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“Climatic, financial, and economic systemic risk in the Spanish stock market: An analysis based on artificial intelligence and complex networks”

José Alejandro Fernández Fernández et al.

The North American Journal of Economics and Finance2026https://doi.org/10.1016/j.najef.2026.102622article
AJG 2ABDC B
Weight
0.50

What the paper says

• Sentiment indices from 150,000 + news articles assess systemic risk in IBEX 35. • Wavelet analysis reveals multiscale interactions in financial, economic, and climate sentiment. • Financial sentiment shows extreme variations; climate sentiment is highly volatile. • Complex networks and CoVaR identify key risk transmission nodes and market shifts. • Results highlight evolving market priorities, from climate risks in 2020 to inflation in 2022. This study proposes an innovative approach to measuring systemic risk in the Spanish stock market by constructing three sentiment indices (climatic, financial, and economic) using KeyBERT and text mining. These indices, derived from the analysis of over 150,000 news articles from major Spanish newspapers between 2019 and 2023, are examined using wavelet transforms to capture multiscale interactions and temporal influence shifts. Additionally, complex networks based on CoVaR allow for the assessment of risk propagation and interdependencies within IBEX 35. The results reveal that financial sentiment is the most prone to extreme variations, economic sentiment follows a stable trajectory, and climatic sentiment exhibits the highest volatility, influenced by policies and external shocks. In certain periods, climatic sentiment has shifted from a peripheral role to leading economic and financial dynamics. While its impact on the markets was unprecedented in 2020, inflation redirected the focus toward economic risk in 2022. By 2023, the systemic exposure of the IBEX 35 shows a reduction, suggesting a new equilibrium among these factors.

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https://doi.org/https://doi.org/10.1016/j.najef.2026.102622

Or copy a formatted citation

@article{josé2026,
  title        = {{“Climatic, financial, and economic systemic risk in the Spanish stock market: An analysis based on artificial intelligence and complex networks”}},
  author       = {José Alejandro Fernández Fernández et al.},
  journal      = {The North American Journal of Economics and Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.najef.2026.102622},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.