要 旨
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As artificial intelligence (AI) emerges as a key driver of Industry 4.0, nations are vying
for a competitive edge in AI advancements, innovation, and applications. This study
investigates AI’s role in the financial system by delving into the intricate relationship
between AI and financial systemic risk (FSR) across diverse contexts. The results show
that, first, AI investment is generally associated with increased FSR. Second, global risk
spillover is observed in the FSR of various countries. Extreme events can lead to a sharp
and simultaneous increase in FSR across nations. In addition, after removing global
risk spillover, the FSR dynamics of countries do not strictly conform to geographical
proximity. Third, mechanism analysis reveals that AI increases FSR by enhancing the
interconnectedness between entities and raising unemployment.
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