On the Impact of Financial Inclusion on Financial Stability and Inequality: The Role of Macroprudential Policies

Financial Inclusion - access to financial products by households and firms - is one of the main albeit challenging priorities, both for Advanced Economies (AEs) as well as Emerging Markets (EMs), even more so for the latter. Financial inclusion facilitates consumption smoothing, lowers income inequality, enables risk diversification, and tends to positively affect economic growth. Financial stability is another rising priority among policy makers. This is evident in the re-emergence of macroprudential policies after the global financial crisis, minimizing systemic risk, particularly risks associated with rapid credit growth. However, there are significant policy tradeoffs that could exist between both financial inclusion and financial stability, with mixed evidence on the link between the two objectives. Given the importance of macroprudential policies as a toolbox to achieve financial stability, we examine the impact of macroprudential policies on financial inclusion - a potential cause for financial instability if not carefully implemented. Using panel regressions for 67 countries over the period 2000-2014, our results point to mixed effects of macroprudential policies. The usage (and tightening) of some tools, such as the debt-to-income ratio, appear to reduce financial inclusion whereas others, such as the required reserve ratio (RRR), increase it. Specifically, both institutional quality and financial development appear to increase the effectiveness of macroprudential policies on financial inclusion. Institutional quality helps macroprudential policies boost financial inclusion, with mixed effects as a result of financial development, but the results are more significant when we include either institutional quality or financial development. This leads us to believe that macroprudential policies conditional on better institutional quality and financial development improves financial inclusion. This has important policy implications for financial stability

Pulse Morphology of the Galactic Center Magnetar PSR J1745-2900

We present results from observations of the Galactic Center magnetar, PSR J1745-2900, at 2.3 and 8.4 GHz with the NASA Deep Space Network 70 m antenna, DSS-43. We study the magnetar's radio profile shape, flux density, radio spectrum, and single pulse behavior over a ~1 year period between MJDs 57233 and 57621. In particular, the magnetar exhibits a significantly negative average spectral index of $\langle\alpha\rangle$ = -1.86 $\pm$ 0.02 when the 8.4 GHz profile is single-peaked, which flattens considerably when the profile is double-peaked. We have carried out an analysis of single pulses at 8.4 GHz on MJD 57479 and find that giant pulses and pulses with multiple emission components are emitted during a significant number of rotations. The resulting single pulse flux density distribution is incompatible with a log-normal distribution. The typical pulse width of the components is ~1.8 ms, and the prevailing delay time between successive components is ~7.7 ms. Many of the single pulse emission components show significant frequency structure over bandwidths of ~100 MHz, which we believe is the first observation of such behavior from a radio magnetar. We report a characteristic single pulse broadening timescale of $\langle\tau_{d}\rangle$ = 6.9 $\pm$ 0.2 ms at 8.4 GHz. We find that the pulse broadening is highly variable between emission components and cannot be explained by a thin scattering screen at distances $\gtrsim$ 1 kpc. We discuss possible intrinsic and extrinsic mechanisms for the magnetar's emission and compare our results to other magnetars, high magnetic field pulsars, and fast radio bursts.Comment: 18 pages, 12 figures, Accepted for publication in ApJ on 2018 August 30. v2: Updated to match published versio

Perinatal aspects on the covid-19 pandemic: a practical resource for perinatal-neonatal specialists.

BackgroundLittle is known about the perinatal aspects of COVID-19.ObjectiveTo summarize available evidence and provide perinatologists/neonatologists with tools for managing their patients.MethodsAnalysis of available literature on COVID-19 using Medline and Google scholar.ResultsFrom scant data: vertical transmission from maternal infection during the third trimester probably does not occur or likely it occurs very rarely. Consequences of COVID-19 infection among women during early pregnancy remain unknown. We cannot conclude if pregnancy is a risk factor for more severe disease in women with COVID-19. Little is known about disease severity in neonates, and from very few samples, the presence of SARS-CoV-2 has not been documented in human milk. Links to websites of organizations with updated COVID-19 information are provided. Infographics summarize an approach to the pregnant woman or neonate with suspected or confirmed COVID-19.ConclusionsAs the pandemic continues, more data will be available that could lead to changes in current knowledge and recommendations

Ariel - Volume 3 Number 2

Editors Richard J. Bonanno Robin A. Edwards Associate Editors Steven Ager Stephen Flynn Tom Williams Lay-out Editor Eugenia Miller Contributing Editors Paul Bialas Milton Packer Robert Breckenridge Lynne Porter Mark Pearlman Terry Burt Mike Leo Editors Emeritus Delvyn C. Case, Jr. Paul M. Fernhof