The economies of each State are increasingly interconnected and depend on international trade. The intricate set of connections and transactions was put to the test during the Russia–Ukraine conflict. The TVP-VAR model is used to investigate the connectedness among G7 stock indices and commodity markets. Results show that spillovers are dynamic and crisis sensitive and the response at the war has been instantaneous and in counter trend. Therefore, the war significantly affected most of the G7 stock prices through commodity prices. This dependence on raw materials makes the G7 countries closely tied to the belligerents more sensitive than others to international crises and conflicts.

中文翻译：

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能源、金属、谷物和 G7 指数：俄乌冲突和风险溢出效应

每个国家的经济日益相互关联，并依赖于国际贸易。在俄乌冲突期间，这套错综复杂的联系和交易受到了考验。TVP-VAR 模型用于研究 G7 股票指数和商品市场之间的关联性。结果表明，溢出效应是动态的和对危机敏感的，对战争的反应是即时的，并且是相反的趋势。因此，战争通过大宗商品价格对 G7 的大部分股票价格产生了重大影响。这种对原材料的依赖使得与交战国关系密切的 G7 国家比其他国家对国际危机和冲突更加敏感。