The Gulf Cooperation Council countries – economic structures, recent developments and role in the global economy

In the wake of high and rising oil prices since 2003, the member states of the Gulf Cooperation Council (GCC) have seen dynamic economic development, enhancing their role in the global economy as investors and trade partners. Real GDP growth has been buoyant, with non-oil activity expanding faster than oil GDP. Macroeconomic developments have also been characterised by large fiscal and current account surpluses as a result of rising oil revenues, notwithstanding fiscal expansion and rapid import growth. The most significant macroeconomic challenge faced by GCC countries is rising inflation in an environment in which the contribution of monetary policy to containing inflationary pressure is constrained by the exchange rate regimes. The overall favourable macroeconomic backdrop of recent years has provided GCC countries with an opportunity to tackle long-standing structural challenges, such as the diversification of oil-centred economies and reform of the labour markets. In a global context, apart from developing into a pole of global economic growth, GCC countries – together with other oil-exporting countries – have become a major net supplier of capital in global markets, second only to East Asia. As a result, they have become part of the international policy debate on global imbalances. Furthermore, GCC countries are home to some of the world’s largest sovereign wealth funds, which raises several financial stability issues. Their role as trade partners has also increased, with the European Union being the only major region in the world maintaining a significant surplus in bilateral trade with the GCC. GCC countries are also key players in global energy markets in terms of production, exports and the availability of spare capacity. Their role is likely to become even more pivotal in the future as they command vast oil and gas reserves and benefit from relatively low costs in exploiting oil reserves. JEL Classification: F40, F30, F14, E60, N15, O53, Q40.Gulf Cooperation Council, global imbalances, sovereign wealth funds, financial stability, oil markets.

The 69 {μμ}m forsterite band in spectra of protoplanetary disks. Results from the Herschel DIGIT programme

Context. We have analysed far-infrared spectra of 32 circumstellar disks around Herbig Ae/Be and T Tauri stars obtained within the Herschel key programme Dust, Ice and Gas in Time (DIGIT). The spectra were taken with the Photodetector Array Camera and Spectrometer (PACS) on board the Herschel Space Observatory. In this paper we focus on the detection and analysis of the 69 {$μ$}m emission band of the crystalline silicate forsterite. Aims: This work aims at providing an overview of the 69 {$μ$}m forsterite bands present in the DIGIT sample. We use characteristics of the emission band (peak position and FWHM) to derive the dust temperature and to constrain the iron content of the crystalline silicates. With this information, constraints can be placed on the spatial distribution of the forsterite in the disk and the formation history of the crystalline grains. Methods: The 69 {$μ$}m forsterite emission feature is analysed in terms of position and shape to derive the temperature and composition of the dust by comparison to laboratory spectra of that band. The PACS spectra are combined with existing Spitzer IRS spectra and we compare the presence and strength of the 69 {$μ$}m band to the forsterite bands at shorter wavelengths. Results: A total of 32 disk sources have been observed. Out of these 32, 8 sources show a 69 {$μ$}m emission feature that can be attributed to forsterite. With the exception of the T Tauri star AS 205, all of the detections are for disks associated with Herbig Ae/Be stars. Most of the forsterite grains that give rise to the 69 {$μ$}m bands are found to be warm (~{}100-200 K) and iron-poor (less than ~{}2% iron). AB Aur is the only source where the emission cannot be fitted with iron-free forsterite requiring approximately 3-4% of iron. Conclusions: Our findings support the hypothesis that the forsterite grains form through an equilibrium condensation process at high temperatures. The large width of the emission band in some sources may indicate the presence of forsterite reservoirs at different temperatures. The connection between the strength of the 69 and 33 {$μ$}m bands shows that at least part of the emission in these two bands originates fom the same dust grains. We further find that any model that can explain the PACS and the Spitzer IRS observations must take the effects of a wavelength dependent optical depth into account. We find weak indications of a correlation of the detection rate of the 69 {$μ$}m band with the spectral type of the host stars in our sample. However, the sample size is too small to obtain a definitive result. Appendix A is available in electronic form at http://www.aanda.or

Infrared spectroscopy around 4micron of Seyfert 2 galaxies: Obscured broad line regions and coronal lines

The state of the matter that is obscuring a small circumnuclear region in AGN can be probed by observations of its broad emission lines. Infrared lines are particularly useful since they penetrate significant columns of obscuring matter, the properties of which can be constrained by comparing infrared and X-ray obscuration. We report on new 4um spectroscopy of a sample of 12 Seyfert 2 galaxies, probing for broad components to the Brackett alpha 4.05um line. Broad components are observed in 3 to 4 objects. All objects with a broad component exhibit relatively low X-ray obscuring columns, and our results are consistent with a Galactic ratio of 4um obscuration to the BLR and X-ray column. In combination with observations of a NON-Galactic ratio of VISUAL obscuration of BLRs and X-ray obscuring column in Seyferts, and interpreted in a unified AGN scheme, this result can be reconciled with two interpretations. Either the properties of dust near the AGN are modified towards larger grains, for example through coagulation, in a way that significantly flattens the optical/IR extinction curve, or the ratio of dust obscuration to X-ray column varies for different viewing angles with respect to the axis of symmetry of the putative torus. Our spectra also provide a survey of emission in the [SiIX] 3.94um coronal line, finding variation by an order of magnitude in its ratio to Br alpha. The first extragalactic detection of the [CaVII] 4.09um and [CaV] 4.16um coronal lines is reported in the spectrum of the Circinus galaxy.Comment: 5 figures. Accepted for publication in A&