No Beer No Friends: Quantifying the Effect of the Beer Boycott*
研究了2019年7月发起的对日产品抵制运动对韩国啤酒市场的影响，发现日本啤酒销量下降超70%，国内啤酒销量上升，且抵制效果持续强劲，即使媒体报道减少也未减弱。
We study the impact of the boycott on Japanese products, initiated in July, 2019, in the Korean beer market. First, sales of japanese beer decreased by more than 70 percent during the 14‐month boycott period in the data. Second, the decrease in Japanese beer sales mostly reflected an increase in domestic beer sales. Lastly, the intensity of the boycott's effect has remained strong and stable despite a substantial decrease in traditional media coverage since the outbreak of the boycott movement. Our empirical findings suggest that political tensions can change market outcomes and negatively affect international trade for an extended period.