Abstract
This paper comprehensively investigates spillover connections among eight markets in the context of COVID-19 and the Russia–Ukraine conflict. The spillover effects are investigated from the perspectives of average and dynamic network connectedness effects. Empirical results show that changes in market stability are caused during the two periods investigated, and the effect during COVID-19 is stronger. In addition, among the spillover frameworks of energy and financial markets, the crude oil and equity markets were the major risk sources under COVID-19, while natural gas was the major risk source during the Russia–Ukraine conflict. This paper provides new insights on the spillover connections among eight markets based on the crisis periods of the COVID-19 pandemic and the Russia–Ukraine conflict.
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