The impact of the Russian-Ukrainian war on global financial markets
International Review of Financial Analysis
; : 102598.0, 2023.
Article
in English
| ScienceDirect | ID: covidwho-2241725
ABSTRACT
On February 24, 2022, Russia invaded the Ukraine. In this paper, we analyze the response of European and global stock markets alongside a representative sample of commodities. We compare the war response against the recent Covid-19 pandemic and the not-too-distant 2008 global financial crisis. Applying a Markov-switching HAR model on volatility proxies, estimates are made of synchronization, duration and intensity measures for each event. In broad terms, stock markets and commodities respond most rapidly to the Russian invasion;and post-invasion crisis intensity is noticeably smaller compared to both the Covid-19 and the GFC. Wheat and nickel are the most affected commodities due to the prominent exporter status of the two countries.
Full text:
Available
Collection:
Databases of international organizations
Database:
ScienceDirect
Type of study:
Experimental Studies
Language:
English
Journal:
International Review of Financial Analysis
Year:
2023
Document Type:
Article
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