1943.10501775

E. Miguel, S. Satyanath, and E. Sergenti, Economic Shocks and Civil Conflict: An Instrumental Variables Approach, Journal of Political Economy, vol.112, issue.4, pp.72-753, 2004.
DOI : 10.1086/421174

M. J. Moreira and B. P. Poi, Implementing Tests with Correct Size in the Simultaneous Equation Model, SSRN Electronic Journal, vol.3, issue.1, pp.57-70, 2003.
DOI : 10.2139/ssrn.373120

V. Nitsch and D. Schumacher, Terrorism and international trade: an empirical investigation, European Journal of Political Economy, vol.20, issue.2, pp.432-433, 2004.
DOI : 10.1016/j.ejpoleco.2003.12.009

D. Rodrik, Why do More Open Economies Have Bigger Governments?, Journal of Political Economy, vol.106, issue.5, pp.997-1032, 1998.
DOI : 10.1086/250038

J. Woo, Social polarization, fiscal instability and growth, European Economic Review, vol.49, issue.6, pp.1451-1477, 2005.
DOI : 10.1016/j.euroecorev.2004.02.001

J. Woo, Growth, income distribution, and fiscal policy volatility, Journal of Development Economics, vol.96, issue.2, pp.289-313, 2011.
DOI : 10.1016/j.jdeveco.2010.10.002

J. V. Yohai, High Breakdown-Point and High Efficiency Robust Estimates for Regression, The Annals of Statistics, vol.15, issue.2, pp.642-656, 1987.
DOI : 10.1214/aos/1176350366