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Beyond trade: economic sanctions and their impact on the components of GDP
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Resumo(s)
Economic sanctions have become a favored instrument in the foreign policy toolbox for their
ability to accomplish strategic objectives while averting the costs of warfare. Despite their
frequent use, the economic consequences of sanctions on the target economy remain
perplexing to both scholars and policymakers alike. While most empirical studies analyze the
effects of economic sanctions on bilateral trade, our paper assesses the impact of sanctions on
GDP through its five principal components: imports, exports, consumption, government
expenditure, and investment. Using a fixed effects model, we uncover how economic
sanctions modestly affect the target country’s imports, exports, and consumption; and show
how additional factors such as the involvement of the United States or supranational
institutions, as well as the political regime of the target country, influence our results.
Descrição
Palavras-chave
Economic sanctions International trade GDP Fixed effects