Using a gravity model, this study examines trade patterns of two isolated economies - Myanmar and North Korea. This study finds that two countries' trade is basically consistent with the prediction of the gravity model. However, economic sanctions toward these countries imposed by the U.S. and...

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...