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When is blacklisting effective? Stigma, sanctions and legitimacy: the reputational and financial costs of being blacklisted

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  • Katrin Eggenberger

Abstract

Blacklisting is a policy tool that is used extensively in the international political economy, and blacklists have been invoked following the Panama Papers scandal, Russia's annexation of Crimea and the Democratic Republic of North Korea's proliferation activities. To analyse the principal mechanisms at work in what is an understudied tool of global governance, this paper compares the Organisation for Economic Co-operation and Development’s and the Financial Action Task Force's blacklisting of secrecy havens in the years 2000–2009. We show that blacklisting can be used to impose both reputational and financial costs on a state and highlight three factors that contribute to a blacklist's effectiveness: the stigma attached to the act that led to the blacklisting, the nature of any sanctions that it imposes and the blacklist's legitimacy. The blacklisting of Liechtenstein and Nauru highlight the interplay between these factors, but they also raise questions about the legitimacy of blacklisting itself.

Suggested Citation

  • Katrin Eggenberger, 2018. "When is blacklisting effective? Stigma, sanctions and legitimacy: the reputational and financial costs of being blacklisted," Review of International Political Economy, Taylor & Francis Journals, vol. 25(4), pages 483-504, July.
    • Handle: RePEc:taf:rripxx:v:25:y:2018:i:4:p:483-504
    DOI: 10.1080/09692290.2018.1469529
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    Cited by:

    1. Farwa Sial & Juvaria Jafri & Abdul Khaliq, 2023. "Pakistan, China and the Structures of Debt Distress: Resisting Bretton Woods," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1226-1263, September.
    2. Thomas Rixen & Brigitte Unger, 2022. "Taxation: A Regulatory Multilevel Governance Perspective," Regulation & Governance, John Wiley & Sons, vol. 16(3), pages 621-633, July.
    3. Mark Dawson & Adina Maricut‐Akbik, 2023. "Accountability in the EU's para‐regulatory state: The case of the Economic and Monetary Union," Regulation & Governance, John Wiley & Sons, vol. 17(1), pages 142-157, January.
    4. Matti Ylönen & Wolfgang Drechsle & Veiko Lember, . "Online incorporation platforms in Estonia and beyond: How administrative spillover effects hamper international taxation," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    5. Mark Nance, 2022. "Julia C. Morse. 2022. The Bankers’ Blacklist: Unofficial Market Enforcement and the Global Fight Against Illicit Financing. (Ithaca: Cornell University Press). Michele Riccardi. 2022. Money Laundering," The Review of International Organizations, Springer, vol. 17(4), pages 899-910, October.

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