https://orcid.org/0000-0001-9478-9564
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Abstract
Macroprudential policy is closely related to financial stability, systemic risk and the procyclicality of the financial sector, and has attracted considerable attention of scholars after the 2008 global financial crisis. Based on the 467 documents together with 14,597 references collected from the Web of Science core collection for the period of 2005–2018, this article conducts a scientometric analysis of macroprudential policy. The article applies basic analysis, co-citation analysis, cluster analysis, citation burstness detection, scientific research cooperation analysis and co-occurrence analysis of keywords. Through the document co-citation analysis, the article shows the key themes of macroprudential policy research which include: the effectiveness of macroprudential policies, financial market intermediaries, containment of systemic risks, monetary policy and liquidity. The article identifies influential scholars, documents, research institutions, journals and research hotspots in the field of research on macroprudential policy. The scientometric analysis in the article presents an objective perspective of the inheritance and evolution of scientific knowledge at different levels in the field of macroprudential policy.
Disclosure statement
The authors declare that they have no conflict of interest.
Notes
1 The first mention of the term macroprudential can be found in the minutes of a Cook Committee meeting in 1979 (Clement, Citation2010).
2 Bisias et al. (Citation2012) provided a comprehensive survey of various measurements of systemic risk.
3 The time dimension reflects a cumulative, amplifying mechanism (or procyclicality) that operates within the financial system, while the cross-sectional dimension reflects the distribution of risk in the financial system at a given point of time.
4 Galati and Moessner (Citation2013) and Ebrahimi Kahou and Lehar (Citation2017) undertook traditional reviews of the literature on macroprudential policy. A structured review of the literature would offer an empirical grounding and objectivity, compared with a traditional review.
5 Centrality metrics provide a computational method for finding pivotal points between different specialties or tipping points in an evolving network (Chen, Citation2006). A commonly used centrality metric is the betweenness centrality (Freeman, Citation1977).
6 In recent years, researchers applied bibliometric analyses in their study of business cycle and crises research (Kufenko & Geiger, Citation2016) and of the impact of poverty cycles on economic research (Qin et al., Citation2020).
7 A software tool for building and visualising bibliometric networks. https://www.vosviewer.com/
8 Billio et al. (Citation2012) proposed early warning indicators for systemic risk, through measurement of connectedness of financial institutions based on principal-components analysis and Granger-causality networks, using market returns of the financial institutions. Gourinchas and Obstfeld (Citation2012) suggested that domestic credit expansion and real currency appreciation have been the most robust and significant predictors of financial crises.