The Impact of the Russian-Ukrainian War on Global Financial Markets

On February 24, 2022, Russia invaded the Ukraine. In this paper, we analyze the response of European and global stock markets alongside a representative sample of commodities. We compare the war response against the recent Covid-19 pandemic and the not-too-distant 2008 global financial crisis. Applying a Markov-switching HAR model on volatility proxies, estimates are made of synchronization, duration and intensity measures for each event. In broad terms, stock markets and commodities respond most rapidly to the Russian invasion; and post-invasion crisis intensity is noticeably smaller compared to both the Covid-19 and the GFC. Wheat and nickel are the most affected commodities due to the prominent exporter status of the two countries

The Impact of the Russian-Ukrainian War on Global Financial Markets

On February 24, 2022, Russia invaded the Ukraine. In this paper, we analyze the response of European and global stock markets alongside a representative sample of commodities. We compare the war response against the recent Covid-19 pandemic and the not-too-distant 2008 global financial crisis. Applying a Markov-switching HAR model on volatility proxies, estimates are made of synchronization, duration and intensity measures for each event. In broad terms, stock markets and commodities respond most rapidly to the Russian invasion; and post-invasion crisis intensity is noticeably smaller compared to both the Covid-19 and the GFC. Wheat and nickel are the most affected commodities due to the prominent exporter status of the two countries

The impact of the Russian-Ukrainian war on global financial markets

On February 24, 2022, Russia invaded the Ukraine. In this paper, we analyze the response of European and global stock markets alongside a representative sample of commodities. We compare the war response against the recent Covid-19 pandemic and the not-too-distant 2008 global financial crisis. Applying a Markov-switching HAR model on volatility proxies, estimates are made of synchronization, duration and intensity measures for each event. In broad terms, stock markets and commodities respond most rapidly to the Russian invasion; and post-invasion crisis intensity is noticeably smaller compared to both the Covid-19 and the GFC. Wheat and nickel are the most affected commodities due to the prominent exporter status of the two countries

Κοινωνικά κινήματα πόλης και περιφέρειας

Ευχαριστίες 9 Acknowledgments 11 Εισαγωγή 13 Introduction 40 Μέρος Ι: Κοινωνικά κινήματα πόλης/περιφέρειας στον ελληνικό χώρο Part I: Urban and regional social movements in Greece 65 1 Collective identities versus social exclusion: the December 2008 Greek Youth Movement Michalis Psimitis 67 2 Η υπεράσπιση του βιωμένου χώρου. Καθημερινότητα και κοινωνικά κινήματα πόλης/περιφέρειας Μαρία Χαϊδοπούλου Βρυχέα 94 3 Θεωρητικά περάσματα από τα κινήματα για το «Δικαίωμα στην Πόλη» στα κινήματα κατάληψης του «Κοινού Χώρου»: παγκόσμια παραδείγματα και η περίπτωση της Ελλάδας την εποχή της κρίσης 105 Χαράλαμπος Τσαβδάρογλου 6 ΠεριεχΕόιμσεανγαω/Cγήontents 4 The commons in theory and practice: Self-management in con- temporary Greece Alexandros Kioupkiolis, Theodoros Karyotis 143 5 «Παίζουμε μπάλα για το ALTER;» ΜΜΕ και κινήσεις αλληλεγγύης στο χώρο της πόλης Βασίλης Δαλκαβούκης, Μάνος Σπυριδάκης, Χαρά Κόκκινου 171 6 The urban social movement of Open Spaces in Athens, Greece Elias Gianniris 200 Μέρος ΙΙ: Κοινωνικά κινήματα πόλης/περιφέρειας στο διεθνή χώρο Part II: Urban and regional social movements in the world 215 7 Una década de fábricas recuperadas. Reinventar la vida desde el trabajo Raúl Zibechi 217 8 El Movimento dos Trabalhadores Sem-Teto Lucia Scromov 225 9 Συλλογικές Αντιστάσεις στη μεγαλούπολη του Σάο Πάουλο Κρίτων Ηλιόπουλος 10 Mujeres, territorio y movimientos sociales. Un análisis del caso de Atenco 235 Paula Soto Villagrán, Karla Helena Guzmán 255 11 Movimientos sociales en México y el problema de la vivienda: De la tibieza al olvido Beatriz García Peralta Nieto 275 12 Il diritto alla città e la pianificazione urbanistica. Proposte per Firenze, e non solo Marvi Maggio 292 Urban & Regional Social Movements 7 13 La rivendicazione del welfare space a Napoli Cristina Mattiucci, Roberta Nicchia 307 14 Η διαμαρτυρία ενάντια στην Τρίτη Γέφυρα του Βοσπόρου: Κομμάτι μιας Πόλης, κομμάτι ενός κινήματος Αιμιλία Βουλβούλη 328 15 We are hungry in three languages: the February urban social movements in Bosnia and Herzegovina Ana Vilenica, Dražen Crnomat 358 16 Mouvement social, une notion désuète? Les nouvelles formes de l’action collective et le renouvellement des perspectives théoriques Pierre Hamel 382 17 A Provocation on Social Kinetics Myrto Tsilimpounidi 409 18 Des semences à la liberté, et la tentative d’institutionnalisation des résistances. Sur deux mouvements paysans indiens qui placent les semences au cœur de leur lutte Maddalena Gretel Cammelli 416 19 Rebelión en la Amazonia brasileña Raúl Zibechi 440 20 El Zapatismo: Una revolución de las formas de comunicación política. Su utopía viable: la formación de una comunidad dialógica Alberto Betancourt Posada 449 21 Derecho a la ciudad y movimientos sociales contemporáneos – Por un movimiento social urbano-regional... ¿poético? Desde Nezahualcoyotl al mundo Christy (Chryssanthi) Petropoulou 46

From dotcom to Covid-19: A convergence analysis of Islamic investments

This paper goes beyond the extant comparisons of Islamic and conventional investments by econometrically assessing their convergence dynamics, in a dataset spanning over 1996-2020, covering ten business sectors and five episodes of crisis. We use a dynamic multivariate framework to estimate time-varying correlations, which we submit to beta and sigma-convergence analysis. Subsequently we examine how convergence dynamics affect portfolio risk management and crisis propagation. Our results show strong convergence of Islamic and conventional investments. During crises conventional convergence rates double, but Islamic ones are less affected. Sectoral diversification works best for conventional investments; Islamic ones behave as a single entity. On average we document a 7% risk diversification benefit from Islamic investments, at a 64 basis points cost. Yet, at the epicentre of the Covid-19 financial crisis this rises to 466 basis points and highlights the resilience of these investments in an exogenous event. Islamic investments reduce volatility spillovers in the financial system, but they are progressively less insulated across time. Our findings withstand a battery of robustness checks and are primarily useful to policy makers and investors