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Targeted Sanctions in a World of Global Finance

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  • Daniel W. Drezner

Abstract

This is the golden age of economic statecraft—and the study of economic statecraft. This is in large part due to the evolution of economic coercion from trade embargoes to targeted financial sanctions. Targeted financial sanctions are attractive because they can generate economic costs similar to those of more comprehensive sanctions, with fewer negative externalities. Over time, however, the intersection of economic sanctions with globalized capital markets will provoke three interesting research questions. First, do financial sanctions spare a target country’s population from negative humanitarian and human rights outcomes? Second, to what extent are financial sanctions an exercise in learning by both targets and senders? Third, will the United States’ use of financial sanctions trigger blowback against US primacy in the international financial system? These last two questions offer the prospect to linking research on economic statecraft with larger questions of international security and global political economy.

Suggested Citation

  • Daniel W. Drezner, 2015. "Targeted Sanctions in a World of Global Finance," International Interactions, Taylor & Francis Journals, vol. 41(4), pages 755-764, August.
    • Handle: RePEc:taf:ginixx:v:41:y:2015:i:4:p:755-764
    DOI: 10.1080/03050629.2015.1041297
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    References listed on IDEAS

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    1. Daniel W. Drezner, 2007. "Bringing the Great Powers Back In, from All Politics Is Global: Explaining International Regulatory Regimes," Introductory Chapters, in: All Politics Is Global: Explaining International Regulatory Regimes, Princeton University Press.
    2. Drezner, Daniel W., 2014. "The System Worked: How the World Stopped Another Great Depression," OUP Catalogue, Oxford University Press, number 9780195373844.
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    Cited by:

    1. Paweł Kowalewski & Dominik Skopiec, 2023. "Wzrost znaczenia złota w rezerwach dewizowych banków centralnych gospodarek wschodzących," Bank i Kredyt, Narodowy Bank Polski, vol. 54(3), pages 259-284.
    2. Urtuzuastigui, Jerry & Koren, Ore, 2024. "Targeted sanctions, resource substitution, and violence against civilians: Localized evidence from African states," World Development, Elsevier, vol. 179(C).
    3. Timofeev, I., 2022. "Policy of sanctions against Russia: Newest stage," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 198-206.
    4. Hatipoglu, Emre & Soytas, Mehmet Ali & Belaïd, Fateh, 2023. "Environmental consequences of geopolitical crises: The case of economic sanctions and emissions," Resources Policy, Elsevier, vol. 85(PB).
    5. Klomp, Jeroen, 2020. "The impact of Russian sanctions on the return of agricultural commodity futures in the EU," Research in International Business and Finance, Elsevier, vol. 51(C).
    6. Yulia S. Timofeeva, 2021. "US Sanctions Against Financial Companies: Key Features," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 39-51, August.
    7. Louise Bezuidenhout & Ola Karrar & Javier Lezaun & Andy Nobes, 2019. "Economic sanctions and academia: Overlooked impact and long-term consequences," PLOS ONE, Public Library of Science, vol. 14(10), pages 1-24, October.
    8. Crozet, Matthieu & Hinz, Julian & Stammann, Amrei & Wanner, Joschka, 2021. "Worth the pain? Firms’ exporting behaviour to countries under sanctions," European Economic Review, Elsevier, vol. 134(C).
    9. Weber, Patrick M. & Schneider, Gerald, 2020. "How many hands to make sanctions work? Comparing EU and US sanctioning efforts," European Economic Review, Elsevier, vol. 130(C).
    10. Zucker Marques, Marina, 2021. "Financial statecraft and transaction costs: The case of renminbi internationalization," Discussion Papers 2021/9, Free University Berlin, School of Business & Economics.

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