Early warning system in business, finance, and economics

Abstract

Different economic crises such as banking, financial, and currency lead to high economic costs and have negative impact to whole society. Development of early warning systems could help in prevention of economic and business crisis, while they present a systematic forecast of unwanted events. Early warning systems are used primary for detecting crises before damage has been made and for reducing false alarms of possible crisis. The aim of our article is to provide bibliometric analysis of early warning system, their development and usage in different environment especially in economic and finance sector. It investigates the role of early warning systems for prediction and recognition of negative events, especially in the area of business, finances, and economy. Moreover, this article contributes to the existing literature by providing systematic analysis of development and usage of early warning systems to predict critical and problematic events for economic and social development.