We study the fiscal consequences of large military buildups. To do so, we assemble the Global Budget Database, a comprehensive dataset of disaggregated central government finances for 20 countries from 1870 to 2022. We identify 114 episodes of military spending booms, in peace and war, and...

This article examines the impact of the Yemeni civil war on subjective well-being (SWB). Analyzing the relationship between regional war intensity and SWB for the period 2015-2023, while accounting for personal characteristics and regional fixed effects, we find a significant negative...

Bellicose theories of state-building suggest that wars enable the emergence of strong states via the mechanism of increased war-time fiscal capacities. We explore the hitherto littleanalysed micro-level foundations of this claim. Does the experience of war increase public support for higher...

This study aims to develop an analytical framework for understanding the social and economic outcomes of Russia's military invasion of Ukraine by studying its impact on the labor market and migration, the economy and trade, social capital, and volunteering in Ukraine. The main economic and...

Three years of war, sanctions and Russia's isolation from the global community have changed its economy in many ways. Some changes such as the degraded business environment and increased government presence in the economy are likely to persist. War has also exacerbated Russia's already poor...

This paper examines the growth of military production in Russia since the onset of the war against Ukraine in February 2022. Utilizing official data from Rosstat, the study explores how military production is classified within Russian industrial output statistics. The analysis reveals...

Objective: In contrast to countries directly involved in military conflicts or terrorism, where the impact on tourism has been always reported negatively, the conclusions for neighbouring countries were not entirely unequivocal: they either suffered from the proximity of warfare or benefited...

What are the fiscal consequences of large military buildups? To address this question, we assemble the Global Budget Database, a comprehensive dataset of disaggregated government finances for 20 countries from 1870 to 2022. We identify 114 episodes of military spending booms, in peace and war,...

What are the dangers of states using criminal groups for national defense? This article evaluates this question in the context of Ukraine's response to the 2022 Russian invasion. It lays out what is currently known about Kyiv's use of criminal groups as part of its defense efforts, specifically...

The article examines the impact of war and war news in the mass media on the behaviour of tourists, based on a survey conducted in mid-2022 among a sample of 1036 respondents, citizens of a country close to the conflict in Ukraine. The tourism sector has suffered numerous crises triggered by...

We analyze the effects of Russia's invasion of Ukraine, the partial military mobilization, and the Wagner Group rebellion on a broad set of sentiments in the Russian population, using the exogenous timing of surveys from Gallup World Poll and the Levada Center. Our results show strong rally...

As Ukraine must fight against an aggressor with an economy more than 10 times larger, its own resources have been far from sufficient to finance all its needs, which in turn has forced the country to rely on significant external financial support. Unfortunately, there have recently been...

This brief assesses the state of the Ukrainian economy two years since Russia's full-scale invasion. After a devastating 2022, Ukraine's economy in 2023 proved surprisingly resilient, thanks in part to its foreign partners. Decelerating inflation and a managed exchange rate provided...

Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for the developed...

A sharp increase in fixed investment has been a key factor supporting Russia's economy in recent years. This brief highlights the drivers of Russia's recent investment boom. During 2022, the first year of the full-blown war in Ukraine, investment growth was dominated by increased budget...

Using novel longitudinal data, this paper studies the short- and medium-term effects of Russia's invasion of Ukraine on February 24, 2022 on social trust of adolescents in Germany. Comparing adolescents who responded to our survey shortly before the start of the war with those who responded...

Purpose - The research identifies the impact of the Russia-Ukraine war on the stock prices of six publicly traded European airlines and evaluates their ability to adapt to this situation. Research methodology - The dependence of the development of airline stock prices on the level of public and...

Does the outbreak of a major international war change political discourse? Drawing on theories of political communication and elite cueing, identity salience, and threat perception, we hypothesize that the outbreak of a war of aggression by a major power increases the use of nationalist rhetoric...

Wars disrupt labor markets, yet systematic evidence on how markets for labor services operate during conflicts is almost entirely absent. Ukraine is a rare exception: despite the full-scale Russian invasion, timely data on workers and vacancies, in both stocks and flows, remain available. We use...

This study examines the effects of the russia's full-scale invasion on the Ukrainian corporate labor market. We use the DID technique to analyze a panel data set of over 100,000 firms linked to geolocation and industry data spanning 2021-2024 and show how war harms the corporate labor market in...

הסיבה הישירה למלחמה בעזה ידועה לכול אדם נאור והיא מסתכמת במילים פשוטות: הכיבוש הישראלי המתמשך שגורם להתפרצויות מרי מחזוריות [...] אם מחפשים סיבות ארוכות טווח יותר,...

We study the fiscal consequences of large military buildups. To do so, we assemble the Global Budget Database, a comprehensive dataset of disaggregated central government finances for 20 countries from 1870 to 2022. We identify 114 episodes of military spending booms, in peace and war, and...

This paper evaluates the effect of the Russian invasion of Ukraine in February 2022 on refinery margins, i.e. the difference between wholesale prices for road fuels (gasoline and diesel) and oil prices in Europe and Germany in particular. Following the Russian invasion of Ukraine, wholesale road...

· This brief provides a big-picture overview of support for Ukraine after four years of war. The key finding from 2025 is that Europe has almost offset the collapse in US support. · US aid fell by 99 percent. At the same time, Europe sharply increased its aid allocations, by 59 percent for...

NATO enlargement and Russian annexation of Crimea marked crucial turning points. According to one narrative, the Russian occupation was part of a plan to re-establish dominion over Eastern Europe. According to a rival view, it was an attempt to counter a U.S. plan to subjugate Russia. I...

The war in Ukraine affects the European Union (EU) member states asymmetrically. The purpose of the study is to determine changes in the development of the EU countries in three key directions: ‘economy and environment’, ‘business and trade’, and ‘people and work’; to identify...

We assemble a data set of more than eight million German Twitter posts related to the war in Ukraine. Based on state-of-the-art methods of text analysis, we construct a daily index of uncertainty about the war as perceived by German Twitter. The approach also allows us to separate this index...

We assemble a data set of more that eight million German Twitter posts related to the war in Ukraine. Based on state-of-the-art methods of text analysis, we construct a daily index of uncertainty about the war as perceived by German Twitter. The approach also allows us to separate this index...

Entrepreneurs are often situated in extreme environments characterized by violent conflict. Yet, war is largely a blind spot in entrepreneurship scholarship. As a first step to closing this gap, we offer a well-identified synthetic control study of entrepreneurial dynamics in the Russo-Ukrainian...