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Economics and Business Review
Article . 2023 . Peer-reviewed
License: CC BY
Data sources: Crossref
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Economics and Business Review
Article . 2023
Data sources: DOAJ
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Russian aggression against Ukraine and the changes in European Union countries’ macroeconomic situation: Do energy intensity and energy dependence matter?

Authors: Katarzyna Czech; Michał Wielechowski;

Russian aggression against Ukraine and the changes in European Union countries’ macroeconomic situation: Do energy intensity and energy dependence matter?

Abstract

The study aims to assess whether there are significant differences among EU member states regarding the Russo-Ukrainian-conflict-driven changes in macroeconomic indicators and whether these differences are linked to the country’s energy vulnerability. Applying the k-means clustering, there are distinguished three country groups similar with regard to regarding their energy intensity, energy dependence (including Russian gas dependence) and household budgets' exposure to energy prices. Based on Kruskal-Wallis and Wilcoxon pairwise comparison tests, the study reveals statistically significant differences among the distinguished country clusters in the level of inflation and interest rates at the time of this conflict and differences in the 2022 forecasts' changes for GDP, inflation, budget balance and unemployment. The results indicate that EU economies characterised by the most significant energy vulnerability economically suffer the most in the aftermath of the Russian invasion of Ukraine.

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Keywords

q43, energy intensity, energy dependence, natural gas, european union member states, Economics as a science, russian aggression against ukraine, e01, e24, HB71-74, macroeconomic indicators, e43, h62, clustering, e31

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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
gold
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