We develop a model of the dynamics of economic sanctions in conjunction with the response of the sanction target. We apply this model to the case of the EU and US boycott of Iranian oil. Our VAR model finds significant impacts of sanctions both on key economic variables and on the political...

In order to put the mainstream narrative for the recent world trade collapse into a consistent economic-historic framework, this paper builds a comparable data set for the analysis of world trade collapses consisting of 72 periods of import decline (27 in the 1930s; 45 in 2008-10). The empirical...