The dollar's dominance in global finance and its cross-border political power confer on the United States control over directing, gating, and influencing capital flows.These holds derive from the U.S.'s overwhelming metrics, in any sector of the economy, but also from its far-reaching...

The Cuban embargo is often cited abroad as a prime example of a U.S. unilateral economic sanctions program that has clearly failed to achieve its stated aims, and is now maintained purely for domestic political purposes. Since the tragic events of 9/11, the world has changed. The tools that once...

We study the effects of financial sanctions on cross-border credit supply. Using a differences-in-differences approach to analyze eleven sanctions episodes between 2002 and 2015, we find that banks located in Germany reduce their positions in countries with sanctioned entities by 38%. The...

We study the effects of financial sanctions on cross-border credit supply. Using a differences-in-differences approach to analyze eleven sanctions episodes between 2002 and 2015, we find that banks located in Germany reduce their positions in countries with sanctioned entities by 38%. The...