Russia–Ukraine war and systemic risk: Who is taking the heat?

Anum Qureshi, Muhammad Suhail Rizwan, Ghufran Ahmad and Dawood Ashraf

Finance Research Letters, 2022, vol. 48, issue C

Abstract: The Russia–Ukraine conflict has increased systemic vulnerabilities of the global financial system. We develop a database of news events and investigate the systemic risk implications of the conflict on Russia, Ukraine, France, Germany, Italy, the UK, the USA, and China. Results show that systemic instability costs of the conflict go beyond Russia and Ukraine. Sanctions cause systemic risk spillovers to European countries and the USA. Study findings caution against the accumulation of systemic risk as sanctions may adversely affect the rest of the world aside from the main target - Russia.

Keywords: Systemic risk; Russia–Ukraine war; Spillover risk; Sanctions (search for similar items in EconPapers)
JEL-codes: G01 G18 G21 G32 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (50)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:48:y:2022:i:c:s1544612322002744

DOI: 10.1016/j.frl.2022.103036

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