Papers by Jean-Claude Maswana
Value in Health, Nov 1, 2016
discrete choice data was used. The comparison between the models was performed using the criteria... more discrete choice data was used. The comparison between the models was performed using the criteria of logical consistency, goodness of fit, and parsimony. Results: From 1056 participants who completed the interview, 2 met criteria that excluded them from the primary analyses. The characteristics of remaining 1054 respondents were very similar to those of the Indonesian population. Descriptive analysis showed that anxiety/depression and pain/discomfort are the two dimensions with most reported health problems. In the value set, values are ranged from-0.8506 for health state 55555 to 0,9426 for health state 11112. Mobility dimension affects most quality of life utility values, while Pain and Discomfort the least. Comparisons with healthy states values in other countries, and associations with demographic characteristics will be presented. ConClusions: This is the first value set of the EQ-5D-5L for Indonesia, and Indonesian preference on health states. We expect our survey to promote and facilitate research on health economic evaluations in Indonesia. PHP36 Cost Variations of inPatient, DayCare anD outPatient HysterosCoPy in a tertiary-Care HosPital in Malaysia
The determination of the causal pattern among inflation, money growth, and exchange rate has impo... more The determination of the causal pattern among inflation, money growth, and exchange rate has important implications for policymakers regarding appropriate stabilization policies in developing economies. Using Congolese data where the pace of broad money growth and hyperinflation (23,760% annual change) reached record levels in early 1990s, we use single-equation multivariate autoregressive models with the optimal lag selected using Hsiao's approach to Granger causality. Results indicate feedback causality between inflation and money growth on one side, and unidirectional Granger causality from money growth to the exchange rate and from the exchange rate to inflation on the other. These results suggest that the overriding goal of disinflation needs to be accomplished initially by exchange rate stabilization, followed by a direct inflation targeting.
Journal of African Studies, 2002
With the end of the Cold War, Africa is no longer an ideological and strategic battleground where... more With the end of the Cold War, Africa is no longer an ideological and strategic battleground where countries receive foreign assistance regardless of their record on governance and development. Globalization and new technologies have shifted developmental paradigm in such direction that Africa has found itself marginalized from the economic gateway, increasing thus a significant threat in its development agenda. Under this context, numerous integration initiatives have emerged as responses to this new challenge. The latest is the African Union when the effective proclamation took place on May 26th 2001, followed by its official approval by African Head of States in replacement of the OAU (Organization for African Unity, created in 1963) in July 9-11 th 2001 at a summit meeting in Lusaka. Along with monetary union, the Africa Union expects to establish a series of financial institutions including the central bank, the African Monetary Fund and the African Investment Bank.
Low savings rates in developing countries limit the effectiveness of the local financial sector i... more Low savings rates in developing countries limit the effectiveness of the local financial sector in providing funding for entrepreneurship development. However, the sheer size and the relative stability of migrants’ remittances to developing countries could be essential in filling this savings gap and fostering formal entrepreneurship development. This paper investigates how local financial sector development serves as a mechanism for positioning a country to take advantage of increasing remittances inflow and channeling them towards formal entrepreneurship development. The paper deviates from the previous studies that assess the combined impact of remittances and financial development on the general economic growth by focusing on formal entrepreneurship development while excluding the informal sector that accounts for large portions of GDP in developing countries. We use a new dataset on new business density in 79 remittance-receiving countries to measure formal entrepreneurship fro...
Global Economic Review, 2009
... This view is supported by Goldsmith (1969) and Patrick (1966). ... Standard Empirical Framewo... more ... This view is supported by Goldsmith (1969) and Patrick (1966). ... Standard Empirical Framework Drawing from Pagano (1993) and Bailliu (2000), the relationship between capital flows and growth can be examined using a simple endogenous-growth AK model. ...
African and Asian Studies, 2009
ABSTRACT
Resumé Sur la base de plusieurs faits stylisés, cet article recours à deux approches auto-régress... more Resumé Sur la base de plusieurs faits stylisés, cet article recours à deux approches auto-régressif vectoriels (VAR) sur données de panel ainsi que sur une représentation à effet de seuil (M-TAR et M-SETAR) dans le but d'analyser l'interdépendance/dépendance des économies africaines envers principalement les États-Unis dans le cadre du rééquilibrage des comptes courants mondiaux. Nos résultats montrent que le revenu national (RN) de l'Afrique est susceptible de réagir négativement aux effets de la réduction des déséquilibres des comptes courants des USA et de la Chine, pendant que les chocs inhérents peuvent représenter une fraction significative de la variance du RN de l'Afrique. Bien que la présence de la Chine devrait compenser la baisse de la demande des États-Unis, nos résultats indiquent toujours que le rééquilibrage des comptes courants présente des risques pour les perspectives de croissance de l'Afrique. Les résultats montrent aussi que l'investissem...
China‘s strong economic performance and its financial development outcomes are extremely difficul... more China‘s strong economic performance and its financial development outcomes are extremely difficult to reconcile with the dominant verdict that its financial system is seriously inefficient. Using an evolutionary perspective as a metaphor, this essay offered suggestions that adaptive efficiency criteria may help solve the apparent puzzle. An adaptive efficiency criterion offers conceptual as well as methodological approaches to resolving this puzzle and contradiction. The essay‘s discussions reveal that much of what critics cite as intermediation inefficiencies –non performing loans, directed credit allocation – are, in fact, a dissipative energy generating required spillovers fuelling the entire system. From this perspective, the essay argues that the relevant evaluation criterion for the Chinese financial system would be ―adaptive efficiency‖, instead of the conventional allocative one. This arises since China is an emerging economic system characterized primarily by state-owned fi...
The present paper presents a hypothetical endeavour on the claim that China is a particularly rap... more The present paper presents a hypothetical endeavour on the claim that China is a particularly rapacious neocolonialist in its interactions with individual African countries. Taking a trade-dependency perspective and using trade composition and relative trade intensity analysis, the most salient finding is that ten African countries (Angola, the Sudan, the D.R. Congo, the Republic of the Congo, Gabon, Chad, Zambia, Mauritania, the Central African Republic, and Equatorial Guinea) have a high relative trade intensity index with respect to China, implying that they are now locked into a relationship of dependency on China. Given the lack of a commonly accepted or an entirely consistent definition of colonialism, this trade dependency could be seen by some critics as reminiscence of the colonial interactions. Taking to the extreme and in an analogy to the Berlin Conference of 1885 that set African borders, these results suggest that these ten countries are becoming what could be termed &...
The determination of the causal pattern among inflation, money growth, and exchange rate has impo... more The determination of the causal pattern among inflation, money growth, and exchange rate has important implications for policymakers regarding appropriate stabilization policies in developing economies. Using Congolese data where the pace of broad money growth and hyperinflation (23,760 % annual change) reached record levels in early 1990s, we use single−equation multivariate autoregressive models with the optimal lag selected using Hsiaofs approach to Granger causality. Results indicate feedback causality between inflation and money growth on one side, and unidirectional Granger causality from money growth to the exchange rate and from the exchange rate to inflation on the other. These results suggest that the over−riding goal of disinflation needs to be accomplished initially by exchange rate stabilization, followed by a direct inflation targeting.
The present paper draws heavily on the existing empirical literature and compares Asian (mainly t... more The present paper draws heavily on the existing empirical literature and compares Asian (mainly the high-performing economies) and African economies to illuminate the patterns of economic development as they developed since the 1960s. The discussion points to strong physical and human capital accumulation as well as pro-export policies, international favorable attitude and social capital as main reasons behind the HPAEs ‘ successful development. Quite the opposite, SSA have found itself trapped into economic stagnation since the mid-1970s and culminated in steadily declining living standards. The extent of the Asian–African divergence can also be found in agriculture productivity, manufacturing growth and exports. The paper concludes with distinctive patterns of the two regions‘ development, respectively termed as a ―self-consistent development model ‖ for the HPAEs, in opposition to the Africa pattern: the ―inconsistent development model‖. Furthermore, the paper argues that the inf...
The determination of the causal pattern among inflation, money growth, and exchange rate has impo... more The determination of the causal pattern among inflation, money growth, and exchange rate has important implications for policymakers regarding appropriate stabilization policies in developing economies. Using Congolese data where the pace of broad money growth and hyperinflation (23,760 % annual change) reached record levels in early 1990s, we use single-equation multivariate autoregressive models with the optimal lag selected using Hsiao’s approach to Granger causality. Results indicate feedback causality between inflation and money growth on one side, and unidirectional Granger causality from money growth to the exchange rate and from the exchange rate to inflation on the other. These results suggest that the over-riding goal of disinflation needs to be accomplished initially by exchange rate stabilization, followed by a direct inflation targeting.
What began as the subprime mortgage turbulence in the U.S. in 2007 turned into a world financial ... more What began as the subprime mortgage turbulence in the U.S. in 2007 turned into a world financial crisis and economic recession in developed economies in 2008 before unfolding as a development crisis in Africa in 2009. These three facets of the current global financial and economic turmoil are symptomatic of certain underlying globoeconomic anachronisms that have marked the world economy in recent years. Such anachronisms include particular contributing causes of the ongoing global financial crisis, notably global macroeconomic imbalances (e.g., the savings glut hypothesis), securitization, leverage, financialization (an imbalance between finance and the real economy and search for yield), and financial innovations. Viewed simplistically, the current crisis in global financial markets is merely the manifestation of the financialization of the global economy and the collapse of two intertwined bubbles—credit and housing.
Despite the central role imitation has played in development and technology catching-up, it has r... more Despite the central role imitation has played in development and technology catching-up, it has received only modest attention in explanations of economic growth (Niosi, 2012). Even more worrisome, little empirical research exists on the extent to which such imitation has occurred via trade and how this affects economic growth (Datta and Mohtadi, 2005). The lack of empirical research on this critical issue stems from data constraints associated with the concept and practice of imitation. The study aims at quantifying the effects of trade-induced technology imitation (proxied by the share of imports in the ?easy imitation? SITC category) on economic growth in Africa, using a production function approach in a panel system-GMM estimator. Indicators of trade-induced technology imitation have been built on the Standard International Trade Classification (SITC) using raw data from the United Nations? COMTRADE Statistics. Findings suggest that economic growth tends to be greater in countri...
The Journal of Pan-African Studies, 2015
Introduction Underlying the European motives for colonial expansion into Africa was the pursuit o... more Introduction Underlying the European motives for colonial expansion into Africa was the pursuit of mineral wealth and territorial conquest. The conference at Berlin (1885) provided the ground rules for such territorial scramble: States claiming territory would have to produce proof of economic and infrastructure development in the region claimed. Clearly, from the outset of the colonization of Africa, the drawing of borders was associated with mineral exploitation and infrastructure development. Not surprisingly, China's thirst for African minerals and the concomitant infrastructure development, exacerbated by the heavy and growing reliance of Africa on China for financing of its infrastructure needs, have been painted as being nothing but a new form of colonialism (a). For instance, during a tour of Africa in 2012, then-U.S. Secretary of State Hillary Clinton denounced China for displaying traits of "new colonialism" in Africa (quoted in Krause-Jackson 2011). Other mo...
Development and Comp Systems, 2005
Focused on the case of China’s financial development, the present discursive essay sets out to ar... more Focused on the case of China’s financial development, the present discursive essay sets out to argue that if the Chinese financial system distorted the allocation of funds then economic growth could not be sustained and financial depth would remain deficient. The essay puts forward selected financial facts and policies, discusses their relevance in the particular context of China’s economic development goals and concludes that although the Chinese financial system is not developed according to the standards of industrialized countries, financial intermediation has nevertheless been efficient in terms of promoting savings and credit to the extent that might have been good enough to facilitate economic growth. Furthermore, in order to reconcile China’s financial efficiency-growth apparent paradox, the essay supports the view that analyzing China’s financial system using market-based standards may not be valid.
Applied Econometrics and International Development, 2013
This study investigated the resource-growth nexus in Africa through an attempt to empirically rec... more This study investigated the resource-growth nexus in Africa through an attempt to empirically reconcile the traditional resource curse literature with the role of technological progress as described in endogenous growth version of international trade literature. Using variables proposed to be associated with the occurrence of the curse within a panel growth model, the paper provides evidence that indeed insufficient technological progress (proxy by the share of technology embedded imports) explains the occurrence of resource curse (the negative correlation in resource-growth nexus) in the long run although the opposite effect also detected in the short run. Remarkably, while the long and short-run signs in the resource-growth nexus accord with some previous literature, our findings go a step further in explaining the negative association in the long run by the presence of slow technological progress instead of ignoring it as it is the case in conventional resource curse literature. ...
This essay has explored the validity of Marxist dependency theories in the context of the emergin... more This essay has explored the validity of Marxist dependency theories in the context of the emerging China-Africa trade and economic relations. Whereas dependency theory assumes that economic domination runs across north-south geoeconomic patterns, this discussion has shown that the China-Africa economic links represent a distinct south-south dialectic occurring in an emerging new global economic configuration marked by a technology gap. Therefore, the discussion fails to support the idea that China’s involvement in Africa is of a conventional center-periphery type; which suggests the existence of nonexploitative, tough dependent, trade features. This dependence implies that external factors and decisions (included those related to China) also determine the real level of development in the Africa. Also worth mentioning is that for the first time Africa is drastically shifting its trade pattern away from its colonial framework: it too is becoming linked to a rapidly changing economy. S...
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Papers by Jean-Claude Maswana