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Mr. Yan Carriere-Swallow and Mr. V. Haksar

helped us monitor, adapt, and respond to COVID-19, the pandemic has brought into focus two fundamental problems with how it flows in the global economy ( Carrière-Swallow and Haksar 2019 ). First, the data economy is opaque and doesn’t always respect individual privacy. Second, data are kept in private silos, reducing its value as a public good to society. Whose data anyway? Once the GPS, microphones, and accelerometers in the smart devices located in every pocket and on every bedside table and kitchen counter begin monitoring our behavior and environment, where

Mr. Vikram Haksar, Mr. Yan Carriere-Swallow, Emran Islam, Andrew Giddings, Kathleen Kao, Emanuel Kopp, and Gabriel Quiros
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.
Mr. Yan Carriere-Swallow and Mr. Vikram Haksar

, and stability. Its contribution is to describe the main trade-offs facing policymakers as they design data policy frameworks for the increasingly complex global data economy. The proliferation of data in the economy presents a tremendous opportunity to boost growth through efficiency and innovation. But to do so without compromising other objectives, we argue that current policy frameworks must be modernized to tackle four growing challenges. First, data markets are opaque and may be leading to too much data collection and too little privacy. Rights and

Mr. Yan Carriere-Swallow and Mr. Vikram Haksar

Philippon , and Laura Veld-kamp . 2019 . “ Big Data and Firm Dynamics .” AEA Papers and Proceedings 109 : 38 – 42 . 10.1257/pandp.20191001 Farboodi , Maryam , and Laura Veldkamp . 2019 . “ A Growth Model of the Data Economy .” Working Paper , Columbia Business School , New York , June 20 . Financial Stability Board . 2017 . “ Financial Stability Implications from Fin-tech .” Fintech Issues Group, Financial Stability Board , Basel , Switzerland . Financial Stability Board . 2019 . “ Fintech and Market Structure in Financial