Economic sanctions and global banking flows: The moderating roles of financial market properties and institutional quality
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This paper investigates the effects of economic sanctions (ES) on global banking flows (GBF) using 4,022 pairs of 207 countries during the period 1995-2018. We use a structural gravity model combined with the rich Global Sanction DataBase introduced by Felbermayr et al. (2020, 2021). ES include various forms of sanction, including arms, trade, financial, travel, and other sanctions, whereas GBF reflect cross-border lending. Our empirical results show a negative association between ES and GBF. The heterogeneous effects of ES on GBF depend on the types of sanctions.
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