金融领域的人工智能

TheFutureofBanking7 ThierryFoucault,LeonardoGambacorta,WeiJiangandXavierVives ArtificialIntelligenceinFinance ARTIFICIALINTELLIGENCEINFINANCE TheFutureofBanking7 CEPRPRESS CentreforEconomicPolicyResearch187boulevardSaint-Germain 75007Paris,France 2ColdbathSquareLondonEC1R5HL,UK Tel:+44(20)71838801 Fax:+44(20)71838820 Email:cepr@cepr.orgWeb:www.cepr.org ISBN:978-1-912179-93-0 ©2025CEPRPress ARTIFICIALINTELLIGENCEINFINANCE TheFutureofBanking7 ThierryFoucault HECParisandCEPR LeonardoGambacorta BankforInternationalSettlementsandCEPR WeiJiang EmoryUniversity XavierVives IESEBusinessSchoolandCEPR CENTREFORECONOMICPOLICYRESEARCH(CEPR) TheCentreforEconomicPolicyResearch(CEPR)isanetworkofalmost1,900researcheconomistsbasedmostlyinEuropeanuniversities.TheCentre’sgoalistwofold:topromoteworld-classresearch,andtogetthepolicy-relevantresultsintothehandsofkeydecision-makers.CEPR’sguidingprincipleis’Researchexcellencewithpolicyrelevance’.ItwasfoundedintheUKin1983,whereitisaCharity,andinNovember2019CEPRinitiatedthecreationofanAssociationunderFrenchlaw,inordertoprovideavehicleforanexpansioninFrance.ThemembersoftheConseild’AdministrationoftheAssociationareidenticaltotheUKBoardofTrustees. CEPRisindependentofallpublicandprivateinterestgroups.IttakesnoinstitutionalstandoneconomicpolicymattersanditscorefundingcomesfromitsInstitutionalMembers,projectsthatitrunsandsalesofpublications.Becauseitdrawsonsuchalargenetworkofresearchers,itsoutputreflectsabroadspectrumofindividualviewpointsaswellasperspectivesdrawnfromcivilsociety.CEPRresearchmayincludeviewsonpolicy,buttheTrustees/membersoftheConseild’AdministrationoftheAssociationdonotgivepriorreviewtoitspublications.TheopinionsexpressedinthisreportarethoseoftheauthorsandnotthoseofCEPR. ChairoftheBoardSirCharlieBeanFounderandHonoraryPresidentRichardPortes PresidentBeatriceWederdiMauro VicePresidentsMaristellaBotticiniAntonioFatás UgoPanizzaHélèneRey ChiefExecutiveOfficerTessaOgden IESEBUSINESSSCHOOL IESEisthegraduatebusinessschooloftheUniversityofNavarra.Foundedin1958,theschoolisoneoftheworld´smostinternationalbusinessschools,withcampusesinBarcelona,Madrid,Munich,NewYorkandSãoPaulo.Consistentlyrankedwithinthetoptenworldwide,IESEBusinessSchoolhaspioneeredbusinesseducationinEuropesinceitsfounding.Formorethansixtyyears,IESEhassoughttodevelopbusinessleaderswithsolidbusinessskills,aglobalmind-setandadesiretomakeapositiveimpactonpeopleandsociety.Theschooldistinguishesitselfinitsgeneral-managementapproach,extensiveuseofthecasemethod,internationaloutreach,andemphasisonplacingpeopleattheheartofmanagerialdecision-making. Abouttheauthors ThierryFoucaultisChairedFoundationProfessorofFinanceatHECParisandaCEPRResearchFellow.HeholdsaPhDinFinancefromHECParis.Hisresearchfocusesontheroleofinformationinfinancialmarkets,theindustrialorganisationofthesemarkets,andtheireffectontherealeconomy.Heisco-editoroftheJournalofFinancialandQuantitativeAnalysisandanAssociateEditoroftheJournalofFinance.HeservesonthescientificcommitteesoftheAutoritédesmarchésfinanciers(AMF)andtheNorgesBankAcademicProgramme.HecoauthoredMarketLiquidity:Theory,Evidence,andPolicy(OxfordUniversityPress). LeonardoGambacortaistheHeadoftheEmergingMarketsunitattheBIS.Priortohiscurrentrole,heservedasHeadofInnovationandDigitalEconomy(2019-2024),ResearchAdviser(2014-2018)andHeadofMonetaryPolicy(2010-12)intheMonetaryandEconomicDepartment.BeforejoiningtheBIS,hewasHeadoftheMoneyandCreditUnit(2007-2009)andHeadoftheBankingSectorUnit(2004-2006)intheResearchDepartmentoftheBankofItaly.HewasavisitingscholarattheNationalBureauofEconomicResearch(2002–03).LeonardoholdsanMScinEconomicsfromtheUniversityofWarwickandaPhDinEconomicsfromtheUniversityofPavia.Hisprimaryresearchinterestsincludemonetarytransmissionmechanisms,theeffectivenessofmacroprudentialpoliciesincurbingsystemicrisk,andtheeffectsoftechnologicalinnovationonfinancialintermediation.HeisaResearchFellowoftheCentreforEconomicPolicyResearch. WeiJiangisAsaGriggsCandlerProfessorofFinanceandViceDeanofFacultyandResearchatEmoryUniversity'sGoizuetaBusinessSchool.SheisaResearchAssociateoftheNBER.SheisthePresident-ElectoftheAmericanFinanceAssociation(AFA)in2025,andwaspreviouslythePresidentoftheSocietyofFinanceStudies(SFS).ProfessorJiang'smainresearchinterestslieincorporategovernance,institutionalinvestors,technologyandfinancialmarkets.Shehaspublishedextensivelyintopeconomics,finance,andlawjournals,andherresearchhasbeenfrequentlyfeaturedinmajormedia.Shereceiveddozensofawardsforresearchexcellence,includingthebestpaperprizesfromJournalofFinance,ReviewofFinancialStudies,andJournalofFinancialEconomics.PreviouslysheservedasaneditoroftheReviewofFinancialStudies,aFinanceDepartmentEditoratManagementScienceandanAssociateEditorattheJournalofFinance.ProfessorJiangreceivedherPhDinEconomicsfromtheUniversityofChicagoin2001,andjoinedtheFinancefacultyofColumbiaBusinessSchoolinthesameyear.ShewastheArthurF.BurnsProfessorofFreeandCompetitiveEnterpriseatColumbiaBusinessSchooluntil2022. XavierVivesisChairedProfessorofEconomicsandFinan