Financial Sector Reform and Its Impact on Investment and Economic Growth: An Econometric Approach

The financial sector is central to economic development as it serves the role of intermediary by mobilising savings and subsequently allocating credit for productive activities. However, in many developing countries including Pakistan, administered interest rate, domestic credit controls, high reserve requirements, use of captive banking system to finance large budgetary requirements of the government and controls on international capital inflows have remained the main features of the monetary policy. These repressive policies had their repercussions in the form of excess liquidity with the banking system, disintermediation of cash flows, segmentation of financial markets, underdeveloped money and capital markets, etc. [McKinnon (1973) and Shaw (1973)], therefore, argued that low interest rate ceilings unduly restrict the real flow of loanable funds, thus depressing the quantity of productive investment. Financial liberalisation, on the other hand, is defined as policy measures designed to deregulate certain operations of the financial system and transform its structure with a view to achieving a liberalised market oriented system with an appropriate regulatory framework. The financial sector reforms would lead to increase in loanable funds by attracting more household savings to bank deposits due to higher interest rates. This, in turn, would result in greater investment and faster economic growth.

Perovskite-Surface-Confined Grain Growth for High-Performance Perovskite Solar Cells

The conventional post-annealing (CPA) process is frequently employed and regarded a crucial step for high-quality perovskite thin-films. However, most researchers end up with unwanted characteristics because controlling the evaporation rate of perovskite precursor solvents during heat treatment is difficult. Most perovskite thin-films result in rough surfaces with pinholes and small grains with multiple boundaries, if the evaporation of precursor solvents is not controlled in a timely manner, which negatively affects the performance of perovskite solar cells (PSCs). Here, we present a surface-confined post-annealing (SCPA) approach for controlling the evaporation of perovskite precursor solvents and promoting crystallinity, homogeneity, and surface morphology of the resulting perovskites. The SCPA method not only modulates the evaporation of residual solvents, resulting in pinhole-free thin-films with large grains and fewer grain boundaries, but it also reduces recombination sites and facilitates the transport of charges in the resulting perovskite thin-films. When the method is changed from CPA to SCPA, the power conversion efficiency of PSC improves from 18.94% to 21.59%. Furthermore, as compared to their CPA-based counterparts, SCPA-based PSCs have less hysteresis and increased long-term stability. The SCPA is a potentially universal method for improving the performance and stability of PSCs by modulating the quality of perovskite thin-films

Guidelines for Fabricating Highly Efficient Perovskite Solar Cells with Cu2O as the Hole Transport Material

Organic hole transport materials (HTMs) have been frequently used to achieve high power conversion efficiencies (PCEs) in regular perovskite solar cells (PSCs). However, organic HTMs or their ingredients are costly and time-consuming to manufacture. Therefore, one of the hottest research topics in this area has been the quest for an efficient and economical inorganic HTM in PSCs. To promote efficient charge extraction and, hence, improve overall efficiency, it is crucial to look into the desirable properties of inorganic HTMs. In this context, a simulation investigation using a solar cell capacitance simulator (SCAPS) was carried out on the performance of regular PSCs using inorganic HTMs. Several inorganic HTMs, such as nickel oxide (NiO), cuprous oxide (Cu2O), copper iodide (CuI), and cuprous thiocyanate (CuSCN), were incorporated in PSCs to explore matching HTMs that could add to the improvement in PCE. The simulation results revealed that Cu2O stood out as the best alternative, with electron affinity, hole mobility, and acceptor density around 3.2 eV, 60 cm2V−1s−1, and 1018 cm−3, respectively. Additionally, the results showed that a back electrode with high work-function was required to establish a reduced barrier Ohmic and Schottky contact, which resulted in efficient charge collection. In the simulation findings, Cu2O-based PSCs with an efficiency of more than 25% under optimal conditions were identified as the best alternative for other counterparts. This research offers guidelines for constructing highly efficient PSCs with inorganic HTMs

Investigating the evolution of apoptosis in malaria parasites: the importance of ecology

Apoptosis is a precisely regulated process of cell death which occurs widely in multicellular organisms and is essential for normal development and immune defences. In recent years, interest has grown in the occurrence of apoptosis in unicellular organisms. In particular, as apoptosis has been reported in a wide range of species, including protozoan malaria parasites and trypanosomes, it may provide a novel target for intervention. However, it is important to understand when and why parasites employ an apoptosis strategy before the likely long-and short-term success of such an intervention can be evaluated. The occurrence of apoptosis in unicellular parasites provides a challenge for evolutionary theory to explain as organisms are expected to have evolved to maximise their own proliferation, not death. One possible explanation is that protozoan parasites undergo apoptosis in order to gain a group benefit from controlling their density as this prevents premature vector mortality. However, experimental manipulations to examine the ultimate causes behind apoptosis in parasites are lacking. In this review, we focus on malaria parasites to outline how an evolutionary framework can help make predictions about the ecological circumstances under which apoptosis could evolve. We then highlight the ecological considerations that should be taken into account when designing evolutionary experiments involving markers of cell death, and we call for collaboration between researchers in different fields to identify and develop appropriate markers in reference to parasite ecology and to resolve debates on terminology.Host-parasite interactio

Lead arranger reputation and the structure of loan syndicates

This study explores the effects of information asymmetry and arranger reputations on syndicated loan structures. The moral hazard problem arising from information asymmetries between borrower and syndicate can be overcome only by the most reputable arrangers. Both moral hazard and adverse selection problems appear when arrangers have an information advantage over other syndicate participants. However, the adverse selection problem arises only when low-reputation arrangers lend to opaque borrowers

Lead-Free Perovskite Homojunction-Based HTM-Free Perovskite Solar Cells: Theoretical and Experimental Viewpoints

Simplifying the design of lead-free perovskite solar cells (PSCs) has drawn a lot of interest due to their low manufacturing cost and relative non-toxic nature. Focus has been placed mostly on reducing the toxic lead element and eliminating the requirement for expensive hole transport materials (HTMs). However, in terms of power conversion efficiency (PCE), the PSCs using all charge transport materials surpass the environmentally beneficial HTM-free PSCs. The low PCEs of the lead-free HTM-free PSCs could be linked to poorer hole transport and extraction as well as lower light harvesting. In this context, a lead-free perovskite homojunction-based HTM-free PSC was investigated, and the performance was then assessed using a Solar Cell Capacitance Simulator (SCAPS). A two-step method was employed to fabricate lead-free perovskite homojunction-based HTM-free PSCs in order to validate the simulation results. The simulation results show that high hole mobility and a narrow band gap of cesium tin iodide (CsSnI3) boosted the hole collection and absorption spectrum, respectively. Additionally, the homojunction’s built-in electric field, which was identified using SCAPS simulations, promoted the directed transport of the photo-induced charges, lowering carrier recombination losses. Homojunction-based HTM-free PSCs having a CsSnI3 layer with a thickness of 100 nm, defect density of 1015 cm−3, and interface defect density of 1018 cm−3 were found to be capable of delivering high PCEs under a working temperature of 300 K. When compared to formamidinium tin iodide (FASnI3)-based devices, the open-circuit voltage (Voc), short-circuit density (Jsc), fill factor (FF), and PCE of FASnI3/CsSnI3 homojunction-based HTM-free PSCs were all improved from 0.66 to 0.78 V, 26.07 to 27.65 mA cm−2, 76.37 to 79.74%, and 14.62 to 19.03%, respectively. In comparison to a FASnI3-based device (PCE = 8.94%), an experimentally fabricated device using homojunction of FASnI3/CsSnI3 performs better with Voc of 0.84 V, Jsc of 22.06 mA cm−2, FF of 63.50%, and PCE of 11.77%. Moreover, FASnI3/CsSnI3-based PSC is more stable over time than its FASnI3-based counterpart, preserving 89% of its initial PCE. These findings provide promising guidelines for developing highly efficient and environmentally friendly HTM-free PSCs based on perovskite homojunction