Systematic Literature Review With Bibliometric Analysis on Markov Switching Model: Methods and Applications

This study involved a systematic literature review using bibliometric analysis to examine the evolution and current trends of Markov switching studies. The bibliometric analysis was used for the descriptive, intellectual, social, and conceptual network analyses, while systematic reviews were used to identify the application of the Markov switching model. A total of 449 articles were selected and extracted from the Web of Science (WoS) between 1992 and 2021. The publication trends, most influential countries and articles, leading journals, collaboration networks, research hotspots, research fronts, coupling networks, and application of the model in various disciplines were described. This study summarized the research agenda of the Markov switching field, which would be helpful for researchers and funding agencies.