III. Artificial intelligence and the economy: implications for central banks
Annual report chapter published by the Bank for International Settlements as its own text. Dated 2024-06-30.
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- III. Artificial intelligence and the economy: implications for central banks Bank for International Settlements · published 2024-06-30 · Retrieved for the candidate pack on 2026-11-02 (SHA-256 edfc9e2f0596108f4964c662268212890d005028eea3e11e9d45d1f90008adf7). Retrieved again at admission on 2026-11-06 (same file). BIS HTML chapter as served on 2026-11-02 (requested at https://www.bis.org/publ/arpdf/ar2024e3.htm, redirected to the address given)
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- AI and money: what central banks and financial authorities have said, 1997–2026 →6 records on this document
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- AI raises financial-stability risks through correlated behaviourThe BIS Annual Economic Report 2024 (chapter III) states that the behaviour of financial institutions using the same algorithms could amplify procyclicality and market volatility by exacerbating herding, liquidity hoarding, runs and fire sales.2024-06-30 · publication · Stated in source · Supported Inspect claim & evidence ↗AI raises financial-stability risks through correlated behaviour: propositions page →
- Reliance on a few AI providers creates concentration riskThe BIS Annual Economic Report 2024 (chapter III) states that relying on a few providers of AI models increases third-party dependency risks, and that any failure of or cyber attack on these providers poses risks to the financial institutions relying on them.2024-06-30 · publication · Stated in source · Supported Inspect claim & evidence ↗Reliance on a few AI providers creates concentration risk: propositions page →
- AI increases cyber, fraud and operational risks in financeThe BIS Annual Economic Report 2024 (chapter III) states that generative AI could vastly expand hackers’ ability to write phishing emails and malware, exposing financial institutions and their customers to a greater risk of fraud, and that prompt injection and data or model poisoning add new sources of cyber risk.2024-06-30 · publication · Stated in source · Supported Inspect claim & evidence ↗AI increases cyber, fraud and operational risks in finance: propositions page →
- AI can improve nowcasting and policy analysisThe BIS Annual Economic Report 2024 (chapter III) states that large language models and generative AI hold promise for nowcasting by turning unstructured data into structured series, and that sentiment indices derived from such data can substantially improve forecasts of unemployment, GDP growth and inflation.2024-06-30 · publication · Stated in source · Supported Inspect claim & evidence ↗AI can improve nowcasting and policy analysis: propositions page →
- AI’s economic effects matter for monetary policyThe BIS Annual Economic Report 2024 (chapter III) states that AI will affect productivity, consumption, investment and labour markets, which have direct effects on price and financial stability, and that these developments are of paramount concern to central banks.2024-06-30 · publication · Stated in source · Supported Inspect claim & evidence ↗AI’s economic effects matter for monetary policy: propositions page →
- Central banks need to build their own AI capacityThe BIS Annual Economic Report 2024 (chapter III) states that central banks need to build expertise in AI, that providing computing power and staff involves high up-front costs, and that central banks need to form a ‘community of practice’ to share knowledge, data, best practices and AI tools.2024-06-30 · publication · Stated in source · Supported Inspect claim & evidence ↗Central banks need to build their own AI capacity: propositions page →
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