<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462025000400003</article-id>
<article-id pub-id-type="doi">10.21919/remef.v20i4.1010</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Capital Market and Macroeconomic Reaction to The Hamas-Israel Conflict 2023]]></article-title>
<article-title xml:lang="es"><![CDATA[Reacción del mercado de capitales y macroeconómica al conflicto Hamás-Israel 2023]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rochimah]]></surname>
<given-names><![CDATA[Ainun]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Yuliana]]></surname>
<given-names><![CDATA[Indah]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of Maulana Malik Ibrahim Malang  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Indonesia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>20</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462025000400003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462025000400003&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462025000400003&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The research examines the capital market and macroeconomic reactions of UN-12 countries before and after the Hamas-Israel conflict 2023. It based on differences in abnormal returns, return variability, trading volume, exchange rates, oil prices, and gold prices before and after the conflict using the event study method (-5, +5). Statistical tests applied paired sample t-test and the Wilcoxon signed-rank test (non-parametric test). The US, China, Saudi Arabia, and Indonesia markets simultaneously have differences in AR, return variability, and trading volume. Dollar value was relatively stable during the conflict. Oil price reaction was dominant in UAE, Saudi Arabia, and Qatar. Gold prices reacted in almost all markets. This research is limited to cross-country level, the results are considered homogeneous across all markets. Future research could investigate specific sectors and isolate external events to validate the results. Empirical results are important for policymakers and investors in decision-making against geopolitical risks. Investors turn to gold as a safe-haven asset during conflicts. This is the first study to examine the Hamas-Israel conflict 2023 on capital markets and macroeconomics across UN member.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio analiza los efectos del conflicto Hamás-Israel 2023 en los mercados de capitales y variables macroeconómicas de los países ONU-12. Utilizando un estudio de eventos (ventana &#8722;5, +5), se evalúan rendimientos anormales, volatilidad, volumen de negociación, tipos de cambio y precios del petróleo y el oro. Se aplicaron pruebas t pareadas y de rangos con signo de Wilcoxon. Los mercados de EE. UU., China, Arabia Saudita e Indonesia mostraron reacciones significativas en rentabilidad y volumen. El oro actuó como activo refugio, mientras que el petróleo respondió principalmente en EAU, Arabia Saudita y Catar. El dólar se mantuvo estable. Los resultados ofrecen implicaciones relevantes para inversionistas y responsables de política económica ante riesgos geopolíticos. Este es el primer estudio que aborda este conflicto en todos los países miembros de la ONU.]]></p></abstract>
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<kwd lng="en"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[P50]]></kwd>
<kwd lng="en"><![CDATA[Capital Market]]></kwd>
<kwd lng="en"><![CDATA[macroeconomics]]></kwd>
<kwd lng="en"><![CDATA[conflict]]></kwd>
<kwd lng="en"><![CDATA[event study]]></kwd>
<kwd lng="es"><![CDATA[C12]]></kwd>
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<kwd lng="es"><![CDATA[Mercado de capitales]]></kwd>
<kwd lng="es"><![CDATA[macroeconomía]]></kwd>
<kwd lng="es"><![CDATA[conflicto]]></kwd>
<kwd lng="es"><![CDATA[estudio de acontecimientos]]></kwd>
</kwd-group>
</article-meta>
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