Impact of Financial Sanctions on Russian Financial and Economic Stability:A Study Based on Sanctions Intensity Index
This study constructs a Financial Sanctions Intensity Index by examining the financial sanction measures imposed on Russia by the United States and Europe.The principal component analysis method is employed to create a Russian Financial Stability Index.Furthermore,considering the impact of oil prices on the Russian economy,oil prices are incorporated as control factors.Using a time-varying parameter model,the dynamic relationships among these variables are analyzed.The findings indicate that financial sanctions on Russia have a short-term positive impact on oil prices but decrease the overall stability of the Russian financial system.Moreover,these sanctions have a detrimental effect on the stability of the Russian economy,as evidenced by a decrease in output growth rate and an increase in output volatility.
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