Sanctions, war, and systemic risk in 1914 and 2022

March 10, 2022

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.

Published on VoxEU.org

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