Analysis of capital markets reveals increased volatility due to the war in Ukraine, suggesting economic instability.
The paper aims to investigate how the capital markets in different parts of the world reacted on economic problems caused by COVID-19 pandemic and the war in Ukraine. We investigate the daily quotations of 28 stock indexes from October 2019 till the end of 2022. In our research we apply tests comparing expected rates of return and risk in 4 distinguished subperiods. We conclude that Russian-Ukrainian war causes the increase of capital markets volatility but the decreases of index values caused by pandemic was higher than after the Russian invasion in all countries but Russia and Greece.
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Witkowska et al. (2025) studied this question.
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