Border disputes, conflicts, war, and financial markets research: A systematic review

Border disputes, conflicts, and war have long existed and have evidenced impacts on financial markets. However, the extant literature needs to be revisited in light of existing contributions and underlying gaps to provide further insights into future research agendas. We conducted a bibliometric analysis of 215 articles published in high-quality journals to show the publication and citation trends in the war literature concentrated on financial markets. Concomitantly, while highlighting the most influential articles, contemporary themes, and the intellectual structure of the war literature on financial markets, we show the top contributing journals with the most prolific authors and their affiliated countries. Extant literature sheds light on how border disputes, conflicts, and war, while impacting macroeconomic variables, have impacted returns, volatility, and stability of the global financial markets. We provide eight clusters defining the concentration of the available literature and six broader areas directing future research.