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

Disrupters and innovators: Journeys in gender equality at UCL

Disrupters and Innovators, curated by Dr Nina Pearlman, is dedicated to a group of remarkable women whose lives and careers were shaped by what they learnt, taught and researched at UCL. Their perseverance, originality and ingenuity continue to inspire. Echoes of the challenges they faced remain today

Inpatient charges among HIV/AIDS patients in Rhode Island from 2000–2004

<p>Abstract</p> <p>Background</p> <p>Inpatient HIV/AIDS charges decreased from 1996–2000. This decrease was mainly attributable to treatment of HIV/AIDS patients with Highly Active Antiretroviral Therapy (HAART). This study aims to evaluate the trend in inpatient charges from 2000–2004.</p> <p>Methods</p> <p>Rhode Island Hospital Discharge Data (HDD) from 2000 to 2004 was used. International Classification of Disease (ICD-9) diagnosis code 042–044 was used to identify HIV/AIDS admissions. The final study population included 1927 HIV/AIDS discharges. We used a multivariable linear regression model to examine the factors associated with inflation adjusted inpatient charges.</p> <p>Results</p> <p>We found a significant increase in inpatient charges from 2000–2004 after adjusting for length of stay (LOS), gender, age, race and point of entry for hospitalization. In addition to calendar year, LOS, gender and race were also associated with inpatient charges.</p> <p>Conclusion</p> <p>HIV/AIDS inpatient charges increased after adjusting for inflation despite earlier studies that showed a decline. Our results have implications for uninsured, as well as insured HIV/AIDS patients who do not have a medical plan that covers their charges sufficiently. Future research should investigate what factors are contributing to rising inpatient charges among HIV/AIDS patients.</p

Availability, Affordability, and Accessibility of a Healthful Diet in a Low-Income Community, Central Falls, Rhode Island, 2007-2008

Background: Many Americans have diets that do not meet the dietary guidelines set by the US Department of Agriculture (USDA). Additionally, low-income people have the highest rates of obesity and have difficulty accessing the necessary foods for maintaining a healthful diet. Context: In December 2007 and January 2008, 21 retail food stores in Central Falls, Rhode Island, where residents were predominantly low-income Hispanics, were evaluated for the availability and costs of foods that fulfill the USDA's Thrifty Food Plan (TFP) guidelines. Methods: Each surveyed store was evaluated for variety and weekly cost of 3 different types of market baskets (2 families and an elder). Each store's proximity to public transportation was estimated by using geographic information systems mapping. Outcome: Only 2 stores in Central Falls and the discount supermarket in an adjacent city, Pawtucket, carried enough variety of foods to fill the TFP basket. At the 2 stores, costs were up to 40% higher, and at the discount store, costs were up to 18% cheaper, than the national average. Each of the stores was accessible by public transportation. Interpretation: Meeting the USDA TFP guidelines is difficult in this low-income, predominantly Hispanic city. Although the components of the TFP are available, high prices may make a nutritious diet unaffordable

Infrared Imaging of Capella with the IOTA Closure Phase Interferometer

We present infrared aperture synthesis maps produced with the upgraded IOTA interferometer. Michelson interferograms on the close binary system Capella (Alpha Aur) were obtained in the H-band between 2002 November 12 and 16 using the IONIC3 beam combiner. With baselines of 15m < B < 38m, we were able to determine the relative position of the binary components with milliarcsecond (mas) precision and to track their movement along the approx. 14 degree arc covered by our observation run. We briefly describe the algorithms used for visibility and closure phase estimation. Three different Hybrid Mapping and Bispectrum Fitting techniques were implemented within one software framework and used to reconstruct the source brightness distribution. By dividing our data into subsets, the system could be mapped at three epochs, revealing the motion of the stars. The precise position of the binary components was also determined with model fits, which in addition revealed I_Aa/I_Ab=1.49 +/- 0.10 and apparent stellar uniform-disk (UD) diameters of Theta_Aa=8.9 +/- 0.6 mas and Theta_Ab=5.8 +/- 0.8 mas. To improve the u, v-plane coverage, we compensated this orbital motion by applying a rotation-compensating coordinate transformation. The resulting model-independent map with a beam size of 5.4 x 2.6 mas allows the resolution of the stellar surfaces of the Capella giants themselves.Comment: Accepted by the Astronomical Journal (2005-03-21