Data Science in Economics and Finance for Decision Makers
First published:
ISBN: 978-1-78272-394-3
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Legal/ethical aspects and privacy: enabling free data flows
Panagiotis Papapaschalis
Foreword
Introduction
Digitalisation and transformation in economics and finance
Big data for policymaking in economics and finance: the potential and challenges
Quality matters: for insightful quality advice, get to know your big data
Statistics and machine learning: variations on a theme
Advanced statistical analysis of large-scale Web-based data
Text analysis
Prudential stress testing in financial networks
Data visualization: developing capabilities to make decisions and communicate
Data science in economics and finance: tools, infrastructure and challenges
Data science and machine learning for a data-driven central bank
Large-scale commercial data for economic analysis
Artificial intelligence and data are transforming the modern newsroom: a Bloomberg case study
Implementing big data solutions
A borderless market for digital data
Legal/ethical aspects and privacy: enabling free data flows
Assessing the trustworthiness of artificial intelligence
“Big tech”, journalism and the future of knowledge
This chapter presents a working definition or categorisation of (digital) data from a legal viewpoint, with an emphasis on European Union (EU) law. Based on this categorisation, it discusses the domains of public and private law related to data, with an emphasis on intellectual property and data protection law. It concludes with a discussion of the major obstacles for free data flow, and offers perspectives on addressing them.
DEFINITION
There is no universal legal definition of data. Some pieces of legislation (see, for example, European Parliament and the Council of the European Union 2019a) define data-related notions by resorting to terms such as “documents” or “content”, either disregarding their “medium” or “form” or prescribing a certain form (eg, dynamic data can only be data in digital form). Others resort to the broader notion of “information” (European Parliament and the Council of the European Union 2016a), which more accurately matches the term’s Latin origins: “something given”, ie, that can be taken for granted. This dichotomy between substance and form is crucial for the treatment of data by the law, as well as for understanding and removing obstacles for free
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