IMF-数字时代的全球数据处理方法（英）-2021.10-43正式版

TowardaGlobalApproachtoDataintheDigitalAgeVikramHaksar,YanCarrière-Swallow,AndrewGiddings,EmranIslam,KathleenKao,EmanuelKopp,andGabrielQuirós-RomeroSDN/2021/0052021OctoberTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGE©2021InternationalMonetaryFundTowardaGlobalApproachtoDataintheDigitalAgeSDN/2021/005PreparedbyVikramHaksar,YanCarrière-Swallow,AndrewGiddings,EmranIslam,KathleenKao,EmanuelKopp,andGabrielQuirós-Romero1DISCLAIMER:StaffDiscussionNotes(SDNs)showcasepolicy-relatedanalysisandresearchbeingdevelopedbyIMFstaffmembersandarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinStaffDiscussionNotesarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.9781513599427ISBN:D40,D80,E20,F10,F20,F30,F50,F60,G10,G40,G50,H20,K10,L10,L40,L50,O30,O40JELClassificationNumbers:Keywords:Data,finance,bigtech,competition,privacy,trade,policycoordination,globalprinciplesvhaksar@,ycswallow@,agiddings@,eislam@,kkao@,ekopp@,gquiros@Authors’E-mailAddress:1WeareverygratefulforguidancefromAdityaNarain,YanLiu,andMartinCihak;forsubstantialcontributionsfromBarendJansenandGhiathShabsigh;andforvaluablecommentsfromMariaSoledadMartinezPeria,NicolaPierri,FlorianGimbel,andothercolleaguesfromIMFdepartments.WearealsothankfultoPavelLukyantsau,AshleyAbraham,andLillySibleszdeDoldanforresearchandproductionsupport.2INTERNATIONALMONETARYFUNDTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGECONTENTSEXECUTIVESUMMARY__________________________________________________________________________3CONTEXT________________________________________________________________________________________7THEECONOMICSOFDATA_____________________________________________________________________9A.TheValueofDataandWhoShouldDeriveIt_________________________________________________11B.PrivacyandtheDigitalEconomy______________________________________________________________12DATAANDTHEFINANCIALSECTOR__________________________________________________________14A.DataandEfficiencyinFinancialServices______________________________________________________15B.DataResilienceinFinancialServices__________________________________________________________17C.DataandDiscriminationinFinancialServices_________________________________________________19THEDATAPOLICYTOOLKIT___________________________________________________________________20THECASEFORGLOBALPOLICYCOOPERATION______________________________________________25A.TowardsGlobalDataPolicyFrameworks______________________________________________________27REFERENCES____________________________________________________________________________________31BOX1.KeyElementsofCommonMinimumInternationalPrinciples_________________________________________6APPENDIXI.BACKGROUNDBOXES_________________________________________________________________________________40ANNEXI.WHATISDATA?_______________________________________________________________________________________38FIGURES1.BigTechMarketCapitalization________________________________________________________________________72.DecompositionofMarkupIncreasesintheTechIndustry___________________________________________123.ExplainedCreditScores(areaundercurve)withDifferentModels__________________________________154.CybersecurityandDataBreaches_____________________________________________________________________175.GlobalTradeinData-DrivenServices_________________________________________________________________25INTERNATIONALMONETARYFUND3TOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEEXECUTIVESUMMARYOngoingeconomicandfinancialdigitalizationismakingindividualdataakeyinputandsourceofvalueforcompaniesacrosssectors,fromBigTechandpharmaceuticalstomanufacturersandfinancialservicesproviders.Dataonhumanbehaviorandchoices—our“likes,”purchasepatterns,locations,socialactivities,biometrics,andfinancingchoices—arebeinggenerated,collected,stored,andprocessedatanunprecedentedscale.Useofindividualdataanddigitalinnovationcanpowerproductivity;increaseaccesstofinance;andpromotetrade,includingofdigitalservices,tothebenefitofall.InspiredbytheBaliFintechAgenda(IMF2018b),thisStaffDiscussionNotearguesthattherulesandregulationsgoverningaccesstothisindividualdataareemergingasanewpillarofstructuralpoliciesthatmatterforgrowth,equity,andfinancialstability.ThisimperativeisrecognizedbytheG7PanelonEconomicResilienceinitsJune2021statement.

Thedatapolicyframeworksarebeingreviewedaroundtheworldtostrikeabalancebetweenprivacyandsocietalneedsononehandandeconomicandfinancialbenefitsontheother,albeitfromamostlynationalorregionalperspective.Keychallengesincludethefollowing:•Balancingprivacytrade-offs:Policiestoprotectprivacy—animportantobjectiveinmostcountries—canmitigatetheundesireduseofindividualdata.Butprotectingprivacycanimpedeprivateandpubliceffortstogenerateeconomicandsocialgainsfromaccesstodataanditsuseinsupportofregulatoryenforcementandthefightagainstcriminalactivity.Clearrulesareneededtotacklethesetrade-offs,includinggivingpeopleeffectivecontrolovertheirdata.••Promotinginclusivedigitalization:Datacansupportgreaterefficiencyandinclusion,includingintheprovisionoffinancialservices.Butitcanalsobeusedforpricediscriminationandmayfeedalgorithmicbiases,disadvantagingandexcludingsomeindividualsfromimportantservices.Fosteringcompetitioninthedigitaleconomy:Individualdataasaresourcecansupportproductivity,enhancinginnovationandthepublicgood—suchasforbiomedicalresearch.Butitcanbehoardedbylargedatacollectors,reducingcompetition,whichcoulddampeninnovationandraisefinancialstabilityrisks.4INTERNATIONALMONETARYFUNDTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEDomestically,newpolicytoolsandapproachesarebeingconsideredtoprovidesolutionstothesechallenges,includingmandatesforinteroperabilityofnetworksanddataportability,creationofdatafiduciariestohelpmanageconsenttoprotectprivacy,andpublicdatautilitiestoprovidedataasapublicgoodwhileprotectingprivacy.Balancingtrade-offsbetweenobjectivesandtheintegrationofspecificpolicysolutionswillrequireunprecedented

cooperationamongregulatorsandgovernmentagencieswithindividualmandatesforpoliciesandoutcomesoncompetition,financialstability,integrity,consumerprotection,andprivacy.Promotingbiomedicalresearchmaycallforgreaterdatasharing,butcouldconflictwithprivacy.Increasingcompetitioninfinancialservicescouldexpandtheperimeterofserviceproviders,challengingintegrityandstability.Internationally,cooperationiscriticaltocontainfragmentationoftheglobaldigitaleconomy,whichcouldharmdevelopingeconomiesinparticularthroughtheemergenceofadigitalanddataavailabilitydivide.Dataistheultimatemobilefactor,withcross-borderdataflowsunderpinningarapidlygrowingproportionofinternationalservicestrade.Butthisnotearguesthatthedatapoliciescountriesareadoptingarenotalwaysconsistentwithglobalwelfare.Countries’treatmentofprivacy,competition,andstabilityreflectsnationalpriorities.Theresultingfragmentationcouldbedamagingtosmallercountrieswithsmallerdatapoolsandthosemoredependentonmultinationalforeigndigitalfirms.Thisnotearguesfordevelopmentofinternationalagreementoncommonminimumprinciplesforthedataeconomy.Theseprinciplescouldreducepolicydivergencesthatwillariseintheglobaldigitaleconomy,inpartreflectingdifferentnationalcontextsandpriorities.Forexample,individualcountriesmayplacedifferentemphasisonprivacy,butacommonunderstandingofdefinitionsandperimetersofapplicabilityofprivacyprotectionmandatescouldmitigateavoidabledivergences.Manyoftheotherdomesticpolicyapproachesbeingproposedformanagingthedataeconomy—forexample,oninteroperabilityanddataportabilitytoaddresscompetitionorontheintroductionofdatafiduciariestomanageconsent—couldalsobenefitfromcommonprinciplesontheirinternationalapplication.Likewise,thereisscopeforinternationalcoordinationoncompilationandsharingofdatasourcesfromprivatedigitalcompanies—forregulatoryandpublicpolicypurposes—includingasrecognizedbytheGroupofTwenty(G20)ministersintheirJuly2021callforarenewedDataGapsInitiative.INTERNATIONALMONETARYFUND5TOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEWhilethereissignificantuncertaintyabouthowthedigitaleconomywillevolve,aglobalapproachwillbeneededtoensurealeveldigitalplayingfieldforallcountriesincreasinglyconnectedtoanddependentonthedigitaleconomy.Suchanapproachwillhelpthedigitaleconomygeneratevalueforallwithoutunderminingotherimportantmacro-financialandsocialobjectives.Box1.KeyElementsofCommonMinimumInternationalPrinciples•

Principlesfordataprotection:Aninternationalagreementoncommonminimumstandardsforacceptableprotectionofindividualdatawhenitissharedacrossborderswouldreduceuncertaintyforbusinessesseekingtocomply.SuchanapproachcoulddrawontheOECDPrinciplesonPrivacy

(1980andamended2013),withfurtherthoughtonissuessuchastheroleofconsentandthedefinitionofdataandindividuals.•

Principlesoninteroperabilityanddataportability:Giventheglobalreachofbusinessesthatmakeuseofindividualdataasanimportantpartoftheirbusiness,thereisaneedtodiscusscommonprinciplesonhowsuchinteroperabilityandportabilityshouldworkacrossborders(Furmanandothers2019).Specificusecasesincludecross-borderpaymentsandcross-borderdatasharingacrossopenbankinginitiatives(CommitteeonPaymentsandMarketInfrastructures2020).Aconcretechallengeistocoordinateonprinciplesforenablingtheinteroperabilityofdigitalcurrenciesissuedbycentralbankswhenthesecanbeusedacrossborders,includingamethodfordigitallyidentifyingindividualsandstandardsfordigitalwalletsanddataflows.•

Principlesondatasharingforregulatorypurposes:Arigorousdataframeworkshouldgovernnotonlytheprotectionofdata,butalsoitsdisclosuretopublicbodies,includingregulatoryauthorities,wherenecessarytomeetcertainpublicpolicyobjectives.Exemptionstoconfidentialityandsecrecyprovisionsarealreadycommonplaceinmanynationalframeworks(forinstance,taxlawandanti–moneylaunderingandcombatingthefinancingofterrorism)andinlinewithmanyinternationalstandardsandbestpractices(suchasFinancialActionTaskForcestandardsandOrganisationforEconomicCo-operationandDevelopmenttaxinitiatives).Carefullybalancingprivacyconcernsagainstdisclosureforpublicpolicyobjectivescontinuestobeneededasdataregimesevolve.Inlinewithcurrentefforts,andtotheextentpossible,principlesondatadisclosuretopublicauthoritiesshouldaimtoachievecommongroundacrossnationalframeworkstoallowforglobaldatasharingforenforcementorregulatorypurposes.6INTERNATIONALMONETARYFUNDTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGECONTEXT1.Individualdatahasbecomeakeyinputinmoderneconomiesandfinancialsystems.Figure1.BigTechMarketCapitalizationManyoftheworld’slargestfirms—inthetechsectorbutalsoinmanyothersectors—nowhavedataonindividualsatthecoreoftheirbusinessmodels,andtheirmarketvaluehasacceleratedduringtheCOVID-19pandemic(Figure1).Individualdatafeedsartificialintelligence(BillionsofUSdollars)2,0001,8001,6001,4001,2001,000800AlphabetInc.Facebook,Inc.AlibabaGroupHoldingsLtd.AInc.TencentHoldingsLtd.600algorithmswhosepredictionspowerapplicationsfromcreditprovisiontoinvestmentplanningtoadtargeting.Duringthepandemic,therehasbeenasurgeintheuseofbigindividualdatasetsto4002000Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Source:BloombergFinance,L.P.analyzeandmitigatethepandemic’sspread,includingtheuseofreal-timelocationdataforcontacttracing.2.Theuseofindividualdatacangenerateimportanteconomicandfinancialbenefitsbutalsoposechallenges.Theproliferationofdataintheeconomypresentsanopportunitytoboostgrowththroughefficiencyandinnovationandtoincreaseaccesstofinancialservicesbyreducinginformationcosts.Thisisbecausedata’seconomicpropertiesareunlikethoseofotherinputs—includinglaborandoil.Dataisnonrival:thesamedatacanbeusedbymanypeoplesimultaneouslywithoutbeingdepleted.Themoreitcanbeshared,thehigherthesocialreturnsfrominnovationandknowledgegenerationandthegreaterthereductionoftheinformationcostoffinance.Whenindividualdataisexchanged,however,thetransactionaffectspeople’sprivacyandcanleavethematastrategicdisadvantage.Withoutawarenessandcompensation,thedatamarketcouldleavesomeofusworseoff.Moreover,useofindividualdatacanallowformoretargeteddiscriminationbecauseofpreviouslyprivatepersonalcharacteristics.INTERNATIONALMONETARYFUND7TOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGE3.Governmentsmustbalancemanyobjectiveswhensettingdatapolicies.PublicinterestintherulesforthedataeconomyisbuildingacrosstheIMFmembership:manycountriesareconsideringorhavepassednewlawsgoverninghowpersonaldatacanbecollected,processed,used,andshared.Modernizeddatapolicyframeworksneedtoaddresstwoconcernsaboutthestatusquo.First,datamarketsaretooopaque—mostofusparticipateinthemoderndigitaldataeconomydaily,butwearen’tfullyawareofhowourdataisused,transferred,andprocessed.Toachieveanefficientandequitabledataeconomyrequiresclearrulesandeffectiveconsentonuseandprocessingofdata.Second,companiesthatbuildlargedatasetshaveastrongincentivetohoardthem.Thispotentiallystiflescompetitionandinnovationandreducesthesocialbenefitsthatcouldflowfromwiderdataaccess.Moreover,thereisastrongpublicpolicycaseforpromotionoftheresilienceofthedigitaldatainfrastructure,ensuringdataintegrityandprotectingthedataheldbypublicandprivateentitiesfromtheftandmisuse.Shortcomingsherethreatenpublictrustandfinancialstabilitythatpolicymeasuresshouldmitigate,includingadequateinvestmentincybersecurity.Alltheseissuesneedtobebalancedagainstthepublicinterestinthedisclosureandsharingofcertaintypesofdata,includingforregulatoryandenforcementpurposes.4.Dealingwiththesechallengeswillrequiregreatercoordinationfirstamongdomesticregulators.Datapoliciesimposetrade-offsthataffectgrowth,privacy,competition,andfinancialstabilityandintegrity.Managingtheseobjectiveshastraditionallybeenassignedtoseparateministriesandregulators.Effectivedatapolicywillrequireacoordinatedapproachthatbringsmanyactorstothetabletomanagecomplextrade-offs.Mechanismstofostergreatercoordinationbetweenregulatorsmeritfurtherexploration;focusingonsingleobjectivescanhaverepercussionsforothers.5.Globalcooperationisalsoneededtocontainthefragmentationofthedigitaleconomyacrossnationalborders.Dataisahighlymobileresource,andthepotentialforeconomiesofscalebringsenormouspotentialgainsfromcross-borderdataflows.Butifcountriesdon’ttrusthowglobalpartnershandledata,oriftheyfeeltheyaren’tderivingenoughbenefitsfromitsexploitation,theymayopttoerectdigitalbarriersthatimpedeinternationaldataflows,undermininginnovation,financialstability,integrity,andefficiency.Iftheglobaldigitaleconomyfragments,smallercountriescouldbeata8INTERNATIONALMONETARYFUNDTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEdisadvantage,astheywouldbelessabletoaccesslargedatapoolsinmajoreconomiesneededtocompeteinprovidingdata-intensiveservices.6.ThisStaffDiscussionNotebringstogetherthemanystrandsofdiscussiononthedataeconomyanddiscussesitsmacro-financialimplicationsandthecaseforpolicycooperation.Itdiscusseswhatdatais(AnnexI)andsetsoutamacro-financialframeworktoexploretheeconomicandfinancialeffectsofusingdata.Itthendelvesdeeperintotheroleofdatainfinancialservicesandthefinancialstabilityimplications,giventheimportanceoftheseissuestotheIMF’smandate.Thenotethendiscussesnationalapproachestodatapolicyframeworksandtheneedfordomesticpolicycoordination.Itconcludeswithadiscussionofdataintheglobaleconomyandthecaseforinternationalcooperation.7.ThebroadscopeofthispaperismeanttoinformtheIMF’sdigitalizationwork,includingondigitalmoney,taxation,andcompetitioninthedigitaleconomy.Ascentralbanksconsiderthelaunchofdigitalcurrencies,theystandtobecomefocalpointsformassivedataflows,presentingnovelopportunitiesandrisksthataffectpolicyobjectivesoutsidethecentralbank’smandate.Thecross-borderadoptionofprivatedigitalcurrenciesanddigitalpaymentsolutionswillbeheavilyinfluencedbynationaldatapolicies(IMF2020).Discussionsoftaxationofthedigitaleconomyrequirecarefulanalysisofthevalueofdata(DeMooij,Klemm,andPerry2021).Finally,analysisofcompetitioninthedigitaleconomyisofgrowingmacroeconomicrelevance(Akcigitandothers2021).Inallthesecases,remediestospecificproblemsarisingfromtheproliferationofdatacangenerateunexpectedtrade-offselsewhereinthedomesticandglobaleconomy.THEECONOMICSOFDATA8.Datamatters—buthowexactly?Arapidlygrowingbodyofliteratureineconomicsandfinancehasstudiedtherolesofdataintheeconomyandtheeffectsthatmayemergewhendataproliferates.2Whatdoesdatadointheeconomy?2Carrière-SwallowandHaksar(2019)providesacomprehensivesummaryoftheliteratureontheeconomicsofdatafromapublicpolicyperspective.AnotherrecentreviewisprovidedbyVeldkampandChung(2019).INTERNATIONALMONETARYFUND9TOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGE9.Dataisaninputintheproductionofgoodsandservices,particularlyrelevantinthedigitaleconomy.Derivingvaluefromdataasaninputrequirescostlyprocessingandanalysissothatitcanbeusedincombinationwithotherfactorsofproduction,suchaslaborandalgorithms.Thisisasalientwayofthinkingabouttheroleofdatausedinartificialintelligence(AI)applications.Inthisfunction,dataanalysisisusedaspartoftheinnovationprocess,withnewinsightsandpredictionsleadingtothedevelopmentofnewproductsandservices.10.BigdatahassupportedAIinsolvingincreasinglycomplexproblems.Theproliferationofbigdataandthedevelopmentofmoresophisticatedandflexiblemachinelearningalgorithmshaveenableddataanalysistoaddressincreasinglycomplexproblems.AIisbeingdeployedasageneral-purposetechnologyinanincreasingnumberoffieldstotackleverydiverseproblems(Agrawal,Gans,andGoldfarb2018;BoukherouaaandShabsigh,Forthcoming).Forinstance,acarequippedwithsensorsmayrecordtheactionsofadrivernavigatingcitystreets,buildingupamassivedatasetofhumandecisionsinthefaceofvarioussituations.Patternsinthisdatacanthenbeanalyzedusingmachinelearningalgorithmstopredictandmimichumandecision-makingincomplexroadenvironments,whichmaythenenabletheproductionofasafeself-drivingcar.11.Dataisanonrival

input,inthesensethatitcanbeusedmultipletimesandbymultipleagentssimultaneouslywithoutbeingdiminished.Thischaracteristicgivesdataimportantimplicationsthatsetitapartfromotherinputs,suchaslabor,capital,andoil,whoseuseislimited.Oneimportantinsightisthatsocietywillgetmorebenefitsfromthedataitgenerateswhenitismadewidelyavailabletomanydataprocessors(JonesandTonetti2020).Butwillitbewidelyavailable?Whenadataprocessorhascollecteddatavaluabletoitscommercialinterests,thereisastrongprivateincentivetohoardthatdataandwithholditfromcompetitors.Andshoulddatabewidelyavailable?Grantingbroadaccesstoindividualdatamaygeneratemorevaluebutmayalsocompromiseprivacyandheightencybersecurityrisks.12.Individualdatacontainsinformationaboutconsumersandfirms,andaccesstoitshiftsthatinformation.Whenaccesstodatareducesinformationasymmetriesbetweenbuyersandsellers,itcanleadtomoreefficienteconomictransactions.Forinstance,acompanywithaccesstodataaboutthe10INTERNATIONALMONETARYFUNDTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEcharacteristicsofpotentialconsumers––suchastheirinterestsandbuyinghabits––canusethatinformationtoofferamorepersonalizedgoodorservice,suchasanadvertisementforaproductthatconsumersaremorelikelytofindusefulordesirable,oralowercarinsurancepremiuminreturnforpermissiontobetrackedwhiledriving.Thistypeofpersonalizationcanpotentiallymakebothcustomersandthesellerbetter-off,iftheyhavecontrolovertheuseoftheirdata.A.TheValueofDataandWhoShouldDeriveIt13.Assessingthevalueofindividualdataisdifficult.Unlikeacommodity,dataishighlyheterogeneous.Sincenotwopiecesofdataareperfectsubstitutesforeachother,theyneednotholdthesamevalue,andtheirvaluemaychangeovertime.Moreover,individualdatatransactionsusuallytakeplacethroughbarter:individualsswapuseoftheirdatafor“free”digitalservices.Assuch,assessingdata’svalueischallenging,evenforthosewhohavedirectincentivestodoso.Forinstance,advertisersspendlargesumsondataaboutonlineusers,onthepremisethatdisplayingawell-targetedadwillinfluencethebehaviorofthepersonseeingit.Somestudiesflagthedifficultyofmeasuringthereturnstosuchefforts(LewisandRao2015)andpointoutthatthereturnsmayinfactbenegative(Marotta,Abhishek,andAcquisti2019).Informationfromstocklistings,mergers,andacquisitionsoffersasenseofthecommercialvalueplacedondata,butmaynotprovideafullpictureofitssocialvalue.Thisisbecausethedataeconomyisopaque,andprivacyisnotfullyrespected.Alackofinformation,combinedwithindividualcostsofprivacybreachesthatarenotfullyinternalizedbydataprocessors,mayleadtodatawithapricethatdiffersfromitstrueeconomicvalue.Governmentsalsoremaindividedoverhowtoplacevalueondatafromadigitaltaxationperspective(AslamandShah2021).14.Whowillaccruethereturnstodata?Akeyquestionishowmuchofthevalueofdatacomesfromeachindividualdatapointandhowmuchfromitsaggregationandsubsequentanalysis.Theanswerislikelytodifferaccordingtothetypeofdataandthecontext,butanimportantfactoristhedegreeofsubstitutabilitybetweendataandotherfactorsofproduction.Forinstance,sometypesofdatamayrequireveryadvancedandproprietaryanalyticaltoolstoconvertitintousefulinformation.Inthecaseofbigdatasetsusedtotrainmachinelearningalgorithms,aquestionishowmuchofthevaluecomesfromtheanalysisprovidedbythehighlyskilledlaborrequiredtoprocessthedata.Inothercases,INTERNATIONALMONETARYFUND11TOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEinformationmaybeextractedwithlessanalysis,aswhenindividualdataisusedtoprovideatargetedproduct.Thevalueofsuchdatamaydiffergreatlydependingoncharacteristicsofthedatasubjects,suchastheirincome,age,andconsumptionpreferences.15.TheallocationofvalueintheFigure2.DecompositionofMarkupIncreasesintheTechIndustrydataeconomywilldependon(Percent)competitionandthemarketpowerenjoyedbyindividualsanddataprocessors.Ifadataprocessorenjoysmarketpower,thenobtaininggranularinformationonitsclientsmaymakeitpossibletoextractconsiderablerentsthroughtheimplementationofpricediscriminationstrategies,apracticethat30Within252015105Reallocation0IncumbentsEntryExit-5-10Source:StaffDiscussionNoteNo.2021/001,InternationalMonetaryFund.hasbeendocumentedformajoronlineretailers(Hannakandothers2014).Datamayalsorepresentasourceofmarketpowerifastockpileddatasetactsasabarriertoentrythatdeterscompetition.Indeed,thetechsectorhasdisplayedrisingmarketsharesforfirmswithstrongmarketpower,consistentwithawinner-takes-mostmarketstructure.Akcigitandothers(2021)documentthisphenomenoninastudyspanning82countries,showingthatthemaindriverofrisingmarkupsinthetechindustryistherisingmarketshareofexistinghigh-markupfirms(the“reallocationeffect”shownintheFigure2).Thisisalsorelevantinfinance,wherebankshavetraditionallybeenabletohoardthedatageneratedbytheirrelationshipwithindividualsandcompanies,makingithardforotherlenderstoaccuratelypricetheriskassociatedwithextendingaloanandthusbeinglessabletocompetewithincumbentbanks(Carrière-SwallowandHaksar2021a).B.PrivacyandtheDigitalEconomy16.Decisionsonprivacyhaveimportanteconomicconsequences.Theabilitytosharedataoverdigitalnetworksandtomakeitpublictoaglobalaudiencehasincreasedthesalienceofprivacy(Acquisti,Taylor,andWagman2016).Significantbenefitscanaccruetoindividualsfromtheuseoftheir12INTERNATIONALMONETARYFUNDTOWARDAGLOBALAPPROACHTODATAINTHEDIGITALAGEdata,includinginnovativeservicesandmorecustomizedproducts.Butwhentheseindividualsareunaware,ordon’thaveasaywhenitcomestotheuseoftheirdata,anexternalityresults:decisionsbycompaniesaboutwhethertocollect,process,orsharepersonaldatacanharmtheindividual,whomaynotbecompensated.3Theseexternalitiesareoftennegative,withthedatausedforinstancetochargetheindividualahigherprice,and