renewed US pressure on banks from third countries dealing with Russia. The effectiveness of trade sanctions crucially hinges …

Direct measures of the economic impact of sanctions are contaminated by the endogeneity that arises when other events … sanctions. To address this issue, we propose a novel instrument, sender's aggressiveness, captured by the number of sanctions … imposed in a given year. After establishing the validity of this instrument, we quantify the impact of sanctions on growth in …

Although international sanctions are a widely used instrument of coercion, their economic effects are still not well … sanctions, thereby visualizing pre-treatment and treatment dynamics in countries subject to sanctions. Our analysis focuses on … the effects of sanctions on GDP growth as well as on various transmission channels through which sanctions suppress …