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On Wars, Sanctions and Sovereign Default
Bianchi, Javier; Sosa Padilla, César - National Bureau of Economic Research - 2022
This paper explores the role of restrictions on the use of international reserves as economic sanctions. We develop a simple model of the strategic game between a sanctioning (creditor) country and a sanctioned (debtor) country. We show how the sanctioning country should impose restrictions...
Persistent link: https://www.econbiz.de/10013191083
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Pandemic, War, Inflation : Oil Markets at a Crossroads?
Baumeister, Christiane - National Bureau of Economic Research - 2023
The COVID-19 pandemic as well as the Russian invasion of Ukraine have had profound effects on the global energy landscape, with some of the longer-lasting effects still unfolding. This paper discusses how these events have reshaped the supply side of the global oil market by focusing on...
Persistent link: https://www.econbiz.de/10014322883
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A Minimalist Model for the Ruble During the Russian Invasion of Ukraine
Lorenzoni, Guido; Werning, Iván - National Bureau of Economic Research - 2022
This note isolates an overlooked economic force for the Ruble to appreciate in response to international sanctions limiting exports to Russia. The economic intuition is that when Russians are unable to buy the mix of foreign goods they wish, then foreign goods becomes less attractive, increasing...
Persistent link: https://www.econbiz.de/10013191024
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Sanctions and the Exchange Rate
Itskhoki, Oleg; Mukhin, Dmitry - National Bureau of Economic Research - 2022
We show that the exchange rate may appreciate or depreciate depending on the specific mix of sanctions imposed, even if the underlying equilibrium allocation is the same. Sanctions that limit a country's imports tend to appreciate the country's exchange rate, while sanctions that limit exports...
Persistent link: https://www.econbiz.de/10013191103
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Growth, Import Dependence and War
Bonfatti, Roberto - 2014
Existing theories of pre-emptive war typically predict that the leading country may choose to launch a war on a … was Japan who launched a war against the West in 1941, not the West that pre-emptively attacked Japan. Similarly, many … have argued that trade makes war less likely, yet World War I erupted at a time of unprecedented globalization. This paper …
Persistent link: https://www.econbiz.de/10012458341
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The 2014 Russia Shock and Its Effects on Italian Firms and Banks
Federico, Stefano; Marinelli, Giuseppe; Palazzo, Francesco - National Bureau of Economic Research - 2023
We study how a demand shock in an export market propagates to the exporting country's banking system. Using the dual shocks of sanctions and falling oil prices suffered by Russia in 2014, we investigate the effects on Italian firms and banks more exposed to the Russian market. This event implied...
Persistent link: https://www.econbiz.de/10014250188
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The Role of Information in U.S. Offshore Oil and Gas Lease Auctions
Porter, Robert H. - 1992
This paper describes the U.S. offshore oil and gas lease sales, conducted by the Department of the Interior since 1954. Several decision problems are discussed, including bidding for leases, the government's decision whether to accept the highest bid, the incidence and timing of exploratory...
Persistent link: https://www.econbiz.de/10012474782
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Common Values, Unobserved Heterogeneity, and Endogenous Entry in U.S. Offshore Oil Lease Auction
Compiani, Giovanni - 2018
An oil lease auction is the classic example motivating a common values model. However, formal testing for common values has been hindered by unobserved auction-level heterogeneity, which is likely to affect both participation in an auction and bidders' willingness to pay. We develop and apply an...
Persistent link: https://www.econbiz.de/10012452926
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Do Collateral Sanctions Work? Evidence from the IRS' Passport Certification and Revocation Process
Organ, Paul R.; Ruda, Alex; Slemrod, Joel; Turk, Alex - National Bureau of Economic Research - 2021
Penalties for tax evasion are typically financial, but many jurisdictions also utilize collateral sanctions that deny access to some government-provided service. To learn about the effectiveness of such penalties, we examine a U.S. policy restricting passport access for taxpayers with...
Persistent link: https://www.econbiz.de/10012599319
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US Sanctions Reinforce the Dollar's Dominance
Dooley, Michael P.; Folkerts-Landau, David F. I.; … - National Bureau of Economic Research - 2022
has been enhanced by the demonstration that the United States is willing and able to sanction misbehavior. Geopolitically …
Persistent link: https://www.econbiz.de/10013191038