Sanctions and counter-sanctions: What did they do?
No 24/2019, BOFIT Discussion Papers from Bank of Finland, Institute for Economies in Transition
Taking the multilateral sanctions program launched against Russia in 2014 as a case study, this paper investigates the economic effects of sanctions and counter-sanctions on a target economy. A synthetic control method for comparative case studies is employed to construct counterfactuals. The estimation results demonstrate that in Russia following sanctions and counter-sanctions real GDP per capita, FDI net in flows and income inequality fell, while the ban on agricultural and food imports introduced by Russia boosted the domestic agricultural sector, resulting in higher agricultural productivity and farm worker incomes. Various placebo studies confirm the significance of obtained estimates. Results are robust to random donor samples.
JEL-codes: C33 F51 O50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-cis, nep-int and nep-ore
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Persistent link: https://EconPapers.repec.org/RePEc:bof:bofitp:2019_024
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