ItemArticle

Geopolitical shockwaves: the Russia-Ukraine wars impact on BRICS financial markets

Title
Geopolitical shockwaves: the Russia-Ukraine wars impact on BRICS financial markets
Creator
Gopal, Suresh; Thangaraj, Viswanathan; Naveen Kumara, R.; Rupa, R.
Description
The Russia-Ukraine War triggered global financial market turmoil and disrupted the global supply chain, including agriculture and energy. This study explores the impact of the Russia-Ukraine war on BRICS nations stock markets, highlighting varying degrees of volatility and contagion effects. It examines the extent of contagion in the BRICS stock markets and their financial linkages by employing the multivariate DCC-GARCH model. The study reveals sensitive turbulence in Russian markets post-crisis, influenced by its direct involvement in the conflict. Brazil and China experienced higher market volatility after the event, and Brazil shifted its financial linkages with the global market. Conversely, the Indian market experienced eased overall volatility, but its financial linkage with Russia has increased due to its trade partnership. In the post-event period, China and South African markets indicate structural market decoupling. The long-term volatility persists over the short-term volatility of BRICS market dynamics. This study underscores the implications for investors and policymakers, emphasising the need for adjustments in monetary and fiscal policies to stabilise financial markets amid geopolitical uncertainties. 2025 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
Source
Cogent Economics and Finance;Volume;13;Issue;1;Article No.;2476096;
Date
01-01-2025
Publisher
Cogent OA
Subject
BRICS nations; contagion effect; Economics; Finance; Geopolitical risk; International Relations; Investment & Securities; Russia-Ukraine war; stock markets
Coverage
Gopal S., Symbiosis Institute of Business Management (SIBM), Symbiosis International (Deemed University), Karnataka, Bengaluru, 560100, India; Thangaraj V., Prin. L. N. Welingkar Institute of Management Development and Research, Karnataka, Bengaluru, India; Naveen Kumara R., Department of Commerce, School of Commerce, Finance and Accountancy, CHRIST (Deemed to be University), Karnataka, Bangalore, India; Rupa R., School of Commerce and Professional Studies, Marian College Kuttikkanam Autonomous, Kerala, Idukki, India
Rights
All Open Access; Gold Open Access; Green Open Access
Relation
ISSN: 23322039;
Format
online
Language
English
Type
Article

Citation

Gopal, Suresh; Thangaraj, Viswanathan; Naveen Kumara, R.; Rupa, R., “Geopolitical shockwaves: the Russia-Ukraine wars impact on BRICS financial markets,” CHRIST (Deemed To Be University) Institutional Repository, accessed June 19, 2026, https://archives.christuniversity.in/items/show/22787.

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