European Business Schools Librarian's Group

HEC Research Papers Series,
HEC Paris

No 1599: Barcelona 7: Artificial Intelligence in Finance

Thierry Foucault, Leonardo Gambacorta, Wei Jiang and Xavier Vives
Additional contact information
Thierry Foucault: HEC Paris - Finance Department
Leonardo Gambacorta: Bank for International Settlements (BIS); Centre for Economic Policy Research (CEPR)
Wei Jiang: Emory University Goizueta Business School; ECGI; NBER
Xavier Vives: University of Navarra - IESE Business School; Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); European Corporate Governance Institute (ECGI)

Abstract: The seventh report in The Future of Banking series, part of the Banking Initiative at IESE Business School, examines the fundamental transformations induced by artificial intelligence and the policy challenges it raises. It focuses on three main themes: the use of AI in financial intermediation, central banking and policy, and regulatory challenges; the implications of data abundance and algorithmic trading for financial markets; and the effects of AI on corporate finance, contracting, and governance. Across these domains, the report emphasises that while AI has the potential to improve efficiency, inclusion, and resilience, it also poses new vulnerabilities that call for adaptive regulatory responses.

Keywords: Banking; algorithmic trading; central banking

JEL-codes: E58; G18; G21

217 pages, June 5, 2025

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