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Growth fluctuations exhibit substantial synchronization across countries, which has been viewed as reflecting a global business cycle driven by shocks with worldwide reach, or spillovers resulting from local real and/or financial linkages between countries. This paper brings these two perspectives together by analyzing international growth fluctuations in a setting that allows for both global shocks and spatial dependence. Using annual data for 117 countries over 1970-2016, the paper finds that the cross-country dependence of aggregate growth is the combined result of global shocks summarized by a latent common factor and spatial effects accruing through the growth of nearby countries-with proximity measured by bilateral trade linkages or geographic distance. The latent global factor shows a strong positive correlation with worldwide TFP growth. Countries' exposure to global shocks rises with their openness to trade and the degree of commodity specialization of their economies. Despite its simplicity, the empirical model fits the data well, especially for advanced countries. Ignoring the cross-country dependence of growth, by omitting spatial effects or common shocks (or both) from the analysis, leads to a marked deterioration of the empirical model's in-sample explanatory power and out-of-sample forecasting performance.

Business Cycle --- Common Factors --- Economic Growth --- Growth --- Macroeconomics and Economic Growth --- Spatial Dependence

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The impact of the global financial and economic crisis on the Middle East and North Africa region was relatively mild. Lack of integration and a large public sector helped insulate the region to some extent, but now these and other factors are slowing down the speed of its economic recovery. The report examines the major factors threatening the recovery and those that obstruct long-term growth - especially non-oil export growth, which in net terms contributed little to regional growth during the past decade, with non-oil exports remaining below potential in many countries in the region. The report emphasizes several major areas in need of policy makers' attention, including restrictive trade policies, particularly those affecting trade in services; governance issues linked to uneven application of rules and regulations; inefficient and inflexible labor markets and scarcity of skills, innovation and technological capabilities.

Export Markets --- International Economics and Trade --- Macroeconomic Outlook --- Macroeconomics and Economic Growth --- Non-Oil Exports --- Private Sector Development --- Resource Dependence --- Technological Readiness --- Trade --- Trade Barriers

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This book is a comprehensive examination of the dynamics of India's energy security policy in the domestic and international context. Over the past decade and a half, energy security has been a constant driver of India's foreign policy. Successive Indian governments have emphasized it as a major concern, next only to food security. The long-term satisfaction of India's energy security needs calls for a fresh and multi-pronged approach. This is imperative in the light of the recent dynamics of India's foreign policy and the challenges that India is facing in its quest for energy security, mainly in the context of diversification of sources abroad and shift to alternative sources in a carbon-controlled environment. This is further intensified in the context of the complex and competitive strategic rivalry between India and China in the Indo-Pacific region, as India looks outward and expands its outreach to meet its pressing energy security challenges. The book presents an in-depth analysis of all such domestic and foreign policy challenges and measures to meet India's fast-growing energy demand in a competitive geopolitical environment.

Geopolitics. --- World politics --- Energy security --- Energy dependence --- Energy independence --- Energy insecurity --- Security, Energy --- Energy policy --- E-books --- India --- Foreign relations. --- Energy development

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This paper examines how the ability to access long-term debt affects firm-level growth volatility. The analysis finds that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in countries with better-developed financial systems, as these firms may benefit from reduced refinancing risk. Institutions that facilitate the availability of credit information and contract enforcement mitigate the refinancing risk and therefore growth volatility associated with short-term financing. Increased availability of long-term finance reduces growth volatility in crisis as well as non-crisis periods.

Access To Finance --- Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Debt Markets --- Debt Maturity --- Emerging Markets --- Financial Dependence --- Financial Development --- Firm Volatility

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This book sheds light on how global warming has caused the ongoing environmental disaster in the Arctic, namely its melting. This development, if left unabated, will have a major negative environmental impact, not only on the Arctic itself, but on the entire planet, including the worsening of global warming and rising sea levels. The latter is a major threat to all island countries and all countries having coastlines with open seas with major environmental, social, economic, political and military/security implications. The Arctic melting is bringing about challenges while opening doors for

Power resources --- energy security --- Energy policy --- Energy security --- Geopolitics --- World politics --- Energy dependence --- Energy independence --- Energy insecurity --- Security, Energy --- E-books --- Energi sikkerhed --- Geopolitik --- Power resources - Arctic --- energy security - Arctic --- Energy policy - Arctic countries