Влияние на изкуствения интелект върху процесите, свързани с появата, протичането и регулирането на финансовите кризи
The Impact of Artificial Intelligence on Processes Related to the Occurrence, Development and Regulation of Financial Crises

Author(s): Emil Asenov, Georgi Ranchev
Subject(s): Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: artificial intelligence; financial crises; artificial intelligence models; risks related to artificial intelligence
Summary/Abstract: Artificial intelligence (AI) technology is increasingly integrated into the activities of both financial institutions and financial regulators. However, the use of artificial intelligence in the financial sphere clearly shows the presence of significant potential that could increase the frequency, intensity and acuteness of financial crises. Although the results of several analyses give reason to assume that AI cannot be determined as a fundamental source of financial crises, a few of its characteristics indicate that it could have a significant impact on the already existing vulnerabilities of economic systems. The article examines the main risks associated with the implementation of artificial intelligence models, which specifically refer to the risk associated with the emergence of disinformation, the risk associated with malicious use, the risk of non-compliance, and the risk associated with the presence of an oligopolistic market structure. Regarding the management of the risks, the study states that the use of artificial intelligence models can be a tool through which the resilience of the financial system can be strengthened. Achieving this goal by financial regulators implies the implementation of the following practical approaches: creating mechanisms for ongoing supervision; developing their own artificial intelligence models; building connections between artificial intelligence models; development of partnership between regulators and market institutions in the financial sector.

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