•  A second important change is that the western policy establishment can no longer believe that the root cause of the problem is the inadequacy of the financial infrastructure and governance of some formerly rapidly growing Asian countries. Of course, not everyone used to believe this, but there were some very influential institutions that thought this way.
Big data) as against designed data (such as administrative data) are that: (i) they reduce the cost of collecting and providing information and (ii) they do not introduce distortions arising from the behaviour of respondents. People don’t lie to their GPS or to Google. The banking and financial industries have also been profoundly affected by these developments.