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 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 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...

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...

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...

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 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...

We elicit reservation wage premia for relocating to two Ukrainian cities, using a household survey conducted in mid-April to mid-July 2024 during the Russian invasion of Ukraine: high-risk Kharkiv (near the frontline) and moderate-risk Kyiv. Risk tolerance is a strong predictor of willingness to...

We examine how Western sanctions imposed in response to Russia's 2022 invasion of Ukraine shaped firm-level stock market performance in the EU and the US. To measure sanction exposure, we link firms to the specific products targeted by US and EU sanctions at the HS6 level, producing a detailed,...

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...

We provide a selective overview of the literature on the linkages between interstate conflict and international trade, paying special attention to how trade openness (i) affects arming incentives, (ii) the channels through which its effects travel, and (iii) its consequences for the emergence of...

We consider a dynamic setting where two countries with competing claims to a resource/asset first arm and then choose whether to resolve their dispute through war or peacefully through settlement. War precludes international trade and can be destructive, but also locks gains and eliminates...

For the past three years, Ukraine has not allowed Russia to win its illegal war of aggression. During long periods of the war, the parties have found themselves in a military and diplomatic stalemate. Now US President Donald Trump has sided with the aggressor. "Nothing about Ukraine without...

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...

We study how Europe could replace US support for Ukraine both (i) financially, in terms of the fiscal effort required, and (ii) militarily, in terms of weapon production. Financial effort: The financial challenge of replacing US aid is limited. Currently, European governments are spending just...

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...

Economic resources are often seen as decisive for the outcomes of military conflicts. This paper asks whether “deeper pockets” help win wars. We construct a fine-grained dataset covering more than 700 interstate disputes and rely on exogenous resource price shocks to estimate the causal...

We show how exposure to partisan peers, under conditions requiring high stakes cooperation, can trigger the breakthrough of novel political beliefs. We exploit the largescale, exogenous assignment of soldiers from each of 34,947 French municipalities into line infantry regiments during World War...

This paper examines the impact of immigration on voting behaviour. Exploiting a unique natural experiment, we research parliamentary election results in Poland following the 2022 inflow of Ukrainian refugees. We exploit the variation in hosted refugees across Polish counties and utilise a...

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...

Recent global crises, such as COVID-19 and the Russia-Ukraine War, have accelerated efforts to reduce dependency to fossil fuels due to soaring prices. This research aims to identify the key factors such as climate, electricity and gas price, GDP, renewable energy use, population and COVID-19...

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 Brief analyses reactive responses and proposes proactive solutions to the challenge of Russian aggression, with a focus on spatial planning and the physical security of undersea infrastructure. It calls for a holistic rethinking of how the energy system is planned, constructed and managed,...

This Brief analyses reactive responses and proposes proactive solutions to the challenge of Russian aggression, with a focus on spatial planning and the physical security of undersea infrastructure. It calls for a holistic rethinking of how the energy system is planned, constructed and managed,...

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...