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This ambitious volume, featuring 17 articles written by 25 contributors — researchers, central bankers, supervisors, and financial experts — offers an in-depth exploration of the major transformations that artificial intelligence (AI) is bringing to the financial sector.
Artificial intelligence is reshaping the financial industry: data analysis, risk management, service personalisation, modelling, forecasting…
AI tools — especially generative AI — provide unprecedented capabilities for processing information, enhancing productivity, and improving decision-making.
But this rapid transformation also brings new challenges: algorithmic biases, model opacity, systemic risks, increased market volatility, and technological inequalities between institutions.
The central question remains how to ensure responsible AI development aligned with human, economic, and societal objectives.
The issue is structured around three sections reflecting the diversity of these challenges:
With contributions from Cédric Villani, Philippe Aghion & Antonin Bergeaud, Agnès Bénassy-Quéré, these articles examine how AI and new technologies drive growth, transform research productivity, and reshape choices related to industrial policy and the organisation of the financial system.
The authors analyse practical applications of AI in market finance, credit, and investment, new valuation models, and the effects on competition and financial stability.
This final section explores the regulatory and ethical challenges posed by AI, as well as possible responses from supervisory authorities and international institutions.
This issue brings together leading voices, including:
Marie BRIÈRE, Cédric VILLANI, Philippe AGHION, Antonin BERGEAUD, Agnès BÉNASSY-QUÉRÉ, David ZHANG, Xavier BOILEAU, Jean-Paul MAZOYER, Charles-Albert LEHALLE, Thierry FOUCAULT, Christophe HURLIN, Christophe PÉRIGNON, Andrew W. LO, Jillian ROSS, Tobias ADRIAN, Benjamin MOSK, Jason WU, Christine BALAGUÉ, Giulio BAGATTINI, Claudia GUAGLIANO, Valentina MEJDAHL, Iota Kaousar NASSR, Claude DIEBOLT, Alain-Gérard SLAMA, Jason LERMYTE
Their combined perspectives help clarify how artificial intelligence is reshaping economic, financial, and technological equilibria, while raising questions about the conditions needed for sustainable and inclusive innovation.
“AI can steer innovation toward quality rather than quantity, provided its use is regulated without stifling competition,” notes Philippe Aghion in his contribution.
This issue fits squarely within the FaIR programme of the Institut Louis Bachelier, which explores the intersections between finance, insurance, and artificial intelligence.
By bringing together economists, practitioners, and regulators, it sheds light on the major challenges of technological innovation and its regulation in the service of society.
