IDEAS home Printed from https://ideas.repec.org/a/nea/journl/y2019i43p152-162.html
   My bibliography  Save this article

The Theory and Practice of International Economic Sanctions

Author

Listed:
  • Knobel, A.

    (International Trade Center at the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
    Institute of International Economics and Finance at Russian Foreign Trade Academy, Moscow, Russia)

  • Proka, K.

    (International Trade Center at the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia)

  • Bagdasaryan, K.

    (International Trade Center at the Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia)

Abstract

We consider theoretical and practical aspects of economic sanctions for assessment and classification of restrictive measures. We also carried out an extensive analysis of foreign and domestic literature about international experience and forms of countering sanctions by various political system. A theoretical analysis of international trade and political sanctions revealed a lack of scientific consensus on a number of fundamental issues, such as the motives underlying the introduction of various restrictions, their effectiveness, factors of their effectiveness, economic consequences etc. Despite the lack of clear and convincing arguments in favor of efficiency of such methods, states continue to actively use them in their practice. A practical analysis of international trade and political sanctions in different historical periods revealed that the most effective policy to counter all kinds of restrictions is not to introduce symmetrical measures and close markets for goods, services, labor, capital, but to conduct a proactive policy to increase market openness and develop investment cooperation. One vivid example of the validity of this statement is the experience of China. As a result of the study, recommendations are proposed for conducting economic policy in the context of the applied restrictive measures in relation to Russia.

Suggested Citation

  • Knobel, A. & Proka, K. & Bagdasaryan, K., 2019. "The Theory and Practice of International Economic Sanctions," Journal of the New Economic Association, New Economic Association, vol. 43(3), pages 152-162.
    • Handle: RePEc:nea:journl:y:2019:i:43:p:152-162
    DOI: 10.31737/2221-2264-2019-43-3-7
    as

    Download full text from publisher

    File URL: http://www.econorus.org/repec/journl/2019-43-152-162r.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.31737/2221-2264-2019-43-3-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Peter Wallensteen, 1968. "Characteristics of Economic Sanctions," Journal of Peace Research, Peace Research Institute Oslo, vol. 5(3), pages 248-267, September.
    2. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 2009. "Economic Sanctions Reconsidered, 3rd Edition (paper)," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4129, January.
    3. Fredrik Hoffmann, 1967. "The Functions of Economic Sanctions: a Comparative Analysis," Journal of Peace Research, Peace Research Institute Oslo, vol. 4(2), pages 140-159, June.
    4. Knobel, Alexander (Кнобель Александр) & Bagdasaryan, Kniaz (Багдасарян, Княз) & Loshchenkova, Anna (Лощенкова, Анна) & Proka, Ksenia (Прока, Ксения), 2019. "Sanctions: seriously and for a long time [Санкции: Всерьез И Надолго]," Published Papers 021901, Russian Presidential Academy of National Economy and Public Administration.
    5. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 2007. "Economic Sanctions Reconsidered, 3rd edition (hardcover)," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4075, January.
    6. Kaempfer, William H. & Lowenberg, Anton D., 2007. "The Political Economy of Economic Sanctions," Handbook of Defense Economics, in: Keith Hartley & Todd Sandler (ed.), Handbook of Defense Economics, edition 1, volume 2, chapter 27, pages 867-911, Elsevier.
    7. Pakhomov Alexander & Bagdasaryan Knyaz, 2018. "The Results of Global Goods and Services Trade Development in 2017," Working Papers wpaper-2018-329, Gaidar Institute for Economic Policy, revised 2018.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Felbermayr, Gabriel & Kirilakha, Aleksandra & Syropoulos, Constantinos & Yalcin, Erdal & Yotov, Yoto V., 2020. "The global sanctions data base," European Economic Review, Elsevier, vol. 129(C).
    2. William Seitz & Alberto Zazzaro, 2020. "Sanctions and public opinion: The case of the Russia-Ukraine gas disputes," The Review of International Organizations, Springer, vol. 15(4), pages 817-843, October.
    3. Tibor Besedeš & Stefan Goldbach & Volker Nitsch, 2018. "Cheap Talk? Financial Sanctions and Non-Financial Activity," CESifo Working Paper Series 7069, CESifo.
    4. Tibor Besedeš & Stefan Goldbach & Volker Nitsch, 2017. "You’re banned! The effect of sanctions on German cross-border financial flows," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 32(90), pages 263-318.
    5. Efing, Matthias & Goldbach, Stefan & Nitsch, Volker, 2018. "Freeze! Financial sanctions and bank responses," Discussion Papers 45/2018, Deutsche Bundesbank.
    6. Besedeš, Tibor & Goldbach, Stefan & Nitsch, Volker, 2021. "Cheap talk? Financial sanctions and non-financial firms," European Economic Review, Elsevier, vol. 134(C).
    7. Christopher E.S. WARBURTON, 2016. "The International Law and Economics of Coercive Diplomacy: Macroeconomic Effects and Empirical Findings," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 16(1), pages 35-52.
    8. Afesorgbor, Sylvanus Kwaku & Mahadevan, Renuka, 2016. "The Impact of Economic Sanctions on Income Inequality of Target States," World Development, Elsevier, vol. 83(C), pages 1-11.
    9. Fuchs, Andreas, 2016. "China’s Economic Diplomacy and the Politics-Trade Nexus," Working Papers 0609, University of Heidelberg, Department of Economics.
    10. Onialisoa Mirana Rakotoarivelo & Hanitriniaina Sammy Gr´egoire Ravelonirina, 2019. "On the Dynamic of Country Development," Journal of Mathematics Research, Canadian Center of Science and Education, vol. 11(2), pages 1-19, April.
    11. Mason, Charles F. & Polasky, Stephen & Tarui, Nori, 2017. "Cooperation on climate-change mitigation," European Economic Review, Elsevier, vol. 99(C), pages 43-55.
    12. Oechslin, Manuel, 2014. "Targeting autocrats: Economic sanctions and regime change," European Journal of Political Economy, Elsevier, vol. 36(C), pages 24-40.
    13. Daniel McCormack & Henry Pascoe, 2017. "Sanctions and Preventive War," Journal of Conflict Resolution, Peace Science Society (International), vol. 61(8), pages 1711-1739, September.
    14. Zaytsev, Yu. & Loshchenkova, A., 2024. "The impact of sanctions on the revenues of Russian companies," Journal of the New Economic Association, New Economic Association, vol. 63(2), pages 57-74.
    15. CARAMAN Cristian, MAHA Liviu-George, 2020. "The Short-Term Effects Of Economic Sanctions On Trade Activity. Case Study: Moldova'S Exports Of Wine," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 72(1), pages 37-45, April.
    16. Brzoska Michael, 2008. "Measuring the Effectiveness of Arms Embargoes," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 14(2), pages 1-34, July.
    17. Ankudinov, Andrei & Ibragimov, Rustam & Lebedev, Oleg, 2017. "Sanctions and the Russian stock market," Research in International Business and Finance, Elsevier, vol. 40(C), pages 150-162.
    18. von Soest, Christian & Wahman, Michael, 2013. "Sanctions and Democratization in the Post-Cold War Era," GIGA Working Papers 212, GIGA German Institute of Global and Area Studies.
    19. Victoria Golikova & Boris Kuznetsov, 2017. "Perception of risks associated with economic sanctions: the case of Russian manufacturing," Post-Soviet Affairs, Taylor & Francis Journals, vol. 33(1), pages 49-62, January.
    20. Byungwon Woo & Daniel Verdier, 2020. "A unifying theory of positive and negative incentives in international relations: sanctions, rewards, regime types, and compliance," Economics of Governance, Springer, vol. 21(3), pages 215-236, September.

    More about this item

    Keywords

    economic sanctions; trade political constraints; capital outflow; resources redistribution; investment reduction;
    All these keywords.

    JEL classification:

    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nea:journl:y:2019:i:43:p:152-162. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alexey Tcharykov (email available below). General contact details of provider: https://edirc.repec.org/data/nearuea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.