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The European Union's Emissions Trading System (EU ETS) and the Swedish-Norwegian Tradable Green Certificate System (Swedish-Norwegian TGC system) are two market-based instruments that have the overlapping goal to mitigate greenhouse gas (GHG) emissions by shifting economies to cleaner energy sources. Understanding the price signals and interactions of these two newly created markets is essential for all decisions makers - regulators and direct market participants - who aim to reach the predefined environmental policy goals in the most efficient manner. The interaction between these policy instruments has been widely examined from the theoretical perspective. This research contributes to the literature by empirically examining the interplay between the prices of three markets: (1) the price of tradeable green certificates in the Swedish-Norwegian TGC system, (2) the price of carbon in the EU ETS and (3) the price of electricity in Nord Pool. We use a multivariate vector-autoregression (VAR) approach to take into account the endogenous relationships between these prices. To date, our empirical results do not support the theoretical considerations that the impacts of carbon price on green certificate prices and on renewable electricity production are negative. Contrary, we find that, to date, increases in carbon prices positively affect green certificate prices at least in the short-run.
With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.
This title was first published in 2001. The development of gender relations during the post-war period in Sweden, Germany and the US forms the core of this work. It looks at the hierarchical relations between men and women based on economic, political, social and biological differentiations. The analytical focus is primarily on how actors, cultural norms and institutional arrangements interrelate and affect the relative position of men and women to create patterns/forms of gender relations that vary across countries and change through time. The main advantages of a comparative study is that it highlights the differences and similarities of the countries being compared. This book argues that social blocks involving a stable system of relations that have challenged and become embedded into institutional arrangements are the main force creating differences in the patterns of gender relations across the countries.
In the last few years, national and international politics have been characterised by the erasure of ‘race’ and ethnicity within public policy and discourse. Events such as the escalation in ‘race’ hate crime associated with the EU Referendum in the UK, the rise of the far right across European polities, or Donald Trump’s promise to build a wall across Mexico, contradict the political rhetoric of the ‘arrival’ of a ‘post-race’ era. This new edition of a widely-respected textbook examines welfare policy and racism, alongside institutional racism and community cohesion within a broad policy framework. Fully updated, it contains: • a new foreword by Professor Kate Pickett, acclaimed co-author of The Spirit Level • two new chapters on ethnicity, disability and chronic illness, and education policy and ‘race’ respectively • recent changes in black and minority ethnic demographics in the UK • a post-script from a minority student on her struggle to make a new home in Britain Suitable for undergraduate and postgraduate courses in social policy, sociology and applied social sciences, it includes: • updated empirical data and examples • links to external sources for further reading • questions for discussion, reflection and further learning. Covering an unrivalled range of social welfare issues, the marriage of theory, history and contemporary data makes important and difficult debates about ‘race’, ethnicity, discrimination and social equality more accessible to a student audience as well as policy and welfare practitioners interested in its global themes of immigration, austerity and securitisation.
This special issue of the Review of Marketing Research is devoted to a better understanding of the role of value in markets and marketing.
Most societies in the developed world are now multicultural, but their welfare systems have largely failed to address the issues and tensions associated with the growth of minority ethnic populations. Taking the United Kingdom as an exemplary case study, Understanding "Race" and Ethnicity combines historical and theoretical approaches to the study of the intersection of race and welfare and examines how minorities experience welfare in a range of settings. Informative and inspiring, this book will be essential for anyone striving to build a society that is equal, inclusive, and just for all.
The first stock exchange in Warsaw – capital city of the Kingdom of Poland– was established in 1817. Over the past 205 years, the fortunes of the capital market have been closely linked to the "bumpy road" of Polish history. The establishment of the GPW Warsaw Stock Exchange in 1991 was a landmark for transformation from a centrally planned communist economy to a market-driven capitalist one. Since the doors of the exchange reopened, Polish GDP per capita (current USD) increased eight times, translating into an average yearly growth rate of over 7%. The capital market has played a pivotal role in the economic success of Poland over the last three decades. It is not easy to precisely quantify the impact, as it was rather a spill-over effect. Economic growth has fostered the development of a capital market, and more efficient conversion of savings to investments via the capital market. The excellence of capital market institutions can be gauged with reference to various parameters. A synthetic measure is so-called market status. According to FTSE Russell (global index provider), Polish capital attained developed market status in 2018, being the first and only post-communist state to do so. It is fair to say that transformation has been completed and developed market status indicates clearly that the institutions and regulations are world class. The current challenge is competing with other developed markets for the best issuers and offering the most demanding investors an excellent trading experience. This book offers scientific insight into the Polish capital market story. Authored by a group of renowned scholars, with contributions aspiring to the highest academic standards for theoretical considerations and empirical research. The book covers various topics, including links between monetary policy and capital markets, micro and macro market structures, and investors and issuers' behaviour and strategies. All chapters are rooted in contemporary finance theory, supported by various econometric models based on the most recently available data. The book aims to provide academics and practitioners insight into the Polish capital market, appealing especially to those interested in gaining a deeper understanding of emerging markets' successful transformation into developed ones. It can also be used as supplementary reading for doctoral and master’s students in finance, particularly relating to capital markets and economics – predominantly development economics and economic policy.
Afghan society is analyzed from a fresh standpoint in this book which discusses the country’s two and a half centuries of socio-political disquiet and outside interference. The author explores the continuous struggle between the central government and the cornerstone of the present state, the tribes. In its examination of the interchange between the centre and the periphery, the book presents a compelling review of Afghan history, the role of Islam and the contemporary theories of state, Islam, nationalism, ethnicity, and tribalism. In addition, Misdaq considers Afghanistan’s dynamism and long established custom of dealing with foreign invaders. Covering the Soviet occupation, ethnic conflicts and the US invasion, the book examines Afghan resilience and the capacity to raise an army of fighting men. Written by a well-respected authority on the region, the book highlights past mistakes which should not be repeated and recommends the way forward for this troubled nation.