Salvatore Rossi: Big data econometrics with applications

Opening remarks by Mr Salvatore Rossi, Senior Deputy Governor of the Bank of Italy and President of the Institute for the Supervision of Insurance (IVASS), at the 29th (EC)2 Conference on "Big Data Econometrics with Applications", Rome, 13 December 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

It is my great pleasure to open this conference and to welcome all the speakers and participants. I thank the organizers for designing such a broad and topical programme.

With the increasing digitalization of the economy, data has become central in all the social sciences, and economics is no exception. In fact, some have talked about data being the new oil of today's world. Econometrics and statistics are therefore becoming increasingly dependent on the availability of huge and heterogeneous datasets.