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Big Data: Potential, Challenges and Statistical Implications

Author

Listed:
  • Cornelia Hammer
  • Ms. Diane C Kostroch
  • Mr. Gabriel Quiros-Romero

Abstract

Big data are part of a paradigm shift that is significantly transforming statistical agencies, processes, and data analysis. While administrative and satellite data are already well established, the statistical community is now experimenting with structured and unstructured human-sourced, process-mediated, and machine-generated big data. The proposed SDN sets out a typology of big data for statistics and highlights that opportunities to exploit big data for official statistics will vary across countries and statistical domains. To illustrate the former, examples from a diverse set of countries are presented. To provide a balanced assessment on big data, the proposed SDN also discusses the key challenges that come with proprietary data from the private sector with regard to accessibility, representativeness, and sustainability. It concludes by discussing the implications for the statistical community going forward.

Suggested Citation

  • Cornelia Hammer & Ms. Diane C Kostroch & Mr. Gabriel Quiros-Romero, 2017. "Big Data: Potential, Challenges and Statistical Implications," IMF Staff Discussion Notes 2017/006, International Monetary Fund.
    • Handle: RePEc:imf:imfsdn:2017/006
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    Citations

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    Cited by:

    1. Byron Botha & Rulof Burger & Kevin Kotzé & Neil Rankin & Daan Steenkamp, 2023. "Big data forecasting of South African inflation," Empirical Economics, Springer, vol. 65(1), pages 149-188, July.
    2. Hristo Prodanov, 2019. "Big Data, changes in statistics and the new challenges to politico-economic systems," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 40-58.
    3. MacFeely Steve, 2020. "Measuring the Sustainable Development Goal Indicators: An Unprecedented Statistical Challenge," Journal of Official Statistics, Sciendo, vol. 36(2), pages 361-378, June.
    4. Giulia Mugellini & Jean‐Patrick Villeneuve & Marlen Heide, 2021. "Monitoring sustainable development goals and the quest for high‐quality indicators: Learning from a practical evaluation of data on corruption," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(6), pages 1257-1275, November.
    5. Alexandre Gori Maia & Jose Daniel Morales Martinez & Leticia Junqueira Marteleto & Cristina Guimaraes Rodrigues & Luiz Gustavo Sereno, 2023. "Can the Content of Social Networks Explain Epidemic Outbreaks?," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 42(1), pages 1-34, February.
    6. MacFeely Steve, 2020. "Measuring the Sustainable Development Goal Indicators: An Unprecedented Statistical Challenge," Journal of Official Statistics, Sciendo, vol. 36(2), pages 361-378, June.
    7. Farnè, Matteo & Vouldis, Angelos T., 2018. "A methodology for automised outlier detection in high-dimensional datasets: an application to euro area banks' supervisory data," Working Paper Series 2171, European Central Bank.
    8. Shohei Doi & Takayuki Mizuno & Naoya Fujiwara, 2021. "Estimation of socioeconomic attributes from location information," Journal of Computational Social Science, Springer, vol. 4(1), pages 187-205, May.
    9. Mr. Serkan Arslanalp & Mr. Marco Marini & Ms. Patrizia Tumbarello, 2019. "Big Data on Vessel Traffic: Nowcasting Trade Flows in Real Time," IMF Working Papers 2019/275, International Monetary Fund.
    10. Riccardo De Bonis & Matteo Piazza, 2021. "A silent revolution. How central bank statistics have changed in the last 25 years," PSL Quarterly Review, Economia civile, vol. 74(299), pages 347-371.
    11. Bogner Alexandra & Jerger Jürgen, 2023. "Big data in monetary policy analysis—a critical assessment," Economics and Business Review, Sciendo, vol. 9(2), pages 27-40, April.
    12. Francis Rathinam & Sayak Khatua & Zeba Siddiqui & Manya Malik & Pallavi Duggal & Samantha Watson & Xavier Vollenweider, 2021. "Using big data for evaluating development outcomes: A systematic map," Campbell Systematic Reviews, John Wiley & Sons, vol. 17(3), September.
    13. Serhan Cevik, 2022. "Where should we go? Internet searches and tourist arrivals," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4048-4057, October.

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