IDEAS home Printed from https://ideas.repec.org/a/bla/asiapr/v17y2022i2p255-269.html
   My bibliography  Save this article

Big Data in Asian Central Banks

Author

Listed:
  • Giulio Cornelli
  • Sebastian Doerr
  • Leonardo Gambacorta
  • Bruno Tissot

Abstract

The present paper reviews the use of big data in Asian central banks, leveraging on a survey conducted by the Irving Fischer Committee on Central Bank Statistics (IFC) of the Bank for International Settlements. It reveals four main insights. First, Asian central banks define big data in an encompassing way. Second, they show higher interest in big data, including at the senior policy level. Third, big data already supports a wide range of tasks. Fourth, big data poses new challenges and increases the need for international policy cooperation, especially to make use of payments data and promote innovative technological solutions.

Suggested Citation

  • Giulio Cornelli & Sebastian Doerr & Leonardo Gambacorta & Bruno Tissot, 2022. "Big Data in Asian Central Banks," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 255-269, July.
  • Handle: RePEc:bla:asiapr:v:17:y:2022:i:2:p:255-269
    DOI: 10.1111/aepr.12376
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/aepr.12376
    Download Restriction: no

    File URL: https://libkey.io/10.1111/aepr.12376?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Nymand-Andersen, Per & Pantelidis, Emmanouil, 2018. "Google econometrics: nowcasting euro area car sales and big data quality requirements," Statistics Paper Series 30, European Central Bank.
    2. Jens Mehrhoff, 2019. "Demystifying big data in official statistics – it’s not rocket science!," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    3. Marlene Amstad & Giulio Cornelli & Leonardo Gambacorta & Dora Xia, 2020. "Investors' risk attitudes in the pandemic and the stock market: new evidence based on internet searches," BIS Bulletins 25, Bank for International Settlements.
    4. Giulio Cornelli & Jon Frost & Leonardo Gambacorta & Raghavendra Rau & Robert Wardrop & Tania Ziegler, 2020. "Fintech and big tech credit: a new database," BIS Working Papers 887, Bank for International Settlements.
    5. Paphatsorn Sawaengsuksant, 2019. "Standardised approach in developing economic indicators using internet searching applications," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The use of big data analytics and artificial intelligence in central banking, volume 50, Bank for International Settlements.
    6. Jeannine Bailliu & Xinfen Han & Mark Kruger & Yu-Hsien Liu & Sri Thanabalasingam, 2019. "Can media and text analytics provide insights into labour market conditions in China?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    7. Alvin Andhika Zulen & Okiriza Wibisono, 2019. "Measuring stakeholders’ expectation on central bank’s policy rate," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    8. Marlene Amstad & Leonardo Gambacorta & Chao He & Dora Xia, 2021. "Trade sentiment and the stock market: new evidence based on big data textual analysis of Chinese media," BIS Working Papers 917, Bank for International Settlements.
    9. Bruno Tissot, 2017. "Big data and central banking - Overview," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Big Data, volume 44, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Feng Zhu, 2022. "Comment on “Big Data in Asian Central Banks”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 272-273, July.
    2. Yiping Huang & Takatoshi Ito & Kazumasa Iwata & Colin McKenzie & Shujiro Urata, 2022. "Digital Finance in Asia: Editors' Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 163-182, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. DeFusco, Anthony A. & Tang, Huan & Yannelis, Constantine, 2022. "Measuring the welfare cost of asymmetric information in consumer credit markets," Journal of Financial Economics, Elsevier, vol. 146(3), pages 821-840.
    2. Belloc, Filippo, 2021. "Industrial actions and firing regimes: How deregulating worker “Exit” reshapes worker “Voice”," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 251-264.
    3. Marlene Amstad & Leonardo Gambacorta & Chao He & Dora Xia, 2021. "Trade sentiment and the stock market: new evidence based on big data textual analysis of Chinese media," BIS Working Papers 917, Bank for International Settlements.
    4. O'Donoghue, Cathal & Sologon, Denisa Maria, 2023. "The Transformation of Public Policy Analysis in Times of Crisis – A Microsimulation-Nowcasting Method Using Big Data," IZA Discussion Papers 15937, Institute of Labor Economics (IZA).
    5. Kowalewski, Oskar & Pisany, Paweł, 2022. "Banks' consumer lending reaction to fintech and bigtech credit emergence in the context of soft versus hard credit information processing," International Review of Financial Analysis, Elsevier, vol. 81(C).
    6. Fred Huibers, 2021. "Regulatory Response to the Rise of Fintech Credit in The Netherlands," JRFM, MDPI, vol. 14(8), pages 1-12, August.
    7. Xie, Xueyan & Zhu, Xiaoyang, 2022. "FinTech and capital allocation efficiency: Another equity-efficiency dilemma?," Global Finance Journal, Elsevier, vol. 53(C).
    8. Laurent Ferrara & Anna Simoni, 2019. "When are Google data useful to nowcast GDP? An approach via pre-selection and shrinkage," Working Papers 2019-04, Center for Research in Economics and Statistics.
    9. Giulio Cornelli & Jon Frost & Leonardo Gambacorta & Raghavendra Rau & Robert Wardrop & Tania Ziegler, 2021. "Fintech and Big Tech Credit: What Explains the Rise of Digital Lending?," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 22(02), pages 30-34, March.
    10. Cristina Sbîrneciu & Nicoleta-Valentina Florea, 2023. "An exploratory case study: Romania’s digital innovation opportunities due to rise of digital currencies," Journal of Financial Studies, Institute of Financial Studies, vol. 8(14), pages 143-164, May.
    11. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2022. "European Small Business Finance Outlook 2022," EIF Working Paper Series 2022/84, European Investment Fund (EIF).
    12. Brei, Michael & Ferri, Giovanni & Gambacorta, Leonardo, 2023. "Financial structure and income inequality," Journal of International Money and Finance, Elsevier, vol. 131(C).
    13. Wang, Xiaoting & Hou, Siyuan & Kyaw, Khine & Xue, Xupeng & Liu, Xueqin, 2023. "Exploring the determinants of Fintech Credit: A comprehensive analysis," Economic Modelling, Elsevier, vol. 126(C).
    14. Wenbo Wang & Hail Park, 2021. "How Vulnerable Are Financial Markets to COVID-19? A Comparative Study of the US and South Korea," Sustainability, MDPI, vol. 13(10), pages 1-18, May.
    15. Pavanini, Nicola & Braggion, Fabio & Manconi, Alberto & Zhu, Haikun, 2022. "The Value of Financial Intermediation: Evidence from Online Debt Crowdfunding," CEPR Discussion Papers 14740, C.E.P.R. Discussion Papers.
    16. Massimo Ferrari Minesso & Frederik Kurcz & Maria Sole Pagliari, 2022. "Do words hurt more than actions? The impact of trade tensions on financial markets," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(6), pages 1138-1159, September.
    17. Hodula, Martin, 2023. "Fintech credit, big tech credit and income inequality," Finance Research Letters, Elsevier, vol. 51(C).
    18. Gülçin İpek Emeksiz & Ali Şimşek, 2022. "Communication Strategies Used in Corporate Facebook Pages and Motivations of Consumers for Following These Pages," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 5, July -Dec.
    19. Tobias Berg & Andreas Fuster & Manju Puri, 2022. "FinTech Lending," Annual Review of Financial Economics, Annual Reviews, vol. 14(1), pages 187-207, November.
    20. Hasan, Iftekhar & Kwak, Boreum & Li, Xiang, 2023. "Financial technologies and the effectiveness of monetary policy transmission," IWH Discussion Papers 26/2020, Halle Institute for Economic Research (IWH), revised 2023.

    More about this item

    JEL classification:

    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:asiapr:v:17:y:2022:i:2:p:255-269. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/jcerrjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.