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Article: (Trade) War and peace: How to impose international trade sanctions
Title | (Trade) War and peace: How to impose international trade sanctions |
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Authors | |
Issue Date | 20-Mar-2024 |
Publisher | Elsevier |
Citation | Journal of Monetary Economics, 2024 How to Cite? |
Abstract | What is the most cost-efficient way to impose trade sanctions against Russia? We build a quantitative model of international trade with input–output connections. Sanctioning countries choose import tariffs to simultaneously maximize their income and minimize Russia’s income, with different weights placed on these objectives. We find, first, that for countries with low willingness to pay for sanctions against Russia, the most cost-efficient sanction is an approximately 20% tariff on all Russian products. Second, if countries are willing to pay at least US$0.70 for each US$1 drop in Russian welfare, an embargo on Russia’s mining and energy products is the most cost-efficient policy. |
Persistent Identifier | http://hdl.handle.net/10722/342041 |
ISSN | 2021 Impact Factor: 4.630 2020 SCImago Journal Rankings: 4.988 |
DC Field | Value | Language |
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dc.contributor.author | de Souza, Gustavo | - |
dc.contributor.author | Hu, Naiyuan | - |
dc.contributor.author | Li, Haishi | - |
dc.contributor.author | Mei, Yuan | - |
dc.date.accessioned | 2024-03-26T05:39:15Z | - |
dc.date.available | 2024-03-26T05:39:15Z | - |
dc.date.issued | 2024-03-20 | - |
dc.identifier.citation | Journal of Monetary Economics, 2024 | - |
dc.identifier.issn | 0304-3932 | - |
dc.identifier.uri | http://hdl.handle.net/10722/342041 | - |
dc.description.abstract | <p>What is the most cost-efficient way to impose trade sanctions against Russia? We build a quantitative model of international trade with input–output connections. Sanctioning countries choose import tariffs to simultaneously maximize their income and minimize Russia’s income, with different weights placed on these objectives. We find, first, that for countries with low willingness to pay for sanctions against Russia, the most cost-efficient sanction is an approximately 20% tariff on all Russian products. Second, if countries are willing to pay at least US$0.70 for each US$1 drop in Russian welfare, an embargo on Russia’s mining and energy products is the most cost-efficient policy.<br></p> | - |
dc.language | eng | - |
dc.publisher | Elsevier | - |
dc.relation.ispartof | Journal of Monetary Economics | - |
dc.title | (Trade) War and peace: How to impose international trade sanctions | - |
dc.type | Article | - |
dc.identifier.doi | 10.1016/j.jmoneco.2024.103572 | - |
dc.identifier.eissn | 1873-1295 | - |
dc.identifier.issnl | 0304-3932 | - |