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    Academy News

    Sustainable Finance Topic Taxonomies

    by Ad Min -
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    The Open Risk Manual contains now quite a number of topics related to sustainable finance. The related category page has been augmented to organize them in a logical manner: There are two main schemes (arranged as matrices):

    • Grouping of concepts by economic entity (agent) and their financial activities (e.g. individuals, corporates and their typical respective economic activity that are affected by sustainability)
    • Grouping of concepts by the 17 Sustainable Development Goals and the available tools such as information technology, policies etc
    Snapshot of an Open Risk Manual table organizing various sustainable finance concepts
    As with all entries of the Manual, this is a live page that continues being updated. Suggestions always welcome!

    Earth Day 2022

    by Ad Min -
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    Earth Day is a moment to contemplate the sustainability challenges facing us all, to think seriously about how to take further real action on climate and biodiversity, how to preserve and collectively thrive on the surface of this unique and incredible but finite and fragile planet we live on.

    The Earth Day 2022 Theme is Invest In Our Planet, which alludes to how vitally important the invention, adoption and deployment of meaningful, effective economic and financail tools that ensure sustainability.

    Along with many others we feel blessed to be able to make a small contribution in the direction of sustainable finance: another major release of the Equinox Platform, a framework dedicated to sustainable portfolio management.

    This release focuses primarily on introducing tools for the management of procurement portfolios and portfolio policies. Anybody interested in learning, using or contributing to the developing toolkit of sustainable portfolio management is encouraged to join us!

    The logo of the equinox platform


    Can accounting ever be sexy? From IFRS 9 to sustainability and the blockchain

    by Ad Min -
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    Accounting probably would not count among the more glamorous of professions. The reasons for that status and whether it is justified are beyond the scope of this brief commentary. What we argue though in this blog post is that the relative attractiveness of accounting is arguably improving in recent times as indicated by developments in quite disparate areas.

    Enjoy!

    ps. commenting is not possible on the blog but if you have further examples (or counter-examples) you are welcome to join the discussion at the Open Risk Commons

    Financial Competence Framework in Open Risk Manual and Academy

    by Ad Min -
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    Dear Academy users,

    if you are interested in financial competency frameworks (building capabilities and financial literacy) either as a learner or as a teacher, we've got good news! In 2021 the European Commission and the OECD-INFE (OECD International Network for Financial Education) started a collaboration to develop a joint EU/OECD-INFE financial competence frameworks for adults. The framework has been published earlier this year and we have started its integration into various Open Risk resources.

    In the first instance the competence framework is integrated into the Open Risk Manual (here is the landing page) where it provides a taxonomy for classifying entries according to their relevance for financial literacy. In future work we also plan to integrate it here in the Academy where it can be used to good effect to structure learning plans that target this area.

    Any comments, ideas, suggestions as always very welcome. If you have not joined the Open Risk Commons yet please consider doing so as it offers a more convenient platform to exchange ideas and further build out the community.

    Input Output Models as Graph Networks

    by Ad Min -
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    The economy is a complex tangle of various agents that interact via transactions (sales and purchases) and contracts (lending, investing). In recent times more and more techniques from graph theory and network science are brought to bear on economic analysis. On the other hand, ever since the seminal contributions of Leontief, Input-Output Models (IO) have been widely used to describe economic relationships between economic actors (e.g. industrial sectors) operating within and between regions. IO models are central tools of Input-Output Analysis which aims to answer fundamental economic questions such as: what level of production outputs is required by industrial sectors (interacting in complex supply chains) if there is specific change in demand by consumers.

    How are IO models related to Graph Theory? In this post we explore this relationship in some detail and show that both conceptually and practically it is a connection that it is useful to be aware of.

    An Input-Output Model represented as a Graph Network


    New Course: Introduction to Input-Output Models using Python

    by Ad Min -
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    Dear Academy users,

    this week is Open Education Week, so a great occasion to launch a new open course! The new course (Course ID: SFI32064, Introduction to Input-Output Models using Python) is a DeepDive format with nine segments, exploring Input-Output models using Python and the pymrio library.

    A graphic display of economic sectors arrange as an input-outout matrix

    The course is at a core technical level. It requires working familiarity with python, basic linear algebra and some elements of economic theory. Step by step we explore how one can define and perform useful operations in Environmentally Extended Input-Output Analysis.

    This course is the first installment of a series dedicated to EEIO models that are receiving a lot of attention as analytical tools to support the sustainability transition. The focus in this first course is on familiarization with the python environment (and the pymrio package in particular) and understanding the general structure and abilities of such models. Specifically:

    • We get exposed to the concept and structure of Input-Output Models
    • We create a variety of stylized IO models in Python
    • We perform basic IO related workflows as those are facilitated by the pymrio package
    As always the code discussed in the course is available in out github repository.

    More in-depth discussion of economic and mathematical aspects of EEIO models is given in the seminal Miller Blair Book, which is recommended reading. The material we cover in this course is contained mostly in Chapter 2 of that book (Foundations of Input–Output Analysis)

    Enjoy!

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