BIS stresses the importance of statistics based on granular data

The Bank for International Settlements (BIS) published the proceedings of the second edition of the External Statistics conference in February 2024, read the article External statistics in a fragmented and uncertain world. It refers to the IFC Bulletin (pdf).

Introductory remarks
The introductory remarks show that the financial policymakers have a very strong need for detailed data, not only about and from large companies, but also from every citizen. There are many passages like this:

Examples such as geospatial data, mobile phone records, credit card transactions, securities, credit and business registers illustrate ways to improve the estimation of balance of payments (BOP) statistics.

and

New techniques to collect data, such as web scraping, also play a growing role in reducing the data reporting burden while improving timeliness overall.

The need for granular data
According to the authors recent developments emphasise:

the need for better and more granular data to identify the causes driving the shifts in global flows, in turn supporting policymakers to make informed decisions

The authors have high hopes for artificial intelligence and other digital capabilities. It is to be hoped that they also recognise the huge risks of the gigantic data collections and that they do not behave like the sorcerer’s apprentice.

 

 

On this site I regularly write about granular data (microdata).

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About Ellen Timmer

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