Wpływ agresji rosyjskiej na Ukrainę na stabilność globalnego rynku finansowego
The impact of Russian aggression on Ukraine on the stability of the global financial market

Summary/Abstract: The aim of the study is to assess the impact of the Russian aggression against Ukraine in 2022 on the stabilityof the global financial market. For the purpose of the analysis, the Financial Stress Index (FSI) published bythe American Office of Financial Research (OFR) was used. The index covers financial markets of developedand developing countries, as well as the United States market. The period from 1 February 2022 to 31 Decem-ber 2023 was analysed. The study consists of four parts. The first part presents the economic consequencesof Russian aggression against Ukraine. The second part explains the concept of financial market stability.The third part presents the essence of the OFR FSI index. In the fourth part, an assessment of the level ofstability of the global financial market after the Russian aggression against Ukraine was made using theOFR FSI index. The study showed that the war caused a significant increase in tensions in financial markets,leading to increased instability. Key factors affecting the global financial market included an increase in riskand uncertainty, as well as changes in the debt market. However, from mid-April 2023, the situation in theglobal financial market began to stabilise

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