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This article aims to determine and analyse the main features of channels of financial contagion in the banking sector of the Baltic States. The most relevant channels seem to be the risk of common lender, the channel of real estate prices, the channel of other macroeconomic shocks and the channel of volatility. This paper contributes to the further analysis of internal and external causes of financial crisis and its transmission channels in the banking sector of the Baltic States. Purpose – to indicate and explain the main problems related to the systemic risk and the channels of financial contagion in the banking sector of the Baltic States. Design/methodology/approach – general overview of research papers presenting concepts and methodologies of assessment of systemic risk of the banking sector, statistical analysis of financial data. Findings – determination of the main channels and extent of financial contagion relevant to the banking sector of the Baltic States. Research limitations/implications – the lack of information concerning the liquidity and asset structure of the banking sector of the Baltic States and the real estate prices in the Baltic States. The most common problem analysing the financial contagion and systemic risk is the lack of information (especially about the structure of liabilities and assets of financial institutions, its maturity) and the changing new banking regulatory conditions. Due to the lack of data it is impossible to create stable and reliable statistical models describing the stochastic behaviour of financial contagion. We do not take into account the political factors concerning the reforms of financial market supervision that also impact financial contagion and systemic risk ant the attitude of foreign investors towards the Baltic States. The findings of this article should ground the macro-prudential policy in the small countries of supervising institutions focussing on the external factors. Practical implications – identification of the channels of external and internal negative shocks to the banking sector of the Baltic States; useful not only for the banking executives providing business trends and officers of supervising institutions that should use not only Basel III requirements, identifying potential sources of risk in the near future, but for the rest part of the society, both ordinary citizens and entrepreneurs having current accounts and deposits in banks. Originality/Value – modelling of systemic risk and analysis of instability causes of the banking sector by applying reliable quantitative methods in Lithuania is insufficiently developed and is impossible without knowing the mechanisms of transitions of external and internal shocks on banking sector. Researchers have provided an exhaustive analysis of contagion and channels of contagion in global extent or in another cases and regions. The banking sectors of the Baltic States are essentially controlled by the same foreign banking groups and the liquidity problems faced by international financial groups could therefore spill over into the other banks in the Baltic States. This case is not exhaustively analysed by other researchers. This paper is one of the first attempts to describe and make a quantitative assessment of the financial contagion in the Baltic States. Large dependence of the banking institutions in the Baltic States on their investors means not only the simple attraction of capital flow but additional risk that can arise due to the lack of liquidity or panics of patronising financial institutions. The findings of this article should ground macro-prudential policy focussing on the external factors.

Purpose – to evaluate the general networking and simulation approaches of modelling of systemic risk and the financial contagion and their ability to assess the banking sector resilience in the case of external economic shocks and collapse of idiosyncratic financial institutions. Design/methodology/approach – a general overview of research papers presenting concepts and methodologies of assessment of systemic risk of the banking sector. Findings – limitations of the networking approach and possible ways to improve modelling of systemic risk. The network approach cannot explain the causes of initial default of bank. On the other hand, assumptions made on LGD and interbank exposures are very strong. These features are important limitations of network and simulation approaches. Research limitations/implications – the application of reviewed methods in the case of Lithuanian banking sector falls, however, due to the lack of exhaustive data. On the other hand, until now, applied methods for systemic risk due to the lack of data have been limited. Also, because of this reason, there are difficulties to create adequate dynamic assessment for systemic risk models. Therefore, in assessing systemic risk of the banking sector, the same problem remains: is it possible to parameterize the financial crisis, its spread and speed and other characteristics according to quantitative methods. Knowing the liquidity, credit risk and other standards set in Basel Accords, it is also not enough to properly manage the systemic risk of the whole banking sector because for the proper activity of the banking sector not only characteristics related to capital requirements have influence on it, but also external (mostly the macroeconomic, political) factors. Practical implications – determination of the explicit connection based on quantitative methods determining the systemic risk of the banking sector would be exact and objective assessment and useful not only for the banking executives providing business trends, identifying potential sources of risk in the near future, but also for the rest part of society, both ordinary citizens and entrepreneurs with current accounts and deposits in banks. Originality/value – in essence, modelling of the systemic risk and analysis of instability causes of the banking sector applying reliable quantitative methods in Lithuania are not sufficiently developed. Researchers in other countries have established that a high threat of systemic risk is concentrated in the interbank market; many researches have been done to assess this risk, however, problems related to assessment of systemic risk and application of models always occur. The most common problem is the lack of information and assumptions, and constantly changing economic environment: emerging (or which may arise) new types of transactions, the new banking regulatory conditions and other financial innovations. First, whether the country's banking business is so dependent on each other to create the threat of the systemic risk between banks' assets and liabilities. Second, the banking sectors of the Baltic states are essentially controlled by large foreign banking groups, so there is no doubt that the international financial groups' liquidity problems could spill over to other banks in the Baltic states. On the other hand, a question remains essentially and completely unexplored: how and why such problems could spill over in the Baltic Sea region countries? Also, little attention has been paid to the reliability of interbank payment systems and to the analysis of this object as a potential source of systemic risk. ; Bankų tinklaveikos metodai gali būti naudingi vertinant bankų sektoriaus sisteminę riziką ir potencialius bankų žlugimo scenarijus atliekant visos finansų sistemos testavimą nepalankiomis sąlygomis, nors pakankamai ir nepaaiškina pradinių bankų žlugimo priežasčių. Šių metodų pritaikomumą ir tikslumą apriboja išsamių duomenų trūkumas. Tačiau juos taikant kartu su simuliacijos metodais galima išsamiai įvertinti bankų sektoriaus būklę sisteminės rizikos požiūriu. Net ir Centrinės bei Rytų Europos regione yra atlikti sisteminės rizikos vertinimai. Lietuvoje trūksta tokių tyrimų, iš esmės apsiribojama vien tik ekspertine nuomone, kad Skandinavijos šalių priežiūros institucijos patikimai prižiūri didelę įtaką turinčias finansų institucijas, veikiančias Baltijos šalyse. Tinklaveikos ir simuliacijos metodų taikymas siekiant nustatyti pagrindinius sisteminės rizikos šaltinius suteikia moksliškai pagrįstus, o ne tik ekspertinius vertinimus. Tačiau tokių tyrimų plėtrą stipriai riboja informacijos konfidencialumas, susijęs su bankų paslapties išsaugojimu. Kita vertus, dar nėra pakankamai išnagrinėta bendro kreditoriaus regione problema ir kiekybiškai įvertinama jų panikos ar kitokios nepalankios skolininkams elgsenos įtaka. Šiuos kiekybinius tyrimus, kaip ir daugeliu atveju, riboja informacijos konfidencialumas ir trūkumas bei nepakankamos kompetencijos priežiūros institucijose.

Public spaces play a vital role in urban democracy since they enable collective usage and reflection. One of the ways to make open public spaces more attractive and inclusive in modern times full of busyness is through the use of innovative digital technologies. Mobile and Internet-based interventions into public spaces deploy a number of strategies – from gathering data through GIS, syntax mapping to using digital tools to collect ideas and opinions of stakeholders. Digitization may often lead to bottom-up initiatives where the citizens and other stakeholders voluntarily employ their talent and resources to enhance the quality of life and solve problems of urbanized societies. This chapter presents methodological Digital Co-Creation Assessment Framework which considers a variety of aspects in the transformation of open spaces to co-creative systems: socio-cultural contexts, multi-stakeholder perspective, diversity in needs, incentives for participation of different groups and cooperation capabilities. The framework provides a useful approach to explore initiatives of digital co-creation as it allows to identify potential areas of improvement and to compare case studies on common indicators. However, definition of complex socio-technical systems, such as digital co-creation, is unavoidably partial, contextspecific and temporary. To test the applicability of the evaluation tool, the authors have chosen to analyse the transformation of Aukštamiestis district in Vilnius from a private space to a public place by conducting a case study analysis. The transformational nature of selected case study allowed to identify the limitations of proposed model and define the areas of improvement for applicability in varied contexts.

Public spaces play a vital role in urban democracy since they enable collective usage and reflection. One of the ways to make open public spaces more attractive and inclusive in modern times full of busyness is through the use of innovative digital technologies. Mobile and Internet-based interventions into public spaces deploy a number of strategies – from gathering data through GIS, syntax mapping to using digital tools to collect ideas and opinions of stakeholders. Digitization may often lead to bottom-up initiatives where the citizens and other stakeholders voluntarily employ their talent and resources to enhance the quality of life and solve problems of urbanized societies. This chapter presents methodological Digital Co-Creation Assessment Framework which considers a variety of aspects in the transformation of open spaces to co-creative systems: socio-cultural contexts, multi-stakeholder perspective, diversity in needs, incentives for participation of different groups and cooperation capabilities. The framework provides a useful approach to explore initiatives of digital co-creation as it allows to identify potential areas of improvement and to compare case studies on common indicators. However, definition of complex socio-technical systems, such as digital co-creation, is unavoidably partial, contextspecific and temporary. To test the applicability of the evaluation tool, the authors have chosen to analyse the transformation of Aukštamiestis district in Vilnius from a private space to a public place by conducting a case study analysis. The transformational nature of selected case study allowed to identify the limitations of proposed model and define the areas of improvement for applicability in varied contexts.

The new ICT paradigm, mobile communication, social media, Internet of Things and cloud computing, increasingly put the end user at the center of innovation processes, thus shifting the emphasis from technologies to people. The success stories of services such as Google, Wikipedia, and Facebook rely on their users to create value with Internet 2.0 tools. In the private sector, the paradigm has been conceptualized under Service Dominant Logic (SDL) and Open Innovation 2.0 approaches where the focus of co-creation is the value created for and by the users. The public sector implemented the change through the New Public Governance and Open Government initiatives, which suggest that the public value no longer needs to be created by the governments alone, but could be generated in collaboration between the public entities, private sector, civil society organizations or citizens (Quadruple Helix model). The co-creation concept fundamentally differs from traditional public engagement approach, while it focuses on the collective influence and responsibility of all stakeholders by creating the public good. The "bottom up" co-creation processes in digital enabled urban communities are important enablers for implementing the smart and inclusive society vision. The modern communities not only involve the citizens into process of public value creation, but also influence the emergence and development of collective intelligence in the society. While traditional approaches to public engagement and governmental reforms remain relevant, this article focuses towards the growing potential of networked urban communities to solve their social problems. It expands co-creation field and provides theoretical framework for public spaces with a communitywide participation making use of creative, innovative and cooperative applications of ICT. The sample size for a web-based monitoring consist of 10 online urban communities in Lithuania, identified by the pilot research. The communities will be investigated as collective intelligence systems, which integrate all criteria inherent for such kind of systems (openness, dynamism, decentralisation, critical mass for "swarm effect", etc.). The research results explain how different technological, organisational and other social factors influence on the quality of co-creation results.

The new ICT paradigm, mobile communication, social media, Internet of Things and cloud computing, increasingly put the end user at the center of innovation processes, thus shifting the emphasis from technologies to people. The success stories of services such as Google, Wikipedia, and Facebook rely on their users to create value with Internet 2.0 tools. In the private sector, the paradigm has been conceptualized under Service Dominant Logic (SDL) and Open Innovation 2.0 approaches where the focus of co-creation is the value created for and by the users. The public sector implemented the change through the New Public Governance and Open Government initiatives, which suggest that the public value no longer needs to be created by the governments alone, but could be generated in collaboration between the public entities, private sector, civil society organizations or citizens (Quadruple Helix model). The co-creation concept fundamentally differs from traditional public engagement approach, while it focuses on the collective influence and responsibility of all stakeholders by creating the public good. The "bottom up" co-creation processes in digital enabled urban communities are important enablers for implementing the smart and inclusive society vision. The modern communities not only involve the citizens into process of public value creation, but also influence the emergence and development of collective intelligence in the society. While traditional approaches to public engagement and governmental reforms remain relevant, this article focuses towards the growing potential of networked urban communities to solve their social problems. It expands co-creation field and provides theoretical framework for public spaces with a communitywide participation making use of creative, innovative and cooperative applications of ICT. The sample size for a web-based monitoring consist of 10 online urban communities in Lithuania, identified by the pilot research. The communities will be investigated as collective intelligence systems, which integrate all criteria inherent for such kind of systems (openness, dynamism, decentralisation, critical mass for "swarm effect", etc.). The research results explain how different technological, organisational and other social factors influence on the quality of co-creation results.

Série Cultura e Território ; Public spaces play a vital role in urban democracy since they enable collective usage and reflection. One of the ways to make open public spaces more attractive and inclusive in modern times full of busyness is through the use of innovative digital technologies. Mobile and Internet-based interventions into public spaces deploy a number of strategies – from gathering data through GIS, syntax mapping to using digital tools to collect ideas and opinions of stakeholders. Digitization may often lead to bottom-up initiatives where the citizens and other stakeholders voluntarily employ their talent and resources to enhance the quality of life and solve problems of urbanized societies. This chapter presents methodological Digital Co-Creation Assessment Framework which considers a variety of aspects in the transformation of open spaces to co-creative systems: socio-cultural contexts, multi-stakeholder perspective, diversity in needs, incentives for participation of different groups and cooperation capabilities. The framework provides a useful approach to explore initiatives of digital co-creation as it allows to identify potential areas of improvement and to compare case studies on common indicators. However, definition of complex socio-technical systems, such as digital co-creation, is unavoidably partial, contextspecific and temporary. To test the applicability of the evaluation tool, the authors have chosen to analyse the transformation of Aukštamiestis district in Vilnius from a private space to a public place by conducting a case study analysis. The transformational nature of selected case study allowed to identify the limitations of proposed model and define the areas of improvement for applicability in varied contexts.