{
  "title": "IMF Staff Papers, Volume 47, No. 3",
  "publication": "IMF Staff Papers, October 10, 2001",
  "sourceUrl": "https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693",
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  "summary": "This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on finan",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: October 10, 2001\n- Core focus: Provides an overview of recent theoretical and empirical research on herd behavior in financial markets and surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.\n- Scope of analysis:\n  - What precisely is meant by herding.\n  - Causes of herd behavior.\n  - Success of existing studies in identifying herding.\n  - Effect of herding on financial markets.\n  - Survey of demand-for-money studies applying the error-correction model in the 1990s."
    },
    {
      "heading": "Findings on herd behavior in financial markets",
      "content": "- Conceptual clarification:\n  - Examines precise definitions of herding used in theoretical and empirical work.\n- Causes and mechanisms:\n  - Reviews various causes attributed to herd behavior in the literature.\n- Empirical identification:\n  - Assesses the success of existing studies in identifying instances of herding.\n- Market impact:\n  - Surveys evidence on the effects that herding has on financial market outcomes."
    },
    {
      "heading": "Findings on demand for money (error-correction model surveys)",
      "content": "- Methodological focus:\n  - Surveys a selected number of studies from the 1990s that evaluated demand for money using the error-correction model approach.\n- Coverage:\n  - Studies span a range of industrial and developing countries."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Demand for money, Domestic credit, Exchange rate arrangements, Exchange rates, Financial institutions, Foreign exchange, Inflation, Money, Prices, Stocks\n- Keywords: Asia and Pacific, country estimate, credit growth, Domestic credit, Exchange rate arrangements, Exchange rates, Global, indexed debt, Inflation, inflation rate, issuance policy, pegged-rate regime, price level, reserve country, SP, Stocks\n\n---\n\n\nSource: https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693"
    }
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    "Published: October 10, 2001",
    "Series: IMF Staff Papers",
    "Volume: 47",
    "DOI: https://doi.org/10.5089/9781451973747.024",
    "Publication date: October 10, 2001",
    "Core focus: Provides an overview of recent theoretical and empirical research on herd behavior in financial markets and surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.",
    "Scope of analysis:",
    "Conceptual clarification:",
    "Causes and mechanisms:",
    "Empirical identification:",
    "Market impact:",
    "Methodological focus:",
    "Coverage:",
    "Subject: Demand for money, Domestic credit, Exchange rate arrangements, Exchange rates, Financial institutions, Foreign exchange, Inflation, Money, Prices, Stocks",
    "Keywords: Asia and Pacific, country estimate, credit growth, Domestic credit, Exchange rate arrangements, Exchange rates, Global, indexed debt, Inflation, inflation rate, issuance policy, pegged-rate regime, price level, reserve country, SP, Stocks"
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