Prudential Regulation, Big Data, and Machine Learning

Notes from the VaultLarry D. WallNovember 2016 A computer now sits in the middle of virtually every economic transaction in the developed world. —Hal Varian, chief economist at Google Hal Varian recently observed the increasing availability of transactions data and discussed five channels through which the availability of that data is likely to affect economic activity. One channel he did not explicitly address is that of government regulation of economic activity. Yet government regulation has a large impact on many aspects of economic activity, and regulators are also interested in exploiting the explosion in the amount of available data. This Notes from the Vault post examines the implications of such data availability for one type of regulation that has long been data intensive, prudential regulation of the financial sector.1 The…


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