Article
External effects of the war in Ukraine: the impact on the price of oil in the short-term
Author/s | Garzón Gordón, Antonio José
Hierro Recio, Luis Ángel |
Department | Universidad de Sevilla. Departamento de Economía e Historia Económica |
Publication Date | 2019 |
Deposit Date | 2020-08-19 |
Published in |
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Abstract | This paper analyses the short-term impact of the most relevant events of the war in the Ukraine on the price of oil. In order to determine the events to
be studied, we propose a methodology based on a study of the news ... This paper analyses the short-term impact of the most relevant events of the war in the Ukraine on the price of oil. In order to determine the events to be studied, we propose a methodology based on a study of the news published in two reference newspapers in the markets: The Wall Street Journal and the Financial Times. From this selection, we use an event study model to detect the significance of the events. The main results obtained are: Events that affected daily oil prices were scarce and occurred during very specific phases of the conflict; West Texas intermediate price was more affected than Brent, even though the war took place in Europe; there is no noticeable lagged effect in the events, suggesting that the market assimilated the impact of relevant events very quickly |
Citation | Garzón Gordón, A.J. y Hierro Recio, L.Á. (2019). External effects of the war in Ukraine: the impact on the price of oil in the short-term. International Journal of Energy Economics and Policy, 9 (2), 267-276. |
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