Predicting the Law: Artificial Intelligence Findings from the IMF’s Central Bank Legislation Database

Using the 2010, 2015, and 2020/2021 datasets of the IMF’s Central Bank Legislation Database (CBLD), we explore artificial intelligence (AI) and machine learning (ML) approaches to analyzing patterns in central bank legislation. Our findings highlight that: (i) a simple Naïve Bayes algorithm can link...

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Bibliographic Details
Main Author: AlAjmi, Khaled
Other Authors: Deodoro, Jose, Khan, Ashraf, Moriya, Kei
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2023
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 33 pages 
653 |a Economic & financial crises & disasters 
653 |a Technological Change: Choices and Consequences 
653 |a Economics 
653 |a Central bank legislation 
653 |a Technology 
653 |a Large Data Sets: Modeling and Analysis 
653 |a Economics: General 
653 |a Informal sector 
653 |a Intelligence (AI) & Semantics 
653 |a Diffusion Processes 
653 |a Economics of specific sectors 
653 |a Central banks 
653 |a Currency crises 
653 |a Forecasting and Other Model Applications 
653 |a Artificial intelligence 
653 |a Central bank governance 
653 |a Banks and Banking 
653 |a Macroeconomics 
653 |a Banking 
653 |a Central Banks and Their Policies 
653 |a Central bank autonomy 
653 |a Central bank transparency 
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700 1 |a Khan, Ashraf 
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520 |a Using the 2010, 2015, and 2020/2021 datasets of the IMF’s Central Bank Legislation Database (CBLD), we explore artificial intelligence (AI) and machine learning (ML) approaches to analyzing patterns in central bank legislation. Our findings highlight that: (i) a simple Naïve Bayes algorithm can link CBLD search categories with a significant and increasing level of accuracy to specific articles and phrases in articles in laws (i.e., predict search classification); (ii) specific patterns or themes emerge across central bank legislation (most notably, on central bank governance, central bank policy and operations, and central bank stakeholders and transparency); and (iii) other AI/ML approaches yield interesting results, meriting further research