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Artificial Intelligence and Systemic Risk

Daníelsson, Jón; Macrae, Robert; Uthemann, Andreas
2022
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Description

Abstract: Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking over core functions for both cost savings and operational efficiency reasons. AI will assist both risk managers and the financial authorities. However, it can destabilize the financial system, creating new tail risks and amplifying existing ones due to procyclicality, unknown-unknowns, the need for trust, and optimization against the system.

Details

Resource Type
Journal Article
Series (Uniform Title)
Peer-Reviewed Publications
Publications à comité de lecture
DOI
https://doi.org/10.1016/j.jbankfin.2021.106290
Title
Artificial Intelligence and Systemic Risk
Creator
Daníelsson, Jón (London School of Economics)
Macrae, Robert (London School of Economics)
Uthemann, Andreas (Bank of Canada)
Publisher
Elsevier BV
Date
2022-07-01
Published in
Journal of Banking & Finance
Volume
140
Issue
106290
Language
English
Note
The views expressed in this paper are solely those of the authors and may differ from official Bank of Canada views. No responsibility for them should be attributed to the Bank.
Availability Statement
Paper is available on an open access basis
Rights
Creative Commons Attribution 4.0 International, CC-BY-4.0, (https://creativecommons.org/licenses/by/4.0/legalcode)
Publication Citation
Daníelsson, J., R. Macrae and A. Uthemann. 2022. "Artificial Intelligence and Systemic Risk." Journal of Banking & Finance 140 No. 106290. https://doi.org/10.1016/j.jbankfin.2021.106290.
Record Appears in
Bank of Canada Research > Peer-Reviewed Publications

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