The basic analytics of access to financial services

Access to financial services, or rather the lack thereof, is often indiscriminately decried as a problem in many developing countries. The authors argue that the"problem of access"should rather be analyzed by identifying different demand and supply constraints. They use the concept of an access possibilities frontier, drawn for a given set of state variables, to distinguish between cases where a financial system settles below the constrained optimum, cases where this constrained optimum is too low, and-in credit services-cases where the observed outcome is excessively high. They distinguish between payment and savings services and fixed intermediation costs, on the one hand, and lending services and different sources of credit risk, on the other hand. The authors include both supply and demand side frictions that can lead to lower access. The analysis helps identify bankable and banked population, the binding constraint to close the gap between the two, and policies to prudently expand the bankable population. This new conceptual framework can inform the debate on adequate policies to expand access to financial services and can serve as the basis for an informed measurement of access.Banks&Banking Reform,Economic Theory&Research,Markets and Market Access,Access to Markets,Financial Intermediation

Experimental Lagrangian Acceleration Probability Density Function Measurement

We report experimental results on the acceleration component probability distribution function at $R_\lambda = 690$ to probabilities of less than $10^{-7}$. This is an improvement of more than an order of magnitude over past measurements and allows us to conclude that the fourth moment converges and the flatness is approximately 55. We compare our probability distribution to those predicted by several models inspired by non-extensive statistical mechanics. We also look at acceleration component probability distributions conditioned on a velocity component for conditioning velocities as high as 3 times the standard deviation and find them to be highly non-Gaussian.Comment: submitted for the special issue of Physica D: "Anomalous Distributions" 11 pages, 6 figures revised version: light modifications of the figures and the tex

Unilateral acute idiopathic maculopathy: angiography, optical coherence tomography and microperimetry findings

Unilateral acute idiopathic maculopathy (UAIM) is an uncommon inflammatory disease of the retinal pigment epithelium (RPE) that affects young adults. The variability of clinical features of UAIM makes the diagnosis cumbersome. We report on a 25-year-old man with sudden loss of visual acuity (VA) and a central scotoma in his right eye. Fluorescein angiography localised the lesion in the RPE. Microperimetry revealed a central scotoma extending beyond the lesion margins with complete recovery of retinal sensitivity over weeks. Optical coherence tomography at presentation showed a thickened RPE. We are unaware of previous reports of UAIM studied by microperimetry and could find no reference to it in a computerised search using MEDLINE

The energy of waves in the photosphere and lower chromosphere: III. Inversion setup for Ca II H spectra in local thermal equilibrium

The Ca II H line is one of the strongest lines in the solar spectrum and provides continuous information on the solar atmosphere from the photosphere to the lower chromosphere. We describe an inversion approach that reproduces observed Ca II H spectra assuming LTE. We developed an inversion strategy based on the SIR code. The approach uses a two-step procedure with an archive of pre-calculated spectra to fit the line core and a subsequent iterative modification to improve the fit in the line wing. Simultaneous spectra in the 630nm range can optionally be used to fix the continuum temperature. The method retrieves 1D temperature stratifications neglecting lateral radiative transport. LOS velocities are included by an empirical approach. An archive of about 300.000 pre-calculated spectra is more than sufficient to reproduce the line core of observed Ca II H spectra both in quiet Sun and in active regions. The final thermodynamical stratifications match observed and best-fit spectra to a level of about 0.5 (1) % of Ic in the line wing (core). Inversion schemes based on pre-calculated spectra allow one a reliable and relatively fast retrieval of solar properties from observed chromospheric spectra. The approach can be easily extended to an 1D NLTE case by a simple exchange of the pre-calculated archive spectra.Comment: 15 pages, 15 figures, accepted for publication in A&A. The animation will only be provided in the A&A online sectio

The energy of waves in the photosphere and lower chromosphere: IV. Inversion results of Ca II H spectra

Most static 1D atmosphere models in the quiet Sun predict a rise of the gas temperature at chromospheric layers, but numerical simulations only yield an increase in the brightness temperature. We investigate the thermal structure in the solar chromosphere as derived from an LTE inversion of Ca II H spectra in QS and active regions. We investigate the temperature stratifications on differences between magnetic and field-free regions in the QS, and between QS and ARs. We determine the energy content of individual calcium bright grains (BGs). The rms temperature fluctuations are below 100 K in the photosphere and 200-300 K in the chromosphere. The average temperature stratification in the QS does not exhibit a clear chromospheric temperature rise, opposite to the AR case. We find an energy content of about 7*10E18 J for BGs that repeat with a cadence of about 160 secs. The precursors of BGs have a vertical extent of about 200 km and a horizontal extent of about 1 Mm. The comparison of observed with synthetic NLTE profiles confirms that the solar chromosphere in the QS oscillates between an atmosphere in radiative equilibrium and one with a moderate chromospheric temperature rise. Two-dimensional x-z temperature maps exhibit nearly horizontal canopy-like structures with a few Mm extent around photospheric magnetic field concentrations at a height of about 600 km. The large difference between QS regions and ARs, and the better match of AR and non-LTE reference spectra suggest that magnetic heating processes are more important than commonly assumed. The temperature fluctuations in QS derived by the LTE inversion do not suffice on average to maintain a stationary chromospheric temperature rise. The spatially and vertically resolved information on the temperature structure allows one to investigate in detail the topology and evolution of the thermal structure in the lower solar atmosphere.Comment: 16 pages, 16 figures + 1 page Appendix, accepted by A&

Fusion excitation function revisited

We report on a comprehensive systematics of fusion-evaporation and/or fusion-fission cross sections for a very large variety of systems over an energy range 4-155 A.MeV. Scaled by the reaction cross sections, fusion cross sections do not show a universal behavior valid for all systems although a high degree of correlation is present when data are ordered by the system mass asymmetry.For the rather light and close to mass-symmetric systems the main characteristics of the complete and incomplete fusion excitation functions can be precisely determined. Despite an evident lack of data above 15A.MeV for all heavy systems the available data suggests that geometrical effects could explain the persistence of incomplete fusion at incident energies as high as 155A.MeV.Comment: 8 pages, 5 figures, contribution to the NN2012 Proceeding