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BOK Working Paper No.2019-18, Text Mining for Economic Analysis

Economic Research Institute (82-2-759-5362) 2019.06.18 4039

Title : Text Mining for Economic Analysis
Author : Soohyon Kim(BOK), Youngjoon Lee(Stanford University), Jhinyoung Shin(Yonsei Business School), Ki Young Park(Yonsei School of Economics)


We provide detailed description of how text data analysis is done and review series of studies done through text mining. Natural language can be characterized with ambiguity and obscurity compared to structured data. It is hard to retrieve useful information from text data as it carries natural language itself. Text mining or natural language processing is a multi-discipline area of modern technic in which we can distill and obtain just what we need from text. With the development of AI and machine learning, text mining is becoming one of the high-end technology in various fields of research even in economics. We expect there will be more demand for text data analysis as it will be complementary to traditional structured data and also as a new source of information.