Geopolitical Risk in the Financial Sector: A Systematic Bibliometric Review

Geopolitical risk (GPR) is increasingly recognized as a central concern for financial stability, yet its transmission to the financial sector remains relatively underexplored. To address this gap, a Bibliometric–Systematic Literature Review combining PRISMA-guided screening with bibliometric performance analysis and science mapping (Bibliometrix 5.4.0, VOSviewer 1.6.21) was carried out. A total of 604 journal articles were retrieved from Scopus on the broader GPR and finance literature, including a subsample of 78 documents addressing banking (67), insurance (10), and both sectors jointly (1). Results of the analysis show that scientific production accelerates sharply from 2018, with growth in the banking- and insurance-focused subsample outpacing growth in the field overall. Our co-citation analysis of cited references and authors finds that the field’s intellectual core is organized around Caldara and Iacoviello’s foundational GPR index, alongside clusters extending towards commodity and energy market applications and spillover-index methodology, with four distinct author-centered citation clusters identified; the co-authorship analysis further identified China as the dominant contributor to international research collaboration. Our analysis adds to the growing body of bibliometric reviews on GPR to provide a structured research agenda for future investigations, particularly regarding the still-limited evidence on insurance relative to banking.