Does Finance Benefit Society? A Language Embedding Approach
利用大语言模型分析八国数百年间数百万本书籍，衡量民众对金融的情绪，发现不同国家情绪持久差异，且情绪变化能预测金融危机和经济增长。
Abstract We measure popular sentiment toward finance by applying a large language model to millions of books published in eight countries over hundreds of years. We extensively validate this measure both internally and externally. We document persistent differences in finance sentiment across countries despite ample time-series variation. Books written in the languages of more capitalist countries discuss finance in a more positive context. Finance sentiment is correlated with survey-based measures of financial market participation and income inequality. Finance sentiment declines one year before rather than after financial crises. Positive shocks to finance sentiment are followed by higher output and credit growth.