Financial Crises and Their Impacts: Data Gaps and Innovation in Statistical Production
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.
KeywordsFinancial crises Modernisation of official statistics Big data
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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