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Financial Crises and Their Impacts: Data Gaps and Innovation in Statistical Production

  • Emanuele Baldacci
Conference paper
Part of the Springer Proceedings in Mathematics & Statistics book series (PROMS, volume 227)

Abstract

Financial crises damage output and social cohesion. Lack of timely and accurate data makes it more difficult to assess risks’ build up. Information gaps can also limit the ability to respond to crises. This calls for better data to monitor economic and financial risks. Several measures taken by the international official statistics community address information needs. These include efforts to fill the data gaps, ensure policy relevance of key indicators, and measure the “unmeasured” complex dimensions of economy and society. Harnessing new data sources and promoting innovation in statistical production processes are key to improving timeliness and adequacy of statistical information services. Nowcasting and predictive analytics can enhance the provision of early warnings about crises.

Keywords

Financial crises Modernisation of official statistics Big data 

Notes

Acknowledgements

An earlier version of the draft has benefitted greatly from inputs by Dario Buono and exchange of views with other colleagues at Eurostat, which are gratefully acknowledged here.

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Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  1. 1.European CommissionLuxembourgLuxembourg

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