32 Pages Posted: 24 Jun 2015 Last revised: 15 Oct 2015

Date Written: September 3, 2015

Abstract

We examine the effect of private maritime security on international public safety by analyzing International Maritime Organization vessel security data from 2007-2014. During this time a considerable spike in maritime piracy occurred in East Africa, West Africa and East Asia. We exploit the fact that privately contracted armed security personnel are only legal in East and West Africa, finding that private security reduces the likelihood of a vessel being boarded by approximately 97 percent. Moreover, private security provides the international public good of maritime piracy prevention, as unsecured vessels are approximately 7 percent less likely to be boarded.