James Killian Professor

In the decades to come, 2023 may be remembered as the year of generative AI hype, where ChatGPT became arguably the fastest-spreading new technology in human history and expectations of AI-powered riches became commonplace. The year 2024 will be the time for recalibrating expectations. Of course, generative AI is an impressive technology, and it provides tremendous opportunities for improving productivity in a number of tasks.

Panel data can be used to measure directly or infer indirectly the presence and role of informal financial networks. In the Townsend Thai data (a collection of over 12 years of annual panel data for 900 households in 64 Thai) villages, networks are shown to play a beneficial role in smoothing consumption and investment against income and cash flow fluctuations.

This article is part of a seriesin which OECD experts and thought leaders—from around the world and all parts of society—address the COVID-19 crisis, discussing and developing solutions now and for the future. It aims to foster the fruitful exchange of expertise and perspectives across fields to help us rise to this critical challenge. Opinions expressed do not necessarily represent the views of the OECD.