Comparison of the fi nancial market conditions in Poland and selected countries during the pandemic and the Russian-Ukrainian war
Comparison of the fi nancial market conditions in Poland and selected countries during the pandemic and the Russian-Ukrainian war

Summary/Abstract: The initial period of the COVID-19 pandemic and the outbreak of the Russian-Ukrainian warhad a signifi cant impact on fi nancial markets. The aim of the work is to analyse the behaviourof selected segments of the Polish fi nancial market in the initial period of the pandemic andwar. The research is based on two measures of risk, relative and absolute. The research coversthe period from 24 February 2022 to 22 August 2022. The research focuses on segments of theWarsaw Stock Exchange through the analysis of the following indices: WIG, WIG20, mWIG40,sWIG80, NCIndex, industry indices, and the TBSP treasury bond market index. The WarsawStock Exchange indices are also compared using variation coeffi cients and standard deviationswith indices of selected world stock exchanges. After the start of the war, declines in the WarsawStock Exchange occurred with a delay of over a month. They can be linked to specifi c EU actionsin the area of sanctions against Russia. Both risk measures indicate a similar response to themain indices, which can be interpreted as the high level of development of the Warsaw StockExchange, as compared to other stock exchanges.

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