Data
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
MAS director hails work on natural catastrophe data
Bernard Wee introduces Natural Catastrophe Data Analytics Exchange, aimed at remedying “gappy” expertise in the region
Bank of England to react ‘more cautiously’ to data in light of EU referendum
Uncertainty over referendum to affect macroeconomic data over next few months; inflation rising but still well below BoE target
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures
BoE searches for better data on macro-financial links
As part of efforts to crack the UK’s productivity puzzle, the BoE plans improved data-gathering, seeking insight into the impact of capital accumulation and access to finance
Singapore official points to benefits big data offers insurers
Insurers can gain a competitive edge by harnessing insights from big data when designing products, the Monetary Authority of Singapore’s Chua Kim Leng says
AFI’s Hannig sees central banks bolstering resources to drive inclusion
Alfred Hannig expects central banks gradually to increase resources devoted to inclusion as they take more responsibility for the area; Alliance for Financial Inclusion announces independence
Flug outlines state of play on Israeli credit information database
Governor says new database established and operated by Bank of Israel will strike a balance between being comprehensive and relevant; key appointments to follow
FSB looks to gauge risks around collateral reuse
Reusing collateral brings various benefits, but could also pose stability risks, report says; FSB outlines options for measures that could give supervisors a clearer picture of reuse patterns
Research considers why macroeconomic announcements impact asset prices
A working paper published by the ECB weighs the ‘intrinsic value’ of macroeconomic news announcements in the US, finding timing is crucial to maintaining it
Regulators need better grasp of electronic trading, BIS committee says
Rapid growth of electronic trading in fixed-income markets demands more sophisticated regulatory analysis, Markets Committee says; new risks may be developing
ONS to launch new website in response to review
The new site will draw on feedback from more than 600 people; US Fred model is something to strive for, says the deputy national statistician for economic statistics
Bank of England paper explores exchange rate pass-through using ‘big data’
Author finds the pass-through to import prices varies depending on the size of the exchange rate movement at the micro level, but it is a different story at the macro level
Bean says statistics agencies struggling to keep pace with the modern economy
Former BoE deputy warns of a widening gulf between the structure of the economy and how ageing statistical techniques represent it; urges UK statistics office to be more ‘agile’
Philippines central bank empowers micro-banking offices
Micro-banking offices can open deposit accounts under new measure; central bank reflects on measures taken to boost financial inclusion in 2015 and challenges ahead
Debelle highlights ‘rich potential’ in regulatory data
Regulatory reporting is still in its infancy, but already useful trends are starting to emerge, the RBA assistant governor says
Modern central banks need big data strategy, Riksbank economists say
Central banks need to adapt to growing data volumes, but the organisational changes required could help departments work together more closely, economists say
Bean calls for overhaul of UK statistics
Report dissecting UK statistics production calls for national statistics office to become more agile, make use of new forms of data, and tackle shortcomings
Presentation of big data key to inspiring research, academic argues
New York University professor says financial regulators need to learn from large-scale scientific projects and online retailers to encourage ‘research communities’
The big data revolution and central banking
Central banks are increasingly turning their attention to the challenge of analysing very large datasets. But is ‘big data’ as revolutionary as some claim?
Harnessing network theory for more prudent bank supervision
Closer supervisory activities and data-sharing post-crisis offer the potential to harness network techniques to gain an improved understanding of financial risks