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Nobody (even stock markets) likes war: Evidence from the Israel-Hamas war

Author

Listed:
  • Budi Wahyono

    (Universitas Sebelas Maret, Indonesia)

  • Whelsy Boungou

    (Paris School of Business, France)

  • Subroto Rapih

    (Universitas Sebelas Maret, Indonesia)

  • Khresna Bayu Sangka

    (Universitas Sebelas Maret, Indonesia)

Abstract

We examine the effect of the war between Israel and Hamas on the stock markets of countries in the Middle East and North Africa (MENA). Due to the intensification of attacks since the outbreak of the war and the proximity of MENA countries to the warring territories, the stock indices of MENA countries react negatively to this war. This negative impact is particularly pronounced in countries with fewer oil reserves, prompting investors to seek safety in government bonds.

Suggested Citation

  • Budi Wahyono & Whelsy Boungou & Subroto Rapih & Khresna Bayu Sangka, 2025. "Nobody (even stock markets) likes war: Evidence from the Israel-Hamas war," Economics Bulletin, AccessEcon, vol. 45(1), pages 188-195.
    • Handle: RePEc:ebl:ecbull:eb-24-00559
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    File URL: http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I1-P19.pdf
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    More about this item

    Keywords

    Stock market; War; Israel; Palestine;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • F3 - International Economics - - International Finance

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