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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nsu5xdlt.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-scene nx-es-scene\" data-scene=\"text\" data-ground=\"none\" data-es-org=\"gra\" aria-labelledby=\"nx-scene-title\"><div class=\"nx-scene-intro nx-es-intro\"><p class=\"nx-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 Banking Nexus<\/p><span class=\"nx-scene-rule\" aria-hidden=\"true\"><\/span><p class=\"nx-scene-accent nx-es-sig\"><strong>Spatial finance<\/strong><span>Where capital meets hazard, exposure and transition<\/span><\/p><h1 id=\"nx-scene-title\" class=\"nx-scene-title\">Financial economics for banking risk<\/h1><p class=\"nx-scene-lede\">Financial economics and macro-finance explain how bank balance sheets, credit and asset prices interact with output, employment and public finances. In banking risk they connect a scenario to losses and capital, show how bank stress feeds back into the economy, and ground macroprudential and monetary decisions in tested relationships.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/write-to-us\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/stem\/\">Back to STEM foundation of Banking Nexus<\/a><\/div><\/div><\/section><section id=\"nx-s-1-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">Financial economics for banking risk on the record.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"console\"><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Method record<\/strong><\/span><span class=\"nx-eyebrow\">STEM method<\/span><\/div><ol class=\"nx-register-rows\"><li><div><span class=\"nx-register-k\">Method<\/span><span class=\"nx-register-v\">Financial economics and macro-finance<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Steward<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/\">Financial Stability<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Applied in<\/span><span class=\"nx-register-v\">Banking Nexus<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Data<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"#nx-sec-data\">5 inputs<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Checks<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"#nx-sec-checks\">4 validation steps<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Canonical page<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\">STEM Commons<\/a><\/span><\/div><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"climate\" aria-label=\"Application, Stress test, Data\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Application, Stress test, Data\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-1\" aria-controls=\"nx-sec-application\" aria-selected=\"true\" data-key=\"p1\">Application<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-2\" aria-controls=\"nx-sec-instrument\" aria-selected=\"false\" data-key=\"p2\">Stress test<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-3\" aria-controls=\"nx-sec-data\" aria-selected=\"false\" data-key=\"p3\">Data<\/button><\/div><section id=\"nx-sec-application\" class=\"nx-section nx-band-panel\" data-hue=\"climate\" data-variant=\"split\" aria-labelledby=\"nx-s-2\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Application<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">What financial economics and macro-finance does here.<\/h2><p class=\"nx-lede\">Financial economics and macro-finance study how asset prices, credit and financial institutions interact with the real economy. They explain how shocks are amplified or absorbed through balance sheets and markets. In financial stability, capital markets and investment and climate and hazards, financial economics traces how physical, health or cyber shocks transmit to credit, sovereign debt and markets. It informs <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 macroprudential\" data-tk=\"Nexus risk vocabulary\" data-td=\"Policy aimed at the stability of the financial system as a whole, by limiting the build-up of systemic risk.\" data-ts=\"NRS-C1\" data-tr=\"draft\">macroprudential policy<\/a> and the pricing of risk. The canonical description is on <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\">the STEM Commons<\/a>.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cols\"><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M22 12h-2.48a2 2 0 0 0-1.93 1.46l-2.35 8.36a.25.25 0 0 1-.48 0L9.24 2.18a.25.25 0 0 0-.48 0l-2.35 8.36A2 2 0 0 1 4.49 12H2\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Macro-financial stress scenarios<\/h3><p class=\"nx-p nx-mt-1\">Scenario variables such as unemployment, interest rates and property prices are translated into default rates, loss rates and income for each portfolio, then into capital paths under the supervisor&#8217;s or the bank&#8217;s own assumptions.<\/p><\/article><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"12\" r=\"3\"\/><circle cx=\"19\" cy=\"5\" r=\"2\"\/><circle cx=\"5\" cy=\"19\" r=\"2\"\/><path d=\"M10.4 21.9a10 10 0 0 0 9.941-15.416\"\/><path d=\"M13.5 2.1a10 10 0 0 0-9.841 15.416\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Credit cycle and buffer calibration<\/h3><p class=\"nx-p nx-mt-1\">Credit gaps, debt service ratios and lending survey responses are combined to judge the phase of the credit cycle and to inform countercyclical buffer and borrower-based measure settings.<\/p><\/article><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M12 2v2\"\/><path d=\"m4.93 4.93 1.41 1.41\"\/><path d=\"M20 12h2\"\/><path d=\"m19.07 4.93-1.41 1.41\"\/><path d=\"M15.947 12.65a4 4 0 0 0-5.925-4.128\"\/><path d=\"M3 20a5 5 0 1 1 8.9-4H13a3 3 0 0 1 2 5.24\"\/><path d=\"M11 20v2\"\/><path d=\"M7 19v2\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Climate pathways to bank balance sheets<\/h3><p class=\"nx-p nx-mt-1\">NGFS macroeconomic and carbon price pathways are mapped to sector revenues, costs and asset values, and then to borrower credit quality over long horizons.<\/p><\/article><\/div><\/div><\/div><\/section><section id=\"nx-sec-instrument\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-ns-layout=\"es-wide\" aria-labelledby=\"nx-s-3\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Stress test<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">How a shock to assets becomes a system loss.<\/h2><p class=\"nx-lede\">The equity the system loses after interbank contagion, against the initial hit, as leverage, interconnection and recovery rates change, the core of a macroprudential <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 stress-test\" data-tk=\"Nexus risk vocabulary\" data-td=\"An assessment of how a system, portfolio or institution would perform under severe but plausible adverse scenarios, to find weaknesses before they are revealed by events.\" data-ts=\"NRS-C1\" data-tr=\"draft\">stress test<\/a>. Teaching model with stated illustrative values, not a prediction.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-in nx-fk\" id=\"nx-in-banking-nexus-stem-financial-economics-0\" data-nxi=\"debtrank\" data-nxi-id=\"debtrank\" data-nxi-z=\"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\" aria-label=\"How a shock to assets becomes a system loss\"><div class=\"nx-in-body\"><div class=\"nx-in-main\"><div class=\"nx-in-tabs\" data-nxi-tabs=\"true\" aria-label=\"Views of the model\" hidden><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"result\">Result<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"net\">Network<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"fan\">Uncertainty<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"tornado\">Sensitivity<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"loops\">Loops<\/button><\/div><div class=\"nx-in-stage\" id=\"nx-in-banking-nexus-stem-financial-economics-0-stage\" data-nxi-stage=\"true\" data-view=\"result\"><svg class=\"nx-in-svg\" viewBox=\"0 0 720 340\" role=\"img\" aria-label=\"Equity lost\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-in-tip\" data-nxi-tip=\"true\" aria-live=\"polite\"><\/p><div class=\"nx-in-bar\" data-nxi-bar=\"true\" role=\"group\" aria-label=\"Play over time\" hidden><button type=\"button\" class=\"nx-in-btn\" data-nxi-prev=\"true\" aria-label=\"Step back\">&#8249;<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-play=\"true\" aria-pressed=\"false\">Play<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-next=\"true\" aria-label=\"Step forward\">&#8250;<\/button><span class=\"nx-in-step\" data-nxi-step=\"true\" aria-live=\"polite\"><\/span><\/div><\/div><div class=\"nx-in-side\"><p class=\"nx-eyebrow\">Controls<\/p><div class=\"nx-in-ctl\" data-nxi-ctl=\"true\"><dl class=\"nx-in-pv\"><div><dt>Fall in external assets<\/dt><dd>2.0%<\/dd><\/div><div><dt>Leverage (assets over equity)<\/dt><dd>10 times<\/dd><\/div><div><dt>Interbank share of assets<\/dt><dd>10%<\/dd><\/div><div><dt>Recovery on interbank claims<\/dt><dd>40%<\/dd><\/div><div><dt>Banks in the system<\/dt><dd>20<\/dd><\/div><div><dt>Core banks<\/dt><dd>20% of banks<\/dd><\/div><\/dl><\/div><p class=\"nx-eyebrow\">Readouts<\/p><dl class=\"nx-in-out\" data-nxi-out=\"true\" aria-live=\"polite\"><div><dt>Equity lost to the initial shock<\/dt><dd>18.0%<\/dd><\/div><div><dt>Equity lost after contagion<\/dt><dd>45.0%<\/dd><\/div><div><dt>Added by contagion (DebtRank)<\/dt><dd>27.0 points<\/dd><\/div><div><dt>Banks in default<\/dt><dd>0<\/dd><\/div><\/dl><\/div><\/div><details class=\"nx-in-more\"><summary>Numbers, methods and sources<\/summary><div class=\"nx-in-more-in\"><div class=\"nx-in-tblw\" data-nxi-table=\"true\"><table class=\"nx-in-tbl\"><thead><tr><th scope=\"col\">Round<\/th><th scope=\"col\">System equity lost (%)<\/th><th scope=\"col\">Banks in default<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">0<\/th><td>18.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">1<\/th><td>28.80<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">2<\/th><td>35.28<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>39.17<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">4<\/th><td>41.50<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">5<\/th><td>42.90<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>43.74<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">7<\/th><td>44.24<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">8<\/th><td>44.55<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>44.73<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">10<\/th><td>44.84<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">11<\/th><td>44.90<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">12<\/th><td>44.94<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">13<\/th><td>44.96<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">14<\/th><td>44.98<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">15<\/th><td>44.99<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">16<\/th><td>44.99<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">17<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">18<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">19<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">20<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">21<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">22<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">23<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">24<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">25<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">26<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">27<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">28<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">29<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">30<\/th><td>45.00<\/td><td>0<\/td><\/tr><\/tbody><\/table><\/div><button type=\"button\" class=\"nx-in-btn\" data-nxi-csv=\"true\" hidden>Download the numbers (CSV)<\/button><h4 class=\"nx-h4\">Methods<\/h4><ol class=\"nx-in-meth\"><li>DebtRank <span class=\"nx-in-cite\">Battiston and others (2012), Scientific Reports 2:541<\/span><\/li><li>Differential DebtRank <span class=\"nx-in-cite\">Bardoscia and others (2015), PLOS ONE 10<\/span><\/li><li>Contagion in financial networks <span class=\"nx-in-cite\">Gai and Kapadia (2010), Proc. R. Soc. A 466<\/span><\/li><li>Clearing in financial networks <span class=\"nx-in-cite\">Eisenberg and Noe (2001), Management Science 47<\/span><\/li><li>Uncertainty fan (parameter Monte Carlo) <span class=\"nx-in-cite\">Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333<\/span><\/li><li>One-at-a-time sensitivity (tornado) <span class=\"nx-in-cite\">Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley<\/span><\/li><\/ol><h4 class=\"nx-h4\">Data<\/h4><p class=\"nx-p\">No observed data enters this model: it runs on the teaching values set by the controls, to be replaced with a programme&#8217;s own evidence.<\/p><\/div><\/details><figcaption class=\"nx-caption\">How a shock to assets becomes a system loss. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: DebtRank (Battiston and others (2012), Scientific Reports 2:541); Differential DebtRank (Bardoscia and others (2015), PLOS ONE 10); Contagion in financial networks (Gai and Kapadia (2010), Proc. R. Soc. A 466).<\/figcaption><div class=\"nx-in-pls\"><p class=\"nx-eyebrow\">Across the six pillars, led by Nexus Consortium<\/p><ul class=\"nx-in-pl\" aria-label=\"Where this instrument connects across the pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Experiments<\/span> <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Built in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/foundry\/\">Banking Nexus in Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Tested at<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/universe\/\">Banking Nexus in Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Codified in<\/span> <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Published in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/reports\/\">Banking Nexus in Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Taught in<\/span> <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><\/li><\/ul><\/div><span class=\"nx-in-keep\" hidden><i data-c=\"c1\"><\/i><i data-c=\"c2\"><\/i><i data-c=\"c3\"><\/i><i data-c=\"c4\"><\/i><i data-c=\"c5\"><\/i><i data-c=\"c6\"><\/i><i data-c=\"l0\"><\/i><i data-c=\"l1\"><\/i><i data-c=\"l2\"><\/i><i data-c=\"l3\"><\/i><i data-c=\"l5\"><\/i><i data-c=\"h3\"><\/i><i data-c=\"neg\"><\/i><i data-c=\"on0\"><\/i><i data-c=\"on1\"><\/i><i data-l=\"0\"><\/i><i data-l=\"1\"><\/i><i data-l=\"2\"><\/i><i data-l=\"3\"><\/i><i data-l=\"4\"><\/i><i data-l=\"5\"><\/i><i data-on=\"0\"><\/i><i data-on=\"1\"><\/i><i data-pol=\"p\"><\/i><i data-pol=\"n\"><\/i><i data-k=\"R\"><\/i><i data-k=\"B\"><\/i><i data-k=\"dash\"><\/i><i data-dash=\"true\"><\/i><i data-view=\"result\"><\/i><i data-nxi-live=\"on\"><\/i><i data-nxi-live=\"off\"><\/i><i class=\"nx-in-svg nx-in-grid nx-in-ax nx-in-tk nx-in-at nx-in-ln nx-in-band nx-in-lbl nx-in-lk nx-in-ref nx-in-reft nx-in-mk nx-in-x nx-in-rect nx-in-val nx-in-rowl nx-in-cl nx-in-arrow nx-in-pol nx-in-cln nx-in-loop nx-in-edge nx-in-node nx-in-nl nx-in-reach nx-in-trib nx-in-agent nx-in-flow nx-in-legend nx-in-sw nx-in-note nx-in-loops nx-in-3d nx-in-cv nx-in-field nx-in-fl nx-in-fv nx-in-range nx-in-btn nx-in-err nx-in-tbl nx-in-cite\"><\/i><\/span><\/figure><\/div><\/div><\/section><section id=\"nx-sec-data\" class=\"nx-section nx-band-panel\" data-hue=\"climate\" aria-labelledby=\"nx-s-4\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Data<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">What the method consumes.<\/h2><p class=\"nx-lede\">Datasets and records used by financial economics and macro-finance on this platform, with the role each plays and the label its values carry. Sources are listed in <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/research\/sources\/\">the source register<\/a>.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Data<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Data\">Supervisory returns and Pillar 3 disclosures<\/td><td data-label=\"Role\">Starting balance sheet of each bank<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">National accounts and financial accounts<\/td><td data-label=\"Role\">Sector balance sheets and income<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">BIS credit and property price statistics<\/td><td data-label=\"Role\">Credit cycle and collateral indicators<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">NGFS scenario variables<\/td><td data-label=\"Role\">Transition and physical risk pathways<\/td><td data-label=\"Label\"><span class=\"nx-chip\">MODELLED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Bank lending surveys<\/td><td data-label=\"Role\">Credit supply conditions<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"data\" data-nxf-kind=\"data\" data-nxf-resource=\"nexus:\/\/gra\/A02\/stem\/financial-economics\/#data\" data-nxf-title=\"Method record\" data-nxf-height=\"520\" hidden><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A02\/stem\/financial-economics\/#evidence\" data-nxf-title=\"Evidence\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Exposure, loss and capital, Validation, Connections\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Exposure, loss and capital, Validation, Connections\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-audience\" aria-selected=\"true\" data-key=\"p1\">Exposure, loss and capital<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-checks\" aria-selected=\"false\" data-key=\"p2\">Validation<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-3\" aria-controls=\"nx-sec-connections\" aria-selected=\"false\" data-key=\"p3\">Connections<\/button><\/div><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-5\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">What financial economics for banking risk means for exposure, loss and capital.<\/h2><p class=\"nx-lede\">The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-au\" data-au-voice=\"finance\" data-au-n=\"1\"><figure class=\"nx-au-c\" data-au-fig=\"scenario-pathways\"><h3 class=\"nx-h4\">Scenario pathways<\/h3><p class=\"nx-p nx-au-what\">How financial economics for banking risk could be stressed under the scenario families central banks and supervisors use.<\/p><div class=\"nx-au-fig\"><svg class=\"nx-au-svg\" viewBox=\"0 0 560 214\" role=\"img\" aria-label=\"Combined transition and physical pressure under three scenario families\" focusable=\"false\"><line class=\"nx-au-ax\" x1=\"46\" y1=\"190\" x2=\"450\" y2=\"190\"\/><line class=\"nx-au-ax\" x1=\"46\" y1=\"16\" x2=\"46\" y2=\"190\"\/><path class=\"nx-au-ln\" d=\"M46 155.2l80.8-38.3 80.8-13.9 80.8 7 80.8 10.4 80.8 8.7\"\/><text class=\"nx-au-t\" x=\"458\" y=\"133.1\" text-anchor=\"start\">Orderly<\/text><path class=\"nx-au-ac\" d=\"M46 155.2l80.8-3.5 80.8-13.9 80.8-73.1 80.8 10.5 80.8 19.1\"\/><text class=\"nx-au-t\" x=\"458\" y=\"98.3\" text-anchor=\"start\">Disorderly<\/text><path class=\"nx-au-ln nx-au-dash\" d=\"M46 155.2l80.8-7 80.8-10.4 80.8-13.9 80.8-20.9 80.8-27.8\"\/><text class=\"nx-au-t\" x=\"458\" y=\"79.16\" text-anchor=\"start\">Hot house world<\/text><text class=\"nx-au-t\" x=\"46\" y=\"206\" text-anchor=\"middle\">2025<\/text><text class=\"nx-au-t\" x=\"126.8\" y=\"206\" text-anchor=\"middle\">2030<\/text><text class=\"nx-au-t\" x=\"207.6\" y=\"206\" text-anchor=\"middle\">2035<\/text><text class=\"nx-au-t\" x=\"288.4\" y=\"206\" text-anchor=\"middle\">2040<\/text><text class=\"nx-au-t\" x=\"369.2\" y=\"206\" text-anchor=\"middle\">2045<\/text><text class=\"nx-au-t\" x=\"450\" y=\"206\" text-anchor=\"middle\">2050<\/text><text class=\"nx-au-t\" x=\"40\" y=\"33.4\" text-anchor=\"end\">high<\/text><text class=\"nx-au-t\" x=\"40\" y=\"172.6\" text-anchor=\"end\">low<\/text><\/svg><\/div><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Scenario family<\/th><th scope=\"col\">Transition risk<\/th><th scope=\"col\">Physical risk<\/th><th scope=\"col\">What a stress test asks<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Scenario family\">Orderly<\/td><td data-label=\"Transition risk\">Early, gradual policy<\/td><td data-label=\"Physical risk\">Lower<\/td><td data-label=\"What a stress test asks\">Can the book absorb a steady repricing?<\/td><\/tr><tr><td data-label=\"Scenario family\">Disorderly<\/td><td data-label=\"Transition risk\">Late, abrupt policy<\/td><td data-label=\"Physical risk\">Lower to medium<\/td><td data-label=\"What a stress test asks\">What breaks under a sudden repricing and credit migration?<\/td><\/tr><tr><td data-label=\"Scenario family\">Hot house world<\/td><td data-label=\"Transition risk\">Limited policy<\/td><td data-label=\"Physical risk\">High and rising<\/td><td data-label=\"What a stress test asks\">Where do physical losses concentrate in collateral and insurance?<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Scenario families as defined by the NGFS; the curves are an illustrative combined pressure index, not NGFS variables or forecasts.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-chips nx-au-fw\" aria-label=\"Frameworks cited\"><span class=\"nx-chip\">NGFS climate scenarios \u00b7 Network for Greening the Financial System<\/span><span class=\"nx-chip\">IFRS S2 Climate-related Disclosures \u00b7 ISSB<\/span><span class=\"nx-chip\">TCFD recommendations \u00b7 Financial Stability Board TCFD<\/span><span class=\"nx-chip\">Principles for the effective management of climate-related financial risks \u00b7 Basel Committee on Banking Supervision<\/span><\/div><\/div><\/div><\/section><section id=\"nx-sec-checks\" class=\"nx-section nx-band-panel\" data-hue=\"climate\" data-variant=\"band\" aria-labelledby=\"nx-s-6\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Validation<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">How results are checked.<\/h2><p class=\"nx-lede\">Models are back-tested against historical market episodes and crises. Results are compared with supervisory data and alternative specifications.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Check<\/th><th scope=\"col\">How it is done<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Check\">Back-testing against past episodes<\/td><td data-label=\"How it is done\">Satellite models are tested on whether they reproduce losses observed in previous downturns<\/td><\/tr><tr><td data-label=\"Check\">Alternative specifications<\/td><td data-label=\"How it is done\">Results are compared across model forms and variable choices, and the spread is reported<\/td><\/tr><tr><td data-label=\"Check\">Feedback effects<\/td><td data-label=\"How it is done\">Second-round effects from bank deleveraging to the economy are modelled, or their absence is stated<\/td><\/tr><tr><td data-label=\"Check\">Independent benchmark<\/td><td data-label=\"How it is done\">Projections are compared with supervisory or third-party results for the same scenario<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-3\">Relationships estimated in calm periods may break down in stress. Hidden leverage and interconnections are often unobserved.<\/p><\/div><\/div><\/section><section id=\"nx-sec-connections\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-7\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connections<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Topics that rely on this method.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/credit-and-counterparty-risk\/\"><span>Credit and counterparty risk<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/capital-and-liquidity\/\"><span>Capital and liquidity<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/climate-and-nature-bank-risk\/\"><span>Climate and nature risk in banking<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/model-and-ai-risk\/\"><span>Model and AI risk<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/banking-and-real-economy\/\"><span>Banking and the real economy<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/bank-governance\/\"><span>Bank governance<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/housing-property-finance\/\"><span>Housing and property finance<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/topics\/islamic-banking\/\"><span>Islamic banking<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"climate\" aria-label=\"Stewardship, Connected, Questions\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Stewardship, Connected, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-sec-stewardship\" aria-selected=\"true\" data-key=\"p1\">Stewardship<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-s-9-sec\" aria-selected=\"false\" data-key=\"p2\">Connected<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-3\" aria-controls=\"nx-s-10-sec\" aria-selected=\"false\" data-key=\"p3\">Questions<\/button><\/div><section id=\"nx-sec-stewardship\" class=\"nx-section nx-band-panel\" data-hue=\"climate\" data-variant=\"split\" aria-labelledby=\"nx-s-8\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Stewardship<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Who maintains the method.<\/h2><p class=\"nx-lede\"><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/\">Financial Stability<\/a> stewards financial economics and macro-finance for the Consortium and reviews how it is applied across platforms.<\/p><\/div><div class=\"nx-section-body\"><p class=\"nx-p\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\">Canonical page: Financial economics and macro-finance<\/a><\/p><\/div><\/div><\/section><section id=\"nx-s-9-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-9\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connected<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Where this page leads across the Consortium.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/stem\/financial-economics\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Steward platform<\/span><span class=\"nx-dest-host\">GRA<\/span><\/span><span class=\"nx-dest-title\">Financial economics and macro-finance at Financial Stability<\/span><span class=\"nx-dest-why\">Financial Stability stewards this method.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-10-sec\" class=\"nx-section nx-band-panel\" data-hue=\"climate\" aria-labelledby=\"nx-s-10\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What are the limits of financial economics and macro-finance in this field?<\/summary><div class=\"nx-answer\">Relationships estimated in calm periods may break down in stress. Hidden leverage and interconnections are often unobserved.<\/div><\/details><details><summary>How are results checked?<\/summary><div class=\"nx-answer\">Models are back-tested against historical market episodes and crises. Results are compared with supervisory data and alternative specifications.<\/div><\/details><details><summary>Are the values on this page real?<\/summary><div class=\"nx-answer\">The data names, roles and checks are real descriptions of practice. The canvas shows a design of the method&#8217;s use, not a run; no result is reported here.<\/div><\/details><details><summary>Where else is this method applied?<\/summary><div class=\"nx-answer\">The <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\">canonical method page<\/a> lists every platform that applies it.<\/div><\/details><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Contribute evidence from this page.<\/h2><p class=\"nx-lede\"><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a> is the Consortium&#8217;s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">Global Risks Alliance<\/span><span class=\"nx-chip\">Banking Nexus<\/span><span class=\"nx-chip\">Finance and Insurance Readiness<\/span><span class=\"nx-chip\">Scenario and Stress-Test<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/banking-nexus\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GRA<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. 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