Replication Data for: The Effects of Economic Sanctions on Targeted Countries’ Stock Markets

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.

尽管既往已有大量研究探讨了制裁对贸易与全球资本的影响，但鲜有学术研究关注制裁对受制裁国股票市场的作用。这一研究空白颇令人意外，因为制裁的常见目标之一便是通过打击受制裁国金融市场来推动其政策转变。本研究采用1990至2005年间66个国家的月度市场数据，发现以二十国集团（G20）成员国为代表的发达经济体实施进口制裁时，会对受制裁国的股票市场估值产生显著负向影响。不过，这一效应仅在受制裁国家尚未面临多项制裁时才会显现。本研究表明，制裁确实会对受制裁国的股票市场价值产生负向影响，但由于制裁的过度使用，其实际效果相对有限。随着受制裁国家面临的制裁数量增加，其股票市场所受负向影响的边际递减效应，也进一步验证了这一结论。