Template-Type: ReDIF-Paper 1.0
Author-Name: Giulio Cornelli
Author-X-Name-First: Giulio 
Author-X-Name-Last: Cornelli
Author-Name: Sebastian Doerr 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Doerr
Author-Name: Leonardo Gambacorta 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Gambacorta
Author-Name: Bruno Tissot 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Tissot 
Title: Big data in Asian central banks
Abstract: This paper reviews the use of big data in Asian central banks, leveraging on a survey conducted among the members of the Irving Fisher Committee. The analysis reveals four main insights. First, Asian central banks define big data in a more encompassing way that includes unstructured non-traditional as well as structured data sets. Second, interest in big data appears higher in Asia, including at the senior policy level; the focus is in particular on projects developed to process natural language, conduct nowcasting/monitoring exercises, and develop applications to extract economy insights as well as suptech/regtech solutions. Third, Asian central banks report dealing with big data to support a wide range of tasks. Fourth, big data poses new challenges, with specific attention paid in the region to cyber security and data strategy. As a result, there is a growing need for international policy cooperation, especially among public authorities in Asia to facilitate the use of payments data and promote innovative technological solutions.
Length: 21 pages
Creation-Date: 2022-02
File-URL: https://www.bis.org/ifc/publ/ifcwork21.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/ifc/publ/ifcwork21.htm
File-Format: text/html
Number: 21
Classification-JEL: G17, G18, G23, G32
Keywords: Asian central banks, artificial intelligence, big data, data science, international cooperation
Handle: RePEc:bis:bisiwp:21