of Bank for International Settlements (BIS) Release Schedule Project InsightsThis is an initiative aimed at strengthening monitoring of global value chains (GVCs) through advanced data analytics.
The project aims to fill existing data gaps and improve policymakers’ ability to track trends and changes within GVCs.
Global production and trade disaggregated into GVCs has become standard practice, but significant gaps in data and analysis prevent effective monitoring of these chains.
Recent disruptions such as those caused by the COVID-19 pandemic have highlighted our limited understanding of firm-level GVC relationships and their broader economic impacts.
These disruptions have created supply chain bottlenecks, altered supplier relationships and contributed to higher global inflation.
Efforts to restructure supply chains through reshoring and nearshoring further highlight the need for improved monitoring tools.
Understanding GVC dependencies is crucial for central banks and policymakers because these linkages are closely linked to key objectives such as price stability and economic growth.
Supply chains are becoming an increasing focus of consideration for central banks and regulators around the world.
Project Insight aims to produce a comprehensive GVC Monitor to help central banks, policymakers and international organizations assess key trends and their economic and financial impacts.
The project will work with the private sector to bring together a wide range of structured and unstructured data related to GVCs.
We also leverage big data analytics tools such as artificial intelligence, machine learning and network analytics to derive meaningful insights.
The effort involves collaboration between the Hong Kong Centre of the BIS Innovation Hub, the BIS Financial and Economic Department, the Hong Kong Monetary Authority, the International Monetary Fund, the World Trade Organisation, the Asian Development Bank, the Organisation for Economic Cooperation and Development, the United Nations, and the Berlin DIW.
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