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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nisgsiih.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 Public Finance and Sovereign Debt<\/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\">Econometrics for public finance and sovereign debt<\/h1><p class=\"nx-scene-lede\">Econometrics estimates relationships from fiscal and macroeconomic data and tests whether they hold. On this platform it supports estimates of revenue volatility, fiscal reaction functions, efficiency gaps and the effects of shocks on public debt.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/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\/public-finance-sovereign-debt\/stem\/\">Back to STEM foundation of Public Finance and Sovereign Debt<\/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\">Contents<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">Econometrics for public finance and sovereign debt in five parts.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"protocol\"><div class=\"nx-hero-panel\"><div class=\"nx-lv-steps\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Protocol<\/strong><\/span><span class=\"nx-eyebrow\">5 steps<\/span><\/div><ol><li><a href=\"#nx-sec-application\"><span class=\"nx-lv-steps-n\">01<\/span><span class=\"nx-lv-steps-t\">Application<\/span><span class=\"nx-lv-steps-d\">What econometrics does here<\/span><\/a><\/li><li><a href=\"#nx-sec-data\"><span class=\"nx-lv-steps-n\">02<\/span><span class=\"nx-lv-steps-t\">Data<\/span><span class=\"nx-lv-steps-d\">What the method consumes<\/span><\/a><\/li><li><a href=\"#nx-sec-checks\"><span class=\"nx-lv-steps-n\">03<\/span><span class=\"nx-lv-steps-t\">Validation<\/span><span class=\"nx-lv-steps-d\">How results are checked<\/span><\/a><\/li><li><a href=\"#nx-sec-connections\"><span class=\"nx-lv-steps-n\">04<\/span><span class=\"nx-lv-steps-t\">Connections<\/span><span class=\"nx-lv-steps-d\">Topics that rely on this method<\/span><\/a><\/li><li><a href=\"#nx-sec-stewardship\"><span class=\"nx-lv-steps-n\">05<\/span><span class=\"nx-lv-steps-t\">Stewardship<\/span><span class=\"nx-lv-steps-d\">Who maintains the method<\/span><\/a><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"systemic\" aria-label=\"Application, Monitor, Data, Scenario model\"><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, Monitor, Data, Scenario model\"><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-s-3-sec\" aria-selected=\"false\" data-key=\"p2\">Monitor<\/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><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-4\" aria-controls=\"nx-sec-instrument\" aria-selected=\"false\" data-key=\"p4\">Scenario model<\/button><\/div><section id=\"nx-sec-application\" class=\"nx-section nx-band-panel\" data-hue=\"systemic\" 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 econometrics does here.<\/h2><p class=\"nx-lede\">Econometrics applies statistical methods to economic data to estimate relationships, test theories and forecast. It provides empirical evidence on how shocks and policies affect economic outcomes. In sovereign and public finance, development finance and disaster and crisis, econometric evidence estimates how disasters, pandemics and financial shocks affect output, employment and prices. It informs the economic case for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk reduction<\/a>. The canonical description is on <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\">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=\"M3 3v18h18\"\/><path d=\"M18 17V9\"\/><path d=\"M13 17V5\"\/><path d=\"M8 17v-3\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Fiscal reaction functions<\/h3><p class=\"nx-p nx-mt-1\">Estimates of how governments adjust primary balances in response to debt levels inform judgements about fiscal space and credibility.<\/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=\"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\">Revenue volatility<\/h3><p class=\"nx-p nx-mt-1\">Commodity and tax revenue series are modelled to estimate volatility and its relationship with prices and output, informing buffer sizing.<\/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\">Disaster effects on public finance<\/h3><p class=\"nx-p nx-mt-1\">Panel data on past disasters estimate average effects on revenue, spending and debt, with heterogeneity across countries reported.<\/p><\/article><\/div><\/div><\/div><\/section><section id=\"nx-s-3-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" 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\">Monitor<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Econometric model.<\/h2><p class=\"nx-lede\">The screen a team would use to follow this method: its measures, states and decisions. Names are examples and values are illustrative.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-sovdebt-method-regress\" data-cx=\"sovdebt.method-regress\" data-variant=\"section\" aria-label=\"Econometric model: illustrative console with example names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Econometric model<\/h3><p class=\"nx-fk-sub\">Public finance and sovereign debt \u00b7 Econometrics for public finance \u00b7 Run R-5003<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure&#8217;s values<\/small><\/button><\/li><\/ul><\/div><\/div><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"info\"><i aria-hidden=\"true\"><\/i>Estimates stable<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Public Finance and Sovereign Debt<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"4\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Estimates<\/h4><p class=\"nx-fk-panel-sub\">robust standard errors<\/p><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-sovdebt-method-regress-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-sovdebt-method-regress-t0\" aria-label=\"Estimates\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Term<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Estimate<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Std error<\/button><\/th><th scope=\"col\" data-col=\"c3\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">95 pct interval<\/button><\/th><th scope=\"col\" data-col=\"c4\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c4\">Sig.<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-sovdebt-method-regress:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Public debt<\/td><td data-num=\"true\" data-sv=\"0.03\">0.03<\/td><td data-num=\"true\" data-sv=\"0.19\">0.19<\/td><td>[\u22120.4, 0.2]<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Yes<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovdebt-method-regress:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Gross financing needs<\/td><td data-num=\"true\" data-sv=\"0.29\">0.29<\/td><td data-num=\"true\" data-sv=\"0.12\">0.12<\/td><td>[\u22120.2, 0.4]<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Yes<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovdebt-method-regress:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Interest to revenue<\/td><td data-num=\"true\" data-sv=\"0.2\">0.20<\/td><td data-num=\"true\" data-sv=\"0.13\">0.13<\/td><td>[0.0, 0.5]<\/td><td><span class=\"nx-fk-pill\" data-state=\"off\"><i aria-hidden=\"true\"><\/i>No<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovdebt-method-regress:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Share of FX debt<\/td><td data-num=\"true\" data-sv=\"0.33\">0.33<\/td><td data-num=\"true\" data-sv=\"0.05\">0.05<\/td><td>[0.1, 0.9]<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Yes<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"2\" data-t=\"kv\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Method card<\/h4><\/div><\/div><dl class=\"nx-fk-dl\"><div><dt>Method<\/dt><dd>Econometrics<\/dd><\/div><div><dt>Sample<\/dt><dd>1642 obs<\/dd><\/div><div><dt>Design<\/dt><dd>panel, fixed effects<\/dd><\/div><div><dt>Label<\/dt><dd><span class=\"nx-fk-pill\" data-state=\"info\"><i aria-hidden=\"true\"><\/i>MODELLED<\/span><\/dd><\/div><\/dl><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Residuals by group<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 210\" width=\"520\" height=\"210\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Residuals by group\" data-fk-chart=\"cx-sovdebt-method-regress-c2\" data-nx-z=\"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\"><\/svg><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Econometric model: the screen&#8217;s structure, terms and states for Public finance and sovereign debt.<\/span><span data-honesty=\"true\">Example names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><\/section><section id=\"nx-sec-data\" class=\"nx-section nx-band-panel\" data-hue=\"systemic\" 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 econometrics 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\/public-finance-sovereign-debt\/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\">Fiscal time series<\/td><td data-label=\"Role\">Estimation<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">Commodity price series<\/td><td data-label=\"Role\">Revenue drivers<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Disaster databases<\/td><td data-label=\"Role\">Event data<\/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\/A-P09\/stem\/econometrics\/#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\/A-P09\/stem\/econometrics\/#evidence\" data-nxf-title=\"Evidence\" data-nxf-height=\"520\" hidden><\/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-5\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-4\"><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\">Scenario model<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Sovereign debt paths and the odds of breaching a threshold.<\/h2><p class=\"nx-lede\">The distribution of debt paths, and the share above a threshold of concern at the horizon, that sovereign investors and rating analysts read from a fan chart. 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-finance-sovereign-debt-stem-econometrics-0\" data-nxi=\"debt\" data-nxi-id=\"debt\" data-nxi-z=\"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\" aria-label=\"Sovereign debt paths and the odds of breaching a threshold\"><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=\"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-finance-sovereign-debt-stem-econometrics-0-stage\" data-nxi-stage=\"true\" data-view=\"result\"><svg class=\"nx-in-svg\" viewBox=\"0 0 720 340\" role=\"img\" aria-label=\"Debt fan chart\" data-nx-z=\"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\"><\/svg><ul class=\"nx-in-legend\"><li><span class=\"nx-in-sw\" data-c=\"c1\" aria-hidden=\"true\"><\/span>Median, 25% to 75% and 10% to 90% bands<\/li><li><span class=\"nx-in-sw\" data-c=\"c2\" data-k=\"dash\" aria-hidden=\"true\"><\/span>No shocks<\/li><\/ul><\/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>Debt today<\/dt><dd>70% of GDP<\/dd><\/div><div><dt>Effective nominal interest rate<\/dt><dd>5.0%<\/dd><\/div><div><dt>Nominal GDP growth<\/dt><dd>4.5%<\/dd><\/div><div><dt>Primary balance<\/dt><dd>\u22120.5% of GDP<\/dd><\/div><div><dt>Volatility of growth<\/dt><dd>2.0 points<\/dd><\/div><div><dt>Volatility of the interest rate<\/dt><dd>1.0 points<\/dd><\/div><div><dt>Years ahead<\/dt><dd>10 years<\/dd><\/div><div><dt>Threshold of concern<\/dt><dd>90% of GDP<\/dd><\/div><\/dl><\/div><p class=\"nx-eyebrow\">Readouts<\/p><dl class=\"nx-in-out\" data-nxi-out=\"true\" aria-live=\"polite\"><div><dt>Median debt at the horizon<\/dt><dd>79% of GDP<\/dd><\/div><div><dt>Paths above the threshold at the horizon<\/dt><dd>3%<\/dd><\/div><div><dt>Primary balance that stabilises debt<\/dt><dd>0.3% of GDP<\/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\">Year<\/th><th scope=\"col\">10%<\/th><th scope=\"col\">25%<\/th><th scope=\"col\">Median<\/th><th scope=\"col\">75%<\/th><th scope=\"col\">90%<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">0<\/th><td>70.0<\/td><td>70.0<\/td><td>70.0<\/td><td>70.0<\/td><td>70.0<\/td><\/tr><tr><th scope=\"row\">1<\/th><td>68.8<\/td><td>69.7<\/td><td>70.9<\/td><td>72.0<\/td><td>73.1<\/td><\/tr><tr><th scope=\"row\">2<\/th><td>68.6<\/td><td>70.1<\/td><td>71.5<\/td><td>73.1<\/td><td>74.6<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>68.9<\/td><td>70.7<\/td><td>72.5<\/td><td>74.3<\/td><td>76.1<\/td><\/tr><tr><th scope=\"row\">4<\/th><td>69.2<\/td><td>71.3<\/td><td>73.3<\/td><td>75.5<\/td><td>77.5<\/td><\/tr><tr><th scope=\"row\">5<\/th><td>69.4<\/td><td>71.8<\/td><td>74.5<\/td><td>76.7<\/td><td>79.2<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>69.9<\/td><td>72.7<\/td><td>75.3<\/td><td>77.7<\/td><td>80.8<\/td><\/tr><tr><th scope=\"row\">7<\/th><td>70.6<\/td><td>73.1<\/td><td>76.2<\/td><td>79.0<\/td><td>81.9<\/td><\/tr><tr><th scope=\"row\">8<\/th><td>71.2<\/td><td>74.0<\/td><td>77.1<\/td><td>80.2<\/td><td>83.3<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>71.9<\/td><td>74.8<\/td><td>77.8<\/td><td>81.2<\/td><td>84.4<\/td><\/tr><tr><th scope=\"row\">10<\/th><td>72.0<\/td><td>75.2<\/td><td>78.7<\/td><td>82.0<\/td><td>85.7<\/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>Debt dynamics and the interest-growth differential <span class=\"nx-in-cite\">Blanchard (2019), Public debt and low interest rates, American Economic Review 109<\/span><\/li><li>Stochastic fan charts <span class=\"nx-in-cite\">Celasun, Debrun and Ostry (2006), IMF Staff Papers 53<\/span><\/li><li>Sovereign risk and debt sustainability framework <span class=\"nx-in-cite\">IMF (2022), Staff Guidance Note on the SRDSF<\/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\">Sovereign debt paths and the odds of breaching a threshold. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: Debt dynamics and the interest-growth differential (Blanchard (2019), Public debt and low interest rates, American Economic Review 109); Stochastic fan charts (Celasun, Debrun and Ostry (2006), IMF Staff Papers 53); Sovereign risk and debt sustainability framework (IMF (2022), Staff Guidance Note on the SRDSF).<\/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\/public-finance-sovereign-debt\/foundry\/\">Public Finance and Sovereign Debt 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\/public-finance-sovereign-debt\/universe\/\">Public Finance and Sovereign Debt 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\/public-finance-sovereign-debt\/reports\/\">Public Finance and Sovereign Debt 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><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"systemic\" aria-label=\"Validation, Exposure, loss and capital, Connections, Stewardship\"><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=\"Validation, Exposure, loss and capital, Connections, Stewardship\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-checks\" aria-selected=\"true\" data-key=\"p1\">Validation<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-audience\" aria-selected=\"false\" data-key=\"p2\">Exposure, loss and capital<\/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><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-4\" aria-controls=\"nx-sec-stewardship\" aria-selected=\"false\" data-key=\"p4\">Stewardship<\/button><\/div><section id=\"nx-sec-checks\" class=\"nx-section nx-band-panel\" data-hue=\"systemic\" data-variant=\"stack\" aria-labelledby=\"nx-s-6\" 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\">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 assessed through specification tests, robustness checks and out-of-sample performance. Results are compared across datasets and methods.<\/p><\/div><div class=\"nx-section-body\"><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\">Robustness<\/td><td data-label=\"How it is done\">Results are checked across specifications and samples<\/td><\/tr><tr><td data-label=\"Check\">Endogeneity<\/td><td data-label=\"How it is done\">Methods to address reverse causality are stated<\/td><\/tr><tr><td data-label=\"Check\">Out-of-sample<\/td><td data-label=\"How it is done\">Models are tested on periods not used in estimation<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-3\">Endogeneity, measurement error and structural change can bias estimates. Relationships may shift under extreme conditions.<\/p><\/div><\/div><\/section><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-7\" 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\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">What it 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=\"capital-fiscal\"><h3 class=\"nx-h4\">Capital, solvency and fiscal indicators<\/h3><p class=\"nx-p nx-au-what\">The indicators a risk officer, supervisor or ministry of finance reads first on econometrics for public finance and sovereign debt.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Who reads it<\/th><th scope=\"col\">Framework<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Public debt<\/td><td data-label=\"Unit\">% of GDP<\/td><td data-label=\"Who reads it\">Ministries of finance, IMF<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><tr><td data-label=\"Indicator\">Gross financing needs<\/td><td data-label=\"Unit\">% of GDP per year<\/td><td data-label=\"Who reads it\">Ministries of finance, investors<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><tr><td data-label=\"Indicator\">Contingent liabilities<\/td><td data-label=\"Unit\">% of GDP, by source<\/td><td data-label=\"Who reads it\">Ministries of finance<\/td><td data-label=\"Framework\">Fiscal risk statements<\/td><\/tr><tr><td data-label=\"Indicator\">Interest to revenue<\/td><td data-label=\"Unit\">% of revenue<\/td><td data-label=\"Who reads it\">Ministries of finance, rating users<\/td><td data-label=\"Framework\">Public finance statistics<\/td><\/tr><tr><td data-label=\"Indicator\">Sovereign spread<\/td><td data-label=\"Unit\">basis points over a benchmark<\/td><td data-label=\"Who reads it\">Investors, debt managers<\/td><td data-label=\"Framework\">Market data<\/td><\/tr><tr><td data-label=\"Indicator\">CET1 ratio<\/td><td data-label=\"Unit\">% of risk-weighted assets<\/td><td data-label=\"Who reads it\">Banks, supervisors<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity coverage ratio<\/td><td data-label=\"Unit\">% of stressed outflows<\/td><td data-label=\"Who reads it\">Banks, central banks<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution&#8217;s own reporting and are never shown here.<\/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-connections\" class=\"nx-section nx-band-panel\" data-hue=\"systemic\" aria-labelledby=\"nx-s-8\" 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\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connections<\/span><\/div><h2 id=\"nx-s-8\" 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\/public-finance-sovereign-debt\/topics\/sovereign-debt-sustainability\/\"><span>Sovereign debt sustainability<\/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\/public-finance-sovereign-debt\/topics\/fiscal-contingent-liabilities\/\"><span>Fiscal contingent liabilities<\/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\/public-finance-sovereign-debt\/topics\/subnational-fiscal-risk\/\"><span>Subnational fiscal 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\/public-finance-sovereign-debt\/topics\/commodity-and-revenue-risk\/\"><span>Commodity and revenue 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\/public-finance-sovereign-debt\/topics\/public-investment-efficiency\/\"><span>Public investment efficiency<\/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\/public-finance-sovereign-debt\/topics\/social-and-health-expenditure\/\"><span>Social and health expenditure<\/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\/public-finance-sovereign-debt\/topics\/climate-and-disaster-fiscal-risk\/\"><span>Climate and disaster fiscal 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\/public-finance-sovereign-debt\/topics\/debt-transparency-and-data\/\"><span>Debt transparency and data<\/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><section id=\"nx-sec-stewardship\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-9\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-4\"><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\">Stewardship<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who maintains the method.<\/h2><p class=\"nx-lede\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/economic-development\/\">Economic Development<\/a> stewards econometrics 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\/mathematics\/econometrics\/\">Canonical page: Econometrics<\/a><\/p><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"systemic\" aria-label=\"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=\"Connected, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-s-10-sec\" aria-selected=\"true\" data-key=\"p1\">Connected<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-s-11-sec\" aria-selected=\"false\" data-key=\"p2\">Questions<\/button><\/div><section id=\"nx-s-10-sec\" class=\"nx-section nx-band-panel\" data-hue=\"systemic\" aria-labelledby=\"nx-s-10\" 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\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connected<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Where this page leads across the 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