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Does the Currency Crisis Veil the Impact of Economic Sanctions under an Authoritarian Regime? An Inquiry into Russia

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  • SHIDA, Yoshisada

Abstract

This paper examines the concurrent shocks of the sanctions and the currency crisis on the Russian economy. It focuses on the commonalities and differences in the impact transmission channels and their interrelationship. The analyses using enterprise interview surveys revealed that the sanctions produced sufficient perceivable business damage that spread through restricted financing. Their negative impact was catalyzed by the currency crisis. These findings show that the impact of the sanctions cannot be hidden from corporate managers even at the height of the harsh currency crisis, possibly undermining the citizens’ support for the authoritarian regime.

Suggested Citation

  • SHIDA, Yoshisada, 2021. "Does the Currency Crisis Veil the Impact of Economic Sanctions under an Authoritarian Regime? An Inquiry into Russia," RRC Working Paper Series 91, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:rrcwps:91
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/71930/RRC_WP_No91.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    economic sanctions; financial sanctions; Russia; currency crisis; authoritarian regime; extended ordered probit models;
    All these keywords.

    JEL classification:

    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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