The Central Bank in Big Data Era

Haiqing Deng and Xi Chen

Chapter 7 in Reforging the Central Bank:The Top-Level Design of the Chinese Financial System in the New Normal, 2016, pp 193-205 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Big data, a hot word of China in 2014, is ubiquitous in all walks of life, from Internet industry to weather forecast, from politics to military business. However, the application of big data in macroeconomic regulation is rarely mentioned and that in economic management is not clearly defined. In fact, not only does big data transform the real economy, but also it has a profound impact on the macroeconomic regulation. The United States has long adopted the big data strategy and Britain took the lead in introducing big data into monetary policy. So, why has great attention been attached to big data in the macroeconomic regulation by developed countries? What are the new features of macroeconomic regulation with big data? And what can China learn from others in macroeconomic regulation with big data? In this chapter, I will analyze the influence of big data on monetary policy to answer these questions.

Keywords: Central Bank; Chinese Financial System; Monetary Policy; Interest Rate Liberalization; RMB; Yuan (search for similar items in EconPapers)
JEL-codes: G21 (search for similar items in EconPapers)
Date: 2016
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