From Financial Crisis to Digital Volatility: A Thematic Evolution and Bibliometric Mapping of Malaysian Ringgit Research

This study provides a comprehensive bibliometric analysis of the research landscape concerning the fluctuation of the Ringgit Malaysia (MYR) between 1996 and 2026. Utilizing data from the Scopus database and the Biblioshiny platform, the analysis evaluates a dataset comprising 107 documents published across 75 distinct sources. The field is characterized by a high degree of collaborative maturity, evidenced by an average of 2.52 co-authors per document and a significant international co-authorship rate of 23.36%. With a document average age of 11.6 years, the literature reflects an established domain that has evolved through critical economic epochs, including the Asian Financial Crisis and the post-pandemic recovery. Thematic mapping, organized by centrality and density, reveals a highly structured conceptual framework. "Motor Themes" such as the real exchange rate and its relationship with the Japanese yen represent the core intellectual capital of the field. "Basic Themes," including comparative studies with the Indonesian rupiah and Thai baht, highlight foundational transversal topics that remain integral to regional discourse. Conversely, the analysis identifies "Emerging or Declining Themes," specifically the influence of the Chinese yuan and high-frequency daily data on stock returns, suggesting a pivot toward modern volatility modelling. While "Niche Themes" like long-run equilibrium and trade balance show high developmental density, they operate in relative isolation. The findings imply a significant research gap in integrating advanced digital financial metrics into traditional macroeconomic models. Consequently, future scholarly efforts should prioritize interdisciplinary collaborations to transition emerging risk-management theories into established motor themes, addressing the challenges of "digital volatility" in an increasingly connected global economy. This analysis provides a strategic roadmap for researchers to navigate Malaysia’s monetary evolution amidst shifting global economic paradigms.

Ringgit Malaysia, Bibliometric Analysis

1. Aftab, M., Naeem, M., Tahir, M., & Ismail, I. (2024). Does uncertainty promote exchange rate volatility? Global evidence. Studies in Economics and Finance, 41(1), 177–191. https://doi.org/10.1108/SEF-12-2022-0579 [Google Scholar] [Crossref]

2. Baharumshah, A. Z., Soon, S.-V., & Wohar, M. E. (2017). Markov-switching analysis of exchange rate pass-through: Perspective from Asian countries. International Review of Economics and Finance, 51, 245–257. https://doi.org/10.1016/j.iref.2017.05.009 [Google Scholar] [Crossref]

3. Chinn, M. D. (2000). Before the fall: Were East Asian currencies overvalued? Emerging Markets Review, 1(2), 101–126. https://doi.org/10.1016/S1566-0141(00)00008-X [Google Scholar] [Crossref]

4. Durand, R. B., Lim, D., & Zumwalt, J. K. (2011). Fear and the Fama-French factors. Financial Management, 40(2), 409–426. https://doi.org/10.1111/j.1755-053X.2011.01147.x [Google Scholar] [Crossref]

5. Furuoka, F., Lim, B., Jikunan, C., & Chiun, L. M. (2026). Case study of Malaysia's responses to Asian Financial Crisis. Journal of Contemporary Eastern Asia, 11(1), 43–56. https://doi.org/10.17477/jcea.2012.11.1.043 [Google Scholar] [Crossref]

6. Ho, K.Y., & Tsui, A. K. (2008). Volatility dynamics in foreign exchange rates: Further evidence from the Malaysian ringgit and Singapore dollar. Annals of Financial Economics, 4(1), 8500048. https://doi.org/10.1142/S2010495208500048 [Google Scholar] [Crossref]

7. Jomo, K. S. (1998). Malaysia's debacle: Whose fault? Cambridge Journal of Economics, 22(6), 707–722. https://doi.org/10.1093/cje/22.6.707 [Google Scholar] [Crossref]

8. Kakran, S., Bajaj, P. K., Pandey, D. K., & Kumar, A. (2025). Interconnectedness and return spillover among APEC currency exchange rates: A time-frequency analysis. Research in International Business and Finance, 73, 102572. https://doi.org/10.1016/j.ribaf.2024.102572 [Google Scholar] [Crossref]

9. Kaur, T. A., Manual, V., & Eeswaran, M. (2019). The volatility of the Malaysian ringgit; analyzing its impact on economic growth. International Journal of Recent Technology and Engineering, 7(5), 82–88. [Google Scholar] [Crossref]

10. Kogid, M., Ching, K. S., & Jusoh, M. (2009). Asian financial crisis: An analysis of the contagion and volatility effects in the case of Malaysia. International Journal of Business and Management, 4(5), 128–137. https://doi.org/10.5539/ijbm.v4n5p128 [Google Scholar] [Crossref]

11. Lau, W.Y., & Yip, T.M. (2021). Impact of foreign exchange administration rule on the nexus between country-specific FDI and Malaysian currency. Australasian Accounting, Business and Finance Journal, 15(4), 135–152. https://doi.org/10.14453/aabfj.v15i4.8 [Google Scholar] [Crossref]

12. Makin, T. (1999). The great East Asian capital flow reversal: Reasons, responses and ramifications. World Economy, 22(3), 407–419. https://doi.org/10.1111/1467-9701.00208 [Google Scholar] [Crossref]

13. Naeem, M., Khan, H. E., & Ali, R (2022). Bibliometric literature review on exchange rate: A future research agenda. Etikonomi, 21(1), 41–54. https://doi.org/10.15408/etk.v21i1.22412 [Google Scholar] [Crossref]

14. Quadry, M. O., Mohamad, A., & Yusof, Y. (2017). On Malaysian Ringgit exchange rate determination and recent depreciation. International Journal of Economics, Management and Accounting, 25(1), 115–136. https://doi.org/10.31436/ijema.v25i1.366 [Google Scholar] [Crossref]

15. Tai, C.S. (2001). A multivariate GARCH in mean approach to testing uncovered interest parity: Evidence from Asia-Pacific foreign exchange markets. Quarterly Review of Economics and Finance, 41(4), 441–460. https://doi.org/10.1016/S1062-9769(01)00105-3 [Google Scholar] [Crossref]

16. Tay, B.H. (2024) Stock market and exchange rate: the great balancing act: a bibliometric analysis. Voice of Academia (VOA), 20 (2). pp. 282-301. ISSN 2682-7840 [Google Scholar] [Crossref]

17. Tsai, W.H., & Hung, S.J. (2009). Dynamic pricing and revenue management process in Internet retailing under uncertainty: An integrated real options approach. Omega, 37(2), 471–481. https://doi.org/10.1016/j.omega.2007.07.001 [Google Scholar] [Crossref]

18. Wu, Y. (2000). Stock prices and exchange rates in a VEC model- The case of Singapore in the 1990s. Journal of Economics and Finance, 24(3), 260–274. https://doi.org/10.1007/BF02752607 [Google Scholar] [Crossref]

19. Zhou, M.J., Huang, J.B., & Chen, J.Y. (2020). The effects of geopolitical risks on the stock dynamics of China's rare metals: A TVP-VAR analysis. Resources Policy, 68, 101784. https://doi.org/10.1016/j.resourpol.2020.101784 [Google Scholar] [Crossref]

• Financial Technology (Fintech): Current Research at The Cutting Edge
• Reforming Corporate Governance in Malaysia to Address Fraudulent Financial Reporting Cases
• Stock Market Efficiency and Economic Diversification in Nigeria and South Africa
• Financial Stability and Financial Performance of Small and Medium Tiered Deposit Taking Savings and Credit Cooperatives in Kenya.
• Regulator Sandboxes for DeFi: A Comparative Analysis of Policy Effectiveness in the EU, US, and Asia Pacific