Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025)
Spillovers and co-movements among crude oil, gold, and equity markets sit at the heart of portfolio diversification, hedging, energy-risk assessment, and financial-stability policy. This systematic review, reported in accordance with the PRISMA 2020 guidelines and adapted to a bibliometric evidence-...
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| Lenguaje: | inglés |
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2026
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| author | Eveling Sussety Balcázar Paiva Carlos Enrique Alarcón Eche Alexander Fernando Haro-Sarango |
| author_browse | Alexander Fernando Haro-Sarango Carlos Enrique Alarcón Eche Eveling Sussety Balcázar Paiva |
| author_facet | Eveling Sussety Balcázar Paiva Carlos Enrique Alarcón Eche Alexander Fernando Haro-Sarango |
| author_sort | Eveling Sussety Balcázar Paiva |
| collection | Producción científica |
| description | Spillovers and co-movements among crude oil, gold, and equity markets sit at the heart of portfolio diversification, hedging, energy-risk assessment, and financial-stability policy. This systematic review, reported in accordance with the PRISMA 2020 guidelines and adapted to a bibliometric evidence-synthesis design, maps how that field is built intellectually, synthesizes what its empirical literature has established, identifies where its newest fronts lie, and situates it against prior bibliometric reviews. The review question was framed with a PICOS structure; the corpus comprises 1,081 unique documents drawn from Web of Science and Scopus under a PRISMA 2020 selection flow. The search window is 2010–2026 and the analytical window 2010–2025 ( n = 1,077): the four 2026 Early Access records are excluded from every statistic that depends on publication year, and their removal from the remaining analyses moves no reported share by more than 0.4 percentage points. Within the strictly defined crude oil–gold–equity triad this is, to our knowledge, the most extensive corpus assembled so far—about 58% larger than the closest triad-focused comparator—and the first to treat the three assets jointly rather than as separate dyads. We combine performance analysis with complementary science-mapping techniques: co-occurrence of lemmatized keywords with Louvain community detection (γ = 1.0; Q = 0.231), author co-citation, bibliographic coupling confined to 2022–2025, and country-level co-authorship, with normalized indicators (h-index, g-index, citations per document per year, and the MCP/SCP ratio). Output grew at a 27.4% compound annual rate over 2010–2024 and then leveled off from 2023 (year-over-year rates of 4.1%, 0.0%, and −3.4%). Keyword co-occurrence resolves into four thematic clusters; author co-citation into three intellectual schools (safe haven/GARCH, connectedness/Diebold–Yilmaz, and COVID/crypto/alternative havens); and bibliographic coupling into nine emerging fronts, among them a small green bonds and energy-transition front that earlier reviews do not register. Latin America and the Caribbean account for at most 1.76% of corpus documents while supplying 9.5% of world commodity exports, a representation ratio of 0.19. The findings inform diversification and hedging strategies, regulatory debates on the financialization of energy and commodity markets, the emerging interface between fossil-energy assets and green finance, and regional research agendas. |
| format | Article |
| id | openalex:W7213544697 |
| institution | UPeU |
| language | English |
| publishDate | 2026 |
| publishDateRange | 2026 |
| publishDateSort | 2026 |
| record_format | dspace |
| spelling | openalex:W7213544697Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025)Eveling Sussety Balcázar PaivaCarlos Enrique Alarcón EcheAlexander Fernando Haro-Sarangocrude oilgoldstock marketspillover effectsco-movementportfolio diversificationhedgingsafe-haven assetsenergy riskfinancial stabilityGARCH modelsDiebold-Yilmaz connectednessgreen bondsenergy transitionCOVID-19 pandemiccryptocurrencyLatin America and the Caribbeanresearch trendsco-authorship networkskeyword co-occurrenceMarket Dynamics and VolatilityFinancial Risk and Volatility ModelingFinancial Markets and Investment StrategiesSpillovers and co-movements among crude oil, gold, and equity markets sit at the heart of portfolio diversification, hedging, energy-risk assessment, and financial-stability policy. This systematic review, reported in accordance with the PRISMA 2020 guidelines and adapted to a bibliometric evidence-synthesis design, maps how that field is built intellectually, synthesizes what its empirical literature has established, identifies where its newest fronts lie, and situates it against prior bibliometric reviews. The review question was framed with a PICOS structure; the corpus comprises 1,081 unique documents drawn from Web of Science and Scopus under a PRISMA 2020 selection flow. The search window is 2010–2026 and the analytical window 2010–2025 ( n = 1,077): the four 2026 Early Access records are excluded from every statistic that depends on publication year, and their removal from the remaining analyses moves no reported share by more than 0.4 percentage points. Within the strictly defined crude oil–gold–equity triad this is, to our knowledge, the most extensive corpus assembled so far—about 58% larger than the closest triad-focused comparator—and the first to treat the three assets jointly rather than as separate dyads. We combine performance analysis with complementary science-mapping techniques: co-occurrence of lemmatized keywords with Louvain community detection (γ = 1.0; Q = 0.231), author co-citation, bibliographic coupling confined to 2022–2025, and country-level co-authorship, with normalized indicators (h-index, g-index, citations per document per year, and the MCP/SCP ratio). Output grew at a 27.4% compound annual rate over 2010–2024 and then leveled off from 2023 (year-over-year rates of 4.1%, 0.0%, and −3.4%). Keyword co-occurrence resolves into four thematic clusters; author co-citation into three intellectual schools (safe haven/GARCH, connectedness/Diebold–Yilmaz, and COVID/crypto/alternative havens); and bibliographic coupling into nine emerging fronts, among them a small green bonds and energy-transition front that earlier reviews do not register. Latin America and the Caribbean account for at most 1.76% of corpus documents while supplying 9.5% of world commodity exports, a representation ratio of 0.19. The findings inform diversification and hedging strategies, regulatory debates on the financialization of energy and commodity markets, the emerging interface between fossil-energy assets and green finance, and regional research agendas.Articlehttps://doi.org/10.3389/frevc.2026.1939134https://www.frontiersin.org/journals/environmental-economics/articles/10.3389/frevc.2026.1939134/pdfW7213544697enFrontiers in Environmental Economics2813-28232026-09-18 |
| spellingShingle | crude oil gold stock market spillover effects co-movement portfolio diversification hedging safe-haven assets energy risk financial stability GARCH models Diebold-Yilmaz connectedness green bonds energy transition COVID-19 pandemic cryptocurrency Latin America and the Caribbean research trends co-authorship networks keyword co-occurrence Market Dynamics and Volatility Financial Risk and Volatility Modeling Financial Markets and Investment Strategies Eveling Sussety Balcázar Paiva Carlos Enrique Alarcón Eche Alexander Fernando Haro-Sarango Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025) |
| title | Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025) |
| title_full | Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025) |
| title_fullStr | Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025) |
| title_full_unstemmed | Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025) |
| title_short | Interdependence among crude oil, gold, and stock markets: a systematic bibliometric review of spillovers and co-movements (2010–2025) |
| title_sort | interdependence among crude oil gold and stock markets a systematic bibliometric review of spillovers and co movements 2010 2025 |
| topic | crude oil gold stock market spillover effects co-movement portfolio diversification hedging safe-haven assets energy risk financial stability GARCH models Diebold-Yilmaz connectedness green bonds energy transition COVID-19 pandemic cryptocurrency Latin America and the Caribbean research trends co-authorship networks keyword co-occurrence Market Dynamics and Volatility Financial Risk and Volatility Modeling Financial Markets and Investment Strategies |
| topic_facet | crude oil gold stock market spillover effects co-movement portfolio diversification hedging safe-haven assets energy risk financial stability GARCH models Diebold-Yilmaz connectedness green bonds energy transition COVID-19 pandemic cryptocurrency Latin America and the Caribbean research trends co-authorship networks keyword co-occurrence Market Dynamics and Volatility Financial Risk and Volatility Modeling Financial Markets and Investment Strategies |
| url | https://doi.org/10.3389/frevc.2026.1939134 https://www.frontiersin.org/journals/environmental-economics/articles/10.3389/frevc.2026.1939134/pdf |
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