Effects of Crude Oil Price Shocks on Stock Markets and Currency Exchange Rates in the Context of Russia-Ukraine Conflict: Evidence from G7 Countries

The present study examines the effects of steep surge in crude oil prices which has also been considered as an price shock on stock returns and currency exchange rates G7 countries, namely Canada, France, Germany, Italy, Japan, United Kingdom (UK) States (US), context Russia–Ukraine conflict. Due to outbreak war, Brent is seen exogenous during period from 2 January 2017 29 June 2022. paper applies Fractionally Integrated GARCH (FIGARCH) model capture effect Breakpoint unit root test examine structural breaks dataset. Structural breakpoints dataset for entire are observed commencing last week February, 2022, March, Except TSX, NASDAQ USD, noteworthy long memory running all along with countries were found.