The purpose of the article is to identify the presence and to estimate the intensity of financial contagion that spread in the agri-food sector of different countries during the energy crisis of 2022-2023 caused by the Russian-Ukrainian conflict. In addition, the goal is to detect a intersectoral contagion when its transmitter is the agri-food market. The article includes a theoretical part and a practical one. The theoretical part shows the existing interrelations between the markets of energy resources and agricultural products, which can become more complicated and transformed during an economic crisis. The important role of the theory and methodology of financial contagion in the study of these relationships is noted. In practice, this methodology has been implemented in relation to the agri-food sector of different countries, which was under a shock from the oil and gas market in 2022-2023. A large empirical array of data on energy price quotations and sectoral agri-food stock indices of various countries located in all macro-regions has been collected. Using this basis and a special test, the financial contagion of agri-food markets has been detected, and dynamic estimates of the intensity of its spread have been obtained. The results show that the oil market is a stronger transmitter of contagion than the gas market. Agri-food markets in Africa are the most susceptible to financial contagion what is caused by underdevelopment of economic institutions and by lack of an effective anti-crisis policy. The resilience of American and European agricultural sectors to the energy shock is provided by economic power and a well-established system of emergency and preventive measures to counteract financial contagion in these regions. China has demonstrated susceptibility to financial contagion in the Asian region. The analysis of individual countries shows that the intersectoral effects of contagion spreading in the direction of "agri-food market – other sectoral markets" are practically not detected. This suggests that the agri-food sector of economy is practically a damper of contagion, that is, it damps the energy shock and does not transmit the financial contagion to other industries.
Овчаров et al. (Thu,) studied this question.