Investigating Of Time Effect and Severity of UN and US Sanctions on Misery Index of Target States

This paper examines the time effect and severity of UN and US sanctions on the misery index in 41 countries under sanctions during 1991-2018 using new unbalanced composite data and the Generalized Least Squares (GLS) method. The estimation results of time effects of UN and US sanctions show that there is no time effect in relation to the effect of sanctions on the misery index, so that the passage of time has no increasing or decreasing effect of sanctions on the misery index. Moreover, the estimation results of the severity effects of UN and US sanctions on the misery index indicate that the imposition of the mild and moderate UN sanctions, while influencing positively the misery index, has no significant effect on the misery index; however, severe UN sanctions has significant positive effect on the misery index. In addition, the imposition of moderate sanctions by the United States has no significant effect on the misery index, but mild and severe US sanctions, have positive and significant effects on increasing the misery index by average coefficients of 3.20 and 12.14, respectively. Generally, the impact of UN multilateral sanctions on the misery index has been greater than of US unilateral sanctions.