BIS Publishes Bulletin on Use of Big Data Analytics by Central Banks
BIS published the IFC Bulletin Number 50, which presents proceedings of the Irving Fisher Committee (IFC)-National Bank of Belgium Workshop and Seminar on big data. The Workshop and Seminar, which was held on July 23-26, 2018, provided an opportunity to review the main big data sources relevant for central banks and the principal techniques developed in the recent years for analyzing big data—focusing on the classification and clustering of information derived from large quantitative data sets, with machine learning, text mining, and network analysis all playing an important role.
The presentations included in the IFC Bulletin analyzed various aspects related to the use of big data and associated techniques by central banks. They cover three main aspects:
- An assessment of the main big data sources and associated analytical techniques that are relevant for central banks
- The insights provided by big data for economic policy, with an overview of concrete central bank projects aiming to improve statistical information, macroeconomic analysis and forecasting, financial market monitoring, and financial risk assessment
- The use of big data in crafting central bank policies, including organizational aspects and related challenges
Related Link: IFC Bulletin
Keywords: International, Banking, Big Data, Artificial Intelligence, IFC, BIS
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