Does the Currency Crisis Veil the Impact of Economic Sanctions under an Authoritarian Regime? An Inquiry into Russia

Yoshisada Shida

No 91, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: This paper examines the concurrent shocks of the sanctions and the currency crisis on the Russian economy. It focuses on the commonalities and differences in the impact transmission channels and their interrelationship. The analyses using enterprise interview surveys revealed that the sanctions produced sufficient perceivable business damage that spread through restricted financing. Their negative impact was catalyzed by the currency crisis. These findings show that the impact of the sanctions cannot be hidden from corporate managers even at the height of the harsh currency crisis, possibly undermining the citizens’ support for the authoritarian regime.

Keywords: economic sanctions; financial sanctions; Russia; currency crisis; authoritarian regime; extended ordered probit models (search for similar items in EconPapers)
JEL-codes: F51 M2 P20 R11 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2021-06
New Economics Papers: this item is included in nep-cis, nep-his, nep-tra and nep-ure
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/71930/RRC_WP_No91.pdf

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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:91

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