Dynamic Volatility Spillovers between Spot and Futures Markets during Market Crises: A Systematic Literature Review Using the TCCM Framework

Aswathi P; T. Mohammed Nishad

doi:10.55524/ijirem.2025.12.3.6

Abstract

This article presents a structured literature review of dynamic volatility spillovers between spot and futures markets during financial crises, applying the TCCM (Theory, Context, Characteristics, Methodology) framework. Drawing from influential and Scopus-indexed studies, it offers a consolidated understanding of volatility dynamics, key transmission mechanisms, and methodological advancements. The study also identifies evolving trends, critical research gaps, and future research directions relevant to academics and financial practitioners.

Keywords

Dynamic Volatility, Spillovers, Spot and Futures Markets, Financial Crises, TCCM Framework

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Cites this article as

A. P, T. M. Nishad, "Dynamic Volatility Spillovers between Spot and Futures Markets during Market Crises: A Systematic Literature Review Using the TCCM Framework", International Journal of Innovative Research in Engineering & Management (IJIREM), Vol-12, Issue-3, Page No-47-51, 2025. Available from: https://doi.org/10.55524/ijirem.2025.12.3.6