Big Data Applications in Monetary Policy and Financial Stability for SEACEN Member Economies: The Case of Bank Indonesia
The SEACEN Centre’s new research study, entitled: “Big Data Applications in Monetary Policy and Financial Stability for SEACEN Member Economies: The Case of Bank Indonesia” illustrates the inexorable rise in Big Data Analytics in central banks. In 2020, over 80 per cent of central banks surveyed by the Bank for International Settlements reported that they were using Big Data, an increase from some 30 per cent in 2015. One of the leading proponents of Big Data and the associated data analytics toolkit amongst SEACEN members is Bank Indonesia, and the study offers both an introduction to many Big Data techniques as well as summaries of the more than 40 pilot projects that have already been undertaken to strengthen the process of formulating monetary, macroprudential and payment system policies. Finally, the paper highlights both the analytical opportunities and the operational, practical, technical, financial and resource constraints of implementing Big Data analytics in a central bank.
Download the research study.
