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auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-ncswje21.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-ncswje21.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-ncswje21.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-ncswje21.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-ncswje21.nxe :where(ul,ol){padding-left:20px}#nxe-ncswje21.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-ncswje21.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-ncswje21.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-ncswje21.nxe svg{display:none}#nxe-ncswje21.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-ncswje21.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-ncswje21.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\">Scenario design and stress testing for public finance and sovereign debt<\/h1><p class=\"nx-scene-lede\">Scenario analysis and stress testing show how public debt and fiscal balances would evolve under adverse conditions. On this platform they explain the stress tests in <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 debt-sustainability\" data-tk=\"Nexus risk vocabulary\" data-td=\"The ability of a borrower to meet current and future debt obligations without exceptional financing or a major correction.\" data-ts=\"NRS-C1\" data-tr=\"draft\">debt sustainability<\/a> frameworks, <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 contingent-liability\" data-tk=\"Nexus risk vocabulary\" data-td=\"An obligation that only becomes due if a particular event occurs, such as guarantees or disaster costs borne by the state.\" data-ts=\"NRS-C1\" data-tr=\"draft\">contingent liability<\/a> shocks and climate scenarios for public finances.<\/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\">Register<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">Scenario design and stress testing for public finance and sovereign debt on the record.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"workbench\"><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\">Scenario design and stress testing<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Steward<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/risk-management\/\">Systemic Risk Management<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Applied in<\/span><span class=\"nx-register-v\">Public Finance and Sovereign Debt<\/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\">3 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\">3 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\/mathematics\/scenario-stress\/\">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=\"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\" 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 scenario design and stress testing does here.<\/h2><p class=\"nx-lede\">Scenario design and stress testing construct plausible, severe future conditions to examine how <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> and institutions would perform. They complement probabilistic analysis where data are scarce or futures are deeply uncertain. In sovereign and public finance, development finance and disaster and crisis, stress tests reveal vulnerabilities that arise when several risks materialise together. They inform capital, contingency and coordination plans across sectors. The canonical description is on <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/scenario-stress\/\">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=\"m19 9-5 5-4-4-3 3\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Standard DSA stress tests<\/h3><p class=\"nx-p nx-mt-1\">Shocks to growth, interest rates, exchange rates and the primary balance are applied to debt projections, as in the IMF and World Bank frameworks.<\/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=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Contingent liability shocks<\/h3><p class=\"nx-p nx-mt-1\">Scenarios where guarantees are called or state enterprises need support are added to debt paths to show their potential effect.<\/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 and disaster scenarios<\/h3><p class=\"nx-p nx-mt-1\">Disaster shocks and transition paths are introduced into fiscal projections, with assumptions and uncertainty documented for users.<\/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\">Scenario stress.<\/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-stress\" data-cx=\"sovdebt.method-stress\" data-variant=\"section\" aria-label=\"Scenario stress: illustrative console with example names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Scenario stress<\/h3><p class=\"nx-fk-sub\">Public finance and sovereign debt \u00b7 Scenario design and stress testing \u00b7 Run R-2370<\/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=\"near\"><i aria-hidden=\"true\"><\/i>Severe case breaches limit<\/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\">Scenario set<\/h4><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-sovdebt-method-stress-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-sovdebt-method-stress-t0\" aria-label=\"Scenario set\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Scenario<\/button><\/th><th scope=\"col\" data-col=\"c1\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Severity<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Impact index<\/button><\/th><th scope=\"col\" data-col=\"c3\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">Against limit<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-sovdebt-method-stress:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Baseline<\/td><td>Central<\/td><td data-num=\"true\" data-sv=\"22\">22<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Within<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovdebt-method-stress:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Adverse<\/td><td>1-in-25<\/td><td data-num=\"true\" data-sv=\"49\">49<\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Close<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovdebt-method-stress:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\" aria-current=\"true\" data-cur=\"true\"><td>Severe<\/td><td>1-in-100<\/td><td data-num=\"true\" data-sv=\"76\">76<\/td><td><span class=\"nx-fk-pill\" data-state=\"not\"><i aria-hidden=\"true\"><\/i>Breach<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovdebt-method-stress:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Reverse stress<\/td><td>Find the break<\/td><td data-num=\"true\" data-sv=\"100\">100<\/td><td><span class=\"nx-fk-pill\" data-state=\"info\"><i aria-hidden=\"true\"><\/i>Defines edge<\/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>Scenario design and stress testing<\/dd><\/div><div><dt>Narrative<\/dt><dd>compound shock<\/dd><\/div><div><dt>Horizon<\/dt><dd>3 years<\/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\">Impact build-up, severe case<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 230\" width=\"520\" height=\"230\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Impact build-up, severe case\" data-fk-chart=\"cx-sovdebt-method-stress-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>Scenario stress: 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\" data-variant=\"split\" 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 scenario design and stress testing 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\"><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\">Baseline projections<\/td><td data-label=\"Role\">Starting path<\/td><td data-label=\"Label\"><span class=\"nx-chip\">FORECAST<\/span><\/td><\/tr><tr><td data-label=\"Data\">Historical shock sizes<\/td><td data-label=\"Role\">Calibration<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\"><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 contingent-liability\" data-tk=\"Nexus risk vocabulary\" data-td=\"An obligation that only becomes due if a particular event occurs, such as guarantees or disaster costs borne by the state.\" data-ts=\"NRS-C1\" data-tr=\"draft\">Contingent liability<\/a> data<\/td><td data-label=\"Role\">Shock inputs<\/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\/scenario-stress\/#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\/scenario-stress\/#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-ance-sovereign-debt-stem-scenario-stress-0\" data-nxi=\"debt\" data-nxi-id=\"debt\" data-nxi-z=\"jZXdbuM2EIVfhRigQBagA8my0qzu2s0i6EWLIBsUWAS+oMSxRSxFCuQ4iRv43QuSlsP1T9ErypQ838zhmeE7kCKN0MA3+4IO1dowiS2xUVDvmTCSUY\/MSumZXbHWoeh6ZdZMMOod+t5qCRx6a9DTFhp4mj4YrETNXhX1zJMglExpvfHkBKkXZC9Cb9BzZiwxwUaHUnWkrLkGDqNwYvDQPL+DktCALICDFi1qaOAuZEdWii1w2BhF0MAvIbf7uwfgMCgDTVlwGMQbNPO64OAJR2hKDpEJza8FB22huSk49Aqa24KDhKbY8T1PZbivqxV2MWNjB2WEZsoQOvTEnCDMcpjgE7usJ3Rx\/QGvE3uR0DfXdWSXB\/Y6Y\/+1J97fPbC1s6\/Un8HN6v\/kLa73xGpPPOKNbQZ8cGoQbstaoYXp8LLAs9s99PYcc1ZM0FkZngK3OKnUy7zWv60WpLSibUAdVztaZcgfK3xzDj5P5DJhqxOouggNRr9wuOf5i3P8MvGLqfDypPDeOvWPNVke31E4z0SPQn4wt2FzQlZ7ZHXGz+Wxf1NnZvGfplYNZXbWdOjM5cOtznRPfaB9nmhLDiv1hhKad\/AY1nlV1zc7DnZD44ayBh5QKpEX\/GfcSJNGUFT+Q5XTtH6qbhStfcHctWlUhd0Y6TCYLoc+idl6Eu5yJzDqBYU51iqtPPqY+aVUyyBN1wtHQZq3k\/PdTlPsavrfJ+CHORzfrIRhKcIu2MmOPoQyVmJQNX0TBqkFDn9Mlm2V1sDhUfkfYaAOajMAhy\/WeKuVDF8HCU57\/D4125KDVuZHADwXvOTlkj+XvIhrwedxne\/3C17FteKLuC54wWdpo04PddpZHtKfvPBYZjJ\/M\/a1FVo3H41nJ1uEK4ds+vHao2GO4VuHKD1bs6t4vWiUn8KFMQkTkj2c6eM8A+WiMBePMF5NMfqVRN851aJM91Fnh3FDJ7HnefTf8zJ+0pg5EeMH541HNrrySKzdxnedNeSsPoJUfJGVUGWQ3zae0IVZJZ1YB53SlPy\/6Ve8Xu6WOw4G6WlvtodNq1WXVMg89y8=\" 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-ance-sovereign-debt-stem-scenario-stress-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>69.8<\/td><td>70.9<\/td><td>71.9<\/td><td>72.8<\/td><\/tr><tr><th scope=\"row\">2<\/th><td>68.7<\/td><td>70.2<\/td><td>71.6<\/td><td>73.4<\/td><td>74.9<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>69.2<\/td><td>70.8<\/td><td>72.5<\/td><td>74.7<\/td><td>76.5<\/td><\/tr><tr><th scope=\"row\">4<\/th><td>69.3<\/td><td>71.3<\/td><td>73.2<\/td><td>75.4<\/td><td>77.9<\/td><\/tr><tr><th scope=\"row\">5<\/th><td>69.8<\/td><td>71.6<\/td><td>74.2<\/td><td>76.6<\/td><td>79.0<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>70.3<\/td><td>72.5<\/td><td>74.9<\/td><td>77.8<\/td><td>80.3<\/td><\/tr><tr><th scope=\"row\">7<\/th><td>70.5<\/td><td>73.1<\/td><td>75.7<\/td><td>79.0<\/td><td>82.0<\/td><\/tr><tr><th scope=\"row\">8<\/th><td>71.0<\/td><td>73.6<\/td><td>76.6<\/td><td>80.0<\/td><td>83.1<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>71.6<\/td><td>74.2<\/td><td>77.8<\/td><td>81.0<\/td><td>84.7<\/td><\/tr><tr><th scope=\"row\">10<\/th><td>72.0<\/td><td>75.0<\/td><td>78.7<\/td><td>82.4<\/td><td>85.9<\/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\" 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\">Scenarios are reviewed for plausibility, internal consistency and severity relative to history. Exercise outcomes are compared with actual events when they occur.<\/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\">Severity calibration<\/td><td data-label=\"How it is done\">Shocks are calibrated to historical experience<\/td><\/tr><tr><td data-label=\"Check\">Combined shocks<\/td><td data-label=\"How it is done\">Combined scenarios are run, not only single shocks<\/td><\/tr><tr><td data-label=\"Check\">Conditional framing<\/td><td data-label=\"How it is done\">Results are presented as conditional, not forecasts<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-3\">Scenario choice can reflect prevailing assumptions and miss novel combinations. Results depend on how participants and models represent responses.<\/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 scenario design and stress testing 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\" data-variant=\"split\" 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\/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\/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><\/ul><\/div><\/div><\/section><section id=\"nx-sec-stewardship\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" 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\/risk-management\/\">Systemic Risk Management<\/a> stewards scenario design and stress testing 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\/scenario-stress\/\">Canonical page: Scenario design and stress testing<\/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 Consortium.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/risk-management\/stem\/scenario-stress\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Steward platform<\/span><span class=\"nx-dest-host\"><abbr title=\"The Global Centre for Risk and Innovation\">GCRI<\/abbr><\/span><\/span><span class=\"nx-dest-title\">Scenario design and stress testing<\/span><span class=\"nx-dest-why\">Systemic Risk Management 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-11-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-11\" 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\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-11\" 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 scenario design and stress testing in this field?<\/summary><div class=\"nx-answer\">Scenario choice can reflect prevailing assumptions and miss novel combinations. Results depend on how participants and models represent responses.<\/div><\/details><details><summary>How are results checked?<\/summary><div class=\"nx-answer\">Scenarios are reviewed for plausibility, internal consistency and severity relative to history. Exercise outcomes are compared with actual events when they occur.<\/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. 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