This study presents a comprehensive bibliometric analysis of the academic literature on risk transmission and volatility spillovers in emerging and frontier markets, examining how financial liberalization and cross-border capital flows have intensified market interdependencies and systemic vulnerabilities. Using data from the Web of Science Core Collection, 687 articles published between 2005 and 2025 were analyzed using advanced bibliometric techniques implemented via the VOSviewer software. The analysis systematically maps the intellectual landscape of the field by examining publication trends, identifying leading contributors, and revealing thematic structures through keyword co-occurrence, co-citation, and bibliographic coupling networks. Findings indicate a pronounced research concentration on emerging markets, while frontier markets remain significantly underexplored. Methodologically, the field is dominated by time-varying and non-linear econometric frameworks, particularly DCC-GARCH, BEKK-GARCH, and connectedness approaches, reflecting the literature's emphasis on capturing dynamic and asymmetric risk transmission mechanisms. Keyword analysis reveals central themes around financial contagion during crisis periods, portfolio diversification strategies, and macroeconomic linkages, while peripheral topics include commodities, cryptocurrencies, and green finance. The study provides valuable insights for policymakers designing financial stability frameworks, investors seeking diversification opportunities, and researchers identifying promising avenues for future investigation in an increasingly interconnected global financial system.
Gökhan Berk Özbek (2026) studied this question.