Data
Evaluating big data capabilities in central banking
Central Banking convened a panel of experts to discuss how big data can add value to central banking in the near term, the need for good governance, and balancing the pros against the cons
'Institutional repositories' can boost research – Bank of Spain’s Selgas
Organising materials in an efficient manner online can support research and collaboration, says Bank of Spain’s chief librarian; system expected to launch in 2017
Big data could cut regulatory costs, say panellists
Big data could lead to a reduction in costly regulatory reporting, but three experts say there is still a long way to go before the figures are up to scratch
BoJ paper harnesses census data to improve industry surveys
Researchers aim to make the Bank of Japan’s Tankan survey more accurate from a smaller sample, based on Japan’s economic census
RBNZ floats idea of bank regulatory dashboard
Bringing regulatory disclosures together in one place could impose market discipline and allow more straightforward comparison of risks, central bank says
ECB paper examines use of eurozone bank lending survey
Changes in credit standards in the ECB’s bank lending survey serve as leading indicators for GDP and bank loan growth, researchers say
IMF praises Argentina’s new statistical rigour
Fund pleased with progress made reforming statistics but there is still work to be done; IMF willing to provide “technical assistance”
Property prices closing in on pre-crisis levels – BIS statistics
Statistics for the first quarter show advanced economy prices approaching levels last seen before the financial crisis, but emerging markets see a dip; research links house prices to credit conditions
BoE paper finds fault with empirical methods for studying contagion
Review of spillover and contagion literature finds methods plagued by bias and heteroskedasticity, concluding no single technique is flawless, but some offer a partial solution
BoE research finds support for Phillips curve in micro data
Authors turn to direct measures of firms’ expectations and employ new instrumental variables in search of empirical support for the Phillips curve
UK watchdog looks to new technology to ‘transform’ bank competition
Use of “open APIs” can enable easy data-sharing, which regulator hopes will give consumers clarity on bank charges and boost competition – though some see flaws in the plan
Network analysis sheds light on systemic risk – BoE paper
Pilot study of derivatives markets makes use of CDS data to map network of interlinkages, finding more than just immediate counterparty ties matter for systemic risk
Granular data aids policy transmission understanding, Draghi says
ECB president highlights “very rich information set” launched this week; involves reporting data on up to 35,000 daily transactions in the money market
Annual inflation in Argentina at 40.3% by year-end, markets say
Inflation seen slowing to less than 16% by end of 2018; results published in new expectations survey, relaunched after the central bank studied examples from abroad
FSB unveils proposals to curb asset management risks
Consultation tackles liquidity mismatch, leverage, op risk and securities lending, with the aim of heading off potential trouble from the recent growth of asset management
Inclusion survey identifies ‘significant gaps’ in data collection
Report published by Irving Fisher Committee on Central Bank Statistics highlights issues around how data is collected, including lack of integration with national statistical frameworks
Central Bank of Ireland to form analytical teams to improve ‘data architecture’
Governor Philip Lane encourages regulators to “embrace” technological advances, while stressing the balance between innovation and consumer protection
BoE launches fintech collaboration
Bank of England is working with fintech firms on innovations to support central banking, including its own distributed ledger; non-bank payment providers to gain direct access to RTGS system
BoJ economists shed light on quality-price dynamics
Study of large database of prices shows how firms take advantage of new product launches to raise prices partly due to higher quality and partly to maintain profits
FSB warns more work needed on shadow banking assessments
Peer review finds implementation of the oversight framework remains at an "early stage"; urges authorities to make a host of improvements, including around data collection
BIS’s Tissot says micro data can plug macro gaps
Data is abundant in many areas, but making micro data work with macro is still proving tricky for statisticians, says BIS head of statistics
Researchers conduct ‘horse race’ of financial crisis early-warning models
Statistical approaches based on machine learning appear to offer more robust early warnings of financial crisis than models based on more conventional techniques, two researchers say
Nonlinear models struggle to outperform VARs, Azerbaijani paper finds
Central bank’s first working paper finds various different nonlinear forecasting models perform poorly against autoregressive and VAR models, and even random walks
Bean welcomes bid to increase ONS access to public data
Reforming the legal framework will improve ONS access to administrative data, former BoE deputy says, adding the ONS must be more proactive in acquiring and producing data