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US Economic Sanctions: Their Impact on Trade, Jobs, and Wages

Author

Listed:
  • Gary Clyde Hufbauer

    () (Peterson Institute for International Economics)

  • Kimberly Ann Elliott

    () (Peterson Institute for International Economics)

  • Tess Cyrus

    (Peterson Institute for International Economics)

  • Elizabeth Winston

    (Peterson Institute for International Economics)

Abstract

Economic sanctions have resurfaced at the center of public policy debate. After a brief lull following the politically disastrous grain embargo and pipeline sanctions in the early 1980s, sanctions are once again the weapon of choice to enforce a myriad of US foreign policy goals, from countering terrorism to battling drug trafficking. A recent National Association of Manufacturers (1997) study lists over 30 countries hit by new US sanctions during the period 1993-1996. Many of these actions were unilateral, reducing their impact in an increasingly globalized economy that has many alternative suppliers and markets. High-publicity initiatives, such as the Helms-Burton Act and the Iran/Libya Sanctions Act, which threaten to punish third-country corporations that conduct business in Cuba, Iran, and Libya, also raise the possibility that frustrated OECD governments (such as Canada and France) will retaliate against US companies.

Suggested Citation

  • Gary Clyde Hufbauer & Kimberly Ann Elliott & Tess Cyrus & Elizabeth Winston, 1997. "US Economic Sanctions: Their Impact on Trade, Jobs, and Wages," Working Paper Series Working Paper Special (2), Peterson Institute for International Economics.
  • Handle: RePEc:iie:wpaper:wpsp-2
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    Citations

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    Cited by:

    1. Anne-Célia Disdier & Lionel Fontagné, 2010. "Trade impact of European measures on GMOs condemned by the WTO panel," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 146(3), pages 495-514, September.
    2. repec:kap:iecepo:v:14:y:2017:i:4:d:10.1007_s10368-017-0376-4 is not listed on IDEAS
    3. Caruso Raul, 2003. "The Impact of International Economic Sanctions on Trade: An Empirical Analysis," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 9(2), pages 1-36, April.
    4. R White, 2009. "Immigration, Trade and Product Differentiation," Economic Issues Journal Articles, Economic Issues, vol. 14(1), pages 43-64, March.
    5. Hossein Askari & John Forrer & Hildy Teegen & Jiawen Yang, 2002. "Economic sanctions and US international business interests," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(220), pages 55-69.
    6. repec:taf:ginixx:v:43:y:2017:i:4:p:563-588 is not listed on IDEAS
    7. Sofronis Clerides & Peter Davis & Antonis Michis, 2010. "The Impact of the Iraq War on US Consumer Goods Sales in Arab Countries," Working Paper series 25_10, Rimini Centre for Economic Analysis.
    8. Gary Clyde Hufbauer & Kimberly Ann Elliott, 1999. "Same Song, Same Refrain? Economic Sanctions in the 1990's," American Economic Review, American Economic Association, vol. 89(2), pages 403-408, May.
    9. Gabriel Felbermayr & Erdal Yalcin & Philipp Grübener, 2014. "Ökonomische Aspekte des Russlandkonfliktes: Ursachen, Kosten, Optionen," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(14), pages 35-43, July.
    10. Paul Grauwe & Frauke Skudelny, 2000. "The impact of EMU on trade flows," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 136(3), pages 381-402, September.
    11. Sofronis Clerides & Peter Davis & Antonis Michis, 2015. "National Sentiment and Consumer Choice: The Iraq War and Sales of US Products in Arab Countries," Scandinavian Journal of Economics, Wiley Blackwell, vol. 117(3), pages 829-851, July.
    12. Gabriel Felbermayr & Rahel Aichele & Jasmin Katrin Gröschl, 2017. "Freihandel von Lissabon nach Wladiwostok: wem nutzt, wem schadet ein eurasisches Freihandelsabkommen?," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 79.
    13. Lili Zhu & Jiawen Yang, 2010. "Psychic Distance in the Eight-year Crisis: An Empirical Study," Chapters,in: Handbook of Behavioral Finance, chapter 7 Edward Elgar Publishing.
    14. Busse, Matthias, 2003. "Democracy and FDI," HWWA Discussion Papers 220, Hamburg Institute of International Economics (HWWA).
    15. repec:taf:fosoec:v:47:y:2018:i:1:p:115-152 is not listed on IDEAS
    16. Liudmila Popova & Ehsan Rasoulinezhad, 2016. "Have Sanctions Modified Iran’s Trade Policy? An Evidence of Asianization and De-Europeanization through the Gravity Model," Economies, MDPI, Open Access Journal, vol. 4(4), pages 1-15, October.
    17. Gary Clyde Hufbauer & Barbara Oegg, 2003. "The Impact of Economic Sanctions on US Trade: Andrew Rose's Gravity Model," Policy Briefs PB03-04, Peterson Institute for International Economics.
    18. Roger White, 2007. "Immigrant-trade links, transplanted home bias and network effects," Applied Economics, Taylor & Francis Journals, vol. 39(7), pages 839-852.
    19. Ioana M. PETRESCU, 2016. "The Effects of Economic Sanctions on the Informal Economy," Management Dynamics in the Knowledge Economy Journal, College of Management, National University of Political Studies and Public Administration, vol. 4(4), pages 623-648, December.
    20. Zornitsa Kutlina-Dimitrova, 2017. "The economic impact of the Russian import ban: a CGE analysis," International Economics and Economic Policy, Springer, vol. 14(4), pages 537-552, October.
    21. Firanchuk, Alexander, 2017. "Illegal Re-Export and Analysis of the Effectiveness of the Russian Food Embargo in 2014," Working Papers 041705, Russian Presidential Academy of National Economy and Public Administration.

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