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Geofinance: A Systematic Review of the Literature

Author

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  • Oumayma El Rhrib

    (UIT - Université Ibn Tofaïl)

  • Laila Bennis

    (UIT - Université Ibn Tofaïl)

Abstract

The term "geofinance" was first introduced by Charles Goldfinger in his book Geofinance: Understanding Financial Transformation in 1986, marking a turning point in the understanding of the interplay between finance and geopolitics. Geofinance, as a concept, has gradually taken shape in academic work, drawing particular attention for the way it links geopolitical forces with the behavior of global financial markets. In today's deeply interconnected economy, events such as armed conflicts, economic sanctions, or prolonged political instability can unsettle investors and shift market dynamics in ways that are both immediate and far-reaching. For this review, we worked within the PRISMA 2020 framework, narrowing the scope to 45 studies, journal articles, book chapters, and conference proceedings, after the final screening stage. These works were examined not only for the theories they propose, but also for the empirical methods they rely on. The analysis brings forward recurring patterns, the most notable advances, and the blind spots that remain in the literature, offering several directions that future studies could take to close those gaps. It particularly emphasizes the diversity of theoretical perspectives and empirical strategies applied to assess the financial repercussions of geopolitical tensions. By drawing on a broad range of interdisciplinary studies, this review contributes to a deeper understanding of the mechanisms through which geopolitical shocks reverberate across financialsystems. The findings underscore the growing importance of geofinance as a theoretical framework and analytical tool for understanding the impact of geopolitical dynamics on financial markets and highlight the need for further research to better grasp this complex relationship.

Suggested Citation

  • Oumayma El Rhrib & Laila Bennis, 2025. "Geofinance: A Systematic Review of the Literature," Post-Print hal-05212199, HAL.
    • Handle: RePEc:hal:journl:hal-05212199
    DOI: 10.5281/ZENODO.16889763
    Note: View the original document on HAL open archive server: https://hal.science/hal-05212199v1
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