全球智库信息集成服务系统(G2TT): DP16075 "Crime and Punishment?" How Russian Banks Anticipated and Dealt with Global Financial Sanctions

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16075
	DP16075 "Crime and Punishment?" How Russian Banks Anticipated and Dealt with Global Financial Sanctions
	Mikhail Mamonov; Anna Pestova; Steven Ongena
发表日期	2021-04-26
出版年	2021
语种	英语
摘要	We study the impact of global financial sanctions on the Russian banks and economy. Financial sanctions were consecutively imposed between 2014 and 2019, allowing potentially-targeted (but not yet sanctioned) banks to adjust their international and domestic exposures. Compared to similar other banks, targeted banks immediately reduced their foreign assets. Yet, to deal with considerable domestic depositor withdrawals, targeted banks at first actually expanded their foreign liabilities. Once sanctioned, however, banks not only further reduced their foreign assets but also started to decrease their foreign liabilities as well. Despite the introduction of government support the sanctioned banks substantially contracted their lending to the domestic corporate sector resulting in a potential loss in domestic GDP of at least four percent. However, at the same time the sanctioned banks increased household lending by almost the same magnitude, mostly offsetting the loss in GDP. Finally, unique hand-collected board membership and location data coupled with a two-stage difference-in-differences approach that flexibly addresses potential treatment diffusion allows us to show that throughout this period state-controlled banks were not all equally recognized as potential sanction targets.
主题	Financial Economics
关键词	Banks Financial sanctions Political influence International borrowings Foreign assets Informational effects of sanctions Treatment diffusion
URL	https://cepr.org/publications/dp16075
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/545053
推荐引用方式 GB/T 7714	Mikhail Mamonov,Anna Pestova,Steven Ongena. DP16075 "Crime and Punishment?" How Russian Banks Anticipated and Dealt with Global Financial Sanctions. 2021.