Editor Per Nymand-Andersen
Data Science in Economics and Finance is a key resource for any financial-market participant, policy-maker, central banker, economist or decision-maker required to understand the impact and opportunities presented by the transformation of digitalization and Fintech.
This book is a comprehensive overview of the data-science tools and techniques that already exist and that are emerging. ECB stalwart Per Nymand-Andersen has brought together over 20 global experts from both the private and public sectors, as well as authors from academia and the media in this expansive title, helping the reader to better understand the impact of digital data and the significant changes international economies and financial markets are undergoing, and the new challenges these changes pose.
“Economies are complex, adaptive systems full of heterogeneous agents [and markets] whose interactions have thus far been almost impossible to discern.” With the advent of digitalization or digital evolution (disruption), digital data and rapidly-developing technology are beginning to totally transform the worlds of finance and economics, and society at large. The new world of Fintech has emerged, disrupting traditional banking and finance and it can no longer be ignored.
Data Science in Economics and Finance provides an overview of how digital transformation and data science can support decision-making under uncertainty and provides multiple perspectives on managing digital data. Split into four sections this title offers essential insights both to practitioners of data-science tools and techniques as well as to policymakers, who are increasingly dependent on the use of digital data for aiding sustainable decisions for the collective benefit of society.
- Part I: data science and quality in economics and finance: A broad overview of digitalization and digital transformation in economics and finance covering both their potential and challenges.
- Part II: data science techniques: Describes the core concepts of data science tools and techniques, including machine learning, AI, network analysis and the expression of digital data using visual techniques.
- Part III: data: from the experimental to generating insights: Provides an overview of the challenges of building data science infrastructures and provides several “big data” case studies in the public, private and academic sectors.
- Part IV: digital data vision and the social benefits of big data: Sets out a vision for the free movement of digital data, and discusses the challenges for legal enablers, journalists and a human-centric approach to AI.
Data Science in Economics and Finance not only explores new techniques and tools which advance our understanding of systemic processes, such as AI, but also thoughtfully assesses the inadequacies and challenges put forth by the digital revolution, described as a “‘how to’ guide to the future of data and modelling” that will stimulate economists, statisticians, data scientists, central bankers, financial-market participants, regulators, Fintech firms and any decision-makers.”
PART 1: INTRODUCTION: DATA SCIENCE AND QUALITY IN ECONOMICS AND FINANCE
1. Digitalisation and transformation in economics and finance
2. Big data for policy making in economics and finance: the potential and challenges
3. Quality matters: for insightful quality advice, get to know your big data
PART 2: DATA-SCIENCE TECHNIQUES
4. Statistics and machine learning: variations on a theme
5. Advanced statistical analysis of large-scale Web-based data
Juergen Pfeffer, Wienke Strathern and Raji Ghawi
6. Text analysis
7. Prudential stress testing in financial networks
Kimmo Soramäki & Adam Csabay & Ivana Ruffini & Mikhail Oet & Tuomas Takko
8. Data visualisation: developing capabilities to make decisions and communicate
PART 3: DATA: FROM THE EXPERIMENTAL TO GENERATING INSIGHTS
9. Data science in economics and finance: tools, infrastructure and challenges
10. Data science and machine learning for a data-driven central bank
Juri Marcucci & Giuseppe Bruno
11. Large-scale commercial data for economic analysis
12. Artificial intelligence and data are transforming the modern newsroom: a Bloomberg casestudy
Riad Hamade & Claudia Quinonez
13. Implementing big data solutions
PART 4: DIGITAL DATA VISION AND THE SOCIAL BENEFITS OF BIG DATA
14. A borderless market for digital data
15. Legal/ethical aspects and privacy: enabling free data flows
16. Assessing trustworthy artificial intelligence
17. Big tech, journalism and the future of knowledge