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The reaction of financial markets to Russia’s invasion of Ukraine: evidence from gold, oil, bitcoin, and major stock markets

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  • Delia Elena Diaconaşu
  • Seyed M. Mehdian
  • Ovidiu Stoica

Abstract

Political observers predicted the Ukraine invasion by Russia for many days, but they could not precisely anticipate the scheme and timing of the invasion. This paper investigates the effects of the Russian invasion of Ukraine on the global commodity and stock markets using an event study methodology. The empirical results of this study suggest that this invasion unevenly affected the financial markets. More precisely, our results suggest that the onset of war has put pressure on global gold and stock markets. Furthermore, it seems that the only asset that could be considered a safe haven for investors after the outbreak of the invasion was oil.

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  • Delia Elena Diaconaşu & Seyed M. Mehdian & Ovidiu Stoica, 2023. "The reaction of financial markets to Russia’s invasion of Ukraine: evidence from gold, oil, bitcoin, and major stock markets," Applied Economics Letters, Taylor & Francis Journals, vol. 30(19), pages 2792-2796, November.
    • Handle: RePEc:taf:apeclt:v:30:y:2023:i:19:p:2792-2796
    DOI: 10.1080/13504851.2022.2107608
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    Cited by:

    1. Simone Boccaletti & Paolo Maranzano & Caterina Morelli & Elisa Ossola, 2024. "ESG Performance and Stock Market Responses to Geopolitical Turmoil: evidence from the Russia-Ukraine War," Working Papers 544, University of Milano-Bicocca, Department of Economics.

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