Sanctions, war, and systemic risk in 1914 and 2022
Danielsson, J.
, Goodhart, C. A. E. & Macrae, R.
(2022).
Sanctions, war, and systemic risk in 1914 and 2022.
VOX EU,
, Goodhart, C. A. E. & Macrae, R.
(2022).
Sanctions, war, and systemic risk in 1914 and 2022.
VOX EU,
The Western countries have sanctioned Russia in a way not applied to any globally integrated major power in over a century, ever since 1914. This column argues that there are lessons to be learned from the 1914 systemic crisis and that high inflation and government debt will make it difficult to contain a crisis today if one emerges.