## IMF Staff Papers, Volume 47, No. 3

_IMF Staff Papers, October 10, 2001_

## Source details

**Canonical URL:** [IMF Staff Papers, Volume 47, No. 3](https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693)

## Other formats

- [Markdown version](/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693/index.md)
- [Structured JSON version](/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693/index.json)
- [Bundle manifest](/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693/bundle-manifest.json)

## Bibliographic details
- Published: October 10, 2001
- Series: IMF Staff Papers
- Volume: 47
- DOI: https://doi.org/10.5089/9781451973747.024

---

### Overview
- 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:
  - What precisely is meant by herding.
  - Causes of herd behavior.
  - Success of existing studies in identifying herding.
  - Effect of herding on financial markets.
  - Survey of demand-for-money studies applying the error-correction model in the 1990s.

### Findings on herd behavior in financial markets
- Conceptual clarification:
  - Examines precise definitions of herding used in theoretical and empirical work.
- Causes and mechanisms:
  - Reviews various causes attributed to herd behavior in the literature.
- Empirical identification:
  - Assesses the success of existing studies in identifying instances of herding.
- Market impact:
  - Surveys evidence on the effects that herding has on financial market outcomes.

### Findings on demand for money (error-correction model surveys)
- Methodological focus:
  - Surveys a selected number of studies from the 1990s that evaluated demand for money using the error-correction model approach.
- Coverage:
  - Studies span a range of industrial and developing countries.

### Subjects and Keywords
- 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

---


_Source: https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-47-no-14693_