ABSTRACT Although much previous research has investigated the impact of sanctions on trade and global capital, few academic studies have explored the effect of sanctions on stock markets in targeted countries. The lack of research is surprising as a frequent goal of sanctions is to inflict pain on financial markets in targeted countries to promote policy change. Using monthly market data for 66 countries from 1990 to 2005, we find that the introduction of import sanctions by countries with developed economies, such as those with membership in the G20, has a significantly negative impact on stock market valuation in targeted countries. However, this effect only occurs when targeted states are not already subject to multiple sanctions. Our study suggests that sanctions can have a negative effect on stock market value in targeted countries, but that their effectiveness is relatively limited in practice due to the overuse of sanctions. This finding is supported by the marginal decrease in the negative effect on the target’s stock market as the number of sanctions increases.

中文翻译：

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经济制裁对目标国家股票市场的影响

摘要尽管以前有很多研究调查了制裁对贸易和全球资本的影响，但很少有学术研究探讨制裁对目标国家股票市场的影响。由于制裁的一个经常目标是给目标国家的金融市场造成痛苦以促进政策变革，因此缺乏研究令人惊讶。使用1990年至2005年间66个国家的月度市场数据，我们发现，经济发达的国家（如G20成员国）实行进口制裁，会对目标国家的股票市场估值产生重大负面影响。但是，只有在目标国家尚未受到多重制裁时，才会发生这种影响。我们的研究表明，制裁可能会对目标国家/地区的股票市场价值产生负面影响，但是由于过度使用制裁，其效力在实践中相对有限。随着制裁数量的增加，对目标股票市场的负面影响略有减少，这一发现得到了支持。