DOCSLIB.ORG

The Icelandic Housing Market Still in Search of Equilibrium

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Icelandic Housing Market Still in Search of Equilibrium The Icelandic Housing Market Still in search of equilibrium Highlights of the Icelandic Residential Housing Market Report Arion Research February 2017 1 The Icelandic residential housing market at glance Mortgages account for 31% of bank lending • Around two-thirds of Iceland‘s population lives in Greater Reykjavík (Capital region) which makes it by far the largest housing market. About 78% of the population lives in Reykjavík or in less than an hour drive from the capital. • There are 136 thousand residential houses (homes) in Iceland, which translates in to 2.4 persons per home • Around 65% of Greater Reykjavík‘s residential buildings are apartments while 35% are single-family dwellings. The distribution is nearly opposite in other regions. • Home ownership in Iceland is relatively high and was 78% in 2015. The common rental market is relatively small with only 12% of households paying market rate for rent. • Real estate is households‘ primary asset, contributing to 77% of their equity in 2015. • Household leverage is currently historically low and loan-to-value ratio was 37% in mid-2016 • Half of mortgages in Iceland are provided by banks, 12% by pension funds and 38% by The Housing Financing Fund. Net new mortgages originate roughly 50-50 from banks and pension funds. 2 Housing prices continued to rise in 2016 And at a faster pace than before – 15% YoY increase in Capital region (Greater Reykjavík) Housing prices Housing prices in 2016 and in Januar 2017 - YOY changes - YOY changes 20% 20% 20% 18% 18% 16% 16% 16% 15% 14% 14% 14% 12% 12% 12% 11% 10% 10% 8% 8% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% 0% -1% -2% -2% 2011 2012 2013 2014 2015 2016 Capital region - multi family dwellings Capital region - single family dwellings Capital region - total Outside of Capital region CPI excl. housing 3 Sources: Statistics Iceland, Registers Iceland, Arion Research. Housing prices vary massively between towns and regions Downtown Reykjavík and other areas in the Capital region lead the pack Housing prices per square meter by regions Housing prices per square meter by towns - thousand ISK, multi family dwellings ion 2016 - thousand ISK, multi family dwellings in 2016 550 550 Capital region 500 500 450 450 Thousands 400 400 350 350 300 300 250 250 200 200 150 150 100 100 50 50 0 0 4 Source: Statistics Iceland Household debt has dropped significantly but might have reached the bottom Household debt in Iceland as a proportion of disposable income is at a level not seen in almost two decades Household debt/GDP Net new mortgages - bn. ISK., new lending less repayments 140% 60% 20 120% 55% 15 100% 10 50% 80% 5 45% 60% 0 40% 40% -5 35% 20% -10 júl 15 júl 16 0% 30% júl 14 jan 14 jan 15 jan 16 sep 16 sep 14 sep 15 nóv 14 nóv 15 nóv 16 maí14 maí15 maí16 mar 16mar mar15 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 mar14 Banks Housing Financing Fund Household debt/GDP (l. axis) Loan-to-value ratio (r. axis) Pension Funds* Total net new mortgates Sources: Central Bank of Iceland, The Housing Financing Fund, Arion 5 Research. *Change in total domestic lending to households used as a proxy Continued positive economic outlook is likely to push real estate prices hager We forecast 5,1% GDP growth in 2017, 3,1% in 2018 and 2,2% in 2019 Increase in number of jobs Real wages, income and house prices -thousands -indices, 2010=100 10 160 8 150 Thousands 6 140 4 130 2 120 0 110 -2 100 -4 90 -6 80 -8 70 -10 60 2009 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -12 2000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Disposable income per capita Real wages Real house prices 6 Source: Statstics Iceland, Arion Bank Research Lack of housing investment is a strain on the market and has had a large contribution to rising house prices We suspect that population will continue to outgrow housing supply this year and potentially in 2018 Increase in no. of residential housing units Number new homes needed until year-end 2019 - thousands - thousands, given population projections 6 12 5 10 4 8 3 2 6 1 4 0 2 -1 0 Capital region Other towns in South/Southwest Same no. of people per Less no. of people per Arion Research forecast Reykjanesbær (Keflavík) Akureyri home - same shortage* home - shortage Other decreases* Sources: Statistics Iceland, Registers Iceland, Arion Research. *Compared 7 to number of people per home in 2015. We expect housing prices to continue to rise over the next three years Increasing population, lack of housing investment and favorable economic outlook are the main drivers. Changes in the forecast‘s assumptions can have a large impact on the outcome Residential housing prices Residential housing prices - YoY change by quarters - YoY change 50% 16% 40% 14% Forecast Forecast 30% 12% 20% 10% 10% 8% 0% 6% -10% 4% -20% 2% -30% 0% 2002 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 2013 2014 2015 2016 2017 2018 2019 Nominal prices Real prices Nominal prices Real prices 8 Sources: Statistics Iceland, Registers Iceland, Arion Research. Is the housing market overheated? Not yet, but if our price forecast will materialise it probably will become overheated. In our forecast, housing prices will rise by 11% more than wages until 2019 Housing prices relative to fundamentals Housing prices relative to fundamentals - indices, 2000=100 - indices, 2000=100 170 0% 170 160 160 1% 150 150 140 140 ? 2% ? 130 130 120 3% 120 110 110 100 4% 100 90 90 5% 80 80 70 70 6% 60 60 50 7% 50 40 40 30 8% 30 2000 2002 2004 2006 2008 2010 2012 2014 2016* 2000 2002 2004 2006 2008 2010 2012 2014 2016* Residential housing prices Residential housing prices Construction costs Domestic expenditure per capita Rental prices Wages Unemployment rate (r. axis inversed) Disposable income 9 Sources: Statistics Iceland, Registers Iceland, Arion Research. Disclaimer • This presentation is for information purposes only and is not designed to form a basis on which recipients should make decisions. The information contained in this presentation does not represent any promise or forecast of future events. The Bank is not obliged to provide the recipient with access to further information than that contained in this presentation or to update the information contained within. The Bank is not obliged to correct information should it turn out to be incorrect. • The information on the Bank, its subsidiaries and associate companies has not been verified. This presentation does not represent exhaustive information on the Bank, its subsidiaries or associate companies. • The information contained in this presentation is based on existing information, projections of expected developments in external conditions etc. The information is subject to various uncertain factors and may change without warning. • The Bank, including shareholders, management, employees and their advisers, take no responsibility for the information, assumptions and conclusions contained in the presentation or the information or information provided in connection with it. The above parties will not issue statements that the information, assumptions or conclusions are accurate, reliable or sufficient and they shall not be liable for damage which can be traced to such information being inaccurate, unreliable or insufficient. • Receiving this presentation does not represent investment advice on the part of the Bank. • By receiving this presentation the recipient accepts the above disclaimer. 10.
Load more

Recommended publications
  • The Values Underpinning Iceland's Food System Risk Implications for Resilience Planning
    The values underpinning Iceland's food system risk Implications for resilience planning by Holly Johanna Jacobson Bachelor of Science in Biology and Environmental Studies Bowdoin College 2011 Submitted to the Department of Urban Studies and Planning in partial fulfillment of the requirements for the degree of MASTER IN CITY PLANNING at the MASSACHUSETTS INSTITUTE OF TECHNOLOGY June 2016 © Holly Johanna Jacobson. All rights reserved. The author hereby grants to MIT permission to reproduce istribute and to d publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Author: ________________________________________________________________________ Holly Johanna Jacobson Department of Urban Studies and Planning May 6, 2016 Certified by: ____________________________________________________________________ Janelle Knox-­‐Hayes Associate Professor of Urban Studies and Planning Thesis Supervisor Accepted by: ___________________________________________________________________ P. Christopher Zegras Associate Professorof Urban Studies and Planning Chair, Master in City Planning Committee 1 The values underpinning Iceland's food system risk Implications for resilience planning by Holly Johanna Jacobson Submitted to the Department of Urban Studies and Planning on May 6, 2016in partial fulfillment of the requirements for the degree ofMaster in City Planning ABSTRACT Some claim Iceland’s food security is in grave danger. Farms fear financial failure as they compete with cheaper imports; high import reliance renders the country vulnerable to natural, political, and financial volatility; climate changethreaten s to exacerbatethese food systemweaknesses . Yet Iceland has no contingency plan, and adaptation measures are absent from national climate change reports.While thisgap could be perceived asnegligence , to do so assumes a universalistic framework for risk and resilience—a trendcurrently seen in theglobal proliferation of formulaic, resiliency plans.
    [Show full text]
  • How to Use Our Heads in the Seafood Industry
    Economic adaption of the Icelandic stern trawler fleet -Reduced TAC and technological changes IIFET 2018 conference, Seattle USA, July 19th 2018. Hörður Sævaldsson Assistant Professor University of Akureyri, Iceland [email protected] Three sections • 1. Catch and demersal fisheries management • 2. Trawlers and their share of demersal catch • 3. Development of the fleet of stern trawlers Data collected from Statistic Iceland and Fisheries association of Iceland 1. Catch and demersal fisheries management Catch and management 1988 Shrimp Total demersal quotas Turning point 1990 1983 Unified MRI System report 1984 Almost full Catch & transferability 1977 effort control 1975 Effort MRI control report Icelanders Foreign nations 200 nm EEZ 50 nm EEZ Source: Hagskinna, Statistics Iceland and ICES 1984 1990 1996 2002 2008 2014 ITQ species 1973 Norway lobster Cod 1988 Northern shrimp 1991 Plaice 1996 Catfish And witch 2005 (1995) A-herring 2010 Mackerel (IQ) Haddock 1974 Inshore shrimp 1997 Dab and American plaice 2013 Blue ling, argentine Saithe 1975 I-herring and norway redfish Golden/Deepsea redfish 1997 Ocean perch 1980 Capelin Greenland halibut 1999 Lemon sole Plaice (withdrawn 1985) 2001 Blue whiting Catfish (withdrawn 1985) 2001 Tusk, ling and monkfish Consolidation of catch share quota (permanent) • Substantial concentration with almost free transferability of quota 1990/1991? • Increased consolidation 1997-2000 • A maximum quota share is in force to restrict a company’s quota allowance • ? Catch quota system 12% max Source: Dirctorate of fisheries Ár 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 100% 204,322 218,778 229,187 242,089 255,708 267,809 282,845 299,404 318,452 343,000 70% 143,025 153,145 160,431 169,462 178,996 187,466 197,992 209,583 222,916 240,100 2.
    [Show full text]
  • Women and Men in Iceland 2018
    Influence and Power Wages and Income Women as percentage of candidates and elected members in % parliamentary elections 1987–2017 % The unadjusted gender pay gap 2008–2016 Women and Men 60 25 in Iceland 2018 50 20 15 40 Population 10 30 Population by sex and age 1950 and 2017 Age 5 20 100 Women Men 90 0 2017: 167,316 2017: 171,033 10 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 Total Full-time 70 0 Note: (Men´s hourly earnings - women´s hourly earnings)/men´s hourly earnings. Overtime payments and overtime 1987 1991 1995 1999 2003 2007 2009 hours are included in the GPG. The gender pay gap indicator has been dened as unadjusted i.e. not adjusted 2013 2016 2017 60 according to individual characteristics that may explain part of the earnings like occupation, education, age, years 2017 Candidates Elected members with employer etc. 50 Women´s share of leadership in enterprises by size of Average income from work by region 2016 40 Million ISK 1950 % enterprise 2016 30 60 7 1950 20 50 6 10 40 5 0 4 30 3,000 2,000 1,000 0 1,000 2,000 3,000 3 6.4 20 5.9 2 4.8 Population 2016 10 4.0 1 0 Women Men 1– 49 50– 99 100– 249 250+ 0 Number of employees Women Men Women Men Mean population 166,288 169,152 Capital region Other regions Managers Chairpersons Board of directors 0–14 years, % 20 20 Note: Annual wages and other work related income of those who have some income from work.
    [Show full text]
  • Iceland's Implementation of the 2030 Agenda for Sustainable Development
    June 2019 Iceland's Implementation of the 2030 Agenda for Sustainable Development Voluntary National Review Government of Iceland Prime Minister’s Office Contents PRESS BOX TO GO TO CHAPTER Message from the Prime Minister very Friday at noon, hundreds of young people gather out- side Althingi, Iceland’s Parliament, insisting on radical action against climate change. They are a part of an international Emovement of young people who rightly point out the fact that today’s decisions determine their future. Climate change is a crisis for humanity as a whole; rendering traditional territorial borders meaningless. International collaboration is the only way forward. The Millennium Development Goals, adopted in 2000, were often referred to as “the world’s biggest promise”. They were a global agreement to reduce poverty and human deprivation. And they did. The MDGs lifted more than one billion people out of extreme poverty. The goals provided access to water and sanitation; drove down child mortality; drastically improved maternal health; cut the number of children out of school; and made huge advances in combatting HIV/AIDS and malaria. The Sustainable Development Goals are a bold commitment to finish what has been started. Coinciding with the historic Paris Agreement on climate change, the SDGs are the promise our young people are calling for, of sustainability, equality and wellbeing for all. The SDGs are also an important reminder that sustainable development is not just an issue for faraway places. Each and every one of us has both rights and obligations in this context. While some of the SDGs might feel distant from our daily lives, they encompass everything that makes life worthwhile, such as education, water, peace and equality, to name just a few.
    [Show full text]
  • Congress of Local and Regional Authorities of the Council of Europe Refers To: A
    32nd SESSION CPL32(2017)06final 29 March 2017 Local democracy in Iceland Monitoring Committee Rapporteurs1: Zdenek BROZ, Czech Republic (L, ECR) Jakob WIENEN, Netherlands (L, EPP/CCE) Recommendation 402 (2017)..................................................................................................................2 Explanatory memorandum ......................................................................................................................4 Summary This report follows the second monitoring visit to Iceland since it ratified the European Charter of Local Self-Government in 1991. It shows that the country has a satisfactory level of local democracy. The report praises recent developments fostering local self-government, including the promotion of the involvement of local authorities in national decision-making and increased inter-municipal co-operation and citizen participation in local authorities. In particular, it underlines that the national and local authorities were able to deal with a major financial crisis and its economic and social consequences without undermining local self-government. Nevertheless, the rapporteurs draw the authorities’ attention to the absence of a clear division of responsibilities between central government and local authorities, the lack of direct applicability of the Charter in the domestic legal system and the fact that the capital, Reykjavik, has not been granted a special status in accordance with Recommendation 219 (2007). Lastly, local authorities still do not have adequate resources for performing all their functions. The Congress recommends that the Icelandic authorities clarify the division of responsibilities between central government and local authorities and pass legislation to give the Charter legal force in Iceland’s domestic legal system. It also urges them to provide local authorities with adequate and sufficient financial resources and grant the city of Reykjavik a special status to take account of its particular needs compared to other municipalities.
    [Show full text]
  • Infrastructure Investment in Iceland
    INFRASTRUCTURE INVESTMENT IN ICELAND 2016 2 Editor: Gisli Hauksson, B.A. Economics, CEO and co-founder. Contributors: Alexander Jensen Hjalmarsson, B.Sc. Engineering & B.Sc. Finance, Alternative Investments. Fridrik Mar Baldursson, PhD Economics, Professor of Economics at Reykjavik University and Head of Economic Advisory Board. Julius Fjelsted, M.Sc. International Business, Corporate Finance. Lydur Thor Thorgeirsson, B.Sc. Engineering & MBA, Managing Director of Alternative Investments. Ragnar Jonasson, Cand. jur., Head of Legal. Solvi Blondal, M.Sc. Economics, Alternative Investments. Tryggvi Thor Herbertsson, PhD Economics, Senior Advisor. Legal advisors: LEX Reykjavik (lex.is), Asgerdur Ragnarsdottir, LL.M., Supreme Court Attorney. Advisor on infrastructure investments in Greenland: Haukur Oskarsson, B.Sc. Engineering, CEO of Refskegg Translation Services: Quentin Bates Published in London, 2016 3 This presentation and the information herein of such terms as “believe”, “could”, “envisage”, “esti- (“Information”) has been prepared by GAMMA mate”, “potential”, “intend”, “may”, “plan”, “will” or the Capital Management Ltd (“GAMMA”). negative of those, variations or comparable expressions, including references to assumptions. The forward-look- No representation or warranty or other assurance, ex- ing statements contained in the Information are based press or implied, is made by or on behalf of GAMMA or on current expectations and are subject to risks and any of its directors, officers, employees, advisers or any uncertainties that could cause actual results to differ other persons as to the fairness, accuracy or complete- materially from those expressed or implied by those ness of the information or estimates or opinions or other statements. Given these risks and uncertainties, no reli- statements contained in the Information and no respon- ance shall be placed on on forward-looking statements.
    [Show full text]
  • Country Compendium
    Country Compendium A companion to the English Style Guide July 2021 Translation © European Union, 2011, 2021. The reproduction and reuse of this document is authorised, provided the sources and authors are acknowledged and the original meaning or message of the texts are not distorted. The right holders and authors shall not be liable for any consequences stemming from the reuse. CONTENTS Introduction ...............................................................................1 Austria ......................................................................................3 Geography ................................................................................................................... 3 Judicial bodies ............................................................................................................ 4 Legal instruments ........................................................................................................ 5 Government bodies and administrative divisions ....................................................... 6 Law gazettes, official gazettes and official journals ................................................... 6 Belgium .....................................................................................9 Geography ................................................................................................................... 9 Judicial bodies .......................................................................................................... 10 Legal instruments .....................................................................................................
    [Show full text]
  • National Cultural Policy Iceland
    Ministry of Education, Science and Culture National Cultural Policy Iceland Reykjavík 2013 National Cultural Policy Published by: Ministry of Education, Science and Culture, Iceland 2013 Responsible editor: Ásta Magnúsdóttir Design and layout: Svavar Pétur Eysteinsson Photographs: p. 2, Árni Magnússon Institute for Icelandic Studies, Jóhanna Guðrún Ólafs- dóttir; p. 5, Ingvar Högni Ragnarsson; p. 6, Iceland Dance Company, Golli; pp. 10 to 11, Ice- land Symphony Orchestra; pp. 24 to 25, Zena White; p. 30, Ingvar Högni Ragnarsson. Edited by: Guðni Tómasson and Þorgeir Ólafsson ISBN: 978-9935-436-13-9 Printing: Háskólaprent Introduction On 6 March 2013, the Althing passed a resolution mandating the Minister of Education, Science and Culture to implement a policy on the arts and the cultural heritage – the National Cultural Policy. This is the first time a specific public policy is drawn up in this domain. The policy document describes government’s involvement in matters relating to the arts and the cultural heritage. The terminology used should be viewed in light of this demarcation, considering that the policy does not address issues relating to particular artistic disciplines or individual cultural heritage stakeholders. The policy is intended as an aid for government and lawmakers in future debates, in policy-making in specified areas and in decision-making. The National Cultural Policy has been drawn up in the hope that it will serve as an incentive for the large number of people and institutions active on the Icelandic cultural scene to focus on quality and look to future in their decision-making and planning. It should prove useful to politicians and government officials, employees at cultural institutions, researchers, committees responsible for the allocation of funds, artists and artists’ associations, media employees and anyone taking part in cultural life.
    [Show full text]
  • Probabilistic Seismic Hazard Mapping of Iceland
    13th World Conference on Earthquake Engineering Vancouver, B.C., Canada August 1-6, 2004 Paper No. 2337 Probabilistic Seismic Hazard Mapping Of Iceland Proposed seismic zoning and de-aggregation mapping for EUROCODE 8 Julius SOLNES1, Ragnar SIGBJÖRNSSON2 and Jonas ELIASSON3 SUMMARY A few attempts of producing seismic zoning maps of Iceland have been carried out during the last few decades. The earlier efforts were mostly intuitive and based on iso-seismal maps produced from past earthquakes. In the mid 1990s, an attempt was made to produce an iso-acceleration map based on calculated peak acceleration from past earthquakes, using standard attenuation formulae. This map, which was wrought with many discrepancies, was produced as a National application document (NAD) in conjunction with adoption of Eurocode 8. It was clear, however, that the seismic zoning of the country was inadequate and much more research work was needed to provide a reliable earthquake risk map in the form of peak accelerations. The South Iceland earthquakes of the year 2000 provided a wealth of information regarding measured peak accelerations, earthquake source mechanism and attenuation of seismic waves. Moreover, an intensive study of past historical earthquakes has recently been carried out resulting in an upgraded earthquake catalogue for the whole country. Thus all the ingredients for producing a reliable earthquake risk map for Iceland are in place. In this study, the earthquake catalogue has been extended by generation of future earthquake events in order to prevent historical bias. Based on a new attenuation model for seismic waves, the peak accelerations for the whole country have been calculated for a selected subset of the extended catalogue based on Brune’s source spectrum.
    [Show full text]
  • How Primary Healthcare in Iceland Swiftly Changed Its Strategy in Response to the COVID-19 Pandemic
    Open access Original research BMJ Open: first published as 10.1136/bmjopen-2020-043151 on 7 December 2020. Downloaded from How primary healthcare in Iceland swiftly changed its strategy in response to the COVID-19 pandemic Emil Larus Sigurdsson ,1,2 Anna Bryndis Blondal,2,3 Jon Steinar Jonsson,1,2 Margret Olafia Tomasdottir,1,2 Hannes Hrafnkelsson,1 Kristjan Linnet ,2 Johann Agust Sigurdsson4 To cite: Sigurdsson EL, ABSTRACT Strengths and limitations of this study Blondal AB, Jonsson JS, et al. Objective To describe how the primary healthcare (PHC) How primary healthcare in in Iceland changed its strategy to handle the COVID-19 ► The data are based on medical records of all con- Iceland swiftly changed its pandemic. strategy in response to the tacts to the primary healthcare centres. Design Descriptive observational study. COVID-19 pandemic. BMJ Open ► The primary healthcare in the research area serve Setting Reykjavik, the capital of Iceland. 2020;10:e043151. doi:10.1136/ the whole capital area which counts two- thirds of Population The Reykjavik area has a total of 233 000 bmjopen-2020-043151 the population of Iceland. inhabitants. ► The contact register information is very reliable and ► Prepublication history for Main outcome measures The number and the mode comprehensive. this paper is available online. of consultations carried out. Drug prescriptions and To view these files, please visit ► Due to the short study period, that is, 2 months, we changes in the 10 most common diagnoses made in the journal online (http:// dx. doi. were not able to depict the long-term changes in PHC.
    [Show full text]
  • Liberalism in Iceland in the Nineteenth and Twentieth Centuries
    Discuss this article at Journaltalk: http://journaltalk.net/articles/5945 ECON JOURNAL WATCH 14(2) May 2017: 241–273 Liberalism in Iceland in the Nineteenth and Twentieth Centuries Hannes H. Gissurarson1 LINK TO ABSTRACT Iceland is a remote country with a tiny population, so a sophisticated Ice- landic liberal tradition is hardly to be expected.2 Nevertheless, Icelanders have developed two remarkable and original institutions facilitating individual choice and responsibility: the system of private enforcement of law during the Common- wealth period of 930–12623 and the system of individual transferable quotas in offshore fisheries since the late twentieth century. A few liberal intellectuals have also been active in public debate, first and foremost the leader of Iceland’s struggle for independence, economic historian Jon Sigurdsson (1811–1883), but also the authors of the first three books in Icelandic on economics, pastor Arnljotur Olafsson (1823–1904), civil engineer Jon Thorlaksson (1877–1935), and econo- mist Benjamin Eiriksson (1910–2000), and some more recent writers, including economics professors Olafur Bjornsson (1912–1999) and Ragnar Arnason (b. 1949), and the present author (b. 1953). Moreover, comprehensive liberal reforms were implemented in Iceland in 1991–2004, with remarkable success, even if the 1. University of Iceland, 101 Reykjavik, Iceland. An earlier version of this paper formed a part of the author’s 2016 report for the think tank New Direction in Brussels on “The Nordic Models.” 2. In this paper, liberalism is used in the original political sense, as a political position in favour of individual choice and limited government, shared, despite many differences, by John Locke, Adam Smith, Alexis de Tocqueville, Lord Acton, Herbert Spencer, John Stuart Mill, Karl Popper, Friedrich Hayek, Milton Friedman, and Robert Nozick.
    [Show full text]
  • REGIONAL ECONOMIC and SOCIAL RESILIENCE: an Exploratory In-Depth Study in the Nordic Countries
    REGIONAL ECONOMIC AND SOCIAL RESILIENCE: An Exploratory In-Depth Study in the Nordic Countries By Alberto Giacometti and Jukka Teräs NORDREGIO REPORT 2019:2 nordregio report 2019:2 1 REGIONAL ECONOMIC AND SOCIAL RESILIENCE: An Exploratory In-Depth Study in the Nordic Countries By Alberto Giacometti and Jukka Teräs NORDREGIO REPORT 2019:2 Prepared on behalf of the Nordic thematic group for innovative and resilient regions 2017–2020, under the Nordic Council of Ministers Committee of Civil Servants for Regional Affairs. Regional Economic and Social Resilience: An Exploratory In-Depth Study in the Nordic Countries Nordregio Report 2019:2 ISBN 978-91-87295-66-9 ISSN 1403-2503 DOI: doi.org/10.30689/R2019:2.1403-2503 © Nordregio 2019 Nordregio P.O. Box 1658 SE-111 86 Stockholm, Sweden [email protected] www.nordregio.org www.norden.org Analyses and text: Alberto Giacometti and Jukka Teräs Contributors: Eeva Turunen, Mari Wøien, Hjördís Rut Sigurjónsdóttir, Lise Smed Olsen (Oxford Research), Liisa Perjo, Giuseppe Innocente, Viktor Salenius, Laura Fagerlund Nordregio is a leading Nordic and European research centre for regional development and planning, established by the Nordic Council of Ministers in 1997. We conduct solution-oriented and applied research, addressing current issues from both a research perspective and the viewpoint of policymakers and practitioners. Operating at the international, national, regional and local levels, Nordregio’s research covers a wide geographic scope, with an emphasis on the Nordic and Baltic Sea Regions, Europe and the Arctic. The Nordic co-operation Nordic co-operation is one of the world’s most extensive forms of regional collaboration, involving Denmark, Finland, Iceland, Norway, Sweden, and the Faroe Islands, Greenland, and Åland.
    [Show full text]