Research Seminars







Meeting ID: 983 1965 2130

Passcode: 439627



Exorbitant privilege and  economic sanctions 

This paper ( a substantial change in the use of currency of invoicing in import and export transactions, precipitated by the war on Ukraine and the subsequent introduction of trade sanctions on Russia. Over the course of 2022, the share of Russia’s imports invoiced in yuan (CNY) increased by 17 percentage points. The use of yuan as a vehicle currency increased on average by an extra 4 percentage points among trading partners that have an active yuan swap line. This effect is found only for third countries that did not impose economic sanctions on Russia. The share of CNY invoicing increased differentially more for trade in internationally sanctioned dual-use and industrialcapacity goods. The number of importing firms in Russia dealing with CNY invoices increased sharply, while the numbers of importers dealing with USD and EUR invoicing dropped, likely reflecting the rising fixed costs of clearing such payments under sanctions. Thus while dominance of the US dollar (USD) makes international sanctions more effective, as payments denominated in USD need to be cleared through the US banking system, economic sanctions may encourage a shift away from USD as a vehicle currency thus eroding the USD dominance. 

Co-authors: Maxim Chupilkin, Beata Javorcik,  Aleksandra Peeva 

22.11.2023 TIIT TAMMARU (University of Tartu) A comparative study of residential attainment trajectories of migrants under different housing regimes: Evidence from three Nordic capital cities
  KRISTA FISCHER (University of Tartu) Disentangling causal relationships in epidemiology: some recent trends
01.11.2023 ANNELA ANGER-KRAAVI (University of  Cambridge, University of Tartu) Impacts of climate change mitigation measures on the Estonian economy

MATHIAS JUUST (University of Tartu), 

URMAS VARBLANE (University of Tartu)

Firm resources and response to a negative export shock: 2014 Russian embargo on the Western food exporters
18.10.2023 FRANÇOIS VAILLANCOURT (Université de Montréal)

Economics and language: framework , returns to skills  and policy relevant tools

20.09.2023 MIHAILS HAZANS (University of Latvia)

Human values and supervisory responsibilities: A comparative evidence from the Baltic Sea region

 This article is involved in the LIFT project financed by EEA and Norway Grants Programme 2014-2021.

06.09.2023 LIIS ROOSAAR (University of Tartu)

Gender wage gap in the University of Tartu



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17.05.2023. KALEV KUKK (Tallinna Ülikool). Otto Strandman majanduspoliitikuna

26.04.2023. JORGE F. S. GOMES (Lisbon School of Economics and Management). HRM in a strong context: Lessons from the COVID-19 pandemic

19.04.2023. TIIA VISSAK (University of Tartu). Exporters' success and failure in the VUCA world

05.04.2023. GAYGYSYZ ASHYROV (Estonian Business School). Mega events and institutional development

01.03.2023. LAUR KANGER (University of Sussex, University of Tartu), ANNA-KATI PAHKER (University of Tartu). Where is the Second Deep Transition most likely to emerge?

22.02.2023. JAANIKA MERIKÜLL (Eesti Pank, University of Tartu). The transmission of Covid-19 related trade shocks across countries: Comparative firm-level evidence

13.12.2022. MAAJA VADI, KRISTA JAAKSON (Tartu Ülikool). Mida avastasime Eesti juhtimisest ja juhtimise uurimisest? (Eesti juhtimisvaldkonna uuringu näitel)

30.11.2022. SALME NÄSI (University of Tampere, University of Tartu). Development of the CSR and Sustainability  Thinking in the Business Studies - Finnish/Nordic Approach

02.11.2022. ANU REALO (University of Warwick, University of Tartu). Why We Trust and Why It Matters?

12.10.2022. MARK F. PETERSON (Aarhus University, University of Tartu). Theorizing Cultural Regions of North America: Implications for Europe and the World.

28.09.2022. AMARESH K. TIWARI (University of Tartu). Automation in an Open, Catching-Up Economy: Aggregate and Microeconometric Evidence.

21.09.2022. MICHAEL MINKOV (Varna University of Management, University of Tartu). Do nations, in-country regions, religions, and ethnolinguistic groups have distinct cultures? Evidence from Europe, Asia, Africa, the US, and Russia.

14.09.2022. KARSTEN STAEHR (Tallinn University of Technology, Eesti Pank). Economic growth (regimes) and capital flows in the Baltic States.

15.06.2022. HAKAN ERATALAY (University of Tartu). On the impact of ESG ratings on asymmetric effects and leverage effects in volatility

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25.05.2022. IRMA RYBNIKOVA (Hamm-Lippstadt University of Applied Sciences). Does organizational democracy have societal consequences? Dealing with the so-called "spillover hypothesis"

18.05.2022. OLIVER LUKASON (University of Tartu). How do scientific R&D ventures fail: European evidence based on financial failure processes

04.05.2022. LUCA ALFIERI (University of Tartu). The Effects of the ECB Communications on Financial Markets before and during COVID-19 Pandemic

27.04.2022. NEKTARIOS ASLANIDIS (Universitat Rovira i Virgili). Near-money in history: cryptocurrencies versus bills of exchange

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04.09.2019. GAZI SALAH UDDIN  (Linköping University). Demystifying the impact of GDP, energy, oil price, and trade openness on CO2 emissions in India: an NARDL approach

22.08.2019. LEONIDAS COSTA LEONIDOU (University of Cyprus). Antecedents, moderators, and outcomes of effective import strategy design and implementation.

29.05.2019. MICHAEL MINKOV (Varna University of Management, University of Tartu). Do nations have homogeneous cultures?






Laura Helena Kivi will defend her doctoral thesis „Regional labour markets and assimilation of foreign labour force“

On 13 December at 10:15 Laura Helena Kivi will defend her doctoral thesis „Regional labour markets and assimilation of foreign labour force“

Doctoral defence: Iuliia Trabskaia "Idea and opportunity identification and implementation within the entrepreneurial process and journey"


Research Seminar "Disentangling causal relationships in epidemiology: some recent trends" (Krista Fischer)