Data Science in Economics and Finance for Decision Makers
First published:
ISBN: 978-1-78272-394-3
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A borderless market for digital data
Foreword
Introduction
Digitalisation and transformation in economics and finance
Big data for policymaking in economics and finance: the potential and challenges
Quality matters: for insightful quality advice, get to know your big data
Statistics and machine learning: variations on a theme
Advanced statistical analysis of large-scale Web-based data
Text analysis
Prudential stress testing in financial networks
Data visualization: developing capabilities to make decisions and communicate
Data science in economics and finance: tools, infrastructure and challenges
Data science and machine learning for a data-driven central bank
Large-scale commercial data for economic analysis
Artificial intelligence and data are transforming the modern newsroom: a Bloomberg case study
Implementing big data solutions
A borderless market for digital data
Legal/ethical aspects and privacy: enabling free data flows
Assessing the trustworthiness of artificial intelligence
“Big tech”, journalism and the future of knowledge
With the digital transformation within economics and finance, digital data has become borderless. However, regulations, supervision and policy proposals seem to be greatly fragmented and unsynchronised along national boundaries as well as depending on who is collecting the data and/or where the data is stored. Our digital footprints are created instantly, shared and stored anywhere and everywhere (Figure 14.1), and such digital data has significant value for modernising our societies and generating economic growth.
The rapid advances in information technology and globalisation, in digital information creation and availability, have all significantly transformed the economic landscape. This presents decision makers and policymakers with both new opportunities and challenges in fostering the use of borderless digital data for enhancing the welfare of society. Data is the new gold, with the potential to elevate the welfare of nations.
The increased availability of micro and individual digital data has highlighted the increasingly complex challenges of data management and accessibility and their impacts on society. Information theory confirms that information overload can be
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