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The Impact of UN and US Economic Sanctions on GDP Growth

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  • Florian Neumeier

    ()
    (University of Marburg)

  • Matthias Neuenkirch

    ()
    (University of Trier)

Abstract

In this paper, we empirically assess how economic sanctions imposed by the UN and the US affect the target states' GDP growth. Our sample includes 68 countries and covers the period 1976-2012. We find that sanctions imposed by the UN have a statistically and economically significant influence on economic growth, but that the effect of US sanctions is less clear. On average, the imposition of UN sanctions decreases the target state's real per capita GDP growth rate by 2.3-3.5 percentage points (pp). Comprehensive UN economic sanctions, that is, embargoes affecting nearly all economic activity, trigger a reduction in GDP growth by more than 5 pp.

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Paper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series MAGKS Papers on Economics with number 201424.

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Date of creation: 2014
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Publication status: Forthcoming in
Handle: RePEc:mar:magkse:201424

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Keywords: Economic growth; economic sanctions; United Nations; United States.;

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  1. Alberto Alesina & Sule Ozler & Nouriel Roubini & Phillip Swagel, 1992. "Political Instability and Economic Growth," NBER Working Papers 4173, National Bureau of Economic Research, Inc.
  2. Aizenman, Joshua & Marion, Nancy P, 1993. "Policy Uncertainty, Persistence and Growth," Review of International Economics, Wiley Blackwell, vol. 1(2), pages 145-63, June.
  3. Perotti, Roberto & Alesina, Alberto, 1996. "Income Distribution, Political Instability, and Investment," Scholarly Articles 4553018, Harvard University Department of Economics.
  4. William H. Kaempfer & Anton D. Lowenberg & William Mertens, 2004. "International Economic Sanctions Against a Dictator," Economics and Politics, Wiley Blackwell, vol. 16(1), pages 29-51, 03.
  5. Kaemfer, William H & Lowenberg, Anton D, 1988. "The Theory of International Economic Sanctions: A Public Choice Approach," American Economic Review, American Economic Association, vol. 78(4), pages 786-93, September.
  6. Alesina, Alberto & Perotti, Roberto, 1996. "Income distribution, political instability, and investment," European Economic Review, Elsevier, vol. 40(6), pages 1203-1228, June.
  7. Evenett, Simon J, 2002. "The Impact of Economic Sanctions on South African Exports," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(5), pages 557-73, December.
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