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Which sanctions matter? Analysis of the EU/Russian sanctions of 2014
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SYSNO ASEP 0505231 Document Type V - Research Report R&D Document Type O - Ostatní Title Which sanctions matter? Analysis of the EU/Russian sanctions of 2014 Author(s) Bělín, Matěj (NHU-C)
Hanousek, Jan (NHU-C) RIDIssue data London: Centre for Economic Policy Research, 2019 ISSN 0265-8003 Series CEPR discussion paper series Series number 13549 Number of pages 23 s. Language eng - English Country GB - United Kingdom Keywords bilateral trade flows ; differences-in-differences ; international trade Subject RIV AH - Economics OECD category Applied Economics, Econometrics R&D Projects SVV260475 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) Institutional support NHU-C - Progres-Q24 Annotation In this paper we use a natural experiment of reciprocal imposition of trade sanctions by Russia and the EU since 2014. Using UNCTAD/BACI bilateral flows data we take this unique opportunity to analyse both sanctions. In particular, we study the effectiveness of narrow versus broadly defined sanctions, and differences in the effectiveness of sanctions imposed on exports and imports. We show that the Russian sanctions imposed on European and American food imports resulted in about 8 times stronger decline in trade flows than those imposed by the EU and the US on exports of extraction equipment. These results do not appear to be driven by diversion of trade flows via non-sanctioning countries. Hence the difference in sanctions' effectiveness can be attributed to the broader range of sanctioned goods and potentially to a stronger position of enforcement of sanctions on imports rather than exports. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2020
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