Author
Listed:
- Ahmed S. Wafi
(Seminar of Financial Econometrics, Institute of Statistics, Ludwig-Maximilians-Universität München (LMU Munich), Akademiestr. 1/I, 80799 München, Germany
Department of Finance, Stat, & Data Analysis, EU Business School, Munich Campus, Theresienhöhe 28, 80339 Munich, Germany
Department of Business Administration, Finance Division, Faculty of Commerce, Cairo University, Giza 12613, Egypt)
- Sherif El-Halaby
(Department of Accounting & Finance, College of Business Administration, Ajman University, University Street, Al-Jerf 1, Ajman 346, United Arab Emirates)
- Hussien Ahmed
(Department of Accounting, Helwan University, Ain Helwan, Cairo 11790, Egypt
Department of Finance, Accounting & Economics, School of Management, University College London, London WC1E 6BT, UK)
Abstract
This study offers a comprehensive assessment of financial market modeling through a PRISMA-based systematic review, bibliometric analysis, and content synthesis. We examined 67 review articles (1990–2024) from Web of Science to build a conceptual framework, and 4982 articles (1990–2024) were analyzed with Biblioshiny. Five main clusters emerge: AI and deep learning for prediction; hybrid models that combine traditional and computational approaches; theoretical foundations, including the Efficient Market Hypothesis and critiques; high-frequency prediction and volatility analysis; and modeling of cryptocurrencies and digital assets. Temporal patterns show a shift from traditional econometrics to hybrid and deep learning methods, heightened attention to uncertainty and volatility during crises, rapid growth in crypto-focused modeling, and increased use of sentiment/news data after 2017. The content analysis highlights key gaps and future directions: standardized open benchmarks and reproducible frameworks; regime-sensitive validation; interpretable hybrid models that merge econometric structure with machine-learning flexibility; and wider applicability across assets, markets, and data types. The study provides a structured guide to intellectual and applied modeling, supporting future advances in forecasting, risk management, and policy design.
Suggested Citation
Ahmed S. Wafi & Sherif El-Halaby & Hussien Ahmed, 2026.
"Financial-Market Forecasting and Modelling from Econometrics to AI: An Integrated Systematic and Bibliometric Review with Content Synthesis (1990–2024),"
JRFM, MDPI, vol. 19(3), pages 1-47, March.
Handle:
RePEc:gam:jjrfmx:v:19:y:2026:i:3:p:228-:d:1898609
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