... H0E: There were no DGPRICE asymmetric effects on return volatilities (ie, 3 4 φ = φ ). In the... more ... H0E: There were no DGPRICE asymmetric effects on return volatilities (ie, 3 4 φ = φ ). In the ensuing presentation of results, the natural alternatives to the above null hypotheses are respectively denoted H1A, H1B, H1C, H1D and H1E. ... Unrejected Hypothesis Stocks No. ...
Four decades after the introduction of the capital asset pricing model (CAPM), and close to three... more Four decades after the introduction of the capital asset pricing model (CAPM), and close to three decades after that of the arbitrage pricing theory (APT) model, both models continue to attract the attention of academics, quantitatively inclined financial analysts, financial engineers and investors.
... For instance, Jensen and Johnson (1993) and Gulley and Sultan (2003) documented an inverse re... more ... For instance, Jensen and Johnson (1993) and Gulley and Sultan (2003) documented an inverse relationship between stock prices and the discount rate, while expansionary monetary policy was noted to lower ... Number of Stocks % of Stocks Industry ASLI Sample ALSI Sample ...
This paper explores the structure of volatility on the JSE Securities Exchange of South Africa by... more This paper explores the structure of volatility on the JSE Securities Exchange of South Africa by employing ARCH-type models. Although the evidence suggests that volatility is prevalent on this market, it is established that the effects of shocks on volatility are symmetric, and that volatility is not a commonly priced factor. Hence, the standard GARCH(1,1) model provides the best description of the return dynamics relative to its complex augmentations. Further, application of the BDS test shows that the model significantly, but less than fully, accounts for non-linearities in the series.
The Partnerships for Health Reform (PHR) Project seeks to improve people’s health in low- and mid... more The Partnerships for Health Reform (PHR) Project seeks to improve people’s health in low- and middle-income countries by supporting health sector reforms that ensure equitable access to efficient, sustainable, quality health care services. In partnership with local stakeholders, PHR promotes an integrated approach to health reform and builds capacity in the following key areas: Better informed and more participatory policy processes in health sector reform; More equitable and sustainable health financing systems; Improved incentives within health systems to encourage agents to use and deliver efficient and quality health services; and Enhanced organization and management of health care systems and institutions to support specific health sector reforms. PHR advances knowledge and methodologies to develop, implement, and monitor health reforms and their impact, and promotes the exchange of information on critical health reform issues.
This paper analyses how financial reforms, financial development and trade flows are related in s... more This paper analyses how financial reforms, financial development and trade flows are related in seventeen selected Eastern and Southern African countries. The paper measures trade flows in terms of the shares of exports and imports in world totals for each country, while financial development is proxied by domestic credit to the private sector as a proportion of GDP. A trend analysis of these variables is buttressed by the computation of correlation coefficients. The overall outcome is that financial reforms can be supported as catalysts for financial development which leads to increases in the flows of merchandise trade among ESA countries. The associations appear stronger for exports than they are for imports. However, the exact nature of the associations (as well as their implications on trade balances) tend to vary across countries.
The objective of this research project was to assess the effects of monetary policy in Malawi by ... more The objective of this research project was to assess the effects of monetary policy in Malawi by tracing the channels of its transmission mechanism. In particular, the study set out to provide empirical evidence for a measure of the stance of monetary policy, while taking cognisance of several factors that characterise the economy of Malawi: market imperfections, fiscal dominance and vulnerability to external shocks, among others. Within the environment of vector autoregressive (VAR) modelling, this study conducted Granger-causality and block exogeneity tests, as well as innovation accounting analyses, in order to elucidate the dynamic interrelationships among monetary policy, financial variables and prices in Malawi. The study found that there was lack of unequivocal evidence in support of any of the conventional channels of the monetary policy transmission mechanism, and that the exchange rate was the single most important variable in predicting prices. Further work could explore ...
Page 1. Abt Associates Inc. ∎ 4800 Montgomery Lane, Suite 600 Bethesda, Maryland 20814 ∎ Tel: 301... more Page 1. Abt Associates Inc. ∎ 4800 Montgomery Lane, Suite 600 Bethesda, Maryland 20814 ∎ Tel: 301/913-0500 ∎ Fax: 301/652-3916 In collaboration with: Development Associates, Inc. ∎ Harvard School of Public Health ...
This article establishes that the bilateral Real Exchange Rates (RERs) of the Malawi kwacha mostl... more This article establishes that the bilateral Real Exchange Rates (RERs) of the Malawi kwacha mostly follow a nonlinear trend-stationary process in line with the Purchasing Power Parity (PPP) hypothesis. The argument that the PPP hypothesis may be enhanced by the geographical proximity of countries is partially supported.
This paper is a synthesis of a case study of provider and consumer costs, along with selected qua... more This paper is a synthesis of a case study of provider and consumer costs, along with selected quality indicators, for six maternal health services provided at one public hospital, one mission hospital, one public health centre and one mission centre, in Uganda, Malawi and Ghana. The study examines the costs of providing the services in a selected number of facilities in order to examine the reasons behind cost differences, assess the efficiency of service delivery, and determine whether management improvements might achieve cost savings without hurting quality. This assessment is important to African countries with ambitious goals for improving maternal health but scarce public health resources and limited government budgets. The study also evaluates the costs that consumers pay to use the maternal health services, along with the contribution that revenues from fees for services make to recovering health facility costs. The authors find that costs differ between hospitals and health centres as well as among mission and public facilities in the study sample. The variation is explained by differences in the role of the facility, use and availability of materials and equipment, number and level of personnel delivering services, and utilization levels of services. The report concludes with several policy implications for improvements in efficiency, financing options and consumer costs.
... H0E: There were no DGPRICE asymmetric effects on return volatilities (ie, 3 4 φ = φ ). In the... more ... H0E: There were no DGPRICE asymmetric effects on return volatilities (ie, 3 4 φ = φ ). In the ensuing presentation of results, the natural alternatives to the above null hypotheses are respectively denoted H1A, H1B, H1C, H1D and H1E. ... Unrejected Hypothesis Stocks No. ...
Four decades after the introduction of the capital asset pricing model (CAPM), and close to three... more Four decades after the introduction of the capital asset pricing model (CAPM), and close to three decades after that of the arbitrage pricing theory (APT) model, both models continue to attract the attention of academics, quantitatively inclined financial analysts, financial engineers and investors.
... For instance, Jensen and Johnson (1993) and Gulley and Sultan (2003) documented an inverse re... more ... For instance, Jensen and Johnson (1993) and Gulley and Sultan (2003) documented an inverse relationship between stock prices and the discount rate, while expansionary monetary policy was noted to lower ... Number of Stocks % of Stocks Industry ASLI Sample ALSI Sample ...
This paper explores the structure of volatility on the JSE Securities Exchange of South Africa by... more This paper explores the structure of volatility on the JSE Securities Exchange of South Africa by employing ARCH-type models. Although the evidence suggests that volatility is prevalent on this market, it is established that the effects of shocks on volatility are symmetric, and that volatility is not a commonly priced factor. Hence, the standard GARCH(1,1) model provides the best description of the return dynamics relative to its complex augmentations. Further, application of the BDS test shows that the model significantly, but less than fully, accounts for non-linearities in the series.
The Partnerships for Health Reform (PHR) Project seeks to improve people’s health in low- and mid... more The Partnerships for Health Reform (PHR) Project seeks to improve people’s health in low- and middle-income countries by supporting health sector reforms that ensure equitable access to efficient, sustainable, quality health care services. In partnership with local stakeholders, PHR promotes an integrated approach to health reform and builds capacity in the following key areas: Better informed and more participatory policy processes in health sector reform; More equitable and sustainable health financing systems; Improved incentives within health systems to encourage agents to use and deliver efficient and quality health services; and Enhanced organization and management of health care systems and institutions to support specific health sector reforms. PHR advances knowledge and methodologies to develop, implement, and monitor health reforms and their impact, and promotes the exchange of information on critical health reform issues.
This paper analyses how financial reforms, financial development and trade flows are related in s... more This paper analyses how financial reforms, financial development and trade flows are related in seventeen selected Eastern and Southern African countries. The paper measures trade flows in terms of the shares of exports and imports in world totals for each country, while financial development is proxied by domestic credit to the private sector as a proportion of GDP. A trend analysis of these variables is buttressed by the computation of correlation coefficients. The overall outcome is that financial reforms can be supported as catalysts for financial development which leads to increases in the flows of merchandise trade among ESA countries. The associations appear stronger for exports than they are for imports. However, the exact nature of the associations (as well as their implications on trade balances) tend to vary across countries.
The objective of this research project was to assess the effects of monetary policy in Malawi by ... more The objective of this research project was to assess the effects of monetary policy in Malawi by tracing the channels of its transmission mechanism. In particular, the study set out to provide empirical evidence for a measure of the stance of monetary policy, while taking cognisance of several factors that characterise the economy of Malawi: market imperfections, fiscal dominance and vulnerability to external shocks, among others. Within the environment of vector autoregressive (VAR) modelling, this study conducted Granger-causality and block exogeneity tests, as well as innovation accounting analyses, in order to elucidate the dynamic interrelationships among monetary policy, financial variables and prices in Malawi. The study found that there was lack of unequivocal evidence in support of any of the conventional channels of the monetary policy transmission mechanism, and that the exchange rate was the single most important variable in predicting prices. Further work could explore ...
Page 1. Abt Associates Inc. ∎ 4800 Montgomery Lane, Suite 600 Bethesda, Maryland 20814 ∎ Tel: 301... more Page 1. Abt Associates Inc. ∎ 4800 Montgomery Lane, Suite 600 Bethesda, Maryland 20814 ∎ Tel: 301/913-0500 ∎ Fax: 301/652-3916 In collaboration with: Development Associates, Inc. ∎ Harvard School of Public Health ...
This article establishes that the bilateral Real Exchange Rates (RERs) of the Malawi kwacha mostl... more This article establishes that the bilateral Real Exchange Rates (RERs) of the Malawi kwacha mostly follow a nonlinear trend-stationary process in line with the Purchasing Power Parity (PPP) hypothesis. The argument that the PPP hypothesis may be enhanced by the geographical proximity of countries is partially supported.
This paper is a synthesis of a case study of provider and consumer costs, along with selected qua... more This paper is a synthesis of a case study of provider and consumer costs, along with selected quality indicators, for six maternal health services provided at one public hospital, one mission hospital, one public health centre and one mission centre, in Uganda, Malawi and Ghana. The study examines the costs of providing the services in a selected number of facilities in order to examine the reasons behind cost differences, assess the efficiency of service delivery, and determine whether management improvements might achieve cost savings without hurting quality. This assessment is important to African countries with ambitious goals for improving maternal health but scarce public health resources and limited government budgets. The study also evaluates the costs that consumers pay to use the maternal health services, along with the contribution that revenues from fees for services make to recovering health facility costs. The authors find that costs differ between hospitals and health centres as well as among mission and public facilities in the study sample. The variation is explained by differences in the role of the facility, use and availability of materials and equipment, number and level of personnel delivering services, and utilization levels of services. The report concludes with several policy implications for improvements in efficiency, financing options and consumer costs.
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Papers by Ronald Mangani