Trade dependence and stock market reaction to the Russia‐Ukraine war

Reza Tajaddini and Hassan Gholipour Fereidouni

International Review of Finance, 2023, vol. 23, issue 3, 680-691

Abstract: Using data from 83 countries, we show that the decline in the value of stock market indices in response to the Russia‐Ukraine war was sharper in countries that have stronger trade ties (both exports and imports) with Russia and Ukraine. We also find the relationship between trade dependency and market drop is weaker in countries with more trade openness.

Date: 2023
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