Kreditmarknadsförutsättningar och samverkan mellan fastighetsbolag och kommun
för renovering, standardhöjning och klimatsäkring av miljonprogrammet. Rundabordssamtal i Malmö den 21 maj 2013.
A presentation by Mr Stewart Wallis, head of New Economic Foundation, held at a seminar with think tank Global Utmaning and the Swedish green party, February 22nd 2012.
Karolina Ekholm, Deputy Governor of the Riksbank: "A financial market that fo...Global Utmaning
A preesentation held by Ms Karoliina Ekholm, deputy governor of the Swedish Riksbank, at the high level seminar "Towards a sustainable financial system", hosted by the Stockholm based Think Tank Global Challenge in cooperation with London School of Economics and The Swedish House of Financie on the 12th of September
A presentation by Mr Stewart Wallis, head of New Economic Foundation, held at a seminar with think tank Global Utmaning and the Swedish green party, February 22nd 2012.
Karolina Ekholm, Deputy Governor of the Riksbank: "A financial market that fo...Global Utmaning
A preesentation held by Ms Karoliina Ekholm, deputy governor of the Swedish Riksbank, at the high level seminar "Towards a sustainable financial system", hosted by the Stockholm based Think Tank Global Challenge in cooperation with London School of Economics and The Swedish House of Financie on the 12th of September
Cross-border cooperation in the electricity sector - the Nordic exampleGlobal Utmaning
The document discusses cross-border cooperation in the electricity sector through the Nordic example. It outlines the history of interconnections between Nordic countries dating back to 1963, which grew over time through the establishment of Nordel in 1992 to facilitate cooperation between transmission system operators. Nordel later joined ENTSO-E and helped coordinate the decarbonization of the power sector in the region through increasing renewable energy and electrification while maintaining a reliable grid through 2050. The context of cooperation has become more complex over time with new drivers like emissions pricing and public demand, as well as obstacles around political will, governance capacity, and handling interdependencies across borders.
Nordic Energy ways in Europe – Clean, Competitive and ConnectedGlobal Utmaning
Seminar: NORDIC ENERGY WAYS – WHAT‘S IN IT FOR US?
Monday, 2 June 2014
Anders Olsson, vice CEO E.ON Norden, presented the main conclusions of the report Nordic Energy Ways in Europe. Read the full report here: www.globalutmaning.se/wp-content/uploads/2013/11/Nordic-Energy-Ways-in-Europe1.pdf
This document discusses the role of private debt and credit growth in economic stability. It argues that pre-crisis orthodoxy viewed low inflation as sufficient for stability, but private debt growth fueled asset price booms and recessions. Credit growth for real estate and existing assets does not directly stimulate GDP but can inflate prices. To promote stability, policy should constrain private leverage growth and the dominance of real estate lending through higher bank capital requirements and countercyclical policies.
Ulf Dahlsten gave a presentation at the Stockholm School of Economics on March 22nd, 2014 about combating debt addiction and stabilizing the financial system. He argued that more needs to be done as the system has issues like extreme pro-cyclicality, underestimating endogenous risks, excessive money creation, growing private debts, asset inflation, and complexity. He focused on these problems and asked questions about addressing excessive money creation, the danger of private debt buildup, curbing asset inflation without hurting the economy, and what central banks, regulators, and politicians can do to help.
Challenges with high household debt levels - a Swedish perspectiveGlobal Utmaning
A presentation held by Lord Adair Turner from INET at Global Utmaning's and the Swedish House of Finance's seminar "Combating the Debt Addiction" at the Stockholm School of Economics, Thursday May 22, 2014.
Ed Groark presents State of the World 2014: Governing for sustainabilityGlobal Utmaning
Ed Groark, Chairman of the Worldwatch institute, presented the annual report State of the World, this year themed "Governing for sustainability" at a seminar hosted by Norden i Fokus and Global Utmaning on the 7th of May 2014.
Energiewende - Status of the German Energy reformsGlobal Utmaning
A presentation given in Stockholm, March 20th 2014, by Dr. Ralf Bartels, Industriegewerkschaft Bergbau, Chemie, Energie
Head of Department Energy Reforms / Sustainability
at Global Challenge's and E.ON's seminar "A Nordic Energiewende?"
The document defines a green economy as one that is low-carbon, resource-efficient, and socially inclusive according to the UNEP. It also includes a diagram showing the interdependencies between different levels of trust, politics, markets, resources, and social relations that are necessary for a sustainable green economy. Weaknesses in any of these areas can undermine the transition to a green economy.
Research questions for a green, inclusive economyGlobal Utmaning
This document summarizes a presentation on research questions for a green, inclusive economy. The presentation covered three main topics:
1. Metrics - It discussed developing alternative metrics to GDP like national wealth accounts and a prosperity metric based on solving human problems.
2. Vision - It addressed the need for systems thinking and considering renewable vs. exhaustible natural resources.
3. Transition - Key research questions were presented around the politics and innovation required for an economic transition, including governance mechanisms, necessary institutions, and business models within planetary boundaries.
The presentation concluded by noting the career prospects for economists to work on these important transition questions and called for mutual understanding between disciplines.
A critical review and considerations: Green economy, what is it?Global Utmaning
This document provides a summary and critique of a proposal to build models for a sustainable Germany by 2040. It notes that the proposal makes some good points but its economic understanding is still simplistic and it is insufficient in design and scope. The summary recommends using systems analysis throughout, integrated assessment modeling to analyze past data and scenarios, and involving experienced systems analysts. It concludes that the proposal has some blind spots and needs to better connect the whole system, address issues like population and trade, and engage policy/government to enable real paradigm shifts.
Cross-border cooperation in the electricity sector - the Nordic exampleGlobal Utmaning
The document discusses cross-border cooperation in the electricity sector through the Nordic example. It outlines the history of interconnections between Nordic countries dating back to 1963, which grew over time through the establishment of Nordel in 1992 to facilitate cooperation between transmission system operators. Nordel later joined ENTSO-E and helped coordinate the decarbonization of the power sector in the region through increasing renewable energy and electrification while maintaining a reliable grid through 2050. The context of cooperation has become more complex over time with new drivers like emissions pricing and public demand, as well as obstacles around political will, governance capacity, and handling interdependencies across borders.
Nordic Energy ways in Europe – Clean, Competitive and ConnectedGlobal Utmaning
Seminar: NORDIC ENERGY WAYS – WHAT‘S IN IT FOR US?
Monday, 2 June 2014
Anders Olsson, vice CEO E.ON Norden, presented the main conclusions of the report Nordic Energy Ways in Europe. Read the full report here: www.globalutmaning.se/wp-content/uploads/2013/11/Nordic-Energy-Ways-in-Europe1.pdf
This document discusses the role of private debt and credit growth in economic stability. It argues that pre-crisis orthodoxy viewed low inflation as sufficient for stability, but private debt growth fueled asset price booms and recessions. Credit growth for real estate and existing assets does not directly stimulate GDP but can inflate prices. To promote stability, policy should constrain private leverage growth and the dominance of real estate lending through higher bank capital requirements and countercyclical policies.
Ulf Dahlsten gave a presentation at the Stockholm School of Economics on March 22nd, 2014 about combating debt addiction and stabilizing the financial system. He argued that more needs to be done as the system has issues like extreme pro-cyclicality, underestimating endogenous risks, excessive money creation, growing private debts, asset inflation, and complexity. He focused on these problems and asked questions about addressing excessive money creation, the danger of private debt buildup, curbing asset inflation without hurting the economy, and what central banks, regulators, and politicians can do to help.
Challenges with high household debt levels - a Swedish perspectiveGlobal Utmaning
A presentation held by Lord Adair Turner from INET at Global Utmaning's and the Swedish House of Finance's seminar "Combating the Debt Addiction" at the Stockholm School of Economics, Thursday May 22, 2014.
Ed Groark presents State of the World 2014: Governing for sustainabilityGlobal Utmaning
Ed Groark, Chairman of the Worldwatch institute, presented the annual report State of the World, this year themed "Governing for sustainability" at a seminar hosted by Norden i Fokus and Global Utmaning on the 7th of May 2014.
Energiewende - Status of the German Energy reformsGlobal Utmaning
A presentation given in Stockholm, March 20th 2014, by Dr. Ralf Bartels, Industriegewerkschaft Bergbau, Chemie, Energie
Head of Department Energy Reforms / Sustainability
at Global Challenge's and E.ON's seminar "A Nordic Energiewende?"
The document defines a green economy as one that is low-carbon, resource-efficient, and socially inclusive according to the UNEP. It also includes a diagram showing the interdependencies between different levels of trust, politics, markets, resources, and social relations that are necessary for a sustainable green economy. Weaknesses in any of these areas can undermine the transition to a green economy.
Research questions for a green, inclusive economyGlobal Utmaning
This document summarizes a presentation on research questions for a green, inclusive economy. The presentation covered three main topics:
1. Metrics - It discussed developing alternative metrics to GDP like national wealth accounts and a prosperity metric based on solving human problems.
2. Vision - It addressed the need for systems thinking and considering renewable vs. exhaustible natural resources.
3. Transition - Key research questions were presented around the politics and innovation required for an economic transition, including governance mechanisms, necessary institutions, and business models within planetary boundaries.
The presentation concluded by noting the career prospects for economists to work on these important transition questions and called for mutual understanding between disciplines.
A critical review and considerations: Green economy, what is it?Global Utmaning
This document provides a summary and critique of a proposal to build models for a sustainable Germany by 2040. It notes that the proposal makes some good points but its economic understanding is still simplistic and it is insufficient in design and scope. The summary recommends using systems analysis throughout, integrated assessment modeling to analyze past data and scenarios, and involving experienced systems analysts. It concludes that the proposal has some blind spots and needs to better connect the whole system, address issues like population and trade, and engage policy/government to enable real paradigm shifts.
A critical review and considerations: Green economy, what is it?
Richard Murray, rundabordssamtal Malmö
1. Kreditmarknadsförutsä0ningar
och
samverkan
mellan
fas8ghetsbolag
och
kommun
för
renovering,
standardhöjning
och
klimatsäkring
av
miljonprogrammet
Malmö
2013-‐05-‐21
Richard
Murray,
senior
rådgivare
3. Antaganden
har
betydelse.
Nuvärde,
kalkylränta
4,25%,
energiprisökning
4%
över
infla8on.
3
Källa:ÅF
Ackumulerat
nuvärde
över
1d
visar
när
investeringen
nå6
break-‐even.
Gårdsten
8
år.
Trondheim
14
år.
Brogården
48
år.
OBS!
Inga
hyreshöjningar
ingår
4. kr/kvm/
år
Ränta
5
%
Amortering
20
år
Höjning
%
På
10
år
%
per
år
Break-‐even
Hyra
960
1.957
104
7,4
18
år
Dri_-‐uh
280
Ränta
3
%
Amortering
20
år
Värme,
vv,el
262
1.717
79
6,0
18
år
Kapital
410
Ränta
2
%
Amortering
50
år
1.237
29
2,6
19
år
Upprustning
o
energieffek8vise
ring
12.000
Ränta
1
%
Amortering
50
år
Energieffek-‐
8visering
50
%
1.117
16
1,5
19
år
Dri_effek-‐
8visering
25
%
Hyreshöjningar
och
ekonomi
vid
upprustning
av
typiskt
miljonprogramsområde
5. Nybyggande
17.000
kr/kvm
Dri_
och
uh
200
kr/kvm/år
Värme,
vv,
el
65
kr/kvm/år
Ränta
5
%
950
kr/kvm/år
Amortering
10
år
1.700
kr/kvm/år
Hyra
2.915
kr/kvm/år
Vad
blir
hyran
i
nybygget
om
kommunen
bjuder
på
marken?
7. Räntesubven8oner
och
kreditreglering
1965-‐2010
• 1966
Delega8onen
för
bostadsfinansiering,
kreditramar
för
bostäder
• 1967
Paritetslån
• 1975
Utjämningslån
bidrag
(1,8
mdr)
• 1982
indexlån
m
skuldutvecklingsgaran8
• 1990
räntebidrag
23
mdr;
1985
1,26%
av
BNP
• 1991-‐
avveckling
av
bostadssubven8oner
(boendekostnader
går
från
20
8ll
30
procent
av
disponibel
inkomst)
8. Bostadsfinansieringens
struktur
Fram
8ll
1990
•
hypoteksbanker
(långfris8ga,
20-‐30
åriga
bo0enlån
med
fast,
reglerad
eller
subven8onerad
ränta)
• statliga
topplån
med
subven8onerad
ränta
–
ibland
bidrag
med
10%-‐enheter
• banklån
(8digare
reglerad
ränta)
9. Avreglering
av
kreditmarknaden
E_er
1990
• Omöjligt
reglera
räntan
(marknadsstyrd)
• Banklån
8ll
bostäder
ges
hög
vikt
när
det
gäller
kapitaltäckning
• Allt
svårare
a0
få
långa
lån
av
bankerna,
max
5-‐10
år
• Bostadsobliga8oner
ställs
ut
av
bostadsföretag
för
a0
få
längre
lån
10. Slutsatser
• Omfa0ande
bostadsinvesteringar
kommer
inte
8ll
stånd
av
sig
själva
–
omfa0ande
statlig
styrning
• Räcker
slopande
av
hyresregleringen?
Jfr
vilka
hyresnivåer
som
krävs!
• Räntenivåerna
idag
8llräckligt
låga
• Problemet
är
a0
lån
på
30
år
med
fast
ränta
inte
går
a0
få
med
8llräckligt
låg
ränta
–
i
Sverige!
Däremot
i
USA?
• Ränterisken
avskräcker
från
bostadsinvesteringar