LocationSelector is a proprietary technology that allows companies to compare nearly 400 site selection criteria in over 200 countries around the world.
IDC Nordics - Directions 2015 Digital transformation Services and sourcingJohan Hallberg
This presentation was shown at IDC Nordics Direction 2015 and answers the two main questions: What is the business implications for solution and service providers in the Nordics with the digital transformation? What is the business priorities for 2015 and why?
Blue Skies with Green Clouds - Business Sweden + Facebook, Nov 19Business Sweden
Presentation at DCD Converged, London, Nov 19, 2015.
Tomas Sokolnicki, Business Sweden & Vince van Son, Facebook.
Nordics as a location for data centers.
This brochure outlines the extent and breadth of our work within the region, including key examples of placements we have filled and clients we continue to work with. It also includes an overview of the Nordics economic growth, key sectors and market development.
LocationSelector is a proprietary technology that allows companies to compare nearly 400 site selection criteria in over 200 countries around the world.
IDC Nordics - Directions 2015 Digital transformation Services and sourcingJohan Hallberg
This presentation was shown at IDC Nordics Direction 2015 and answers the two main questions: What is the business implications for solution and service providers in the Nordics with the digital transformation? What is the business priorities for 2015 and why?
Blue Skies with Green Clouds - Business Sweden + Facebook, Nov 19Business Sweden
Presentation at DCD Converged, London, Nov 19, 2015.
Tomas Sokolnicki, Business Sweden & Vince van Son, Facebook.
Nordics as a location for data centers.
This brochure outlines the extent and breadth of our work within the region, including key examples of placements we have filled and clients we continue to work with. It also includes an overview of the Nordics economic growth, key sectors and market development.
This report highlights the salaries, benefits and bonuses received by people working within the consumer sector in the Nordics.
Nigel Wright surveyed over 1,500 respondents from Denmark, Sweden and Norway working across different disciplines and levels, in sectors such as Food & Drink, Health & Beauty, Consumer Electronics, DIY, Fashion and Apparel, Household Products, Luxury Goods, OTC pharmaceuticals, Leisure & Entertainment, Media and Publishing, Retail and E-commerce and Travel.
Corporate Reputation in the Nordics: Leading with PurposeBurson-Marsteller
Burson-Marsteller commissioned research firm Penn, Schoen & Berland to survey more than 4,500 people in Denmark, Finland, Norway and Sweden. The Nordic Corporate Reputation Study identifies the key drivers of corporate reputation in the Nordics and ranks the top 100 Nordic companies across a range of metrics from trust and responsible behavior to innovation, leadership and financial performance. For comparison and benchmarking purposes, a number of leading international companies were included in the research. The resulting Purpose & Performance Index shows that customer service, treating employees well and engaging with local communities are all key drivers of trust and help turn Nordic customers into brand advocates.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
Overview of Nordic activities at SXSW 2017 in Austin, TX, 2017 (March 10-19). Includes Expo visibility, additional activities (luncheons, pitch events, panels) and related conference talks and accepted music and film acts
Digital challenger banks have raised more capital than any other FinTech vertical in Europe, totalling nearly $500m since 2015. Mired in controversy, acquisitions, mega-rounds, and mega-write-downs, challengers are now headline news in tech/business press on a weekly basis.
These European phenomena are enabled by new regulations that make it easier than ever to start a bank. Will this emerging breed of challengers displace high street banks? Read on to learn more about:
- NPS of European incumbents and challengers
An overview of online-only, VC-backed, and branched challengers — and who is funding them
- Regional and demographic customer surveys, bank ROE, rates for savers
- The fee structure of 8 challengers and 5 incumbents
Public challengers: Metro Bank, Shawbrook, Aldermore, Virgin Money
- An overview of PSD2, a regulation that enables digital challengers
- How incumbents BBVA and Santander are “fighting back”
- Standouts in UI and App store rankings
- Global mobile banking adoption
- Predictions for 2017
Frontline Ventures is a B2B seed VC. Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter at http://frontline.vc/newsletter
Most sales pitches suck. Why? Because they are all about you instead of focusing on the client and their needs. Here is what you can do to change and make them better. Be a Blue Lobster and stand out.
Regional development policies: The Case of Sweden and the NSPAOECDregions
Presentation on Regional development policies: The Case of Sweden and the NSPA by Chris McDonald, Regional Development and Tourism Division, Centre for Entrepreneurship, SMEs, Local Development and Tourism.
For the third consecutive year, Lindorf conducts a survey for executives across Europa about how they believe leading indicators in the credit management services market will develop in the upcoming year.
Northern Sparsely Populated Areas - OECD Report OECD Governance
The northern sparsely populated areas (NSPA) of Finland, Norway and Sweden are becoming increasingly important to the geopolitical and
economic interests of these countries and the European Union (EU). The NSPA regions are located on the periphery of Europe and are part of Europe’s gateway to the Arctic and eastern Russia.
A changing climate, access to hydrocarbon and mineral resources, and shifts in relations with Russia are changing the political and economic
landscape. The sustainable development of these regions is crucial to managing such strategic risks and opportunities.
The report sets out 179 policy recommendations at a cross-border, national and regional scale to enhance prosperity and wellbeing across the NSPA. For more inforamtion see www.oecd.org/gov/regional-policy/oecd-territorial-reviews-the-northern-sparsely-populated-areas-9789264268234-en.htm
How much a country is talked about in the media can determine its place in the public debate. In this brief, we collect data on the mentions of Eastern and Western European countries in the main Swedish newspapers over the past decades. We find consistently more coverage devoted to Western compared to Eastern Europe in the Swedish press. We investigate several factors that could explain this pattern. We find that while Eastern European countries are on average not more geographically distant from Sweden, Sweden tends to have closer trade links with Western European countries. Sweden is more culturally similar to the average Western European country in terms of language, religion and attitudes, cultural values and social norms. Trade relations and cultural proximity are associated with higher media coverage.
Read more policy briefs and economic analysis: https://freepolicybriefs.org/2022/02/07/swedish-foreign-news-coverage/
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This report highlights the salaries, benefits and bonuses received by people working within the consumer sector in the Nordics.
Nigel Wright surveyed over 1,500 respondents from Denmark, Sweden and Norway working across different disciplines and levels, in sectors such as Food & Drink, Health & Beauty, Consumer Electronics, DIY, Fashion and Apparel, Household Products, Luxury Goods, OTC pharmaceuticals, Leisure & Entertainment, Media and Publishing, Retail and E-commerce and Travel.
Corporate Reputation in the Nordics: Leading with PurposeBurson-Marsteller
Burson-Marsteller commissioned research firm Penn, Schoen & Berland to survey more than 4,500 people in Denmark, Finland, Norway and Sweden. The Nordic Corporate Reputation Study identifies the key drivers of corporate reputation in the Nordics and ranks the top 100 Nordic companies across a range of metrics from trust and responsible behavior to innovation, leadership and financial performance. For comparison and benchmarking purposes, a number of leading international companies were included in the research. The resulting Purpose & Performance Index shows that customer service, treating employees well and engaging with local communities are all key drivers of trust and help turn Nordic customers into brand advocates.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
Overview of Nordic activities at SXSW 2017 in Austin, TX, 2017 (March 10-19). Includes Expo visibility, additional activities (luncheons, pitch events, panels) and related conference talks and accepted music and film acts
Digital challenger banks have raised more capital than any other FinTech vertical in Europe, totalling nearly $500m since 2015. Mired in controversy, acquisitions, mega-rounds, and mega-write-downs, challengers are now headline news in tech/business press on a weekly basis.
These European phenomena are enabled by new regulations that make it easier than ever to start a bank. Will this emerging breed of challengers displace high street banks? Read on to learn more about:
- NPS of European incumbents and challengers
An overview of online-only, VC-backed, and branched challengers — and who is funding them
- Regional and demographic customer surveys, bank ROE, rates for savers
- The fee structure of 8 challengers and 5 incumbents
Public challengers: Metro Bank, Shawbrook, Aldermore, Virgin Money
- An overview of PSD2, a regulation that enables digital challengers
- How incumbents BBVA and Santander are “fighting back”
- Standouts in UI and App store rankings
- Global mobile banking adoption
- Predictions for 2017
Frontline Ventures is a B2B seed VC. Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter at http://frontline.vc/newsletter
Most sales pitches suck. Why? Because they are all about you instead of focusing on the client and their needs. Here is what you can do to change and make them better. Be a Blue Lobster and stand out.
Regional development policies: The Case of Sweden and the NSPAOECDregions
Presentation on Regional development policies: The Case of Sweden and the NSPA by Chris McDonald, Regional Development and Tourism Division, Centre for Entrepreneurship, SMEs, Local Development and Tourism.
For the third consecutive year, Lindorf conducts a survey for executives across Europa about how they believe leading indicators in the credit management services market will develop in the upcoming year.
Northern Sparsely Populated Areas - OECD Report OECD Governance
The northern sparsely populated areas (NSPA) of Finland, Norway and Sweden are becoming increasingly important to the geopolitical and
economic interests of these countries and the European Union (EU). The NSPA regions are located on the periphery of Europe and are part of Europe’s gateway to the Arctic and eastern Russia.
A changing climate, access to hydrocarbon and mineral resources, and shifts in relations with Russia are changing the political and economic
landscape. The sustainable development of these regions is crucial to managing such strategic risks and opportunities.
The report sets out 179 policy recommendations at a cross-border, national and regional scale to enhance prosperity and wellbeing across the NSPA. For more inforamtion see www.oecd.org/gov/regional-policy/oecd-territorial-reviews-the-northern-sparsely-populated-areas-9789264268234-en.htm
How much a country is talked about in the media can determine its place in the public debate. In this brief, we collect data on the mentions of Eastern and Western European countries in the main Swedish newspapers over the past decades. We find consistently more coverage devoted to Western compared to Eastern Europe in the Swedish press. We investigate several factors that could explain this pattern. We find that while Eastern European countries are on average not more geographically distant from Sweden, Sweden tends to have closer trade links with Western European countries. Sweden is more culturally similar to the average Western European country in terms of language, religion and attitudes, cultural values and social norms. Trade relations and cultural proximity are associated with higher media coverage.
Read more policy briefs and economic analysis: https://freepolicybriefs.org/2022/02/07/swedish-foreign-news-coverage/
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Coastal regions are extremely vulnerable to the impacts of climate change, due to their exposure to the combined effects of sea level rise and intense storm events. Coastal risks are set to intensify in the future, with the potential to bring unprecedented costs to livelihoods and economies.
How can governments identify, prepare for and respond to these risks?
On 6 March, 2019 Lisa Danielson of the OECD Environment Directorate and Alexander Bisaro of the Global Climate Forum discussed how OECD countries are responding to these risks, and what more could be done in the future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Role of Information Technology in Revenue - Prof Oyedokun.pptx
Nordic linkages, European Regional Cluster Report (redacted version)
1. NORDIC LINKAGES
EUROPEAN REGIONAL CLUSTER REPORT
BENJAMIN HUSTON, LUIS BRANDAO-MARQUES, MARCO PINON
This presentation and the preliminary results are intended as background for discussions.
2. OUTLINE
Motivation
Method
Balance sheet or market data? Example of Nordic interbank exposures
Cross-border spillovers (by recipient country and channel)
Systemic importance of spillover channels
Inward and outward spillovers to and from the Nordics
Banking and insurance connectivity
Sovereign-to-financial and financial-to-nonfinancial
Domestic spillovers
3. MAIN RESULTS
Among the Nordics, Sweden and Finland are the most connected and Iceland is the
least connected.
Strong Nordic connections with North America and Developed Europe.
Nordic sovereign-to-sovereign, financial-to-financial, and financial-to-nonfinancial
sector connectivity is highly significant.
Sovereign-to-financial sector connectivity is only moderate: Nordic sovereigns do not
play a systemic role.
Nordic financial sectors are the most systemically important segments of the
regional Nordic economy, and [REDACTED].
5. MOTIVATION
Recent Norway FSAP and coming Sweden and Finland FSAP.
Nordic regional report (2013).
Unique confidential dataset of bank-to-bank exposures for the Nordic region
(Denmark, Finland, Norway, and Sweden).
Denmark, Finland, Norway, and Sweden are all S29 jurisdictions—important to check
how connected they are.
7. METHOD
Measure at the firm, sector, and country level: Equity returns;Volatility of equity
returns (in logs) but only for robustness.
Spillover Analysis (Diebold andYilmaz 2014).
Order independent: generalized FEVD; order rotation for robustness.
t
ti
H
ij
H
ttt
GeAERPIMOVESKEWVIX
FXUSPolUncMacroRiskREHFRCOMr
dD
XLBYLA
],,,[X
],,,,,,[Y
matrix.iondecompositanceerror variforecastahead-stepHtheis][
)()(
t
t
8. METHOD
Spillover from i to j is the percent of j’s total inward spillovers that are coming from
i:
Inward and outward spillover indexes calculated using rolling window (3 years).
Centrality measure—eigenvalue centrality (see Annex):
Measures the relative importance or influence of a node within a graph.
Node i’s score is the i-th entry of the eigenvector associated with highest eigenvalue in the
network’s weighted adjacency matrix (aka spillovers matrix).
Intuition: a node that is connected to another node with many large connections is more important
than a node that is connected to another node with few small connections.
.
i
ijijij dds
10. EXAMPLE—NORWAY INTERBANK EXPOSURES
Market data suggests that Swedish banks play the
dominant role in transmitting risks in Norway’s banking
sector.
Note: See Norway stressing testing technical note for additional information.
[REDACTED]
11. NORDIC LINKAGES USING MARKET DATA
Nordic to Nordic channels
Nordic financial sectors are the most systemically
important segments of the regional Nordic
economy
Nordic sovereigns, and Iceland in general, do not
appear to play a significant role in transmitting
systemic risk to the rest of the region
Market data-based analysis suggests links:
• Bank-to-bank lending
• Common exposures
• Cross-ownership links
Note: The figure displays a centrality plot of the Nordic to Nordic spillover network. Node positions are determined using eigenvector centrality scores and a node’s proximity to the center of the network signifies its importance (i.e., closer nodes
are more important). The symbols , , correspond to high, medium, and low levels of systemic risk, respectively, and ring colors are used for solely for visual emphasize. See Diestel (2005) for background information on the graph-theoretic
concept of centrality.
= financial sector
= nonfinancial sector
= sovereign
System importance of spillover channels
13. MAKING SENSE OF THE RESULTS: NORDIC BANK LENDING TO OTHER
COUNTRIES
Significant cross-
border lending by
Nordic financial
groups.
Note: See Norway stressing testing technical note for additional information.
14. MAKING SENSE OF THE RESULTS: NORDIC BANK-TO-BANK OWNERSHIP
LINKAGES
60%
16%
7%
3%
2%
2%
2%
8%
Norway
United States
United Kingdom
China
Other Nordic
Saudi Arabia
Canada
Other
DNB Ownership by Country
(Percent of total capital as of end of 2014)
31%
24%6%
5%
5%
2%
2%
4%
22%Sweden
Finland
United States
Norway
Denmark
Saudi Arabia
United Kingdom
Other
Unknown
Nordea AB Ownership by Country
(Percent of total capital as of end of 2014)
48%
13%
6%
5%
4%
2%
4%
18%
Denmark
Sweden
UK
Cayman Isl.
United States
Norway
Other
Unknown
Danske Bank Ownership by Country
(Percent of total capital as of end of 2014)
26%
15%
3%
2%2%2%7%
43%
Finland
United States
Sweden
Norway
Germany
United Kingdom
Other
Unknown
Sampo Plc Ownership by Country
(Percent ot total capital as of end of 2014)
Significant cross-
ownership links
among Nordic
financial groups.
16. DECOMPOSITION OF SPILLOVERSTOTHE NORDICS
Equity and commodity prices are the major transmission channels of spillovers to the Nordics
Note: See Klößner and Wagner (2014b) for an assessment of US economic policy uncertainty on cross-border spillovers.
17. SPILLOVER CHANNEL DYNAMICS
• The largest share of
spillovers to the
Nordics has historically
come from developed
economies.
• Recently, spillovers
from emerging
economies have
become more
important.
Left: Spillover time-series were calculated using 3-year rolling windows. Right: colors denote low (white), moderate (pink), and high (red) levels of spillover connectivity. Connectivity is a bilateral measure which is defined as
the sum of total spillovers shared between two given sectors (Diebold, Yilmaz; 2014).
18. TOP SPILLOVERSTOTHE NORDICS*
Non-Nordic to Nordic
Global Factor to NordicNordic to Nordic
Sweden, Finland, and
Denmark are responsible
for the largest share of
Nordic-to-Nordic
spillovers
Norway is the Nordic
most affected by global
factors, such as commodity
prices and the USD FX
rate
The largest spillovers to
the Nordics originate in
Developed Europe,
followed by Emerging
Europe and North America
* Spillovers were estimated using daily market data which spanned the period of January 2002 to August 2015. In the figures above, arrow size corresponds to a rank ordering of spillover magnitude. The top, middle, and bottom third of
spillovers within a given figure are denoted by large, medium, and small-sized arrows, respectively. Numbers displayed next to arrows denote the percentage of given recipient ‘s total spillovers that is attributable to a given spillover
originator. For further information on spillovers from a network perspective, see Diebold and Yilmaz (2014).
19. TOP SPILLOVERSTOTHE NORDICS, BY RECIPIENT COUNTRY
FinlandSweden
Sweden, Finland, and Denmark have the greatest exposure to many of the same spillovers:
global real estate, hedge funds, Developed Europe, and each other.
Denmark
20. TOP SPILLOVERSTOTHE NORDICS, BY RECIPIENT COUNTRY
IcelandNorway
Norway and Iceland are the least exposed to other Nordics. Both countries share large
common exposures to Latin America and global real estate.
21. MAKING SENSE OFTHE RESULTS: NORWAY GOVERNMENT PENSION FUND
GLOBAL – COUNTRY/CURRENCY EXPOSURES BY ASSET CLASS
23. TOP SPILLOVERSTOTHE NORDICS, BY CHANNEL
Energy pricesEmerging market
asset prices
Developed market
asset prices
Among developed economies,
Developed Europe is the source
of the largest inward spillovers to
the Nordics
Among emerging economies,
spillovers from Emerging Europe
are the greatest in magnitude
The influence of energy prices on
Norway alone is greater than the
cumulative influence of energy prices
on all other Nordics
24. TOP SPILLOVERSTOTHE NORDICS, BY CHANNEL
USD FX appreciation Global real estate Active asset management
Changes in the USD FX rate have
had the greatest effect on Norway
Iceland is the country most affected
by global real estate prices, followed
by Sweden and Finland
The trading activities of hedge
funds have had the largest impact
on Norway and Denmark
25. SUMMARY OF NORDIC EXPOSURETO INWARD SPILLOVERS
Emerging Economies
Sweden
Finland
Denmark
NorwayIceland
1 2
3
4
5
2
1
5
4
3
1
2
3
2
1 3
4
Global Factors
Advanced Economies
Other Nordics
Among the Nordics,
Sweden and Finland are the
most exposed to spillovers.
Iceland is the least
exposed.
Sweden’s greatest
exposures are to emerging
economies and to other
Nordics
Finland’s greatest
vulnerabilities are to
developed and emerging
economies
Note: Greater graph area corresponds to greater inward spillover vulnerability. The numbers 1 through 5 are rank orderings and illustrate a given country’s vulnerability to a given spillover source, where ranks of ‘1’ and ‘5’
denote the highest and lowest levels of vulnerability, respectively. Some rank ordering labels are omitted to enhance figure readability.
Norway has the greatest
exposure to global factors
and one of the smallest to
the Nordic region.
26. TOP SPILLOVERS FROMTHE NORDICS
Nordic to Non-Nordic Nordic to Global Factors
Spillovers originating in the Nordics have the greatest
impact on Developed Europe
The Nordics also exert a notable influence on energy
and metal commodity prices
27. SYSTEM IMPORTANCE OF SPILLOVER CHANNELS
Cross-border channels
Sweden and Norway are the most systemically
important Nordic countries.
Developed Europe and North America are the most
systemically important transmitters of spillovers in the
developed world, and Emerging Europe and the Middle
East and Africa are the most systemic transmitters
among emerging market economies.
The USD FX rate, global real estate, and energy and
metal commodities crisis are the most systemically
important global factors.
Equities universally dominant bonds in terms of systemic
risk transmission.
E = energy
M = metals
G = gold
F = food
HF = hedge funds
RE = real estate
USD = US FX rate
a = Asia
e = Europe
la = Latin America
ma = Middle East and Africa
na = North America
= equities
= bonds
= global factors
= Nordics
= developed economy
= emerging economy
= global factor
28. BANKING AND INSURANCE CONNECTIVITY
Bank to bank connectivity Insurer to insurer connectivity
Nordic banks are highly connected with each other and with
banks in North America and Developed Europe
With the exception of Sweden, the connectivity of
Nordic insurers is analogous to that of Nordic banks
Note: colors denote low (white), moderate (pink), and high (red) levels of spillover connectivity. Connectivity is a bilateral measure which is defined as the sum of total spillovers shared between two given sectors (Diebold, Yilmaz; 2014).
29. Financial to nonfinancial sector connectivitySovereign to financial sector connectivity
NORDIC-TO-NORDIC CONNECTIVITY
Nordic sovereign-to-sovereign and financial-to-financial sector
connectivity is significant, but sovereign-to-financial sector
connectivity is present only at moderate levels
Levels of Nordic financial-to-nonfinancial connectivity
are also highly significant
Left: red lines denote sovereign-to-sovereign connections. Right: green lines denote nonfinancial-to-nonfinancial sector connections. Both: blue line denote financial-to-financial sector connections and black lines denote connections
between different types of sectors. Connectivity is a bilateral measure which is defined as the sum of total spillovers shared between two given sectors (Diebold, Yilmaz; 2014).
31. DOMESTIC CONNECTIVITY: SWEDEN AND FINLAND
Note: colors denote low (white), moderate (pink), and high (red) levels of spillover connectivity. Connectivity is a bilateral measure which is defined as the sum of total spillovers shared between two given sectors (Diebold, Yilmaz; 2014).
Sweden exhibits high levels of domestic connectivity
between banks, shadow banks, and major nonfinancial
sectors, but banking and insurance connectivity is low.
Bank-to-sovereign connectivity is low.
Finland shows high connectivity between banks and
insurers and moderate bank-to-sovereign connectivity.
Finnish nonfinancial sectors are highly connected.
Sweden Finland
32. DOMESTIC CONNECTIVITY: DENMARK AND NORWAY
Similar to Finland, Denmark exhibits high bank-to-insurer
and moderate bank-to-sovereign connectivity. Unlike
other Nordics, Denmark insurers are also highly
connected to domestic nonfinancial sectors.
Norway also exhibits high bank-to-insurer and moderate
bank-to-sovereign connectivity. Norwegian non-financial
sectors, in particular those engaged in the export of energy,
industrial, and food commodities, are highly connected.
Denmark Norway
33. TAKEAWAYS
Nordic countries are systemically important as a whole.
For the IMF: Nordic-centric surveillance makes sense.
For authorities: Cross-border surveillance and regional cooperation
(including stress testing) is important but not enough.
For the IMF and country authorities:When credit exposure data are not
available, market data may be good substitutes.
34. REFERENCES
Csardi G, and NepuszT, 2006,“The igraph software package for complex network research.” InterJournal, Complex
Systems 1695, http://igraph.org.
Diebold, Francis X., and KamilYılmaz, 2014, "On the network topology of variance decompositions: Measuring the
connectedness of financial firms." Journal of Econometrics 182, no. 1: 119-134.
Diestel, Reinhard, 2005, GraphTheory (3rd ed.), Berlin, NewYork: Springer-Verlag, ISBN 978-3-540-26183-4.
Klößner, S. andWagner, S., 2014b,“International spillovers of policy uncertainty.” Economics Letters 124, no. 3: 508–512.
Pesaran, H. Hashem, andYongcheol Shin, 1998, "Generalized impulse response analysis in linear multivariate
models." Economics Letters 58, no. 1 (1998): 17-29.
36. NETWORK METHODOLOGY
1
The value of is not necessarily unique and is numerically estimated using the Power Iteration algorithm.
Let be a network with associated sets of vertices and edges and . The eigenvector
centrality score, , of a given vertex ∊ is defined as
1
,
∊
where
is a vertex which shares an edge with ,
, is the entry in , the adjacency matrix of , which corresponds to the vertices and ,
and the eigenvalue is a constant which is satisfies the relationship .1
Higher eigenvector centrality scores signify greater network importance. When is a financial
network, eigenvector centrality is interpreted as a proxy for systemic risk.
37. DATA DESCRIPTION: CROSS-BORDER SPILLOVERS
Alias Financial Index Name Spillover Group
IS OMX Iceland All Share Nordics
SE Datastream Sweden Equities Nordics
DK Datastream Denmark Equities Nordics
FI Datastream Finland Equities Nordics
NO Datastream Norway Equities Nordics
Emerging Europe MSCI Emerging Markets Europe Emerging Economies
Latin America MSCI Emerging Markets Latin America Emerging Economies
Emerging Asia MSCI Emerging Markets Asia Emerging Economies
MENA Standard and Poor's / IFCI Middle East and Africa Emerging Economies
Developed Europe FTSE Developed Europe Developed Economies
Developed Asia FTSE Developed Asia Pacific Developed Economies
North America FTSE World North America Developed Economies
Emerging Europe JP Morgan GBI-Emerging Markets Europe Emerging Economies
Latin America JP Morgan GBI-Emerging Markets Latin America Emerging Economies
Emerging Asia JP Morgan GBI-Emerging Markets Asia Emerging Economies
MENA Citigroup World BIG Overall Africa Middle East Emerging Economies
Developed Europe Citigroup World BIG Overall West Europe Developed Economies
Developed Asia Barclays Asia Pacific Bond Aggregate Developed Economies
North America Citigroup World BIG Overall North America Developed Economies
Energy S&P GSCI Four Energy Commodities Spot Global Factors
Metals S&P GSCI Industrial Metals Spot Global Factors
Gold S&P GSCI Precious Metal Spot Global Factors
Food S&P GSCI Agriculture Spot Global Factors
Real Estate MSCI World Real Estate Global Factors
Hedge Funds HFRX Global Hedge Fund Index Global Factors
USD FX JP Morgan US Real Effective Exchange Rate (Trade-Weighted) Index Global Factors
US Policy US Economic Policy Uncertainty Index Global Factors
Macro Risk Citi World Short Term Macro Risk Index Global Factors
Macro Risk Citi World Long Term Macro Risk Index Global Factors
Macro Risk Citigroup Economic Surprise Index, China Global Factors
Macro Risk Citigroup Economic Surprise Index, Eurozone Global Factors
Macro Risk Citigroup Economic Surprise Index, USA Global Factors
-- CBOE SPX Volatility VIX Controls
-- CBOE Skew Index Controls
-- Merryl Lynch Move 3 Months Bond Volatility Controls
-- Global Ex-Ante Equity Risk Premium Controls