How Do US Economic Sanctions Affect EU's Trade with Target Countries?

Jiawen Yang (), Hossein Askari (), John Forrer and Lili Zhu

The World Economy, 2009, vol. 32, issue 8, 1223-1244

Abstract: We investigate the impact of US economic sanctions on EU's trade using a panel data approach expressed in a two‐level framework. Both multilateral and unilateral sanctions involving the US and the EU have a negative impact on EU trade (total, imports and exports). We argue that unilateral sanctions, if extensive in nature, would have a depressing impact on target countries’ trade, especially in the stage after sanctions have been imposed. Over time, both multilateral and unilateral sanctions lead to an increase in a target country's exports to the EU, lending support to the third‐country effect of sanctions.

Date: 2009
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