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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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Developing techniques for assessing various risks and calculating probabilities of ruin and survival are exciting topics for mathematically-inclined academics. For practicing actuaries and financial engineers, the resulting insights have provided enormous opportunities but also created serious challenges to overcome, thus facilitating closer cooperation between industries and academic institutions. In this book, several renown researchers with extensive interdisciplinary research experiences share their thoughts that, in one way or another, contribute to the betterment of practice and theory of decision making under uncertainty. Behavioral, cultural, mathematical, and statistical aspects of risk assessment and modelling have been explored, and have been often illustrated using real and simulated data. Topics range from financial and insurance risks to security-type risks, from one-dimensional to multi- and even infinite-dimensional risks.
insurance --- n/a --- multiplicative background risk model --- renewal process --- dual risk model --- collective risk model --- risk measure --- aggregate risk --- Laplace transform --- transfer function --- risk management --- risk theory --- maximal tail dependence --- constant interest rate --- partial integro-differential equation --- reinsurance --- financial time series --- spatial risk measures and corresponding axiomatic approach --- central limit theorem --- integral equation --- Markovian arrival process --- systematic risk --- information processing --- discounted aggregate claims --- surplus process --- weighted cuts --- rate of spatial diversification --- national culture --- operational risk --- covariance --- cumulative Parisian ruin --- spatial dependence --- background risk --- survival analysis --- Monte Carlo --- aggregate discounted claims --- stochastic orders --- order statistic --- max-stable random fields --- copulas --- hazard model --- multivariate gamma distribution --- copula --- advanced measurement approach --- concomitant --- archimedean copulas --- rating migrations --- ruin probability --- clustering --- confidence interval --- individual risk model --- numerical approximation --- value-at-risk
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This book deals with sustainable agriculture at a time of climate change. It seeks to identify a number of solutions to deal with the agricultural stresses caused by climate change. These range from the identification and cultivation of appropriate crop varieties and the adoption of climate adaptive agricultural practices. Significant sustainable agricultural innovation is required to deal with these challenges. Intellectual property rights (IPRs) may be of crucial importance for modern agriculture. They serve to make R&D in agriculture attractive, by encouraging investment in new technologies and generating tradeable assets. A number of the chapters of this book refer to the principal IPRs relevant to agricultural innovation, namely: (i) patents, which protect inventions; (ii) plant variety rights, which protect the breeding of new and distinct plant varieties; and (iii) trademarks and geographical indications, which facilitate the marketing of products by providing protection for the symbols of their manufacturing or geographic origin. The United Nations Climate Change Panel has urged the consideration of the agricultural practices of traditional communities and some of these practices particularly involving rice, banana, and brassica cultivation are explored in the book. This book is essential reading for officials of governments and international organizations concerned with sustainability, as well as scholars and students concerned with these subjects
Research. --- Biology. --- Technology. --- Engineering. --- Agriculture. --- alternative energy source --- Ethiopian mustard --- sustainability --- agricultural green development --- entropy weight method --- spatial heterogeneity --- spatial spillover effect --- China --- rice yields --- climate change --- phenology --- relative contribution --- partial correlation --- seed security --- banana tissue culture planting material --- uptake --- banana farmers --- central Uganda --- traditional rice economics --- institutional --- socio-demographic factors --- multinomial logit model --- constraints --- China-Africa cooperation --- agricultural program --- agricultural training --- technology adoption --- dams --- agriculture --- livelihoods --- health --- schistosomiasis --- restoration --- sustainable development --- climate adaptation --- rice–wheat cropping system --- South Asia --- water requirements --- nitrogen --- direct seeding --- agricultural science, technology and innovation --- Innovation efficiency --- DEA --- G20 --- productivity --- efficiency --- food security --- digital agriculture --- smart farming --- digitalization --- digital technologies --- Middle East and North Africa --- decision making --- instrumental variable --- neighbourhood effects --- rice farmers --- risk attitudes --- spatial dependence --- agricultural innovation --- sustainable agriculture --- plant breeding --- cereals --- intellectual property --- agricultural law --- plant variety rights --- seed marketing --- European Union --- fertilizer --- knowledge --- attitude --- ease of use --- motivation --- work performance --- n/a --- rice-wheat cropping system
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This book deals with sustainable agriculture at a time of climate change. It seeks to identify a number of solutions to deal with the agricultural stresses caused by climate change. These range from the identification and cultivation of appropriate crop varieties and the adoption of climate adaptive agricultural practices. Significant sustainable agricultural innovation is required to deal with these challenges. Intellectual property rights (IPRs) may be of crucial importance for modern agriculture. They serve to make R&D in agriculture attractive, by encouraging investment in new technologies and generating tradeable assets. A number of the chapters of this book refer to the principal IPRs relevant to agricultural innovation, namely: (i) patents, which protect inventions; (ii) plant variety rights, which protect the breeding of new and distinct plant varieties; and (iii) trademarks and geographical indications, which facilitate the marketing of products by providing protection for the symbols of their manufacturing or geographic origin. The United Nations Climate Change Panel has urged the consideration of the agricultural practices of traditional communities and some of these practices particularly involving rice, banana, and brassica cultivation are explored in the book. This book is essential reading for officials of governments and international organizations concerned with sustainability, as well as scholars and students concerned with these subjects
Research. --- Biology. --- Technology. --- Engineering. --- Agriculture. --- alternative energy source --- Ethiopian mustard --- sustainability --- agricultural green development --- entropy weight method --- spatial heterogeneity --- spatial spillover effect --- China --- rice yields --- climate change --- phenology --- relative contribution --- partial correlation --- seed security --- banana tissue culture planting material --- uptake --- banana farmers --- central Uganda --- traditional rice economics --- institutional --- socio-demographic factors --- multinomial logit model --- constraints --- China-Africa cooperation --- agricultural program --- agricultural training --- technology adoption --- dams --- agriculture --- livelihoods --- health --- schistosomiasis --- restoration --- sustainable development --- climate adaptation --- rice-wheat cropping system --- South Asia --- water requirements --- nitrogen --- direct seeding --- agricultural science, technology and innovation --- Innovation efficiency --- DEA --- G20 --- productivity --- efficiency --- food security --- digital agriculture --- smart farming --- digitalization --- digital technologies --- Middle East and North Africa --- decision making --- instrumental variable --- neighbourhood effects --- rice farmers --- risk attitudes --- spatial dependence --- agricultural innovation --- sustainable agriculture --- plant breeding --- cereals --- intellectual property --- agricultural law --- plant variety rights --- seed marketing --- European Union --- fertilizer --- knowledge --- attitude --- ease of use --- motivation --- work performance --- alternative energy source --- Ethiopian mustard --- sustainability --- agricultural green development --- entropy weight method --- spatial heterogeneity --- spatial spillover effect --- China --- rice yields --- climate change --- phenology --- relative contribution --- partial correlation --- seed security --- banana tissue culture planting material --- uptake --- banana farmers --- central Uganda --- traditional rice economics --- institutional --- socio-demographic factors --- multinomial logit model --- constraints --- China-Africa cooperation --- agricultural program --- agricultural training --- technology adoption --- dams --- agriculture --- livelihoods --- health --- schistosomiasis --- restoration --- sustainable development --- climate adaptation --- rice-wheat cropping system --- South Asia --- water requirements --- nitrogen --- direct seeding --- agricultural science, technology and innovation --- Innovation efficiency --- DEA --- G20 --- productivity --- efficiency --- food security --- digital agriculture --- smart farming --- digitalization --- digital technologies --- Middle East and North Africa --- decision making --- instrumental variable --- neighbourhood effects --- rice farmers --- risk attitudes --- spatial dependence --- agricultural innovation --- sustainable agriculture --- plant breeding --- cereals --- intellectual property --- agricultural law --- plant variety rights --- seed marketing --- European Union --- fertilizer --- knowledge --- attitude --- ease of use --- motivation --- work performance
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