Using a new, global data base covering the years 1950 to 2015, we study the impact of sanctions on international trade and welfare. We make use of the rich dimensionality of our data and of the latest developments in the structural gravity literature. Starting with a broad evaluation by sanction...

Using a new, global data base covering the years 1950 to 2015, we study the impact of sanctions on international trade and welfare. We make use of the rich dimensionality of our data and of the latest developments in the structural gravity literature. Starting with a broad evaluation by sanction...

This analysis highlights the significant role that domestic actors play in determining the outcomes of economic sanctions. It models the behavior of the main opposition party during an economic sanction episode, and introduces two commonly used variables when considering the effectiveness of...

As the formal process of Brexit has already started, there is much uncertainty about Brexit's impacts on Britain's social, political, and economic future. This paper examines the economic impact. After briefly discussing some significant EU treaties that serve as the background materials, it...

We study the multifaceted effects and persistence of trade policy shocks on financial markets in a structural vector autoregression. The model is identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously,...

The WTO Global Trade Model is employed to project the medium-run economic effects of a global trade conflict. The trade conflict scenario is based on recent estimates in the literature of the difference between cooperative and non-cooperative tariffs. The study provides three main insights....

As part of its sanctions regime, the United States recently announced imposition of punitive import tariffs on 570 product groups from Russia. The European Union may follow suit and enact sanctions on Russia that mirror the U.S. sanctions in scale and scope. Using a sector-specific...

The outbreak in 2018 of a rapidly escalating trade war between the United States and China is a watershed event that is reshaping the global economic and political order. The main complaints made by the United States against China, while increasingly widely accepted and repeated, do not...

We study the multifaceted effects and persistence of trade policy shocks on financial markets in a structural vector autoregression. The model is identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously,...

We study the impact of nationalism and interstate frictions on international economic relations by analyzing market reaction to adverse shocks to Sino-Japanese relations in 2005 and 2010. Japanese companies with high China exposure suffer relative declines during each event window; a symmetric...