A Bibliometric Analysis on Network-Based Systemic Risk

The vulnerability of the global financial system to systemic risk-related adverse events has become more evident in recent years, as shown by the 2008 financial crisis and the global pandemic. This study examines systemic risk and its contributing factors using network analysis to understand how contagion occurs. To achieve this, a bibliometric analysis was conducted using a cluster analysis of publications from 2020 to 2025. The bibliometric analysis covered 1642 papers related to systemic risk and financial transmission networks. The CiteSpace software was used to identify seven thematic clusters. The results show the relevance of topological analysis in explaining the connection between institutions and the spread of risk. There is also a clear tradition in the literature of applying the DY spillover index, which captures the temporal dynamics of systemic connectivity. Multilayer networks stand out as a trend in recent studies, as they have the potential to represent different types of relationships simultaneously between nodes. Finally, the literature pays attention to systemic connectivity problems during crises, which can amplify volatility and generate forced asset sales, highlighting the need to use advanced VAR-type models to anticipate risk transmission and guide macroprudential management.

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Publication Details

Journal
Risks
Published
2025-11-02
DOI
https://doi.org/10.3390/risks13110210
Citations
1
Primary Topic
Banking stability, regulation, efficiency
Type
article
Field-Weighted Citation Impact
2.21
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article

A Bibliometric Analysis on Network-Based Systemic Risk

Joan Sebastián Rojas Rincón, Julio César Acosta Prado, José Ever Castellanos Narciso
1 citations
Risks
Banking stability, regulation, efficiency
2.21
article

A Bibliometric Analysis on Network-Based Systemic Risk

Joan Sebastián Rojas Rincón, Julio César Acosta Prado, José Ever Castellanos Narciso
article en
1 citations

Abstract

The vulnerability of the global financial system to systemic risk-related adverse events has become more evident in recent years, as shown by the 2008 financial crisis and the global pandemic. This study examines systemic risk and its contributing factors using network analysis to understand how contagion occurs. To achieve this, a bibliometric analysis was conducted using a cluster analysis of publications from 2020 to 2025. The bibliometric analysis covered 1642 papers related to systemic risk and financial transmission networks. The CiteSpace software was used to identify seven thematic clusters. The results show the relevance of topological analysis in explaining the connection between institutions and the spread of risk. There is also a clear tradition in the literature of applying the DY spillover index, which captures the temporal dynamics of systemic connectivity. Multilayer networks stand out as a trend in recent studies, as they have the potential to represent different types of relationships simultaneously between nodes. Finally, the literature pays attention to systemic connectivity problems during crises, which can amplify volatility and generate forced asset sales, highlighting the need to use advanced VAR-type models to anticipate risk transmission and guide macroprudential management.

RisksVol. 13(11)
Universidad Nacional Abierta y a Distancia (CO), Pontificia Universidad Católica del Perú (PE)
Openalex Percentile: Top 10%
Banking stability, regulation, efficiency
2.21
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