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Impact of Russia-Ukraine War on Sustainable Development Goals: A Study through Indian Financial Market Perspective

Author

Listed:
  • Smriti Pathak

    (Symbiosis Centre For Management Studies, Pune (SCMS, Pune), Symbiosis International (Deemed University) (SIU), Pune, Maharashtra, India,)

  • Jalpa Thakkar

    (Symbiosis Centre For Management Studies, Pune (SCMS, Pune), Symbiosis International (Deemed University) (SIU), Pune, Maharashtra, India,)

  • Arpita Gurbaxani

    (Symbiosis Centre For Management Studies, Pune (SCMS, Pune), Symbiosis International (Deemed University) (SIU), Pune, Maharashtra, India,)

  • Shreya Virani

    (Symbiosis Centre For Management Studies, Pune (SCMS, Pune), Symbiosis International (Deemed University) (SIU), Pune, Maharashtra, India,)

  • Prerak Thakkar

    (Sungard Availability Services, Pune, Maharashtra, India.)

Abstract

This study measures impact of geopolitical crisis concerning Russia Ukraine War with reference to Sustainable development Goal 8. The researchers have analyzed the variables such as Indian stock market performance, MCX crude oil and Indian GDP Indices to calculate the linear interdependencies among crude oil, Indian stock market performance and Gross Domestic Product using monthly data from January 2016 to May 2022 using a Vector Autoregressive (VAR) model. Time series stationarity is checked using Augmented Dickey-Fuller test. The time series used for the analysis are MCX iCOMDEX crude oil Index, Nifty 50 Index, and GDP Index. Correlation is measured using the Granger Causality Test and VAR model. The outcome demonstrates that the lagged values of the Nifty and crude oil prices indexes are very effectively used to explain the GDP Index. Granger s Causation Matrix shows that past value of NIFTY Index causes change in GDP Index similarly past value of Nifty Index causes change in MCX Crude oil Index, whereas MCX crude oil does not cause much change in GDP Index. Further research could be done using a detailed time series for a longer period to find any impact of crude oil prices on GDP.

Suggested Citation

  • Smriti Pathak & Jalpa Thakkar & Arpita Gurbaxani & Shreya Virani & Prerak Thakkar, 2023. "Impact of Russia-Ukraine War on Sustainable Development Goals: A Study through Indian Financial Market Perspective," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 389-394, January.
    • Handle: RePEc:eco:journ2:2023-01-42
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    MCX Crude Oil Index; Nifty Index; GDP Index; Vector Autoregression (VAR); SDG8;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market

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