A presentation on the role of the IMF in the future, held by Ms Barbro Wickman-Parak, deputy governor of the Swedish Riksbank, at Global Utmaning on the 5th of October 2012
Maciej Duszczyk - Liberal Immigration Policy? Case of Ukrainian Workers on th...Global Utmaning
Expertseminar
LABOUR MIGRATION IN THE BALTIC SEA COUNTRIES: TRENDS AND PROSPECTS
25 April 2013
Constitutional Hall, Parliament of the Republic of Lithuania, Gedimino av. 53, Vilnius
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.
Maciej Duszczyk - Liberal Immigration Policy? Case of Ukrainian Workers on th...Global Utmaning
Expertseminar
LABOUR MIGRATION IN THE BALTIC SEA COUNTRIES: TRENDS AND PROSPECTS
25 April 2013
Constitutional Hall, Parliament of the Republic of Lithuania, Gedimino av. 53, Vilnius
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.
This document discusses the need to rethink economics education in light of current economic, environmental, and social crises. It references students walking out of an economics class at Harvard to protest the field's inherent biases. It also notes students' thirst for new ways of thinking about the economy that better fit the world they are living in. The document advocates that the current economic syllabus needs updating since the world has changed. It introduces concepts like scale, speed, networks, thresholds, and feedbacks that need to be incorporated into a revised understanding of economics. It questions how humanity's ability to affect life support systems through tipping points should change our definition of progress.
The importance of social capital for a green economyGlobal Utmaning
The document discusses the importance of social capital for a green economy. It summarizes that the decline of social capital in the US has led to increases in loneliness, isolation, family instability, and distrust, and decreases in social contact, honesty, solidarity, and civic engagement. It also discusses how relational poverty can cause individuals to work more hours to compensate, creating a vicious cycle where lack of time also harms relationships. The document proposes that economic growth fueled by "defensive expenditures" to replace lost relationships and environment can undermine well-being, and suggests policies to strengthen social capital through cities, media, work, schools, and other institutions.
This document summarizes a workshop on transitioning to a green, inclusive economy. It was organized by a Swedish think tank and funded by MISTRA, a Swedish environmental research foundation. The workshop brought together economists to discuss how a green economy differs from the current paradigm and what research is needed to support the transition. Key findings included that a transition requires a paradigm shift, not just adjustments, and that political will is needed to implement proposals from science-oriented economists for reforming institutions and incentives to align economic growth with sustainability.
The document discusses Strategic Sustainable Development (SSD) and proposes a unifying structure for SSD to help operationalize and inform green economy research. It identifies gaps in knowledge around linking ethics and income for businesses, small and large-scale operations, and short-term and long-term goals. It suggests political and economic measures are needed to address these "prisoner's dilemmas" and manage the transition. The proposed structure aims to provide clarity on boundary conditions for sustainability, the business case for compliance, systematic planning, and leveraging existing economic tools to accelerate progress.
The document summarizes Gail Tverberg's views on peak oil and limits to growth compared to other forecasts. Some key points:
- Tverberg believes the limits to growth from the 1972 Club of Rome report are being reached in the next few years, which will cause government funding problems, debt defaults, and inadequate oil to sustain economic growth.
- She disagrees with views that renewable energy and efficiency will automatically replace fossil fuels or that high energy prices will accelerate efficiency. Instead, high energy prices of all kinds will sink the economy.
- EROEI calculations do not adequately capture issues with intermittent renewables like needing batteries and the debt required. This overstates their potential.
-
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.
This document discusses the need to rethink economics education in light of current economic, environmental, and social crises. It references students walking out of an economics class at Harvard to protest the field's inherent biases. It also notes students' thirst for new ways of thinking about the economy that better fit the world they are living in. The document advocates that the current economic syllabus needs updating since the world has changed. It introduces concepts like scale, speed, networks, thresholds, and feedbacks that need to be incorporated into a revised understanding of economics. It questions how humanity's ability to affect life support systems through tipping points should change our definition of progress.
The importance of social capital for a green economyGlobal Utmaning
The document discusses the importance of social capital for a green economy. It summarizes that the decline of social capital in the US has led to increases in loneliness, isolation, family instability, and distrust, and decreases in social contact, honesty, solidarity, and civic engagement. It also discusses how relational poverty can cause individuals to work more hours to compensate, creating a vicious cycle where lack of time also harms relationships. The document proposes that economic growth fueled by "defensive expenditures" to replace lost relationships and environment can undermine well-being, and suggests policies to strengthen social capital through cities, media, work, schools, and other institutions.
This document summarizes a workshop on transitioning to a green, inclusive economy. It was organized by a Swedish think tank and funded by MISTRA, a Swedish environmental research foundation. The workshop brought together economists to discuss how a green economy differs from the current paradigm and what research is needed to support the transition. Key findings included that a transition requires a paradigm shift, not just adjustments, and that political will is needed to implement proposals from science-oriented economists for reforming institutions and incentives to align economic growth with sustainability.
The document discusses Strategic Sustainable Development (SSD) and proposes a unifying structure for SSD to help operationalize and inform green economy research. It identifies gaps in knowledge around linking ethics and income for businesses, small and large-scale operations, and short-term and long-term goals. It suggests political and economic measures are needed to address these "prisoner's dilemmas" and manage the transition. The proposed structure aims to provide clarity on boundary conditions for sustainability, the business case for compliance, systematic planning, and leveraging existing economic tools to accelerate progress.
The document summarizes Gail Tverberg's views on peak oil and limits to growth compared to other forecasts. Some key points:
- Tverberg believes the limits to growth from the 1972 Club of Rome report are being reached in the next few years, which will cause government funding problems, debt defaults, and inadequate oil to sustain economic growth.
- She disagrees with views that renewable energy and efficiency will automatically replace fossil fuels or that high energy prices will accelerate efficiency. Instead, high energy prices of all kinds will sink the economy.
- EROEI calculations do not adequately capture issues with intermittent renewables like needing batteries and the debt required. This overstates their potential.
-
IMFs roll - nytänkande i finanskrisens spår-barbro wickman-parak_final
1. IMF:s roll -
Nytänkande i
finanskrisens spår
Barbro Wickman-Parak
Global Utmaning 5 oktober 2012
2. Före krisen
”The Great Moderation”
God och jämn tillväxt, låg inflation
Finansmarknaderna klarar sina uppgifter galant
3. IMF i ”identitetskris”
Behovet av IMF-lån litet och skulle så förbli
Stora personalnedskärningar på gång
Finanskrisen – slut på ”The Great Moderation”
IMF tvingas rycka ut i stor skala
4. Krisen slog hårt mot tillväxten i
världen…
BNP, årlig procentuell förändring
6 6
4 4
2 2
0 0
-2 -2
Världen
-4 -4
USA
Euroområdet
-6 -6
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Källor: Bureau of Economic Analysis, Eurostat och Riksbanken
5. … och Sverige
BNP, kvartalsförändringar i procent uppräknat till årstakt, säsongsrensade data
12 12
8 8
4 4
0 0
-4 -4
-8 -8
-12 Juli -12
September
-16 -16
07 09 11 13 15
Källor: SCB och Riksbanken
6. Finanskris blev skuldkris för många länder
Offentlig skuld som procent av BNP
180 180
USA
Grekland
160 Irland 160
Italien
140 Portugal 140
Spanien
120 120
100 100
80 80
60 60
40 40
20 20
0 0
00 02 04 06 08 10 12 14
Källa: IMF WEO april 2011
7. IMF:s utlåning hade minskat, men…
IMF:s utlåning till krisländer, procent av kvot
Anm. bubblorna symboliserar storleken på olika länders program i relation till landets kvotandel i IMF. Y-axeln visar Källa: IMF
procentuell förändring av BNP.
8. …finanskrisen ändrade på det
IMF:s utlåning till krisländer, procent av kvot
Anm. bubblorna symboliserar storleken på olika länders program i relation till landets kvotandel i IMF. Y-axeln visar
procentuell förändring av BNP.
Källa: IMF
9. IMF:s utlåning ökade markant
IMF:s reguljära utlåning, miljarder dollar
120
100
80
60
40
20
0
december 2007 augusti 2012
Källa: IMF
10. Legitimitet handlar om inflytande men
även om effektivitet
G20 tog ledningen under krisen
Genomförande av beslut blir effektivare med brett
medlemskap
11. Krisen avslöjade brister….
… fokus riktas på övervakning av det finansiella
systemet som helhet, inte bara enskilda institut
12. Intern kritik av IMF
Levde i tron att risken för allvarliga kriser var näst intill
obefintlig
Övertro på hälsotillståndet och motståndkraften hos de
stora finansiella instituten
IMF varnade för framväxande finansiell sårbarhet först
våren 2008
13. IMF har förändrat sitt arbete till följd
av krisen
Finansiell övervakning, principbeslut i styrelsen
Obligatoriska översyner av den finansiella sektorn i
systemviktiga länder (FSAPs)
Hur hantera kapitalflöden? Ramverk diskuteras.
14. Kapitalflöden till Lettland bestod
nästan uteslutande av banklån
Andel av BNP
Anm. Avser nettoflöden. ”Other investments” består nästan uteslutande av lån från de svenska moderbankerna till
dotterbankerna.
Källa: Bank of
15. IMF har förändrat sitt arbete till följd
av krisen
Finansiell övervakning, principbeslut av styrelsen
Obligatoriska översyner av den finansiella sektorn i
systemviktiga länder (FSAPs)
Hur hantera kapitalflöden? Ramverk diskuteras.
Makrotillsyn, IMF:s roll?
16. IMF:s stadgar bör spegla ett tydligare
övervakningsmandat
IMF:s stadgar speglar inte det fonden de facto gör
Komplicerat att ändra stadgar, men principbeslut om
IMF:s övervakning är ett bra steg på vägen
17. Avslutande personlig reflektion
Hur ska IMF:s råd och rekommendationer få bättre
genomslag?
Krisen visade på behov av en struktur för att hantera
kriser på det globala planet
Återkommande diskussion
19. Globala reserver har ökat mer än
IMF:s resurser
IMF, EFSF, Chiang Mai och centralbanksreserver i procent av global
BNP
20 Centralbanksreserver
20
EFSF
IMF – NAB och bilaterala lån
IMF – kvotresurser
15 Chiang Mai Initiativet
15
10 10
5 5
0 0
Källa: IMF