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Global crises have become increasingly recurrent events that jeopardize public-private partnerships (PPPs). In this context, the purpose of this paper is to expose the PPP-crisis research agenda by combining bibliometric and network analyses.

The PPP literature associated with global crises between the 2008 global financial crisis and 2022 was analyzed in three stages: (1) paper selection and screening for the inclusion/exclusion of articles relevant to this research, (2) semantic network development for examining thematic relationships among selected papers by considering the co-occurrence of keywords within the chosen studies and (3) calculation of network metrics for analysis.

The paper identified six research avenues for the PPP-crisis agenda: public interest, relational governance, risk management, user-pay PPPs, crisis management and financial performance. The PPP-crisis literature has spread significantly in the last five years driven by the case study approaches on a national or regional basis. Conversely, non-crisis periods generate room to strengthen user-pay PPPs and relational governance. The pandemic and post-pandemic times shared the priorities of the 2008 financial crisis but also strengthened the management of the risks and the structural drivers of the global crisis.

This study demonstrates that during global crisis periods, the public interest and financial performance gain relevance in a detriment of structural solutions to social legitimacy erosion of PPPs because of the urgency of giving tools to the public and private sectors to tackle the financial issues, which steer future issues for PPPs.

The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to investigate whether investors priced the effect of significant events before the Lehman Brothers' bankruptcy in European and Asia-Pacific banks. Abnormal returns on the event days range from −4.32% to 5.03% in Europe and −5.13% to 6.57% in Asia-Pacific countries. When Lehman Brothers went bankrupt on September 15, 2008, abnormal returns averaged the lowest at −4.32% in Europe and −5.13% in Asia-Pacific countries. The significant abnormal returns show that Lehman Brothers' collapse was a turning point, and investors paid attention to the precrisis events as warning signs of the oncoming crisis.

This study aims to reveal to what extent successful European listed firms depend on their intellectual capital investment in achieving business success during the global financial crisis.

This study used value added intellectual coefficient (VAIC) methodology to measure the effect of intellectual capital on financial performance of business, which consist of 683 the sample listed firms. To examine the nexus between intellectual capital, legal origin and firm performance, estimated panel test and ordinary least squares regression model is used to data obtained from a sample of European countries.

The finding of this study suggests that there exists a positive relationship between intellectual capital and firm performance with return on assets (ROA) before the financial crisis, while firm performance with return on equity did not contribute to intellectual capital before and after the crisis period. Additionally, common law countries have a positive and statistically significant impact on firm performance with ROA for the before-crisis period, while code law countries have positively significant effect with VAIC on ROA.

The VAIC method has played a critical role in the management decision-making process to integrate the intellectual capital in the financial crisis period.

This study examines intellectual capital components such as human capital, structural capital and process capital efficiencies and firm performance in the legal origin context. The empirical evidence shows that there are significant impacts of legal origin on the nexus between intellectual capital and performance of listed firms during the global financial crisis.

This study aims to investigate the decline of American hegemony as one of the most prominent crises of the modern world order, from a broader perspective that transcends narrow traditional interpretations. The paper assumes that the September 11 events in 2001 have launched the actual decline in American hegemony. Tracing the evolution of US global strategy over the past two decades, the study seeks to analyze the main causes and repercussions of the decline of US hegemony, which would provide a bird’s eye view of what the current global system is going through.

The study investigates the decline in American hegemony through a longitudinal within-case analysis which focuses on the causal path of decline in hegemony in the case of the USA, since the events of September 11, 2001, and tries to identify the causal mechanisms behind this decline. Following George and Bennet (2005), the study uses process tracing to examine its research question. Process-tracing method seeks to identify the intervening causal process – causal chain or causal mechanisms or the steps in a causal process – that leads to the outcome of a particular case in a specific historical context (Mahoney, 2000; Bennet and Elman, 2006). The study chose this method, as it offers more potential for identifying causal mechanisms and theory testing (George and Bennet, 2005); it opted for a specific procedure, among the variety of process-tracing procedures listed by George and Bennet, which is the detailed narrative presented as a chronicle, accompanied by explicit causal hypotheses. Using this process tracing procedure, the study assumes that American hegemony has witnessed dramatic changes in the aftermath of critical junctures, particularly the events of September 11, 2001, and the financial crises, 2008, which contributed significantly to this decline. Consequently, it traces the impact of these events on the state of American hegemony, in light of the review of contributions of different theories on hegemony in the field of international relations, both traditional and critical. Consequently, introducing the theoretical framework used in the study (the four-dimensional model of hegemony), which transcends criticisms of previous theories.

The crises of the modern world order and the decline of American hegemony – being the main manifestation of such crises – revealed the inability of the traditional and critical approaches reviewed in the study to interpret this decline and those crises. The reason behind that was the inability of these interpretations to reflect the various dimensions of American hegemony and its decline since the September 11 events. This highlights the importance of using the four-dimensional model, which combines different factors in the analysis and has proved to be an appropriate model for studying the case of American hegemony and its decline after the events of September 11, as it deals with the phenomenon of hegemony as a social relationship based on specific social networks.

Despite the currency and relevance of the decline of US hegemony for both the academic and political world, the topic needed to be analyzed systemically and addressed in a thorough scientific way. Through the application of theoretical concepts into the analysis of empirical data, this study contributes to a field where too often the discourse about decline of American hegemony is led without the required theoretical or conceptual considerations.

Given the dearth of thorough summaries in the literature, this systematic review and bibliometric analysis attempt to take a meticulous approach meant to present knowledge on the constantly developing subject of stock market volatility during crises. In outline, this study aims to map the extant literature available on stock market volatility during crisis periods.

The present study reviews 1,283 journal articles from the Scopus database published between 1994 and 2022, using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 flow diagram. Bibliometric analysis through software like R studio and VOSviewer has been performed, that is, annual publication trend analysis, journal analysis, citation analysis, author influence analysis, analysis of affiliations, analysis of countries and regions, keyword analysis, thematic mapping, co-occurrence analysis, bibliographic coupling, co-citation analysis, Bradford’s law and Lotka’s law, to map the existing literature and identify the gaps.

The literature on the effects of crises on volatility in financial markets has grown in recent years. It was discovered that volatility intensified during crises. This increased volatility can be linked to COVID-19 and the global financial crisis of 2008, as both had massive effects on the world economy. Moreover, we identify specific patterns and factors contributing to increased volatility, providing valuable insights for further research and decision-making.

The present study is confined to the areas of economics, econometrics and finance, business, management and accounting and social sciences. Future studies could be conducted considering a broader perspective.

Most of the available literature has focused on the impact of some particular crises on the volatility of financial markets. The present study is not limited to some specific crises, and the suggested research directions will serve as a guide for future research.

Financial instability and economic crises are closely intertwined. There is no universally accepted definition. The term ‘stability’ or ‘instability’ refers to the behaviour of the system rather than to individual institutions. However, one cannot rule out that failure of a single financial institution can trigger significant financial turmoil as was happened in 2007–08 global financial crises. Like unstable equilibrium, instability implies inability to correct itself on its own. Instability, if it persists, turns into a crisis. In the above backdrop, the objective of this chapter is to investigate the financial crises and instability viewed both from economic and international political economy perspectives with a tale of four generation crisis models as it has been evolved over time to explain the phenomenon of different types of crises.

The purpose of this paper is to examine the evolution of interconnectedness of European insurers among themselves, as well as with other non-financial firms, for the period 2000–2021 and to analyze the stock return movements around the costliest catastrophic events (hurricanes) in the past two decades.

This paper follows the “simple” approach of Patro et al.(2013) and examines the daily stock return correlations of the largest 30 insurers and the largest 30 non-financial firms headquartered in Europe. In addition, the study uses event study methodology to examine stock return movements around the costliest hurricanes.

We find that the European insurance sector has become highly interconnected during the past two decades; however, its increasing connectedness with non-financial firms is limited to a few firms. In addition, we find weak evidence of the destabilizing effects of catastrophic events on European insurers and non-financial firms; however, the potential for cat risk contagion effects exists as the insurance industry becomes heavily interconnected.

The extant literature is largely concerned with the contribution of the insurance sector to the systemic risk of the financial sector. We focus on a specific region (Europe) and analyze the evolution of interconnectedness of the largest insurers within the insurance sector as well as with the largest non-financial firms encapsulating important crisis periods. In addition, we relate to the literature that examines the market reactions around catastrophic events to test the relevance of traditional insurance activities in instigating potential contagion shocks.

This paper aims to explore the impact of cycle superposition on bank liquidity risk under different levels of financial openness so that banks can better manage their liquidity risk. Meanwhile, it can also provide some ideas for banks in other emerging economies to better cope with the shocks of the global financial cycle.

Employing the monthly data of 16 commercial banks in China from 2005 to 2021 and based on the time-varying parameter vector autoregressive model with stochastic volatility (TVP-SV-VAR) model, the authors first examine whether the cycle superposition can magnify the impact of China's financial cycle on bank liquidity risk. Subsequently, the authors investigate the impact of different levels of financial openness on cycle superposition amplification. Finally, the shock of the financial cycle of the world's major economies on the liquidity risk of Chinese banks is also empirically analyzed.

Cycle superposition can magnify the impact of China's financial cycle on bank liquidity risk. However, there are significant differences under different levels of financial openness. Compared with low financial openness, in the period of high financial openness, the magnifying effect of cycle superposition is strengthened in the short term but obviously weakened in the long run. In addition, the authors' findings also demonstrate that although the United States is the main shock country, the influence of other developed economies, such as Japan and Eurozone countries, cannot be ignored.

Firstly, the cycle superposition index is constructed. Secondly, the authors supplement the literature by providing evidence that the association between cycle superposition and bank liquidity risk also depends on financial openness. Finally, the dominant countries of the global financial cycle have been rejudged.

The study endeavors to explore whether the financialization of agricultural commodities, traditionally viewed as a catalyst for price volatility, has any repercussions on food security in BRICS economies.

The empirical analysis employs the examination of three agricultural commodities, namely wheat, maize and soybean. Utilizing data from the Chicago Board of Trade on futures trading for these commodities, we focus on parameters such as annual trading volume, annual open interest contracts and the ratio of annual trading volume to annual open interest contracts. The study spans the period 2000–2021, encompassing pre- and post-financial crisis analyses and specifically explores the BRICS countries namely the Brazil, Russia, India, China and South Africa. To scrutinize the connections between financialization indicators and food security measures, the analysis employs econometric techniques such as panel data regression analysis and a moderating effects model.

The results indicate that the financialization of agricultural products contributes to the heightened food price volatility and has adverse effects on food security in emerging economies. Furthermore, the study reveals that the impact of the financialization of agricultural commodities on food security was more pronounced in emerging nations after the global financial crisis of 2008 compared to the pre-crisis period.

This paper seeks to draw increased attention to the financialization of agricultural commodities by presenting empirical evidence of its potential impact on food security in BRICS economies. The findings serve as a valuable guide for policymakers, offering insights to help them safeguard the security and availability of the world’s food supply.

Very few studies have explored the effect of financialization of agricultural commodities on food security covering a sample of developing economies, with sample period from 2000 to 2021, especially at the individual agriculture commodity level. Understanding the evolving effects of financialization is further improved by comparing pre and post-financial crisis times.

This study aims to investigate the role of Islamic finance in supporting sustainable economic growth, innovation and digital transformation in the Gulf Cooperation Council (GCC) region. Amid global challenges like the Russia–Ukraine conflict and COVID-19, the focus extends beyond the GCC’s oil dependency to explore how Islamic finance can enable technological advancements and foster a digitally innovative economy. The research aims to reveal the potential of Islamic finance in driving economic diversification, technological progress and sustainable development in the GCC.

Using a content analysis approach, this study critically examines the economic repercussions of recent global crises, shedding light on how Islamic finance contributes to socio-economic justice and the provision of social goods in the GCC. The research synthesises findings from various secondary sources, including academic literature, reports and industry standards, to analyse Islamic finance’s role from an ethical and strategic perspective within the GCC’s evolving economic landscape.

The findings reveal Islamic finance’s potential to significantly contribute to the GCC’s economic diversification and resilience against global economic downturns. The study highlights how Islamic finance aligns with the sustainable development goals and its effectiveness in promoting ethical financial practices and socio-economic justice.

Future research should focus on global comparative studies to understand Islamic finance’s impact on sustainable development beyond the GCC. Longitudinal studies are also essential to assess the long-term effects of Islamic financial instruments on economic stability.

The research advocates for incorporating Islamic finance principles into the GCC’s economic strategies, emphasising its role in providing resilient and ethical financial alternatives conducive to sustainable development. It underscores the need for policy initiatives integrating Islamic finance to bolster socio-economic welfare and environmental sustainability.

Offering a novel perspective, this paper enriches the discourse on the contribution of Islamic finance to sustainable economic development. It presents critical insights into how Islamic finance can underpin long-term economic resilience and growth in the GCC. It provides valuable implications for academia and policymaking, particularly in emerging economies’ science and technology policy management.