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The Differential Impact of Geopolitical Conflicts on Financial Markets in Different Economies: A Perspective Based on Energy Market Volatility
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Li Ma1, Renzhong Zhang1, Wei Ma1, 2
Journal of Technology Economics | 2024, 43(11) : 32 - 48
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Journal of Technology Economics | 2024, 43(11): 32-48
• Macro Technology Economics •
The Differential Impact of Geopolitical Conflicts on Financial Markets in Different Economies: A Perspective Based on Energy Market Volatility
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Li Ma1, Renzhong Zhang1, Wei Ma1, 2
Affiliations
  • 1 School of Finance and Statistics Hunan University Changsha 410006 China
  • 2 Postdoctoral Innovation Practice Base Guilin Bank Guilin 541000 China
Published: 2024-11-10 doi: 10.12404/j.issn.1002-980X.J24030103
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The involvement of major energy-exporting countries in geopolitical conflicts can easily lead to volatility in international energy markets and have an impact on the world economy. Based on a macroeconomic model and using counterfactual analysis and vector autoregression, the differential impacts of geopolitical conflicts on different economies through the volatility of the energy market was analyzed, and China's response measures based on the perspectives of energy security and national security was put forward. The results show that geopolitical conflicts have negative impacts on different economies through crude oil market volatility, with the European economy, which is more dependent on Russian energy, being affected to a greater extent. It is recommended to pay great attention to the risk of geopolitical conflicts, accelerate the formation of a diversified pattern of crude oil imports and energy consumption, stabilize investor expectations, improve the construction of the capital market and maintain the stability of the RMB exchange rate, so as to prevent the negative impacts that geopolitical conflicts may have on China's energy security.

geopolitical conflict  /  energy market volatility  /  energy security
Li Ma, Renzhong Zhang, Wei Ma. The Differential Impact of Geopolitical Conflicts on Financial Markets in Different Economies: A Perspective Based on Energy Market Volatility[J]. Journal of Technology Economics, 2024 , 43 (11) : 32 -48 . DOI: 10.12404/j.issn.1002-980X.J24030103
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Year 2024 volume 43 Issue 11
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doi: 10.12404/j.issn.1002-980X.J24030103
  • Receive Date：2024-03-01
  • Online Date：2025-07-19
  • Published：2024-11-10
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  • Received：2024-03-01
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Affiliations
    1 School of Finance and Statistics Hunan University Changsha 410006 China
    2 Postdoctoral Innovation Practice Base Guilin Bank Guilin 541000 China
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https://castjournals.cast.org.cn/joweb/jsyjj/EN/10.12404/j.issn.1002-980X.J24030103
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Number of
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Number of
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小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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