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创新税：生成式人工智能采用、生产率悖论与美国银行业系统性风险AI 解读

This paper evaluates the causal impact of Generative Artificial Intelligence (GenAI) adoption on productivity and systemic risk in the U.S. banking sector. Using a novel dataset linking SEC 10-Q filings to Federal Reserve regulatory data for 809 financial institutions over 2018--2025, we employ two complementary identification strategies: Dynamic Spatial Durbin Models (DSDM) to capture network spillovers and Synthetic Difference-in-Differences (SDID) for causal inference…

一般均衡放大与危机脆弱性：全球银行的跨危机证据AI 解读

This paper develops a continuous framework for analyzing financial contagion that incorporates both geographic proximity and interbank network linkages. The framework characterizes stress propagation through a master equation whose solution admits a Feynman-Kac representation as expected cumulative stress along stochastic paths through spatial-network space. From this representation, I derive the General Equilibrium Amplification Factor -- a structural measure of systemic…

动态空间处理效应与网络脆弱性：2008年金融危机的理论与证据AI 解读

The 2008 financial crisis exposed fundamental vulnerabilities in interconnected banking systems, yet existing frameworks fail to integrate spatial propagation with network contagion mechanisms. This paper develops a unified spatial-network framework to analyze systemic risk dynamics, revealing three critical findings that challenge conventional wisdom. First, banking consolidation paradoxically increased systemic fragility: while bank numbers declined 47.3% from 2007 to…

欧洲银行网络传染动态：基于 Navier–Stokes 的系统性风险评估框架AI 解读

This paper develops a continuous functional framework for analyzing contagion dynamics in financial networks, extending the Navier-Stokes-based approach to network-structured spatial processes. We model financial distress propagation as a diffusion process on weighted networks, deriving a network diffusion equation from first principles that predicts contagion decay depends on the network's algebraic connectivity through the relation $κ= \sqrt{λ_2/D}$, where $λ_2$ is the…