While broad economic sanctions have long been used as instruments of foreign policy, targeted sanctions focusing on specific individuals, entities, and transactions are relatively new and less understood. We present a model of firm performance under sanctions where the target government may be...

A key element of the European reform agenda is to simplify the EU fiscal governance framework by moving towards a single debt anchor and a single operational indicator as the basis for formulating fiscal targets and assessing compliance. This paper puts forward an in-depth analysis of two...

In the contemporary capitalism model and in relation to the functioning of the economy there is a counterproductive view of the state as an institution. This has led to a reversal of the hierarchy between the state and the private sector, since it subordinates states to markets. Fiscal policy...

On 1 May 2004, the world witnessed the largest expansion in the history of the European Union (EU). This process has lent new weight to the idea of an expanded EU involvement in East Asia. This paper will examine the question of whether there has been a change in the EU's foreign policy with...

In a major setback for the EU, only two of four Eastern Partnership countries actually initialed Association Agreements at the Vilnius Summit in November 2013. This paper asks what went wrong and what can be done about it. Using a gravity model to estimate the effects of deep and shallow free...

The main aim of this paper is to investigate the political determinants of international arms transfers. We distinguish between the decision to exports arms (extensive margin) and the value of the arms exported (intensive margin). A theoretically-justified gravity model of trade augmented with...

The conflict between Russia and Ukraine that started in March 2014 resulted in bilateral economic sanctions imposed by Russia and Western countries, including the members of the euro area (EA). The paper investigates the impact of sanctions on the real side of the economy of Russia and the EA....

The China - Raw Materials dispute recently arbitrated by the WTO opposed China as defendant to the US, the EU and Mexico as claimants on the somewhat unusual issue of export restrictions on natural resources. For the claimants, Chinese export restrictions on various raw materials, of which the...

This Occasional Paper examines how and why the institutional framework governing EMU has evolved since the creation of the euro. Building on theories of institutionalism, the paper in particular investigates to what extent functional spillovers from the single currency into other policy domains,...