External Effects of the War in Ukraine: The Impact on the Price of Oil in the Short-term


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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 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; WTI 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.Keywords: oil price, war, Ukraine, event studyJEL Classifications: F51, G14, Q40DOI: https://doi.org/10.32479/ijeep.7380

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Author Biographies

Antonio Jose Garzon Gordon, University of Seville

Department of Economics and Economic History. PhD student.

Luis Angel Hierro Recio, University of Seville

Department of Economics and Economic History. Professor

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Published

2019-02-14

How to Cite

Garzon Gordon, A. J., & Hierro Recio, L. A. (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. Retrieved from https://econjournals.com/index.php/ijeep/article/view/7380

Issue

Vol. 9 No. 2 (2019)

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Articles

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