Decentralized Finance in Business and Economics Research: A Bibliometric Analysis

Noelia Romero-Castro (), M. Ángeles López-Cabarcos, Valentín Vittori-Romero and Juan Piñeiro-Chousa
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Noelia Romero-Castro: Department of Accounting and Finance, University of Santiago de Compostela, 15782 Santiago de Compostela, Spain
M. Ángeles López-Cabarcos: Department of Business Administration, University of Santiago de Compostela, 27002 Lugo, Spain
Valentín Vittori-Romero: Department of Accounting and Finance, University of Santiago de Compostela, 15782 Santiago de Compostela, Spain
Juan Piñeiro-Chousa: Department of Accounting and Finance, University of Santiago de Compostela, 27002 Lugo, Spain

IJFS, 2025, vol. 13, issue 4, 1-27

Abstract: The constant evolution of Decentralized Finance (DeFi) calls for the continuous monitoring of its developments and implications through a critical review of the academic literature. While DeFi holds promise for enhancing economic activity by expanding market access for enterprises and promoting financial inclusion, concerns remain that digital assets are primarily used for speculative purposes rather than for financing the real economy. This study employs bibliometric methods to investigate whether and how the current academic literature addresses the potential influence of DeFi on real economic dynamics. Employing bibliometric methods—including co-citation, bibliographic coupling, and keyword co-occurrence analyses—focused on DeFi-related publications in the Economics and Business subject areas within the Scopus database, the study maps the knowledge base, author networks, and thematic trends and their temporal evolution, supporting regulators, researchers, and practitioners. The findings reveal that the integration of DeFi with the real economy has received limited attention in scholarly research. This highlights the need for further investigation into DeFi’s implications for financial stability, productive investment, and long-term economic growth.

Keywords: decentralized finance; traditional finance; real economy; economics and business; bibliometrics (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2025
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