write a literature review on this topic. The outline is as follows: 1. When was

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write a literature review on this topic. The outline is as follows:
1. When was “smart sanctioning” first studied? What aspects have been studied?
2. Many recent studies have assessed the impact of sanctions in terms of GDP losses and other macro-indicators through macro-economic models. However, these are less appropriate now because sanctions are no longer on the entire economy, but are targeted at a particular industry or firm.
3. There are also theoretical modeling studies. What methods have been used and what conclusions have been drawn. Many of these studies use game theory to analyze, through abstract models, the effects of sanctions on the home country and on the target country.
4. There is an ongoing academic debate about the effectiveness of sanctions, with some articles stating that sanctions are effective against the enemy country and others stating that they are not effective and harmful to the home country.
5. Summarize the existing articles on firm-level impacts, what methodologies they use, what conclusions they draw, and what can be learned from them. what are the limitations?

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