STRATEGIC FINANCIAL REVIEW

ISSN NO : 3064-9064

Strategic Financial Review is dedicated to advancing the understanding of strategic financial management and its role in driving organizational success. Our journal aims to provide a platform for researchers, practitioners, academics, and policymakers to share insights, research findings, and strategies that contribute to informed financial decision-making and sustainable growth.

Submit Your Article Editorial Board
  • 470
    Views
  • 0
    CrossRef citations to date

Impact Of Financial Contagion On Developed And Emerging Economies In The Wake Of The Covid-19 Pandemic And The Russia-Ukraine Conflict

1 Faculty Of Finance And Banking, Ton Duc Thang University, Ho Chi Minh City,,Viet Nam

Volume 1

Issue 1

Page: [36 - 50]

Published Online: March 15, 2024

Download Full Article ()
Creative Commons

  • Abstract

    The World Economy Has Been Experiencing Two Double Difficulties, Including The COVID-19 Pandemic And The War Of Russia And Ukraine. The Russia-Ukraine War, Accompanied By Strong Western Economic Sanctions As Well As Russia’s Reactions, Has Had A Comprehensive And Profound Negative Impact On The World Economy. With The Openness Of The Economy As High As It Is Today, The Influence Between Different Economies Is Understandable. The Research Results Focus On Analyzing The Financial Contagion Between Mature And Emerging Markets In The Post-COVID Pandemic And The War Of Russia And Ukraine. The Study Collected Random Stock Index Data From 5 Developed And 5 Developing Countries From 2015 To The End Of January 2023. The Study Uses The GARCH(1,1)-M Model To Find The Financial Spread Between Selected Countries. Research Results Show That Developed Countries Have A Larger Financial Spread Than Developing Countries, Especially During The Post-COVID Pandemic And The War Of Russia - Ukraine Period.

    Keywords: Financial Contagion Volatility Spillover COVID-19 Pandemic War Western Economic

  • Figures

    Figure Image

  • References

      • [1]Anwar, H. (2018). Measuring Business Cycles. 10.13140/RG.2.2.11766.45123
      • [2]Akhtaruzzaman, M., Boubaker, S., & Sensoy, A. (2021). Financial contagion during COVID-19 crisis. Finance Research Letters, 38, 101604. https://doi.org/10.1016/j. frl.2020.101604
      • [3]Ali, M.; Alam, N.; Rizvi (2020), S.A.R. Coronavirus (COVID-19)-An epidemic or pandemic for financial markets. J. Behav. Exp. Finance., 27, 100341. https://doi.org/10.1016/j. jbef.2020.100341
      • [4]Ahrend, R. and A. Goujard (2011), ‘International Capital Mobility and Financial Fragility: Part 1. Drivers of Systemic Banking Crises: The Role of Bank-Balance- Sheet Contagion and Financial Account Structure’, OECD Economics Department Working Papers, No. 902, OECD Publishing
      • [5]Baig, T., & Goldfajn, I. (1999). Financial market contagion in the Asian crisis. International Monetary Fund. https://doi.org/10.2139/ ssrn.142285
      • [6]Baur, D. G. (2012). Financial contagion and the real economy. Journal of Banking and Finance, 36(10), 2680-2692. https://doi.org/10.1016/j.jbankfin. 2011.05.019
      • [7]Balbaa, M. (2022). The Impacts of Russian- Ukrainian War on the Global Economy. https://doi. org/10.1145/3584202.3584223
      • [8]Dungey, M., Fry, R., Gonza’Lez-Hermosillo, B., & Martin, V. L. (2004). Empirical modelling of contagion: a review of methodologies. Quantitative Finance, 04(78 9-24). https://doi. org/10.5089/9781451850130.001
      • [9]Kharusi, S. (2016). ‘Innovation and entrepreneurship in emerging economy versus mature economies: Challenges and opportunities’. International Journal of Applied Business and Economic Research. 14. 8867-8875.
      • [10]Corbet, S., Larkin, C., & Lucey, B. (2020). ‘The contagion effects of the COVID-19 pandemic: evidence from gold and cryptocurrencies’. Financial Research Letters, 35, 101554. https://doi.org/10.1016/j. frl.2020.101554
      • [11]Dungey, M & Tambakis, D. (2010). International Financial Contagion: What Do We Know?.
      • [12]Duong, et al. (2023). ‘Impacts of COVID-19 crisis and some related factors on the mental health of 37150 Vietnamese students: a cross-sectional online study’. BMC Public Health. 23. https://doi.org/10.1186/s12889- 023-15317-3
      • [13]Jebri, A & Jilani, F & Liouane, N. (2013). ‘Research on the effect of financial contagion in the subprime crisis’. International Journal of Accounting and Financial Reporting. 3. 162.. h t t p s : / / d o i . o r g / 10.5296/ijafr.v3i2.4410
      • [14]Jebran, K.; Chen, S.; Ullah, I.; Mirza, S.S (2017). ‘Does volatility spillover among stock markets varies from normal to turbulent period? evidence from emerging markets of Asia’. J. Financ. Data Sci., 3, 20-30. https://doi.org/10.1016/j. jfds.2017.06.001
      • [15]Kindleberger.C P., Robert Z. Aliber., (2005). ‘Manias, Panics and Crashes: A History of Financial Crises’. Palgrave Macmillan UK. https://doi. org/10.1057/9780230628045
      • [16]Morales, L.; Andreosso-O’Callaghan, B (2012). ‘The current global financial crisis: Do Asian stock markets show contagion or interdependence effects?’ J. Asian Econ, 23, 616-626. https://doi.org/10.1016/j.asieco. 2012.09.002
      • [17]Palley, T. I. (2012). ‘From financial crisis to stagnation: the destruction of shared prosperity and the role of economics’. New York: Cambridge University Press. https://doi.org/10.1017/ CBO9781139061285
      • [18]Rathnayake, C & Sachin, M & Kavindu, U & Hemachandra, C & Arachchige, Udara & Hettiarachchi, P. (2022). Impact of the Covid-19 pandemic in daily life. 27-36.
      • [19]Reuters. (2023). Analysis: Shock of war hits a world economy at the crossroads. https://www.reuters.com/markets/ shock-war-hits-world-economycrossroads- 2023-02-10/
      • [20]Stoupos, N., & Kiohos, A. (2021). Euro area stock markets integration: empirical evidence after the end of 2010 debt crisis. Finance Research Letters, 102423. https://doi.org/10.1016/j. frl.2021.102423
      • [21]Syllignakis, M.N.; Kouretas, G.P (2011). Dynamic correlation analysis of financial contagion: Evidence from the central and eastern European markets. Int. Rev. Econ. Financ, 20, 717-732. https://doi.org/10.1016/j. iref.2011.01.006
      • [22]Xiao. Q (2010). ‘Crashes in Real Estate Prices: Causes and Predictability’. Urban Studies, 47(8), 1725- 1744. https://doi. org/10.1177/0042098009356482

  • Article Metrics

    Views

    470

  • Copyright and Permissions

    At Guinness Press, authors retain the copyright for all articles published in our journals. These articles are licensed under the open-access Creative Commons CC BY 4.0 license, granting free access for reading and download. Additionally, the original published version must be appropriately cited when reusing or quoting the article. These terms ensure widespread accessibility while ensuring proper attribution to the authors.

    All content published by Guinness Press is safeguarded by international copyright and intellectual property regulations. We kindly request that you honor these protections when utilizing our materials.

    For further information, please contact us at info@guinnesspress.org.