Although international sanctions are a widely used instrument of coercion, their economic effects are still not well-understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international sanctions, thereby visualizing pre-treatment and treatment dynamics in countries subject to sanctions. Our analysis focuses on the effects of sanctions on GDP growth as well as on various transmission channels through which sanctions suppress economic activity. We document a significant negative effect of sanctions on the growth rate of GDP and its components (consumption and investment) as well as on trade and foreign direct investment. Given that sanctions exert their adverse effect over the first years of a sanction episode and that sanctioned countries fail to recover during or immediately after the episode, we demonstrate the usefulness of sanctions as a political instrument of coercion. Long-lasting sanctions regimes, however, may not provide the political incentives needed to force additional concessions.

尽管国际制裁是一种广泛使用的强制手段，但其经济影响仍不为人所知。本研究使用新颖的数据集和事件研究方法来评估国际制裁的经济后果，从而可视化受制裁国家的治疗前和治疗动态。我们的分析重点是制裁对 GDP 增长的影响，以及制裁抑制经济活动的各种传导渠道。我们记录了制裁对 GDP 及其组成部分（消费和投资）以及贸易和外国直接投资的增长率产生的重大负面影响。鉴于制裁在制裁事件的最初几年产生不利影响，并且受制裁国家未能在制裁事件期间或事件发生后立即恢复，我们证明了制裁作为政治胁迫工具的有用性。然而，长期制裁制度可能无法提供迫使做出额外让步所需的政治激励。