Suchergebnisse

Carbon market serves as an emerging commodity market in financial services, where the carbon price returns and volatilities play significant roles in understanding the carbon market dynamics, besides making decisions related to the reduction of carbon emissions. In view of that, this research focuses on examining the cross-commodity volatility spillover effects in the European carbon, fossil fuel and biofuel markets. The sample includes daily closing prices of futures commodities such as carbon, crude oil, coal, natural gas and biodiesel, from March 25, 2008 to July 31, 2019. I employ a bi-variate version of VAR-GARCH-in-mean-BEKK model that allows for flexible distributional assumptions and asymmetry in the variance-covariance matrix. Besides, special attention is given in selecting the appropriate volatility spillover model. The empirical results reveal statistically significant spillover effects, in terms of returns and volatilities, from crude oil and coal markets to carbon market. On the other hand, there are statistically insignificant spillover effects, in terms of returns and volatilities, from natural gas and biodiesel markets to carbon market. These findings could assist the investors to build more effective investment portfolios. Furthermore, power enterprises and other industrial sectors could also regulate their energy consumption structure to attain optimal carbon emission reduction strategies.

This article tries to describe government policies toward pesantren, as the Islamic intistitution, which has been existing from the early Independence of Indonesia period to present times, and its implications on the progresses of pesantren. This study uses library research on related documents of government policies and the result shows that the government policies tend to indicate to be a positive development. In the beginning of old and new orders, government policies were simply in form of unofficial claim above the role of pesantren in accelerating the nation intelligence. Since the release of decree of UU No. 2/1989 pesantren has been approved and legitimated as the subsystem of national education, though, pesantren keeps and maintains its characterisitc. As UU No. 20/2003 legitimated and followed by relating policies –especilally PP No. 55/1997, PMA No. 13/2014, and PMA No. 18/2014 – pesantren has been totally awarded as part of national educational system, in turn, such of the institution has more freedom in portraying Islamic values by enhancing its characteristic as the institution focusing on tafaqquh fî al-dîn (an attempt to a totally Islamic understandings) and developing the other competences based on the characteristic of each pesantren.Copyright (c) 2015 by KARSA. All right reservedDOI: 10.19105/karsa.v23i2.724

This article tries to describe government policies toward pesantren, as the Islamic intistitution, which has been existing from the early Independence of Indonesia period to present times, and its implications on the progresses of pesantren. This study uses library research on related documents of government policies and the result shows that the government policies tend to indicate to be a positive development. In the beginning of old and new orders, government policies were simply in form of unofficial claim above the role of pesantren in accelerating the nation intelligence. Since the release of decree of UU No. 2/1989 pesantren has been approved and legitimated as the subsystem of national education, though, pesantren keeps and maintains its characterisitc. As UU No. 20/2003 legitimated and followed by relating policies –especilally PP No. 55/1997, PMA No. 13/2014, and PMA No. 18/2014 – pesantren has been totally awarded as part of national educational system, in turn, such of the institution has more freedom in portraying Islamic values by enhancing its characteristic as the institution focusing on tafaqquh fî al-dîn (an attempt to a totally Islamic understandings) and developing the other competences based on the characteristic of each pesantren.Copyright (c) 2015 by KARSA. All right reservedDOI: 10.19105/karsa.v23i2.724

If we were to reconstruct a blueprint of the Russian government's goals and priorities for industrial development in the late nineteenth century, it would include the following: (1) development of a network of internal transportation, (2) stabilization of the ruble in foreign exchanges through convertibility and the buildingup of an export surplus as a prerequisite for enabling the Russian government to borrow abroad, and (3) stimulation of the development of new industries in Russia and their protection in their "infancy." Given the relative success of Russia's industrialization during the end of the nineteenth and beginning of the twentieth centuries and the important role that the government played in this effort, there is no justification for outright rejection or condemnation of Russian government economic policies. There were, however, serious shortcomings in particular government policies, and the presumed effects that they had upon the industrialization process were not always desirable. This essay is a modest attempt to reexamine Russian government policies on the assumption that the industrialization of Russia was a continuing goal of the state policies beginning with the 1880's and one of relatively high priority. The implication of the analysis is that if some of the defects of the state's policies had been avoided, the process of industrialization in Russia would have proceeded at least at as fast a pace and the economic costs to Russian society would probably have been smaller.

Since 1989 fertility and family formation have declined sharply in Central and Eastern Europe and the former Soviet Union. Fertility rates are converging on—and sometimes falling below—rates in Western Europe, most of which are below replacement levels. Concerned about a shrinking and aging population and strains on pension systems, governments are using incentives to encourage people to have more children. These policies seem only modestly effective in countering the impacts of widespread social changes, including new work opportunities for women and stronger incentives to invest in education.