ADVANCEMENTS IN ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING FOR PUBLIC FINANCE: MODELS, TRENDS, AND IMPLEMENTATION CHALLENGES

Abstract

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This paper utilizes artificial intelligence (AI) and machine learning (ML) application to the field of forecasting public finances, where a specific paradigm shift is observed as the complex AI-based models replace traditional econometric models. This paper systematically analyzes AI and ML application to the field of forecasting public finances, where a specific paradigm shift is observed as the complex AI-based models replace traditional econometric models. It critically looks at the latest development in the field of deep learning, natural language processing (NLP), ensemble learning and hybrid AI methods in explaining how they have been utilized in predicting key fiscal variables, including government revenues, expenditures, budget deficits, debt sustainability, tax compliance, and fiscal risks.