Modeling Systemic Communication Risks in Global Financial Media: A Review of Networked Information Flows Across Stock, Forex, and Cryptocurrency Markets

Abstract

Systemic risk in global financial markets is increasingly shaped by the dynamics of information dissemination and media communication across interconnected platforms. With the rise of digital media, social networks, and algorithm-driven information environments, financial communication has become faster, more fragmented, and more complex, amplifying the potential for cross-market contagion. This review examines existing research on systemic risk from a communication-centered perspective, focusing on how information flows, media narratives, and networked communication structures influence risk transmission across stock, foreign exchange, and cryptocurrency markets. Drawing on studies from communication research, computational social science, and financial media analysis, the paper synthesizes theoretical frameworks and methodological approaches, including network analysis, sentiment analysis, and artificial intelligence–based models. The review highlights key patterns in information diffusion, media amplification, and audience interaction that contribute to market volatility and systemic vulnerability. By integrating insights from communication studies with computational methods, this review identifies current research gaps and proposes future directions for understanding systemic risk as a mediated and socially constructed phenomenon in global financial communication.