In　the　past　few　years,　we　have　witnessed　the　rapid　development　and　exponential　growth　of　generative　artificial　intelligence　(GAI)　technologies　including　large　language　models　(LLMs)-enabled　ChatGPT　and　peripheral　innovations.　These　technologies　are　designed　to　be　humanlike　intelligence　and　intuitive　by　providing　direct　access　to　systems　using　application　programming　interfaces　(APIs).　The　GAI　applications　can　fundamentally　change　economic　and　financial　activities,　through　revolutionizing　the　ways　that　humans　interact　with　machines　and　giving　rise　to　new　modes　of　production　and　behavior　patterns.　It　is　imperative　to　develop　a　new　research　paradigm　that　is　more　suitable　than　the　currently　dominating　conventional　research　paradigms.　This　article　presents　the　new　paradigm　for　economic　and　financial　research　with　GAI,　covering　the　research　objectives,　scientific　data,　and　models,　and　explores　the　underlying　impact　and　perspective　that　bring　to　this　field.　We　elaborate　on　the　potential　five　scenarios　including　portfolio　management,　economic　and　financial　prediction,　extreme　scenario　analysis,　policy　analysis,　and　financial　fraud　detection.　The　new　research　paradigm　with　GAI　proposed　in　this　article　can　provide　significant　insights　for　a　comprehensive　understanding　of　innovation　and　transformation　in　this　domain.　IEEE