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The link between climate and systemic risk: A bibliometric and systematic literature review

Author

Listed:
  • Pacelli, Vincenzo
  • Foglia, Matteo
  • Mariano, Dayana

Abstract

Climate change and systemic risks have become top priorities for both institutions and corporations. While transitioning to a sustainable economy is essential, it comes with significant uncertainties. To better understand the relationship between climate change and financial stability, this paper employs a bibliometric approach to identify and analyze key studies that address the connection between climate risk and systemic risk. We collected and examined papers that contain the terms “climate risk” and “systemic risk” (financial stability) in their titles, abstracts, and keywords from Scopus, covering the period from 2008 to 2024. The results show: (i) rapid growth in research across interconnected clusters; (ii) the importance of micro-macroprudential tools and network models to assess spillovers; (iii) a need for common taxonomies and metrics; and (iv) the complexity and multidimensionality of the topic. These findings highlight that managing climate risk is crucial for maintaining financial market stability and for developing effective policies.

Suggested Citation

  • Pacelli, Vincenzo & Foglia, Matteo & Mariano, Dayana, 2025. "The link between climate and systemic risk: A bibliometric and systematic literature review," Research in International Business and Finance, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:riibaf:v:79:y:2025:i:c:s0275531925003289
    DOI: 10.1016/j.ribaf.2025.103072
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    Keywords

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    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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