Abstract
This bibliometric study provides a comprehensive mapping research on digital assets connectedness with traditional finance, through multi dimensional analysis of 500 WoS documents, from 2018 to 2025. Thematic mapping distinguished 4 research domanis: motor themes (connectedness, spillovers, risk), emerging topics (DeFi, tokenization, spot ETFs), niche specializations (GARCH modeling, TVP-VAR), and declining themes (basic Bitcoin-gold correlations). Collaboration world map demonstrates strong Asia-Pacific research corridors, particularly with Vietnam - China - Korea as principals, alongside atlantic USA - UK partnerships. Source dynamics analysis shows Energy Economics and Financial Innovation journals experiencing rapid growth trajectories. Word frequency evolution tracking reveals declining emphasis of static hedging properties coinciding with the rising focus on dynamic connectedness and impule-response frameworks. Affiliation temporal analysis identified the emerging research centers at Southwestern University of Finance and Economics and Wenzhou Kean University. Bradford's Law application confirms research concentration following typical bibliometric patterns with core-periphery structure. The field exhibits negative annual growth rate (-21.59%) suggesting the world has entered a consolidation phase after the initial surge during the exploration period, with an average of 29.33 citations per document indicating substantial academic contributions withtin this specific research domain.
Cuvinte cheie
Bibliometric Analysis
Digital Assets
Cryptocurrency
Traditional Financial Markets
Decentralized Finance
Connectedness
Istoric articol
Publicat
01.02.2026
Informații autori
Citare recomandată
Cristian Valeriu Stanciu, Eugen Stanciu (2026). Mapping The Connectedness Between Digital Assets and Traditional Finance: A Bibliometric Analysis. Journal of Economic Sciences, 1(1), 172–190. https://doi.org/10.65631/jes.1.2026.17
Referințe bibliografice
[1] Bouri, E., Lau, C.K.M., Lucey, B. and Roubaud, D. (2019) 'Trading volume and the predictability of return and volatility in the cryptocurrency market', Finance Research Letters, 29, pp. 340-346.
[2] Ciaian, P., Rajcaniova, M. and Kancs, D. (2018) 'Virtual relationships: short- and longrun evidence from Bitcoin and altcoin markets', Journal of International Financial Markets, Institutions and Money, 52, pp. 173-195.
[3] Diebold, F.X. and Yilmaz, K. (2012) 'Better to give than to receive: predictive directional measurement of volatility spillovers', International Journal of Forecasting, 28(1), pp. 57-66. https://doi.org/10.1016/j.ijforecast.2011.02.006
[4] Diebold, F.X. and Yilmaz, K. (2014) 'On the network topology of variance decompositions: measuring the connectedness of financial firms', Journal of Econometrics, 182(1), pp. 119-134. https://doi.org/10.1016/j.jeconom.2014.04.012
[5] Gil-Alana, L.A., Abakah, E.J.A. and Rojo, M.F.R. (2020) 'Cryptocurrencies and stock market indices: are they related?', Research in International Business and Finance, 51, 101063.
[6] Guesmi, K., Saadi, S., Abid, I. and Ftiti, Z. (2019) 'Portfolio diversification with virtual currency: evidence from bitcoin', International Review of Financial Analysis, 63, pp. 31-37. https://doi.org/10.1016/j.irfa.2018.03.004
[7] Ji, Q., Bouri, E., Kristoufek, L. and Lucey, B. (2019a) 'Realised volatility connectedness among Bitcoin exchange markets', Finance Research Letters, 28, pp. 31-35.
[8] Ji, Q., Bouri, E., Lau, C.K.M. and Roubaud, D. (2019b) 'Dynamic connectedness and integration in cryptocurrency markets', International Review of Financial Analysis, 63, pp. 257-272.
[9] Klein, T., Thu, H.P. and Walther, T. (2018) 'Bitcoin is not the new Gold: a comparison of volatility, correlation, and portfolio performance', International Review of Financial Analysis, 59, pp. 105-116. https://doi.org/10.1016/j.irfa.2018.07.010
[10] Koutmos, D. (2018) 'Bitcoin returns and transaction activity', Economics Letters, 167, pp. 81-85.
[11] Yi, S., Xu, Z. and Wang, G.J. (2018) 'Volatility connectedness in the cryptocurrency market: is Bitcoin a dominant cryptocurrency?', International Review of Financial Analysis, 60, pp. 98-114.
[12] Yousaf, I., Bouri, E., Ali, S. and Azoury, N. (2022) 'Gold against Asian stock markets during the COVID-19 outbreak', Journal of Risk and Financial Management, 14(4), pp. 186-203.