How Does the Russian-Ukrainian War Rock Stock and Commodity Markets? Fresh Insights from Joint Network-Connectedness Analysis

Amine Ben Amar, Néjib Hachicha, Hichem Rezgui and Shawkat Hammoudeh
Additional contact information
Néjib Hachicha: Université de Sfax - University of Sfax
Hichem Rezgui: FMCO - Financial Markets & Corporate Outcomes - Rennes School of Business - ESC [Rennes] - ESC Rennes School of Business
Shawkat Hammoudeh: Drexel University

Post-Print from HAL

Abstract: The outbreak of the war in Ukraine has had a profound and far-reaching impact on the global economy, with notable repercussions observed in stock markets, and particularly pronounced effects evident in commodities markets. This paper examines the connectedness network among 27 NATO stock markets, Russian stock market and a set of three commodity indices (energy, precious metals, and agricultural commodities) over the period 2017-2023. The empirical strategy consists of time and time-frequency connectedness metrics. The empirical results reveal that the connectedness structure has shifted during the Russian-Ukrainian conflict. Moreover, hit by a series of Western sanctions, Russia's stock market appears to be the most isolated of the considered markets during the war period. Furthermore, the energy, agricultural and precious metals commodities seem to be efficient hedging instruments for investors in the stock markets of the NATO countries during the war period.

Keywords: Commodity markets; Stock market; War; Russia; Ukrainia; Network connectedness; Analysis (search for similar items in EconPapers)
Date: 2023-11-12
References: Add references at CitEc
Citations:

Published in Defence and Peace Economics, 2023, 35 (6), pp.713-739. ⟨10.1080/10242694.2023.2277031⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04725499

DOI: 10.1080/10242694.2023.2277031

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().