{"id":44,"date":"2026-11-01T18:51:45","date_gmt":"2026-11-01T18:51:45","guid":{"rendered":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/?page_id=44"},"modified":"2026-11-01T18:51:45","modified_gmt":"2026-11-01T18:51:45","slug":"financial-economics","status":"publish","type":"page","link":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/financial-economics\/","title":{"rendered":"Financial economics for sovereign balance sheets"},"content":{"rendered":"\n<!-- Nexus network page \u00b7 https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/financial-economics\/ \u00b7 source template \u00b7 generated by integrations\/wordpress\/network\/build.mjs, never edit this file --><script>window.nexusLiveStrings={\"label\":\"Load the live map\",\"note\":\"Imagery and feeds come from other services (NASA, USGS, OpenStreetMap) and load only when you ask.\"};<\/script><script>(function(){\"use strict\";var n=window,l=document,y=\"nexus.live-map\",$=\"nexus.live-map.reload\";if(n.NXLive){return}var E=[\/(^|\\.)gibs\\.earthdata\\.nasa\\.gov$\/i,\/(^|\\.)eonet\\.gsfc\\.nasa\\.gov$\/i,\/(^|\\.)power\\.larc\\.nasa\\.gov$\/i,\/(^|\\.)earthquake\\.usgs\\.gov$\/i,\/(^|\\.)open-meteo\\.com$\/i,\/(^|\\.)openfreemap\\.org$\/i,\/(^|\\.)openstreetmap\\.org$\/i,\/(^|\\.)cartocdn\\.com$\/i,\/(^|\\.)arcgisonline\\.com$\/i,\/(^|\\.)maplibre\\.org$\/i,\/(^|\\.)protomaps\\.com$\/i,\/(^|\\.)versatiles\\.org$\/i,\/(^|\\.)amazonaws\\.com$\/i,\/(^|\\.)raw\\.githubusercontent\\.com$\/i,\/(^|\\.)media\\.githubusercontent\\.com$\/i,\/(^|\\.)geoboundaries\\.org$\/i,\/(^|\\.)jsdelivr\\.net$\/i,\/(^|\\.)unpkg\\.com$\/i,\/(^|\\.)cdn[j]s\\.cloudflare\\.com$\/i,\/(^|\\.)googleapis\\.com$\/i,\/(^|\\.)gstatic\\.com$\/i];var C=[\/(^|\\.)amazonaws\\.com$\/i];var b=n.nexusLiveStrings?n.nexusLiveStrings:{};var A={label:b.label?b.label:\"Load the live map\",note:b.note?b.note:\"Imagery and feeds come from other services (NASA, USGS, OpenStreetMap) and load only when you ask.\"};var I=[\"experience\",\"external\",\"optional-content\",\"embeds\",\"media\"];var p=[],u=[],k=0;function j(){try{if(n.localStorage.getItem(y)===\"1\"){return true}}catch(e){}try{return n.sessionStorage.getItem(y)===\"1\"}catch(e){return false}}function S(){var e=n.nexusConsent;if(!e){return null}return typeof e.allows===\"function\"?e:null}function z(){var e=n.nexusConsent;if(!e){return false}if(typeof e.granted!==\"function\"){return false}for(var t=0;t<I.length;t++){try{if(e.granted(I[t])){return true}}catch(r){}}return false}function d(e){var t=S();if(t){try{return t.allows(e?e:\"maps\")===true}catch(r){return false}}return j()?true:z()}function D(e){try{var t=e?typeof e===\"string\"?e:e.url?e.url:e.href?e.href:String(e):\"\";var r=new URL(t,l.baseURI);if(r.protocol!==\"http:\"){if(r.protocol!==\"https:\"){return\"\"}}return r.origin===n.location.origin?\"\":r.hostname}catch(o){return\"\"}}function X(e){for(var t=0;t<C.length;t++){if(C[t].test(e)){return\"globe\"}}return\"maps\"}function f(e){var t=D(e);if(!t){return false}var r=false;for(var o=0;o<E.length;o++){if(E[o].test(t)){r=true;break}}if(!r){return false}if(d(X(t))){return false}k++;return true}var w=0;function c(){if(w){return}w=setTimeout(function(){w=0;L()},250)}function v(e){setTimeout(function(){try{e.dispatchEvent(new Event(\"error\"))}catch(t){}},0)}var N=n.fetch;if(N){n.fetch=function(e){if(f(e)){c();return Promise.reject(new TypeError(\"Blocked until the live map is loaded\"))}return N.apply(this,arguments)}}var g=n.XMLHttpRequest?n.XMLHttpRequest.prototype:null;if(g){var K=g.open,_=g.send;g.open=function(e,t){this.__nxLiveUrl=t;return K.apply(this,arguments)};g.send=function(){if(f(this.__nxLiveUrl)){c();v(this);return}return _.apply(this,arguments)}}var h=n.HTMLImageElement?Object.getOwnPropertyDescriptor(n.HTMLImageElement.prototype,\"src\"):null;if(h){if(h.set){Object.defineProperty(n.HTMLImageElement.prototype,\"src\",{configurable:true,enumerable:h.enumerable,get:h.get,set:function(e){if(f(e)){c();v(this);return}h.set.call(this,e)}})}}var O=n.Element?n.Element.prototype.setAttribute:null;if(O){n.Element.prototype.setAttribute=function(e,t){if(e===\"src\"){if(this.tagName===\"IMG\"){if(f(t)){c();v(this);return}}}return O.apply(this,arguments)}}function M(e){if(!e){return false}if(e.tagName===\"SCRIPT\"){return f(e.src)}if(e.tagName===\"LINK\"){return f(e.href)}return false}if(n.Node){var G=n.Node.prototype.appendChild,Y=n.Node.prototype.insertBefore;n.Node.prototype.appendChild=function(e){if(M(e)){c();v(e);return e}return G.apply(this,arguments)};n.Node.prototype.insertBefore=function(e){if(M(e)){c();v(e);return e}return Y.apply(this,arguments)}}var R='[data-nx-map=\"ctx-field\"],[data-nx-le],[data-nx-eo],[data-grx-globe],[data-grx-obs],.nx-sb[data-nx-sb]';function T(){var e=[l];var t=l.querySelectorAll(\"*\");for(var r=0;r<t.length;r++){if(t[r].shadowRoot){e.push(t[r].shadowRoot)}}return e}function B(){var e=S();if(e){if(typeof e.enable===\"function\"){try{e.enable(\"maps\",\"site\")}catch(t){}try{e.enable(\"globe\",\"site\")}catch(t){}m();return}}try{n.localStorage.setItem(y,\"1\")}catch(t){try{n.sessionStorage.setItem(y,\"1\")}catch(r){}}m()}function F(e,t){var r=e.createElement(\"button\");r.type=\"button\";r.textContent=A.label;r.setAttribute(\"style\",\"pointer-events:auto;min-height:44px;min-width:44px;padding:0 18px;cursor:pointer;font:inherit;font-weight:600;font-size:14px;line-height:1.2;border-radius:2px;border:1px solid var(--nx-border-strong,#8a8a8a);background:var(--nx-text-primary,#111);color:var(--nx-bg-canvas,#fff)\");var o=\"nx-live-note-\"+Math.floor(Math.random()*1e9);r.setAttribute(\"aria-describedby\",o);r.addEventListener(\"click\",B);r.addEventListener(\"focus\",function(){r.style.outline=\"2px solid var(--nx-focus,#4c9aff)\";r.style.outlineOffset=\"2px\"});r.addEventListener(\"blur\",function(){r.style.outline=\"\"});var a=e.createElement(\"span\");a.id=o;a.textContent=A.note;a.setAttribute(\"style\",\"pointer-events:none;font-size:12px;line-height:1.4;padding:3px 7px;border-radius:2px;background:var(--nx-bg-canvas,#fff);color:var(--nx-text-secondary,#333);border:1px solid var(--nx-border-hairline,#bbb);max-width:34em\");t.appendChild(r);t.appendChild(a)}function W(e){var t=e.ownerDocument;var r=t.createElement(\"div\");r.className=\"nx-live-gate\";r.setAttribute(\"style\",\"position:absolute;inset-block-start:10px;inset-inline-start:10px;z-index:6;display:flex;flex-direction:column;align-items:flex-start;gap:6px;max-width:calc(100% - 20px);pointer-events:none;font:inherit\");var o=S();var a=false;if(o){if(typeof o.placeholder===\"function\"){try{var s=t.createElement(\"div\");s.setAttribute(\"style\",\"pointer-events:auto\");r.appendChild(s);o.placeholder(s,\"maps\");a=s.childNodes.length>0;if(!a){r.removeChild(s)}}catch(i){a=false}}}if(!a){F(t,r)}return r}function L(){if(d(\"maps\")){return}var e=T();for(var t=0;t<e.length;t++){var r=e[t].querySelectorAll(R);for(var o=0;o<r.length;o++){var a=r[o];if(a.getAttribute(\"data-nx-live-gate\")){continue}if(a.closest(\".nx-live-gate\")){continue}var s=a.getBoundingClientRect();if(s.width<120){continue}var i=a.querySelector(\".le-stage,.eo-stage\");if(!i){if(a.hasAttribute(\"data-nx-le\")||a.hasAttribute(\"data-nx-eo\")){continue}i=a}a.setAttribute(\"data-nx-live-gate\",\"1\");var H=n.getComputedStyle(i);if(H.position===\"static\"){i.style.position=\"relative\"}var U=W(i);i.appendChild(U);u.push({host:a,wrap:U,stage:i})}}J()}function J(){for(var e=0;e<u.length;e++){var t=u[e].stage,r=t?t.querySelector(\".nx-wm-presets\"):null;var o=r?r.getBoundingClientRect():null;if(o?o.height>0:false){var a=Math.round(o.bottom-t.getBoundingClientRect().top+8)+\"px\";if(u[e].wrap.style.insetBlockStart!==a){u[e].wrap.style.insetBlockStart=a}}}}function Q(){for(var e=0;e<u.length;e++){try{u[e].wrap.remove()}catch(t){}try{u[e].host.removeAttribute(\"data-nx-live-gate\")}catch(t){}}u=[]}function V(e,t,r){p.push({name:e,selector:t,fn:r});if(x){try{r(\"on\")}catch(o){}}}function Z(e){for(var t=0;t<p.length;t++){try{p[t].fn(e)}catch(r){}}}function ee(){var e=[],t=T();for(var r=0;r<t.length;r++){var o=t[r].querySelectorAll(R);for(var a=0;a<o.length;a++){var s=false;for(var i=0;i<p.length;i++){try{if(o[a].matches(p[i].selector)){s=true;break}}catch(H){}}if(!s){e.push(o[a])}}}return e}function te(e){if(k===0){return}if(ee().length===0){return}var t=e?\"on\":\"off\";try{if(n.sessionStorage.getItem($)===t){return}n.sessionStorage.setItem($,t)}catch(r){return}n.location.reload()}var x=d(\"maps\");function m(){var e=d(\"maps\");if(e===x){if(!e){c()}return}x=e;if(e){Q()}Z(e?\"on\":\"off\");if(!e){c()}try{l.dispatchEvent(new CustomEvent(\"nexus:live-map\",{detail:{granted:e}}))}catch(t){}te(e)}function q(){L();if(n.MutationObserver){var e=new n.MutationObserver(function(){if(x){return}c()});e.observe(l.documentElement,{childList:true,subtree:true});setTimeout(function(){e.disconnect()},2e4)}}if(l.readyState===\"loading\"){l.addEventListener(\"DOMContentLoaded\",q)}else{q()}n.addEventListener(\"load\",function(){setTimeout(L,400)});l.addEventListener(\"nexus-consent:ready\",m);l.addEventListener(\"nexus-consent:change\",m);var P=0;var re=setInterval(function(){P++;m();if(P>40){clearInterval(re)}},400);n.NXLive={allowed:d,blocked:f,grant:B,register:V,hosts:E.length}})();<\/script><style>.clb-color-switcher, .bx-color-mode-toggle, .color-switcher, .page-headline { display: none !important; }<\/style><script type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-fig-engine\" data-nx-run=\"fig\" data-nx-src=\"nexus-embed-fig.e0043d1c48f4.js\" data-nx-sri=\"sha256-4AQ9HEj0t7DeCXoXRqlCRLwincTWj8Q0KfAo+eCw1Xc=\"><\/script><script data-digest=\"1HDcdXHFCxvm20tlR9FHTN8XvrJhNFlbW03tKxwWJ8I=\" type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-es-load\" data-nx-run=\"estates\">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<\/script><script type=\"application\/json\" class=\"_iub_cs_skip\" id=\"nxe-assets\">{\"nxe-es-code\":{\"f\":\"es-code.d470dc7571c5.txt\",\"s\":\"sha256-1HDcdXHFCxvm20tlR9FHTN8XvrJhNFlbW03tKxwWJ8I=\",\"a\":\"\"},\"nxe-gl-base-od\":{\"f\":\"gl-base-od.e0622a96e899.txt\",\"s\":\"sha256-4GIqluiZJntyAGfMYGNoAXwwxMKhdab+7YEFBoLlZ5o=\",\"a\":\" data-nx-pack=\\\"deflate\\\"\"},\"nxe-map-context\":{\"f\":\"map-context.a965226720a1.txt\",\"s\":\"sha256-qWUiZyChbKiTtLWpFCZROVpB5QISXNBKfepOJ+zOkWA=\",\"a\":\" data-nx-pack=\\\"deflate\\\"\"},\"nxe-map-pool\":{\"f\":\"map-pool.c31dae84875a.txt\",\"s\":\"sha256-wx2uhIda8fEz4BK1sUQO7edPcs22Bvn4FE0NpYLDyEo=\",\"a\":\" data-nx-pack=\\\"deflate\\\"\"},\"nxe-ml-src-code\":{\"f\":\"ml-src-code.5a99eb24c979.txt\",\"s\":\"sha256-WpnrJMl5+Rt6GCPchYzz9V8Fw\/mt0BVdtedF3t\/o0+o=\",\"a\":\"\"},\"nxe-xt-code\":{\"f\":\"xt-code.371023489e89.txt\",\"s\":\"sha256-NxAjSJ6JoGGZsXu22d+kvA4nR9AJ6Njy+\/Xy2FIyELw=\",\"a\":\"\"}}<\/script><script type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-mount\" data-nx-run=\"mount\">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<\/script><script class=\"_iub_cs_skip\" id=\"nxe-boot\" data-od=\"NxAjSJ6JoGGZsXu22d+kvA4nR9AJ6Njy+\/Xy2FIyELw=\">if(typeof window.__nxStill!==\"function\")window.__nxStill=function(){try{if(document.documentElement.hasAttribute(\"data-nx-still\"))return true;if(document.body?\/(?:^|\\s)mdp-readabler-stop-animations(?:\\s|$)\/.test(document.body.className):false)return true;var g=JSON.parse(window.localStorage.getItem(\"readabler\")||\"{}\");return g?g.stopAnimations===true||g.stopAnimations===\"true\"||g.stopAnimations===1:false}catch(G){return false}};(function(){function g(e,a){var f=atob(e),s=new Uint8Array(f.length),r;for(r=0;r< f.length;r++){s[r]=f.charCodeAt(r)}var o=0,i=0,u=0,n=new Uint8Array(Math.max(1024,s.length*6)),t=0;var c=[3,4,5,6,7,8,9,10,11,13,15,17,19,23,27,31,35,43,51,59,67,83,99,115,131,163,195,227,258];var d=[0,0,0,0,0,0,0,0,1,1,1,1,2,2,2,2,3,3,3,3,4,4,4,4,5,5,5,5,0];var m=[1,2,3,4,5,7,9,13,17,25,33,49,65,97,129,193,257,385,513,769,1025,1537,2049,3073,4097,6145,8193,12289,16385,24577];var y=[0,0,0,0,1,1,2,2,3,3,4,4,5,5,6,6,7,7,8,8,9,9,10,10,11,11,12,12,13,13];var ct=[16,17,18,0,8,7,9,6,10,5,11,4,12,3,13,2,14,1,15];function b(w){while(u< w){if(o>=s.length){throw new Error(\"nx-inflate: truncated\")}i|=s[o++]<< u;u+=8}var h=i%(1<< w);i>>>=w;u-=w;return h}function S(w,h,A){var v=new Uint16Array(16),_=new Uint16Array(16),p=new Uint16Array(A),x;for(x=0;x< A;x++){v[w[h+x]]++}v[0]=0;for(x=1;x<16;x++){_[x]=_[x-1]+v[x-1]}for(x=0;x< A;x++){if(w[h+x]){p[_[w[h+x]]++]=x}}return{count:v,sym:p}}function X(w){var h=0,A=0,v=0,_,p;for(_=1;_<16;_++){h|=b(1);p=w.count[_];if(h-p< A){return w.sym[v+(h-A)]}v+=p;A+=p;A<<=1;h<<=1}throw new Error(\"nx-inflate: bad code\")}function B(w){if(t+w<=n.length){return}var h=new Uint8Array(Math.max(n.length*2,t+w));h.set(n.subarray(0,t));n=h}var j=null,W=null,Y=0;while(!Y){Y=b(1);var q=b(2),J,H;if(q===0){i=0;u=0;var D=s[o]|s[o+1]<<8;o+=4;B(D);n.set(s.subarray(o,o+D),t);t+=D;o+=D;continue}if(q===1){if(!j){var Z=new Uint8Array(288),k=new Uint8Array(30);for(r=0;r<288;r++){Z[r]=r<144?8:r<256?9:r<280?7:8}for(r=0;r<30;r++){k[r]=5}j=S(Z,0,288);W=S(k,0,30)}J=j;H=W}else if(q===2){var F=b(5)+257,tt=b(5)+1,dt=b(4)+4,N=new Uint8Array(320),nt=new Uint8Array(19);for(r=0;r< dt;r++){nt[ct[r]]=b(3)}var lt=S(nt,0,19),U=0;while(U< F+tt){var O=X(lt),R=0,et=0;if(O<16){N[U++]=O;continue}if(O===16){if(!U){throw new Error(\"nx-inflate: bad repeat\")}et=N[U-1];R=3+b(2)}else if(O===17){R=3+b(3)}else{R=11+b(7)}while(R--){N[U++]=et}}J=S(N,0,F);H=S(N,F,tt)}else{throw new Error(\"nx-inflate: bad block\")}for(;;){var E=X(J);if(E<256){B(1);n[t++]=E;continue}if(E===256){break}E-=257;var rt=c[E]+b(d[E]),at=X(H),it=m[at]+b(y[at]);if(it>t){throw new Error(\"nx-inflate: bad distance\")}B(rt);for(var ot=0;ot< rt;ot++){n[t]=n[t-it];t++}}}return a?n.subarray(0,t):new TextDecoder(\"utf-8\").decode(n.subarray(0,t))}if(typeof window.__nxInflate!==\"function\"){window.__nxInflate=g}function G(e){var a=g(e,true),f=a[0]|a[1]<<8|a[2]<<16|a[3]<<24;var s=a.subarray(4+f);function r(o,i){var u=\"\",n=s.subarray(o,o+i);for(var t=0;i>t;t+=8192){u+=String.fromCharCode.apply(null,n.subarray(t,t+8192))}return btoa(u)}return JSON.parse(new TextDecoder(\"utf-8\").decode(a.subarray(4,4+f)),function(o,i){return i?i.$b?r(i.$b[0],i.$b[1]):i:i})}if(typeof window.__nxUnpack!==\"function\"){window.__nxUnpack=G}if(typeof window.__nxLate!==\"function\"){window.__nxLate=function(e,a){if(document.readyState!==\"loading\"){return null}if(!document.querySelector('template[data-nx-libs-last~=\"'+e+'\"]')){return null}return new Promise(function(f,s){document.addEventListener(\"DOMContentLoaded\",function(){var r=a();if(r){f(r)}else{s(new Error(\"nx-late: \"+e))}},{once:true})})}}if(typeof window.__nxAsset!==\"function\"){var I={};window.__nxAsset=function(e,a){if(I[e]){return I[e]}var f=document.getElementById(\"nxe-boot\"),s=[],r=window.NX_ASSET_BASE,o=f?f.getAttribute(\"data-nx-asset-base\"):\"\";if(r){s.push(String(r))}if(o){s.push(o)}s.push(\"\/wp-content\/uploads\/nexus-assets\/\");function i(t){if(!a){return t}return crypto.subtle.digest(\"SHA-256\",new TextEncoder().encode(t)).then(function(c){if(\"sha256-\"+btoa(String.fromCharCode.apply(null,new Uint8Array(c)))!==a){throw new Error(\"nx-asset: integrity\")}return t})}function u(t){if(t>=s.length){return Promise.reject(new Error(\"nx-asset: \"+e))}var c=s[t].charAt(s[t].length-1)===\"\/\"?s[t]:s[t]+\"\/\";return fetch(c+e,{credentials:\"omit\"}).then(function(d){if(!d.ok){throw new Error(\"nx-asset: \"+d.status)}return d.text()}).then(i).then(null,function(){return u(t+1)})}var n=u(0);I[e]=n;n.then(null,function(){delete I[e]});return n}}if(typeof window.__nxText!==\"function\"){window.__nxText=function(e){if(!e){return Promise.reject(new Error(\"nx-text: none\"))}var a=e.getAttribute(\"data-nx-asset\");if(a?!e.textContent:false){return window.__nxAsset(a,e.getAttribute(\"data-nx-sri\")||\"\")}return Promise.resolve(e.textContent)}}function ut(e){var a=e.getAttribute(\"data-nx-asset\");if(a?!e.textContent:false){return window.__nxAsset(a,e.getAttribute(\"data-nx-sri\")||\"\").then(function(n){return window.__nxInflate(n)})}var f=e.getAttribute(\"data-nx-src\");if(f?!e.textContent:false){var s=window.NX_RUNTIME||{},r=s.base||window.NX_RUNTIME_BASE||\"\",o=(s.files||{})[f.replace(\/\\.[0-9a-f]{12}(\\.js)$\/,\"$1\")]||null,i=[];if(r){i.push([r+f,e.getAttribute(\"data-nx-sri\")||\"\"])}if(o?!!o.url:false){i.push([o.url,o.sri||\"\"])}var u=function(n){if(n>=i.length){return Promise.reject(new Error(\"nx-lazy: \"+f))}var t={credentials:\"same-origin\"};if(i[n][1]){t.integrity=i[n][1]}return fetch(i[n][0],t).then(function(c){if(!c.ok){throw new Error(\"nx-lazy: \"+c.status)}return c.text()}).then(null,function(){return u(n+1)})};return u(0)}return Promise.resolve(window.__nxInflate(e.textContent))}function st(e){var a=e[0].getAttribute(\"data-nx-on-sight\")||\"[data-nx-map]\",f=null,s=false;function r(){if(s){return}s=true;if(f){f.disconnect()}var i=document.querySelectorAll(\"script[data-nx-on-sight][data-nx-asset]:not([data-nx-run])\"),u=[];for(var n=0;n!==i.length;n++){(function(t){if(t.textContent){return}u.push(window.__nxAsset(t.getAttribute(\"data-nx-asset\"),t.getAttribute(\"data-nx-sri\")||\"\").then(function(c){t.textContent=c;t.removeAttribute(\"data-nx-asset\")},function(){t.setAttribute(\"data-nx-ran\",\"failed\")}))})(i[n])}Promise.all(u.concat(e.map(function(t){return ut(t).then(null,function(){return null})}))).then(function(t){var c=t.slice(u.length);for(var d=0;d!==e.length;d++){if(c[d]===null){e[d].setAttribute(\"data-nx-ran\",\"failed\");continue}var m=document.createElement(\"script\");m.className=\"_iub_cs_skip\";m.setAttribute(\"data-nx-runtime\",e[d].getAttribute(\"data-nx-run\"));m.textContent=c[d];(document.head||document.documentElement).appendChild(m);e[d].setAttribute(\"data-nx-ran\",\"true\")}try{document.dispatchEvent(new CustomEvent(\"nexus:lazy-ready\"))}catch(y){}})}function o(){if(s){return}var i=[document],u=document.querySelectorAll(\".nxe-host\"),n=[],t,c;for(t=0;t!==u.length;t++){if(u[t].shadowRoot){i.push(u[t].shadowRoot)}}for(t=0;t!==i.length;t++){c=i[t].querySelectorAll(a);for(var d=0;d!==c.length;d++){n.push(c[d])}}if(!n.length){return}if(!window.IntersectionObserver){r();return}f=f||new IntersectionObserver(function(m){for(var y=0;y!==m.length;y++){if(m[y].isIntersecting){r();return}}},{rootMargin:\"800px 0px 800px 0px\"});for(t=0;t!==n.length;t++){if(!n[t].__nxLazySeen){n[t].__nxLazySeen=true;f.observe(n[t])}}}document.addEventListener(\"DOMContentLoaded\",o);document.addEventListener(\"nexus:runtime-ready\",o);window.addEventListener(\"load\",o);setTimeout(o,0)}var K=document.querySelectorAll(\"script[data-nx-run]\"),C=[],$=[];for(var z=0;z< K.length;z++){var l=K[z];if(l.hasAttribute(\"data-nx-ran\")){continue}if(l.hasAttribute(\"data-nx-on-sight\")){l.setAttribute(\"data-nx-ran\",\"waiting\");$.push(l);continue}if(l.hasAttribute(\"data-nx-src\")?!l.textContent:false){l.setAttribute(\"data-nx-ran\",\"loading\");C.push(l);continue}if(l.hasAttribute(\"data-nx-asset\")?!l.textContent:false){l.setAttribute(\"data-nx-ran\",\"loading\");C.push(l);continue}l.setAttribute(\"data-nx-ran\",\"true\");try{var L=document.createElement(\"script\");L.className=\"_iub_cs_skip\";L.setAttribute(\"data-nx-runtime\",l.getAttribute(\"data-nx-run\"));L.textContent=window.__nxInflate(l.textContent);(document.head||document.documentElement).appendChild(L)}catch(e){l.setAttribute(\"data-nx-ran\",\"failed\")}}if($.length){st($)}if(!C.length){return}var Q=window.NX_RUNTIME||{},V=Q.base||window.NX_RUNTIME_BASE||\"\",T=window.__nxMount,P=[];if(typeof T===\"function\"){window.__nxMount=function(e){P.push(e)}}function ft(){if(typeof T===\"function\"){window.__nxMount=T;for(var e=0;e< P.length;e++){try{T(P[e])}catch(a){}}}try{document.dispatchEvent(new CustomEvent(\"nexus:runtime-ready\"))}catch(a){}}function M(e){if(e>=C.length){ft();return}var a=C[e],f=a.getAttribute(\"data-nx-src\")||\"\",s=Q.files||{},r=[];if(a.hasAttribute(\"data-nx-asset\")){window.__nxAsset(a.getAttribute(\"data-nx-asset\"),a.getAttribute(\"data-nx-sri\")||\"\").then(function(u){var n=document.createElement(\"script\");n.className=\"_iub_cs_skip\";n.setAttribute(\"data-nx-runtime\",a.getAttribute(\"data-nx-run\"));n.textContent=window.__nxInflate(u);(document.head||document.documentElement).appendChild(n);a.setAttribute(\"data-nx-ran\",\"true\")}).then(null,function(){a.setAttribute(\"data-nx-ran\",\"failed\")}).then(function(){M(e+1)});return}var o=s[f.replace(\/\\.[0-9a-f]{12}(\\.js)$\/,\"$1\")]||null;if(V){r.push([V+f,a.getAttribute(\"data-nx-sri\")||\"\"])}if(o?!!o.url:false){r.push([o.url,o.sri||\"\"])}function i(u){if(u>=r.length){a.setAttribute(\"data-nx-ran\",\"failed\");M(e+1);return}var n=document.createElement(\"script\");n.className=\"_iub_cs_skip\";n.setAttribute(\"data-nx-runtime\",a.getAttribute(\"data-nx-run\"));if(r[u][1]){n.integrity=r[u][1]}n.onload=function(){a.setAttribute(\"data-nx-ran\",\"true\");M(e+1)};n.onerror=function(){if(n.parentNode){n.parentNode.removeChild(n)}i(u+1)};n.src=r[u][0];(document.head||document.documentElement).appendChild(n)}i(0)}M(0)})();<\/script><div class=\"nxe-host\" data-nxe-embed=\"n-a10-stem-financial-economics\"><div class=\"nxe\" id=\"nxe-nalp0dob\" data-inst=\"gra\" data-theme=\"dark\" data-grammar=\"atlas\" data-domain=\"finance\" data-arche=\"method\" lang=\"en\" data-nx-css=\"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\"><style>#nxe-nalp0dob.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 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-nalp0dob.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-nalp0dob.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-nalp0dob.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-nalp0dob.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-nalp0dob.nxe :where(ul,ol){padding-left:20px}#nxe-nalp0dob.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-nalp0dob.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-nalp0dob.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-nalp0dob.nxe svg{display:none}#nxe-nalp0dob.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-nalp0dob.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nalp0dob.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 Sovereign Capital 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 sovereign balance sheets<\/h1><p class=\"nx-scene-lede\">Financial economics traces how shocks reach sovereign balance sheets through prices, rates and balance sheet links: commodity revenue, portfolio losses, rising borrowing costs and the ties between banks, state enterprises and the sovereign. It is the main lens for reading sovereign wealth and sovereign debt together.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-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\/sovereign-capital-nexus\/stem\/\">Back to STEM foundation of Sovereign Capital 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 sovereign balance sheets 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\">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\">Sovereign Capital 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=\"finance\" 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=\"finance\" 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 sovereign and public finance and capital markets and investment, 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=\"M3 3v18h18\"\/><path d=\"m19 9-5 5-4-4-3 3\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Sovereign asset and liability analysis<\/h3><p class=\"nx-p nx-mt-1\">Fund assets, reserves, debt and guarantees are set on one balance sheet by currency, maturity and liquidity, so that mismatches a debt figure alone hides become visible.<\/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=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Sovereign, bank and enterprise feedback<\/h3><p class=\"nx-p nx-mt-1\">Domestic banks&#8217; holdings of government bonds and the government&#8217;s guarantees to banks and enterprises are mapped, to trace how distress in one balance sheet moves to the others.<\/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\">Asset-liability stress testing for funds<\/h3><p class=\"nx-p nx-mt-1\">Market, commodity and interest rate shocks are applied jointly to fund portfolios and fiscal financing needs, to see whether liquid assets cover withdrawals when markets fall.<\/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-sovcap-method-regress\" data-cx=\"sovcap.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\">Sovereign capital \u00b7 Financial economics for sovereign \u00b7 Run R-3774<\/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 Sovereign Capital Nexus<\/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-sovcap-method-regress-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-sovcap-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-sovcap-method-regress:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Assets under management<\/td><td data-num=\"true\" data-sv=\"0.31\">0.31<\/td><td data-num=\"true\" data-sv=\"0.16\">0.16<\/td><td>[0.0, 0.8]<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Yes<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovcap-method-regress:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Liquidity tranche cover<\/td><td data-num=\"true\" data-sv=\"0.21\">0.21<\/td><td data-num=\"true\" data-sv=\"0.16\">0.16<\/td><td>[\u22120.1, 0.7]<\/td><td><span class=\"nx-fk-pill\" data-state=\"off\"><i aria-hidden=\"true\"><\/i>No<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovcap-method-regress:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Drawdown in severe scenario<\/td><td data-num=\"true\" data-sv=\"0.19\">0.19<\/td><td data-num=\"true\" data-sv=\"0.1\">0.10<\/td><td>[\u22120.3, 0.3]<\/td><td><span class=\"nx-fk-pill\" data-state=\"off\"><i aria-hidden=\"true\"><\/i>No<\/span><\/td><\/tr><tr data-fk-key=\"cx-sovcap-method-regress:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Domestic investment share<\/td><td data-num=\"true\" data-sv=\"0.15\">0.15<\/td><td data-num=\"true\" data-sv=\"0.05\">0.05<\/td><td>[0.0, 0.3]<\/td><td><span class=\"nx-fk-pill\" data-state=\"off\"><i aria-hidden=\"true\"><\/i>No<\/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>Financial economics and macro-finance<\/dd><\/div><div><dt>Sample<\/dt><dd>10,079 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-sovcap-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 Sovereign capital.<\/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=\"finance\" 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 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\/sovereign-capital-nexus\/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\">Debt securities statistics and sovereign yields<\/td><td data-label=\"Role\">Borrowing cost and refinancing conditions<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Public sector balance sheet data<\/td><td data-label=\"Role\">Assets, liabilities and net worth<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Fund annual reports<\/td><td data-label=\"Role\">Allocation, returns and liquidity<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Bank holdings of government debt<\/td><td data-label=\"Role\">Sovereign and bank exposure<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">IMF COFER and CPIS<\/td><td data-label=\"Role\">Reserve currency and portfolio exposure<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"data\" data-nxf-kind=\"data\" data-nxf-resource=\"nexus:\/\/gra\/A10\/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\/A10\/stem\/financial-economics\/#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-n-capital-nexus-stem-financial-economics-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-n-capital-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=\"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>78% of GDP<\/dd><\/div><div><dt>Paths above the threshold at the horizon<\/dt><dd>2%<\/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>71.8<\/td><td>72.8<\/td><\/tr><tr><th scope=\"row\">2<\/th><td>68.9<\/td><td>70.1<\/td><td>71.6<\/td><td>73.1<\/td><td>74.7<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>69.3<\/td><td>70.6<\/td><td>72.3<\/td><td>74.3<\/td><td>76.1<\/td><\/tr><tr><th scope=\"row\">4<\/th><td>69.5<\/td><td>71.1<\/td><td>72.9<\/td><td>75.4<\/td><td>77.6<\/td><\/tr><tr><th scope=\"row\">5<\/th><td>69.9<\/td><td>71.7<\/td><td>74.0<\/td><td>76.6<\/td><td>78.8<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>70.1<\/td><td>72.1<\/td><td>74.8<\/td><td>77.8<\/td><td>80.4<\/td><\/tr><tr><th scope=\"row\">7<\/th><td>70.6<\/td><td>73.1<\/td><td>76.0<\/td><td>78.9<\/td><td>81.9<\/td><\/tr><tr><th scope=\"row\">8<\/th><td>71.1<\/td><td>73.7<\/td><td>76.6<\/td><td>79.8<\/td><td>82.9<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>71.4<\/td><td>74.4<\/td><td>77.5<\/td><td>80.5<\/td><td>84.4<\/td><\/tr><tr><th scope=\"row\">10<\/th><td>72.1<\/td><td>75.1<\/td><td>78.3<\/td><td>81.8<\/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\/sovereign-capital-nexus\/foundry\/\">Sovereign Capital 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\/sovereign-capital-nexus\/universe\/\">Sovereign Capital 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\/sovereign-capital-nexus\/reports\/\">Sovereign Capital 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><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"finance\" 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=\"finance\" 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 back-tested against historical market episodes and crises. Results are compared with supervisory data and alternative specifications.<\/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\">Back-testing on past episodes<\/td><td data-label=\"How it is done\">Stress scenarios are rerun on historical commodity, rate and market shocks and compared with what happened to funds and budgets<\/td><\/tr><tr><td data-label=\"Check\">Correlation stability<\/td><td data-label=\"How it is done\">Correlations between fund returns and borrowing costs are estimated separately for calm and stress periods<\/td><\/tr><tr><td data-label=\"Check\">Accounting boundary<\/td><td data-label=\"How it is done\">Every consolidated view states which entities and instruments it includes and how assets are valued<\/td><\/tr><tr><td data-label=\"Check\">Independent replication<\/td><td data-label=\"How it is done\">A second analyst reproduces key results from the stated data and code<\/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-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 financial economics for sovereign balance sheets 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 financial economics for sovereign balance sheets.<\/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=\"finance\" 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\/sovereign-capital-nexus\/topics\/sovereign-wealth-funds\/\"><span>Sovereign wealth funds<\/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\/sovereign-capital-nexus\/topics\/state-asset-portfolios\/\"><span>State asset portfolios<\/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\/sovereign-capital-nexus\/topics\/strategic-investments\/\"><span>Strategic investments<\/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\/sovereign-capital-nexus\/topics\/sovereign-investment-governance\/\"><span>Sovereign investment 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\/sovereign-capital-nexus\/topics\/resource-revenues\/\"><span>Resource revenues<\/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\/sovereign-capital-nexus\/topics\/geopolitical-investment-risk\/\"><span>Geopolitical investment 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\/sovereign-capital-nexus\/topics\/long-horizon-resilience\/\"><span>Long-horizon resilience<\/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\/sovereign-capital-nexus\/topics\/sovereign-wealth-vs-debt\/\"><span>Sovereign wealth and debt<\/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:\/\/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><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"finance\" 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=\"finance\" 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:\/\/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-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 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\">Sovereign Capital Nexus<\/span><span class=\"nx-chip\">Finance and Insurance Readiness<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-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. It arrives tagged with this page, so the editor who owns it receives it.<\/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><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/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><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/contribute\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">Global Risks Alliance<\/span><\/span><span class=\"nx-dest-title\">See every way to contribute<\/span><span class=\"nx-dest-why\">The contribution types, how each is reviewed, what credit you receive, the licence and what is never accepted.<\/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 class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gra\/sovereign-capital-nexus\/stem\/financial-economics#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><section class=\"nx-section nx-deeper-band\" aria-labelledby=\"nx-deeper-sovereign-capital-nexus-stem-financial-economics-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-sovereign-capital-nexus-stem-financial-economics-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-sovereign-capital-nexus-stem-financial-economics-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/use-by\/ministries-of-finance-and-planning#what-ministries-are-trying-to-do\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> Ministries of finance and planning<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/risksacademy.com\/finance-economics\/sovereign-public-finance\/\" data-ext><span class=\"nx-deeper-k\">Academy:<\/span> Public finance and sovereign debt<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\" data-ext><span class=\"nx-deeper-k\">Standards:<\/span> Financial and economic risk standards<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><\/ul><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-12\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Sovereign Capital Nexus<\/span><h2 id=\"nx-close-12\" class=\"nx-section-title\">Bring an exposure or capital question to the Alliance.<\/h2><p class=\"nx-lede\">Information and enquiries are open today. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/write-to-us\/readiness-request\/\">Propose a readiness pilot <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\/sovereign-capital-nexus\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-legal-13\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Legal<\/span><h2 id=\"nx-legal-13\" class=\"nx-h3 nx-mt-2\">Legal documents.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Legal documents\"><a href=\"https:\/\/globalriskalliance.com\/legal\/terms\/\">Platform Terms of Use <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/privacy\/\">Platform Privacy Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/cookies\/\">Platform Cookie and Storage Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/legal-notice\/\">Legal Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/acceptable-use\/\">Acceptable Use Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/participation-terms\/\">Participation and Events Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/contribution-terms\/\">Contribution Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/research-and-data-terms\/\">Research and Data Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/ai-use\/\">AI-use Statement <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/intellectual-property\/\">Intellectual Property and Licensing <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/trademark-policy\/\">Trademark and Name Use Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/disclaimer\/\">Disclaimers and Data Notices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/corrections\/\">Corrections and Right of Reply Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/complaints-and-integrity\/\">Complaints and integrity reporting <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/security\/\">Security and responsible disclosure <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/code-of-conduct\/\">Code of Conduct <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/accessibility\/\">Accessibility Statement <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/third-party-notices\/\">Third-party notices and attributions <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><p class=\"nx-note nx-mt-3\">Maps, data and figures on this site are shown for context and general information. They are not advice, forecasts or warnings; the limits of the information are set out in the Disclaimers and Data Notices.<\/p><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"TechArticle\",\"@id\":\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/financial-economics\/#article\",\"headline\":\"Financial economics for sovereign balance sheets\",\"description\":\"Financial economics for sovereigns: asset and liability analysis, sovereign, bank and enterprise feedback, and asset-liability stress tests for funds.\",\"inLanguage\":\"en\",\"about\":{\"@type\":\"Thing\",\"name\":\"sovereign asset-liability analysis\"},\"author\":{\"@id\":\"https:\/\/globalriskalliance.com\/#organization\",\"@type\":\"Organization\",\"name\":\"The Global Risks Alliance\",\"url\":\"https:\/\/globalriskalliance.com\/\",\"alternateName\":\"GRA\"},\"publisher\":{\"@id\":\"https:\/\/globalriskalliance.com\/#organization\"},\"mainEntityOfPage\":{\"@id\":\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/financial-economics\/#webpage\"},\"isAccessibleForFree\":true,\"mentions\":[{\"@type\":\"Thing\",\"name\":\"Debt securities statistics and sovereign yields\"},{\"@type\":\"Thing\",\"name\":\"Public sector balance sheet data\"},{\"@type\":\"Thing\",\"name\":\"Fund annual reports\"},{\"@type\":\"Thing\",\"name\":\"Bank holdings of government debt\"},{\"@type\":\"Thing\",\"name\":\"IMF COFER and CPIS\"}]}]}<\/script>\n\n<!-- nx-rev:525fa54d403eb97a -->\n<!-- nx-shared:38beafc2557b -->\n<!-- nx-path:\/stem\/financial-economics\/ -->","protected":false},"excerpt":{"rendered":"<p>Financial economics traces how shocks reach sovereign balance sheets through prices, rates and balance sheet links: commodity revenue, portfolio losses, rising borrowing costs and the ties between banks, state enterprises and the sovereign. It is the main lens for reading\u2026<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":28,"menu_order":1099,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_buddyx_sub_header_visibility":"","_buddyx_sub_header_title_visibility":"","_hide_show_side_panel":"","_buddyxpro_page_sidebar":"","_buddyxpro_page_disable_header":"","_buddyxpro_page_disable_footer":"","_buddyxpro_page_content_width":"","_buddyxpro_page_header_style":"","_buddyxpro_page_color_mode":"","_buddyxpro_page_loader":"","_nx_seo_description":"","_nx_seo_title":"","_nx_seo_image":"","_nx_seo_jsonld":"","_nx_i18n_locale":"","_nx_i18n_group":"","nexus_page_kind":"","footnotes":"","_nx_seo_image_alt":"","_nx_seo_canonical":"","_nx_seo_robots":"","_nx_seo_schema_type":""},"class_list":["post-44","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/pages\/44","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/comments?post=44"}],"version-history":[{"count":1,"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/pages\/44\/revisions"}],"predecessor-version":[{"id":88,"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/pages\/44\/revisions\/88"}],"up":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/pages\/28"}],"wp:attachment":[{"href":"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/wp-json\/wp\/v2\/media?parent=44"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}