Acceso abierto

The Impact of Multiple Crises on the Economy. A Comparative Analysis of GFC, COVID-19 and the Ukraine War Period


Cite

Baker, R.S., Bloom, N., Davis, S.J., Kost, K.J., Sammon, M.C., & Viratyosin, T. (2020), The Unprecedented Stock Market Impact of Covid-19, National Bureau of Economic Research, NBER Working Paper 26945. Search in Google Scholar

Bank of Finland 2018; Euro countries recovered from crisis at different paces; Retrieved from https://www.bofbulletin.fi/en/2018/1/euro-countries-recovered-from-crisis-at-different-paces/ accessed on 18.02.2024. Search in Google Scholar

Batten, J.A., Boubaker, S., Kinateder, H., Choudhury, T., & Wagner, N.F. (2023), Volatility impacts on global banks: Insights from the GFC, COVID-19, and the Russia-Ukraine war, Journal of Economic Behavior & Organization, 215, 325-350. Search in Google Scholar

Belcaid, K., & Ghini, A.E. (2019), Spillover effects among European, the US and Moroccan stock markets before and after the global financial crisis, Journal of African Bussiness, 20 (4), 525–548. Search in Google Scholar

Beraich, M., & Eddin E. Main, S. (2022), Volatility Spillover Effects in the Moroccan Interbank Sector before and during the COVID-19 Crisis, Risks, 10 (6), 125. Search in Google Scholar

Cardani, R., Pfeiffer, P., Ratto, M., & Vogel, L. (2023), The COVID-19 recession on both sides of the Atlantic: A model-based comparison, European Economic Review, 158. Search in Google Scholar

Cavallo, E., Galiani, S., Noy, I., & Pantano, J. (2010), Catastrophic Natural Disasters and Economic Growth, IDB Working Paper Series, No. IDBWP 183, Inter-American Development Bank (IDB). Search in Google Scholar

Chakraborty, I., & Maity, P. (2020), COVID-19 outbreak: migration, effects on society, global environment and prevention, Science of the Total Environment, 728. Search in Google Scholar

Chen, S., Bouteska, A., Sharif, T., & Abedin, M.Z. (2023), The Russia–Ukraine war and energy market volatility: A novel application of the volatility ratio in the context of natural gas, Resources Policy, 85. Search in Google Scholar

Choi, S.Y. (2023), The dynamic network of industries in US stock market: Evidence of GFC, COVID-19 pandemic and Russia-Ukraine war, Heliyon, 9. Search in Google Scholar

De La Peña, R., & García, I. (2023), Untangling crises: GFC and COVID-19 through the lens of a DSGE model, Latin American Journal of Central Banking, 4(2). Search in Google Scholar

Demirer, R., Gupta, R., Ji, Q., & Tiwari, A.K. (2018), Geopolitical Risks and the Predictability of Regional Oil Returns and Volatility, OPEC Energy Review, 43(3), 342-361. Search in Google Scholar

Diebold, F.X., & Yilmaz, K. (2009), Measuring financial asset return and volatility spillovers, with application to global equity markets, The Economic Journal, 119(534), 158–171. Search in Google Scholar

Diebold, F.X., & Yilmaz, K. (2012), Better to give than to receive: predictive directional measurement of volatility spillovers, International Journal of Forecast, 28(1), 57–66. Search in Google Scholar

European Investment Bank (2022), How bad is the Ukraine war for the European recovery?, Economics – Thematic Studies. Search in Google Scholar

Ferriani, F., & Gazzani, A. (2023), The impact of the war in Ukraine on energy prices: Consequences for firms’ financial performance, International Economics, 174, 221–230. Search in Google Scholar

Fezzi, C., & Fanghella, V. (2021), Tracking GDP in real-time using electricity market data: Insights from the first wave of COVID-19 across Europe, European Economic Review, 139. Search in Google Scholar

Gagnon, J.E., Kamin, S.B., & Kearns, J. (2023), The impact of the COVID-19 pandemic on global GDP growth, Journal of the Japanese and International Economies, 68. Search in Google Scholar

Garcia, P., Jacquinot, P., Lenarčič, Č., Lozej, M., & Mavromatis, K. (2023), Global models for a global pandemic: The impact of COVID-19 on small euro area economies, Journal of Macroeconomics, 77. Search in Google Scholar

Goodell, J.W. (2020); COVID-19 and finance: Agendas for future research, Finance Research Letters, 35. Search in Google Scholar

Gunay, S. (2021), Comparing COVID-19 with the GFC: A shockwave analysis of currency markets, Research in International Business and Finance, 56. Search in Google Scholar

Ha, L.T., Nham, N.T.H. (2022a), An application of a TVP-VAR extended joint connected approach to explore connectedness between WTI crude oil, gold, stock and cryptocurrencies during the COVID-19 health crisis, Technological Forecasting & Social Change, 183. Search in Google Scholar

Ha, L.T., Thanh, T.T., Linh, V.M. (2022b), An exploration of sources of volatility in the energy market: an application of a TVP-VAR extended joint connected approach, Sustainable Energy Technologies and Assessments, 53(Part A). Search in Google Scholar

Hosoe, N. (2023), The cost of war: Impact of sanctions on Russia following the invasion of Ukraine, Journal of Policy Modeling, 45(2), 305–319. Search in Google Scholar

Hunt, L.C., Zhang, A., & Zhang, S. (2023), Recession and recovery from the pandemic, Research in Globalization, 6. Search in Google Scholar

Jena, P.R., Majhi, R., Kalli, R., Managi, S., & Majhi, B. (2021), Impact of COVID-19 on GDP of major economies: Application of the artificial neural network forecaster, Economic Analysis and Policy, 69, 324-339. Search in Google Scholar

Kumail, S.A.R., & Itani, R., (2022), Oil market volatility: comparison of COVID-19 crisis with the SARS outbreak of 2002 and the global financial crisis of 2008, Economic Research-Ekonomska Istraživanja, 35(1), 1935-1949. Search in Google Scholar

Liu, J., Ma, F., Tang, Y., & Zhang, Y. (2019), Geopolitical risk and oil volatility: A new insight; Energy Economics, 84. Search in Google Scholar

Our World in Data, COVID-19 Data Explorer, Retrieved from https://ourworldindata.org/explorers/coronavirus-data-explorer?tab=table&zoomToSelection=true&facet=none&country=~European+Union&pickerSort=asc&pickerMetric=location&Metric=Confirmed+cases&Interval=Cumulative&Relative+to+Population=false&Color+by+test+positivity=false accessed on 02.12.2023. Search in Google Scholar

Rogoff, K. (2022), The Long-Lasting Economic Shock of War, IMF publications, Retrieved from https://www.imf.org/en/Publications/fandd/issues/2022/03/the-long-lasting-economic-shock-of-war accessed on 22.11.2023. Search in Google Scholar

Sapir, A. (2018), Why has COVID-19 hit different European Union economies so differently?, Bruegel publications. Search in Google Scholar

Szczygielski, J.J., Brzeszczyński, J., Charteris, A., & Bwanya, P.R. (2022), The COVID-19 storm and the energy sector: The impact and role of uncertainty, Energy Economics, 109. Search in Google Scholar

The New York Times (2016); The 6 Countries That Tell the Story of Europe’s (Still Shaky) Recovery; Retrieved from https://www.nytimes.com/interactive/2016/04/28/business/international/eurozone-countries-recovery.html accessed on 18.02.2024. Search in Google Scholar

Wang, W., & Yang, F. (2018), The Shale Revolution, Geopolitical Risk, and Oil Price Volatility (PRELIMINARY AND INCOMPLETE), DOI: http://dx.doi.org/10.2139/ssrn.3241692. Search in Google Scholar

WHO (2023), WHO chief declares end to COVID-19 as a global health emergency, 5th May 2023, Retrieved from https://news.un.org/en/story/2023/05/1136367, accessed on 02.12.2023. Search in Google Scholar

Wolf M., (2022), Disease and war are shaping our economy, Financial Times, Retrieved from https://www.ft.com/content/1509f29f-f27c-4a01-a0f3-07877caec813, accessed on 02.12.2023. Search in Google Scholar

Zhang, W., & Hamori, S. (2021), Crude oil market and stock markets during the COVID-19 pandemic: Evidence from the US, Japan, and Germany, International Review of Financial Analysis, 74. Search in Google Scholar

eISSN:
2558-9652
Idioma:
Inglés