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Big data in Asian central banks

Author

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

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.

Suggested Citation

  • Giulio Cornelli & Sebastian Doerr & Leonardo Gambacorta & Bruno Tissot, 2022. "Big data in Asian central banks," IFC Working Papers 21, Bank for International Settlements.
    • Handle: RePEc:bis:bisiwp:21
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    References listed on IDEAS

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    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.
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    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
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    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.

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    Keywords

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    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

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