How do energy price hikes affect exchange rates during the war in Ukraine?

Amin Sokhanvar () and Chien-Chiang Lee
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Amin Sokhanvar: Ural Federal University

Empirical Economics, 2023, vol. 64, issue 5, No 7, 2164 pages

Abstract: Abstract The Russia–Ukraine war and new sanctions against Russia have created economic losers and winners. Supply chain shocks are made by two factors: the market’s extraordinary swings and the breadth of commodities exported by Russia and Ukraine including energy and raw material. This paper adopts the cross-quantilogram approach to visualize the effects of energy price shocks on the exchange rate movements during this war. Our findings indicate that energy price hikes are associated with the appreciation of the Canadian dollar against the Euro and Japanese yen. Considering the ongoing war in Ukraine, the best feasible policy responses are discussed.

Keywords: Russia–Ukraine war; Exchange rates; Energy price shocks; Commodity currencies; cross-quantilogram (search for similar items in EconPapers)
JEL-codes: F31 Q02 Q41 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (9)

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DOI: 10.1007/s00181-022-02320-7

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