Toward a Global Approach to Data in the Digital Age

Staff Discussion Notes, October 6, 2021

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Toward a Global Approach to Data in the Digital Age

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Bibliographic details

• Authors: V. Haksar, Yan Carriere-Swallow, Emran Islam, Andrew Giddings, Kathleen Kao, Emanuel Kopp, Gabriel Quiros-Romero
• Published: October 6, 2021
• Series: Staff Discussion Notes
• DOI: https://doi.org/10.5089/9781513599427.006

Summary

• The ongoing economic and financial digitalization is making individual data a key input and source of value for companies across sectors, from bigtechs and pharmaceuticals to manufacturers and financial services providers.
• Data on human behavior and choices—our “likes,” purchase patterns, locations, social activities, biometrics, and financing choices—are being generated, collected, stored, and processed at an unprecedented scale.

Major themes and analysis

• Digitalization and data as economic inputs:
  • Individual-level data increasingly underpin value creation across sectors including bigtech, pharmaceuticals, manufacturing, and financial services.
  • Types of data emphasized include “likes,” purchase patterns, locations, social activities, biometrics, and financing choices.
• Policy domains addressed:
  • Artificial intelligence
  • Competition
  • Digital economy
  • Economic sectors
  • Financial crises
  • Financial markets
  • Financial regulation and supervision
  • Financial sector policy and analysis
  • Financial sector stability
  • Financial services
  • Technology
• Tensions and issues noted (as indicated by keywords):
  • Privacy and privacy trade-offs
  • Data availability divide
  • Policy coordination versus policy divergence
  • Data portability
  • Role of bigtech in competition and finance
  • Interaction of data policies with trade

Key findings, publication facts, and identifiers

• Publication type: Staff Discussion Notes
• Authors: V. Haksar, Yan Carriere-Swallow, Emran Islam, Andrew Giddings, Kathleen Kao, Emanuel Kopp, Gabriel Quiros-Romero
• Publication date: October 6, 2021
• Pages: 42
• Volume: 2021
• Issue: 005
• Series: Staff Discussion Notes No. 2021/005
• DOI: https://doi.org/10.5089/9781513599427.006
• Stock No: SDNEA2021005
• ISBN: 9781513599427
• ISSN: 2617-6750
• Notice: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.

Keywords (as listed)

• Artificial intelligence
• bigtech
• competition
• Competition
• Data
• data availability divide
• data economy
• DATA policies country
• data portability
• Digital economy
• finance
• Financial sector stability
• Global
• global principles
• policy coordination
• policy divergence
• privacy
• privacy trade-off
• trade

Source: Toward a Global Approach to Data in the Digital Age, Staff Discussion Notes No. 2021/005, October 6, 2021.

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