The impact of the Ukraine-Russia war on world stock market returns

Whelsy Boungou and Alhonita Yatie
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Alhonita Yatie: BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique

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Abstract: As a topical issue, this paper studies the responses of world stock market indices to the ongoing war between Ukraine and Russia. Using daily stock market returns in a sample of 94 countries and covers the period from 22 January 2022 to 24 March 2022, we consistently document a negative relationship between the Ukraine-Russia war and world stock market returns. Our results point to a larger impact at the onset of war, especially during the first two weeks after the invasion of Ukraine on 24 February 2022. The reaction of global stock markets was weaker in the weeks that followed. Furthermore, we find that these effects were most pronounced for countries bordering Ukraine and Russia, as well as for those UN member states that demanded an end to the Russian offensive in Ukraine. Overall, we provide the first empirical evidence of the effect of the Ukraine-Russia war on world stock market returns.

Keywords: Stock index; War; Ukraine; Russia (search for similar items in EconPapers)
Date: 2022-03-30
New Economics Papers: this item is included in nep-cis
Note: View the original document on HAL open archive server: https://hal.science/hal-03624985
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Citations: View citations in EconPapers (55)

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Related works:
Journal Article: The impact of the Ukraine–Russia war on world stock market returns (2022)
Working Paper: The impact of the Ukraine-Russia war on world stock market returns (2022)
Working Paper: The impact of the Ukraine–Russia war on world stock market returns (2022)
Working Paper: The impact of the Ukraine-Russia war on world stock market returns (2022)
Working Paper: The impact of the Ukraine-Russia war on world stock market returns (2022)
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