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

Qureshi, Anum, Rizwan, Muhammad Suhail, Ahmad, Ghufran ORCID: https://orcid.org/0000-0002-2454-9335 and Ashraf, Dawood 2022. Russia-Ukraine war and systemic risk: Who is taking the heat? Finance Research Letters 48 , 103036. 10.1016/j.frl.2022.103036

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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.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Publisher:	Elsevier
ISSN:	1544-6123
Date of First Compliant Deposit:	16 February 2023
Date of Acceptance:	1 June 2022
Last Modified:	07 Nov 2023 08:30
URI:	https://orca.cardiff.ac.uk/id/eprint/157081

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