Experiment in Containment: The United States Steel Embargo and Japan, 1917-1918

Safford, Jeffrey J.

doi:10.2307/3637781

Pacific Historical Review

1970

DOI: 10.2307/3637781

|View full text |Cite

Experiment in Containment: The United States Steel Embargo and Japan, 1917-1918

Jeffrey J. Safford¹

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...

Citation Types

Supporting

Mentioning

Contrasting

Year Published

2023

Publication Types

Select...

Article1

Relationship

Self Cite0

Independent1

Authors

Journals

Cited by 1 publication

References 11 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

Sanctions and the exchange rate in time

Eichengreen,

Ferrari Minesso,

Mehl

et al. 2023

Economic Policy

View full text Add to dashboard Cite

We test the predictions of recent theoretical studies of the impact of sanctions on the exchange rate. We build a database of exchange rates and sanctions spanning 1914-1945—an era when both large and small economies were targeted by multilateral sanction packages, facilitating comparisons with today’s Russian war episode. We estimate the dynamic response of the exchange rate in a panel of sanction episodes at weekly frequency using local projections, conditioning on the type of sanctions taken. We tease out mechanisms through which sanctions affect the exchange rate by estimating their effects on macroeconomic variables plausibly acting as transmission channels. Our estimates suggest that import restrictions, export restrictions, asset freezes and trade embargoes lead to exchange rate effects consistent with theory, though the precision of the measured effects varies across sanction type. These findings suggest that recent models of the effects of sanctions on the exchange rate do not just match developments in today’s specific Russia episode but have broader applicability. It follows that the direction of exchange rate movements is not an adequate metric of the success or failure of sanctions but a reflection of the type and scale of the measures taken.

show abstract

Sanctions and the exchange rate in time

Eichengreen,

Ferrari Minesso,

Mehl

et al. 2023

Economic Policy

View full text Add to dashboard Cite

show abstract

scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.

Contact Info

customersupport@researchsolutions.com

10624 S. Eastern Ave., Ste. A-614

Henderson, NV 89052, USA

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Blog Terms and Conditions API Terms Privacy Policy Contact Cookie Preferences Do Not Sell or Share My Personal Information

Made with 💙 for researchers

Part of the Research Solutions Family.

Experiment in Containment: The United States Steel Embargo and Japan, 1917-1918

Cited by 1 publication

References 11 publications

Sanctions and the exchange rate in time

Sanctions and the exchange rate in time

Contact Info

Product

Resources

About