On Target? Sanctions and the Economic Interests of Elite Policymakers in Iran
研究制裁如何影响伊朗精英决策者的经济利益，利用股票市场数据发现制裁虽不精准但能创造经济激励推动谈判。
Abstract How successful are sanctions at targeting the economic interests of political elites in affected countries? We study the case of Iran, using information on the stock exchange-listed assets of two specific political entities with significant influence over the direction of Iran’s nuclear programme. Our identification strategy focuses on the process of negotiations for sanctions removal, examining which interests benefit most from news about diplomatic progress. The results indicate the ‘bluntness’ of sanctions on Iran, but also provide evidence of their effectiveness in generating substantial economic incentives for elite policymakers to negotiate a deal for sanctions relief.