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

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...

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Bibliographic Details
Published in:Applied economics letters 2023-11, Vol.30 (19), p.2792-2796
Main Authors: Diaconaşu, Delia Elena, Mehdian, Seyed M., Stoica, Ovidiu
Format: Article
Language:English
Subjects:
bitcoin
Digital currencies
Economic analysis
event study
Gold price
Invasions
oil price
Petroleum
Securities markets
stock indices
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Summary: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.
ISSN:1350-4851
1466-4291
DOI:10.1080/13504851.2022.2107608