Federal Reserve 2025 Working paper

Geopolitical Risk and Global Banking

Friederike Niepmann and Leslie Sheng Shen

Niepmann, F. & Shen, L. S., “Geopolitical Risk and Global Banking,” International Finance Discussion Paper 1418, Board of Governors of the Federal Reserve System (2025).

Country-specific geopolitical risk

The paper uses NL Analytics earnings-call indicators of country-specific geopolitical threats and actions. The paper combines these transcript-based measures with banks’ country exposures; separate newspaper-based risk indices come from another source.

Study coverage: Global public-company earnings calls beginning in 2002; banking samples vary by analysis.
Data and materials: Country and bank-exposure-weighted geopolitical-risk indices

Interested in the data?

Ask us about the NL Analytics data or tools used in this research.

Email us

Corrections or updates to this entry? Email us.