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

Interval type‑2 fuzzy aggregation operator in decision making and its application

Type-2 fuzzy sets (T2FSs) can deal with higher modeling and uncertainties which exist in the real-world application, specifically in the control systems. Particularly the climate changes are always uncertain and thus, the type-2 fuzzy controller is an effective system to handle those situations. Polyhouse is a methodology used to cultivate the plants. It breaks the seasonal hurdle of the formulation and it is also suitable for the conflictive climate conditions. Controlling and directing internal parameters of the polyhouse play an essential role in the growth of the plant. Among those, humidity is an important element when one deals with the growth of the plant in polyhouse. It affects the weather, as well as the global change of the climate and hence, the inner climate of the polyhouse will be disturbed. In this paper, operational laws for triangular interval type-2 fuzzy numbers and derived triangular interval type-2 weighted geometric (TIT2WG) operator with their desired mathematical properties using Dombi triangular norms. Also, humidity control is analyzed using interval type-2 fuzzy controller (IT2FC) with the use of derived aggregation operator which is the aim of the paper. Further stability of the system has been analyzed by applying four different defuzzification methods and the method is recommended which gives a better response

Fast complexified quaternion Fourier transform

A discrete complexified quaternion Fourier transform is introduced. This is a generalization of the discrete quaternion Fourier transform to the case where either or both of the signal/image and the transform kernel are complex quaternion-valued. It is shown how to compute the transform using four standard complex Fourier transforms and the properties of the transform are briefly discussed

Nanoscale magnetometry using a single spin system in diamond

We propose a protocol to estimate magnetic fields using a single nitrogen-vacancy (N-V) center in diamond, where the estimate precision scales inversely with time, ~1/T$, rather than the square-root of time. The method is based on converting the task of magnetometry into phase estimation, performing quantum phase estimation on a single N-V nuclear spin using either adaptive or nonadaptive feedback control, and the recently demonstrated capability to perform single-shot readout within the N-V [P. Neumann et. al., Science 329, 542 (2010)]. We present numerical simulations to show that our method provides an estimate whose precision scales close to ~1/T (T is the total estimation time), and moreover will give an unambiguous estimate of the static magnetic field experienced by the N-V. By combining this protocol with recent proposals for scanning magnetometry using an N-V, our protocol will provide a significant decrease in signal acquisition time while providing an unambiguous spatial map of the magnetic field.Comment: 8 pages and 5 figure

Pleomorphic adenoma of the nasal septum : a case report

Polypoid nasal lesions are commonly encountered in clinical practice and all should be examined histologically. The authors report a case of pleomorphic adenoma arising in the nasal septum in salivary-type tissue. The interest of this case is both in the relative rarity of the condition, and also in its being the first such report in local practice.peer-reviewe

A systematic approach to atomicity decomposition in Event-B

Event-B is a state-based formal method that supports a refinement process in which an abstract model is elaborated towards an implementation in a step-wise manner. One weakness of Event-B is that control flow between events is typically modelled implicitly via variables and event guards. While this fits well with Event-B refinement, it can make models involving sequencing of events more difficult to specify and understand than if control flow was explicitly specified. New events may be introduced in Event-B refinement and these are often used to decompose the atomicity of an abstract event into a series of steps. A second weakness of Event-B is that there is no explicit link between such new events that represent a step in the decomposition of atomicity and the abstract event to which they contribute. To address these weaknesses, atomicity decomposition diagrams support the explicit modelling of control flow and refinement relationships for new events. In previous work,the atomicity decomposition approach has been evaluated manually in the development of two large case studies, a multi media protocol and a spacecraft sub-system. The evaluation results helped us to develop a systematic definition of the atomicity decomposition approach, and to develop a tool supporting the approach. In this paper we outline this systematic definition of the approach, the tool that supports it and evaluate the contribution that the tool makes

Excitonic quasiparticles in a spin-orbit Mott insulator

In condensed matter systems, out of a large number of interacting degrees of freedom emerge weakly coupled particles, in terms of which most physical properties are described. For example, Landau quasiparticles (QP) determine all electronic properties of a normal metal. The lack of identification of such QPs is major barrier for understanding myriad exotic properties of correlated electrons, such as unconventional superconductivity and non-Fermi liquid behaviours. Here, we report the observation of a composite particle in a Mott insulator Sr2IrO4---and exciton dressed with magnons---that propagates with the canonical characteristics of a QP: a finite QP residue and a lifetime longer than the hopping time scale. The dynamics of this charge-neutral bosonic excitation mirrors the fundamental process of the analogous one-hole propagation in the background of ordered spins, for which a well-defined QP has never been observed. The much narrower linewidth of the exciton reveals the same intrinsic dynamics that is obscured for the hole and is intimately related to the mechanism of high temperature superconductivity.Comment: submitted versio