KDI 한국개발연구원 - 경제정책정보 - 국외연구자료 - 국제금융 - Cheap talk? Financial sanctions and non-financial activity

본문

경제정책정보

유관기관의 다양한 자료를 한 곳에서 살펴보실 수 있습니다.

국제금융

Cheap talk? Financial sanctions and non-financial activity

Deutsche Bundesbank 2018.06.08
페이스북
Sanctions restrict cross-border interactions and, therefore, not only put political and economic pressure on the target country, but they also adversely affect the sender country. This paper examines the effect of financial sanctions on the country imposing them. In particular, we analyze the business responses of German non-financial entities to the imposition of sanctions on 23 countries over the period from 1999 through 2014. Examining highly disaggregated, monthly data from the German balance of payments statistics, we find four main results. First, German financial activities with sanctioned countries are sizably reduced after the imposition of sanctions, with strong reductions in the scope of cross-border activities (i.e., the extensive margin with fewer firms and fewer asset categories) and less statistically robust results for total financial flows (sum of inflows and outflows) which is consistent with the concept of ‘smart sanctions’. Second, firms doing business with sanctioned countries tend to be
disproportionately large, making them largely immune to the reduction in business opportunities with individual partners. Third, firms affected by sanctions expand their activities with non-sanctioned countries, some of which display close trade ties to the sanctioned country. Fourth, we find no effect of sanctions on aggregate variables of firm performance such as employment or total sales. Overall, we conclude that the economic costs of financial sanctions to the sender country are limited.

가입하신 이동통신사의 요금제에 따라
데이터 요금이 과다하게 부가될 수 있습니다.

파일을 다운로드하시겠습니까?
KDI 연구 카테고리
상세검색