Draft, not yet released. In stewardship review. Not indexed until the first approved release.

Methodology

How the edition was made: methods, the model card, the evidence cut and its age, the acceptance record and the glossary.

14 min read0 figures13 tables17 notesNR-SECTOR-FINANCE-GLOBAL-2026-BASELINE

Contents
  1. ·Edition home
  2. ·Executive summary
  3. 1Finance is where shocks are priced
  4. 2Key findings
  5. 3Systems and sectors at baseline
  6. 4Risks and capability
  7. 5Sovereign bond repricing under inflation and thin fiscal space
  8. 6Readings from the other desks
  9. 7The 2027 agenda
  10. 8Systems in depth
  11. AMethodology
    1. A.1 Methods
    2. A.2 Model card, Finance and Economy Sector Model v0
    3. A.3 The baseline evidence cut
    4. A.4 Evidence age and coverage
    5. A.5 Evidence cards, two anchor sources
    6. A.6 Publication acceptance record
    7. A.7 Status words
    8. A.8 How the edition is made, released and corrected
    9. A.9 Glossary and abbreviations
    10. A.10 Technical annex
  12. BData appendix
  13. CReferences and record
  14. ·Complete edition, for print

A.1Methods

The global baseline uses published values and four simple derivations. Each is shown in full so that any reader can reproduce it.

Table A.1Methods
No.DerivationCalculationResult
(1)Net interest per dollar of public debt, developing countries, 2025995 ÷ 35,000≈2.8%
(2)Gap between advanced and emerging debt ratios, 2025108.2 − 73.7 percentage points34.5 percentage points
(3)Gap between IMF and World Bank growth projections for 20263.1 − 2.5 percentage points (different bases)≈0.6 percentage points
(4)Share of remittances to low and middle income economies, 2025703.6 ÷ 925.6 USD billion≈76%
Table A.2Coupling strength scale (matrix and model card)
StrengthDefinition
STRONGa disruption in the source system has historically changed the target system’s service or output within one season, in more than one region
MODERATEan effect is documented but buffered or slower
WEAKan effect is plausible but not documented at global scale
Table A.3Status grammar
LabelRule
Reportedvalue as issued by its source, with year
Inferredreasoned from cited evidence; never a measurement
EstimatedNexus analytical value with stated method
Scenarioconditional on stated assumptions
Expert inputstructured editorial judgement awaiting evidence

A.2Model card, Finance and Economy Sector Model v0

Model ID
MDL-GS05-FINANCE · v0.1
Purpose
represent the global financial and economic system and its couplings to food, health, nature and the other core systems
Family
graph-based system of systems
Inputs
the cited sources of this edition; no proprietary data
Method
expert-specified coupling strengths (STRONG · MODERATE · WEAK) from assessments and analogue events
Validation
none yet, first validation against federation evidence in 2027
Uncertainty
qualitative; strengths are hypotheses, not measurements
Domain of validity
global scale; not for asset-, site- or country-level use
Reproducibility
strength table and sources published in this edition
20couplings

typed in v0

3strong

documented within one season

5moderate

documented, buffered

12weak

plausible, undocumented

A.3The baseline evidence cut

Every Nexus edition is published from a frozen evidence cut. The global baseline cut is documentary: it pins the exact edition of every source cited. Federation cuts begin with the first national Foundry cuts in 2027.

Cut ID
DC-SECTOR-FINANCE-GLOBAL-2026-B0
Type
baseline documentary cut
Resolution policy
pinned · as of 30 September 2026
Sources pinned
47 cited sources, each at the edition and access date in the references
Model runs
none at baseline, analytical values are stated with their method
Digest
computed at freeze and recorded in the publication record
Supersedes
nothing, first cut of the series
Superseded by
the 2027 finance and economy annual cut

Lineage

  1. 01

    source edition

  2. 02

    pinned citation

  3. 03

    finding

  4. 04

    page

  5. 05

    publication record

Table A.4From the baseline cut to the federation cut
ElementBaseline 20262027 global annual
Sourcescited global publications, pinned by editionnational, regional and sector cuts through one graph
Analysisstated methods and editorial estimatestyped analysis specifications
ModelsFinance and Economy Sector Model v0 specificationmodel runs with receipts
Findingstwelve baseline findingsfindings re-bound to federation evidence
Reviewfive passes scheduledfive passes on the exact digest

A.4Evidence age and coverage

A 2026 global edition rests on evidence observed in many different years. This page shows each time base, so that no single year label hides older evidence.

Table A.5Evidence age and coverage
IndicatorObservedReleasedCadenceNext release
Output and inflation2025Oct 2026semiannualIMF April 2027 outlook
Government debt ratios2025Oct 2026semiannualnext outlook update
Developing-country interest20252026annualnext A World of Debt
Investment flows2025Jul 2026annualnext World Investment Report
Official reserves2026 Q22026quarterlynext COFER release
Non-bank holdings2025Jun 2026annualnext Annual Economic Report
Bond yields2026Oct 2026monthlymonthly
Policy rates2026Sep 2026on each changenext ECB decision
Settlement riskApr 2025Jun 2026triennialnext Triennial Survey
Account ownership20242025triennialnext Findex
Table A.6Coverage by system at baseline
SystemCoverageThinnest dimension
Output and pricesGOODone world basis for growth and inflation
Public debtPARTIALworld aggregate on one basis
Markets and leveragePARTIALprivate credit; yield levels at close
Reserves and currenciesGOODcurrency valuation effects
Investment and tradeGOODtrade volume outlook
Inclusion and remittancesPARTIALremittance costs by corridor
Insurance and protectionTHINinsured losses and protection gaps
ResiliencePARTIALtested capabilities beyond rule adoption
Table A.7Designed empty states: what is not bound, what would fill it and why
FieldSource that would fill itBlocker
Government debt on one global basisIMF world aggregate for general government gross debt; BIS and IIF series2111the IMF data service returned no world aggregate for the debt ratio; the IIF figure covers all sectors and is not comparable
Sovereign bond yield levels at the evidence closecentral bank and market data; World Bank monthly note6the note gives the direction and a decade-high comparison but not the yield levels; the data service of the US central bank was not reachable
Euro area inflation after December 2025ECB Data Portal harmonised index19the series returned by the portal ended in December 2025 at retrieval; no 2026 inflation value is used
Private credit market size and lossesFSB, ECB and Federal Reserve work on private credit131817the reports describe vulnerabilities but no consolidated global figure was opened
Stablecoin supply at the evidence close on one basisFSB note on global stablecoin arrangements13; BIS1the BIS gives a figure for end-May 2026; the FSB data table was not extracted; not mixed
IMF Global Financial Stability Report and Fiscal Monitor of October 2026IMF publications3334publication pages returned access denied; no figure from them is used
Insured natural catastrophe losses and protection gapsreinsurer and insurer research37publisher page returned access denied; no figure used
Climate scenarios for financial supervisorsNetwork for Greening the Financial System scenarios38publisher page returned access denied; no figure used
World trade volume outlook for 2026 and 2027WTO trade outlook36the page tried was not found; the IMF data service gives export volume growth but not the WTO view
Cross-border payment progress against the G20 targetsFSB annual progress report16the report was not located; the programme page gave no figures
Remittance costs by corridorWorld Bank remittance price datanot retrieved
Official development assistance in 2026OECD preliminary and final data35not yet published; the OECD site returned access denied; the 2025 fall is taken from the UN forum outcome27
Utility and irrigation finance, by regiondevelopment banks and national statistics officesno consolidated global series found at evidence close
Household debt service by countrycentral banks and the BISnot consolidated; not retrieved
Capability rungs beyond rule adoptionregulators, supervisors, treasuriesnot reviewed

A.5Evidence cards, two anchor sources

Issued by the International Monetary Fund. The October 2026 vintage carries a publication date of 13 October 2026 in the dataset record and was retrieved through the IMF data service, with the April 2026 vintage [3] for comparison. Semiannual. Role: binds FIN-001 and FIN-002. The IMF pages were closed to the editors, so the database is the opened source.

EVD-GS05-001

IMF World Economic Outlook database2

Compiled by UNCTAD from national and international debt statistics. Annual. Role: binds FIN-003 and HLT-008. The key statistics were read on the report page; the full report and data file were not opened.

EVD-GS05-002

UNCTAD A World of Debt 202610

Table A.8Quality dimensions at baseline
DimensionEVD-GS05-001EVD-GS05-002
Completenessall economies in the IMF database; world aggregates for growth and prices onlydeveloping countries as grouped by UNCTAD
Timelinessabout 9 months after the year for 2025 estimatesabout 9 months after the year
Revisiontwo vintages in 2026 shown for world growthannual edition; no revision notice read
Method transparencydatabase metadata publishedindicator definitions published
External validationcompared with the World Bank seriescompiled from national and creditor data

Evidence cards to follow in 2027

  • IMF2: world aggregate for the debt ratio on one basis
  • BIS1: data tables behind the Annual Economic Report
  • UNCTAD10: country data file for interest and revenue
  • ECB19: inflation series after December 2025

A.6Publication acceptance record

Editorial self-check at evidence close. Every applicable item carries a disposition; the remaining items are review, approval and deposit.

Table A.9Publication acceptance record
GroupAreaItemsPassN/APending
D1Identity and scope8800
D2Source and data12912
D3Analysis and models12381
D4Findings and claims9801
D5Figures, tables, maps10622
D6Editorial and citations10802
D7Review and approval130013
D8Artefact and design12705
D9Registry and release9009

Publication gate

Conditions met
14 of 23 at evidence close
Blocking problems
none recorded
Open conditions
reviews, approval of the exact digest, deposit, registry pointer

Not applicable at baseline

Model runs
first runs in Q1 2027
Maps
plates in Q2 2027
Waivers
none

A.7Status words

Table A.10The status every value carries
StatusWhat it means
ObservedMeasured directly and published by the source.
ReportedPublished statistics of an official or institutional source.
DeclaredStated by the body concerned; not independently measured.
EstimatedA Nexus estimate from cited evidence, with its method in Annex A.
ModelledProduced by a stated model from cited inputs.
InferredReasoned from cited evidence; not measured.
ForecastA projection by the cited source.
SimulatedA simulation result under stated assumptions.
ScenarioA conditional statement under stated assumptions; never a prediction.
Expert inputExpert judgement, recorded with its basis.
CandidateProposed for a later edition; not yet evidence.
Evidence-quality levels (EQL 1 to 5) grade the source behind a value; they are not a score of the subject.

A.8How the edition is made, released and corrected

Every edition is built from a sealed evidence cut, reviewed under three keys, signed and deposited before any site shows it as published; corrections go to Nexus Standards as change proposals and feed the next cut.

StepWhat happensSource
01 Evidence arrives from the pillarsFoundry seals observations and indicator series, Universe hands over after-action and scenario findings, and contributions are screened at every gateway, including this site’s.
02 The cut is sealedOn the cut date the evidence is pinned under one identifier, so anyone can rebuild the edition from exactly what it was built on.
03 The edition is assembledThe edition is drafted from its template and content pack. Agents may draft; they never publish and never decide.
04 The keys turnAt the publisher of record the truth key comes first: every value is checked against its source or stated method before the meaning and capital keys turn. No edition moves on until every key has been turned by a named steward.
05 The gate opensA named approver releases one exact digest of the edition; any change after this point is a new version, never a silent edit.
06 Signed and depositedThe PDF, the web edition and the data bundle are signed together with a manifest and an RO-Crate description, and deposited on Zenodo with a concept and a version DOI.
07 Published on its desk’s siteOnly then does the edition show as published on its desk’s Reports site, and the Collection lists it as a part.
08 Corrections go to StandardsMethod and correction findings go to Nexus Standards as change proposals; citations, corrections and new contributions feed the next evidence cut.

A teaching model of the process, not a forecast and not a record of any run; dates and counts on this page come from the programme record. Sources: Reports governance at GCRI Canada (2026); Zenodo, repository of record for Reports deposits (2026).

Lifecycle, one state at a time: Draft, Computed, Evidence bound, Reviewed, Approved for release, Published, Corrected, Superseded. This edition is a draft.

A.9Glossary and abbreviations

Table A.11Series terms
TermMeaning
Baseline Editionthe inaugural annual edition that fixes the reference state for the series
WEFH+Bfinance and economy, energy, food, health and biodiversity, the national nexus core
Couplinga typed dependency through which one system transmits to another
Protection gapthe share of losses not covered by insurance
Capability ladderLISTED → EXISTS → ADEQUATE → TESTED → DEMONSTRATED
EQLevidence-quality level, 1–5
Evidence cuta frozen resolution of exact sources and versions
NNC · NLC · NWGNational Nexus Consortium · National Leadership Council · National Working Groups
Table A.12Abbreviations used in this edition
AbbreviationExpansion
AEadvanced economies
BCBSBasel Committee on Banking Supervision
BISBank for International Settlements
COFERCurrency Composition of Official Foreign Exchange Reserves
EMDEemerging market and developing economies
FDIforeign direct investment
FSBFinancial Stability Board
IIFInstitute of International Finance
IMFInternational Monetary Fund
NBFInon-bank financial institution
ODAofficial development assistance
PvPpayment versus payment

A.10Technical annex

Table A.13Technical annex
ItemAnnexContentsStatus
A.1Indicator definitionsthe global indicator set, with units and sourcesIN THIS EDITION
A.2Coupling strengthsthe twenty-cell matrix and its rationaleIN THIS EDITION
A.3Scenario specificationSCN-GS05-SOV-01 assumptions and signpostsIN THIS EDITION
A.4Capability placementsrung evidence for fifteen functionsIN THIS EDITION
A.5Model diagnosticsfirst runs and validation2027
A.6Sensitivity analysesinfluence of coupling strengths2027
A.7Market and payment-system notescards for the major shared bond markets and payment systemsWITH REGIONAL EDITIONS
A.8Review statementspass-by-pass review recordAT RELEASE

A.1 · indicator definition: net interest on public debt

Construct
interest paid on public debt less interest received, in current US dollars and as a share of government revenue
Unit
USD billion and share of revenue
Method
issuer compilation from national and international debt statistics
Source
UNCTAD A World of Debt 202610
Uncertainty
national definitions of public debt and revenue differ
Known limits
does not show the maturity, currency or holder structure of the debt

Notes

Numbers are the edition’s reference numbers, so a note reads the same in every chapter. The full list, with every source and its licence, is in Annex C. Annex C, references

  1. 2DATA VINTAGE AFTER CLOSE: International Monetary Fund (ed.), World Economic Outlook database, current vintage with a publication date of 13 October 2026 (world, advanced economy and emerging market and developing economy aggregates and selected country series), retrieved through the IMF data service; released after the 30 September evidence close and cited as the position at access. IMF, Washington. Observation year 2025 (estimates, with projections to 2027). Accessed 2026-11-03.back
  2. 1Bank for International Settlements (ed.), Annual Economic Report 2026: From resilience to robustness? (chapters I to III), Basel, 28 June 2026. BIS, Basel. Observation year 2025 (with events of early 2026). Accessed 2026-11-03.back
  3. 11Institute of International Finance (ed.), Global Debt Monitor, edition of 23 September 2026 (headline statement on the issuer’s listing page; the report and data file were not opened). IIF, Washington. Observation year 2026 (first half). Accessed 2026-11-03.back
  4. 6POST-CLOSE, context only: World Bank (ed.), Global Monthly, October 2026 (global financial conditions, commodity and activity notes; data to 23 October 2026); released after the 30 September evidence close and cited as the position at access. World Bank, Washington. Observation year 2026. Accessed 2026-11-03.back
  5. 19European Central Bank (ed.), ECB Data Portal, key interest rates (deposit facility rate and main refinancing operations rate, dates of change to 16 September 2026; harmonised index series), retrieved through the ECB data service. ECB, Frankfurt. Observation year 2026. Accessed 2026-11-03.back
  6. 13POST-CLOSE, context only: Financial Stability Board (ed.), Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors and note on global stablecoin arrangements, October 2026 (publication page; the attached documents were not opened); released after the 30 September evidence close. FSB, Basel. Observation year 2026. Accessed 2026-11-03.back
  7. 18European Central Bank (ed.), Financial Stability Review, May 2026 (overview and special features). ECB, Frankfurt. Observation year 2026. Accessed 2026-11-03.back
  8. 17Board of Governors of the Federal Reserve System (ed.), Financial Stability Report, May 2026 (overview and leverage sections; data as of 23 April 2026). Federal Reserve Board, Washington. Observation year 2025 (fourth-quarter data). Accessed 2026-11-03.back
  9. 33UNVERIFIED, not opened: POST-CLOSE, context only: International Monetary Fund (ed.), Global Financial Stability Report, October 2026; the IMF publication page returned access denied and no figure from it is used. IMF, Washington. Observation year 2026. Accessed 2026-11-03.back
  10. 34UNVERIFIED, not opened: POST-CLOSE, context only: International Monetary Fund (ed.), Fiscal Monitor, October 2026; the IMF publication page returned access denied and no figure from it is used. IMF, Washington. Observation year 2026. Accessed 2026-11-03.back
  11. 37UNVERIFIED, not opened: Swiss Re Institute (ed.), sigma research on natural catastrophe losses and protection gaps; the publisher page returned access denied and no figure from it is used. Swiss Re, Zurich. Observation year 2025. Accessed 2026-11-03.back
  12. 38UNVERIFIED, not opened: Network for Greening the Financial System (ed.), NGFS climate scenarios for central banks and supervisors; the publisher page returned access denied and no figure from it is used. NGFS, Paris. Observation year 2025. Accessed 2026-11-03.back
  13. 36UNVERIFIED, not opened: World Trade Organization (ed.), Global Trade Outlook and Statistics 2026; the page tried was not found and no figure from it is used. WTO, Geneva. Observation year 2026. Accessed 2026-11-03.back
  14. 16POST-CLOSE, context only: Financial Stability Board (ed.), G20 Implementation Monitoring Review: 2026 report, October 2026 (publication page; the report was not opened); released after the 30 September evidence close. FSB, Basel. Observation year 2026. Accessed 2026-11-03.back
  15. 35UNVERIFIED, not opened: OECD (ed.), Development co-operation preliminary data on official development assistance in 2025; the OECD site returned access denied and no figure from it is used. OECD, Paris. Observation year 2025. Accessed 2026-11-03.back
  16. 27United Nations Economic and Social Council (ed.), Draft intergovernmentally agreed conclusions and recommendations of the forum on financing for development follow-up, E/FFDF/2026/L.1, as adopted on 24 April 2026, advance unedited version. United Nations, New York. Observation year 2025 (ODA outcome) and 2026. Accessed 2026-11-03.back
  17. 10UNCTAD (ed.), A World of Debt 2026: Rising debt costs and stalling development (report page with key statistics; the full report and data file were not opened). United Nations Trade and Development, Geneva. Observation year 2025 (regional shares 2023; the year of the 51-country and 3.7 billion people counts is not stated on the page). Accessed 2026-11-03.back

Cite this annex

Valadbaygi, S. (Ed.). (2026). Annex A: Methodology. In Global Finance and Economy Risk and Resilience Report 2026: Baseline Edition, The State of the World’s Financial and Economic System. (Baseline Edition 2026, Report No. NR-SECTOR-FINANCE-GLOBAL-2026-BASELINE) [Draft under review]. The Global Centre for Risk and Innovation (GCRI).

Every citation form of the whole report, BibTeX and RIS included, is on the edition home. Cite this report

ReportsContribute

Send evidence or a correction on Global Finance and Economy.

Reports is the Consortium’s quarterly publication, written by six desks. This page sits with the Global Centre for Risk and Innovation (GCRI) Systems Evidence desk. 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. Sent to the wrong desk, it is forwarded, not refused.

GCRI Systems Evidence deskGlobal Sector Risk and Resilience

CC BY 4.0 Free to read. Text and figures: CC BY 4.0. Data: CC0 1.0. Authors keep copyright. Published by GCRI Canada.

The Global Centre for Risk and Innovation

Science · evidence · measurement

Not for profit

Our articles, maps and twins are free to read and free to republish. Readers and partners keep it that way.

Partner with us

Who funds us

GCRI is a not-for-profit institution. To ask who funds a piece of work, use the funding questions form.

Independence

Editors and the expert reviewers named on each article decide what we publish. Funders and partners do not review or approve articles before publication.

Licence

Articles: CC BY 4.0. Figures, maps, twins and data: CC BY 4.0. Other uses: ask through the permissions form.