Nobody (even stock markets) likes war: Evidence from the Israel-Hamas war

Budi Wahyono (), Whelsy Boungou (), Subroto Rapih () and Khresna Sangka ()
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Budi Wahyono: Universitas Sebelas Maret, Indonesia
Whelsy Boungou: Paris School of Business, France
Subroto Rapih: Universitas Sebelas Maret, Indonesia
Khresna Sangka: Universitas Sebelas Maret, Indonesia

Economics Bulletin, 2025, vol. 45, issue 1, 188 - 195

Abstract: We examine the effect of the war between Israel and Hamas on the stock markets of countries in the Middle East and North Africa (MENA). Due to the intensification of attacks since the outbreak of the war and the proximity of MENA countries to the warring territories, the stock indices of MENA countries react negatively to this war. This negative impact is particularly pronounced in countries with fewer oil reserves, prompting investors to seek safety in government bonds.

Keywords: Stock market; War; Israel; Palestine (search for similar items in EconPapers)
JEL-codes: F3 G1 (search for similar items in EconPapers)
Date: 2025-03-30
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