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The impact of the Russia-Ukraine war on American, European and Russian stock markets

Ruiter, R.A. de (2025) The impact of the Russia-Ukraine war on American, European and Russian stock markets.

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Abstract:This thesis examines the impact of the Russia-Ukraine war on the volatility of American, European, and Russian stock markets. The central research question aims to explore how this conflict influences stock exchanges worldwide, focusing on different periods between 2018 and 2025. Using a quantitative research design, the study analyses financial market volatility indices like VIX, VSTOXX and RVI for American, European and Russian stock exchanges respectively. Geopolitical risks are measured using the GPR index created by Caldara and Iacoviello (2022), which quantifies geopolitical tensions based on news articles. Preliminary findings suggest a close relationship between geopolitical risks and stock market volatility, aligning with previous research. The methodology examines potential correlations and causality between the dependent variable: volatility in different stock markets; and the independent variable: GPR index. Ultimately, this thesis aims to contribute to understanding the economic consequences of geopolitical risks on financial markets.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics
Programme:International Business Administration BSc (50952)
Link to this item:https://purl.utwente.nl/essays/106633
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