Ukraine and the financial markets: the winners and losers so far

By Gabriella Legrenzi, Senior Lecturer in Economics, Keele University
Reinhold Heinlein, Senior Lecturer in Economics, University of the West of England
Scott Mahadeo, Senior Lecturer in Macroeconomics, University of Portsmouth

It’s two weeks since the world woke up to the dreadful news of a Russian attack to Ukraine. Notwithstanding the incalculable costs in terms of human lives, as well as human capital and physical infrastructure, we’ve seen much turbulence in the financial markets. So what has happened so far?

Since markets tend to react to geopolitical risks, US Federal Reserve economists Dario Caldara and Matteo Iacoviello recently built a geopolitical risk index (GPR) to be able to compare events at different points in time. It is…

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