Invariant Two-Component Structure of the Repeatable Battery for the Assessment of Neuropsychological Status (RBANS)

The Repeatable Battery for the Assessment of Neuropsychological Status is a brief neurocognitive instrument used to evaluate cognitive functioning in clinical settings. Prior investigations of the factor structure have revealed subtle differences across samples. It was hypothesized that these differences are primarily the result of methodological decisions made by researchers. The present study utilized empirically supported extraction criteria (parallel analysis; minimum average partial procedure) and uniformly investigated 5 samples. RBANS data from 4 previously published studies (Carlozzi, Horner, Yang, & Tilley, 2008; Duff, Hobson, Beglinger, & O\u27Bryant, 2010; Duff et al., 2006; Wilde, 2006) were reanalyzed, and a new clinical sample was obtained from the Gundersen Health System Memory Center. The congruence of factor structures was investigated by conducting orthogonal vector matrix comparisons (Barrett, 2005), and a robust 2-factor structure reliably emerged across samples. The invariant RBANS 2-factor structure primarily emphasized memory and visuospatial functioning. This finding offered further support for a 2-factor RBANS structure identified in previous studies and additionally provided empirical documentation of replication across diverse samples. Due to the expansive use of the RBANS, this psychometric knowledge has significant clinical implications. It should facilitate accurate interpretation of test data and allow clinicians to make more informed decisions regarding whether the instrument is appropriate to use in various clinical settings

Real and Monetary Policy Convergence: EMU Crisis to the CFA Zone

A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones. In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. We also provide the speed of convergence and time required to achieve a 100% convergence. But for financial intermediary size within the CFA zone, findings for the most part support only unconditional convergence. There is no form of convergence within the CEMAC zone. The broad insignificance of conditional convergence results have substantial policy implications. Monetary and real policies which are often homogenous for member states are thwarted by heterogeneous structural and institutional characteristics which give rise to different levels and patterns of financial intermediary development. Therefore member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies

Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis

Purpose – A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach – In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100%) convergence are then computed from the estimations. Findings – Findings suggest overwhelming lack of convergence: (1) initial conditions for financial development are different across countries; (2) fundamental characteristics as common monetary policy initiatives and IMF backed financial reform programs are implemented differently across countries; (3) there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; (4) institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; (5) absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence. Practical implications – As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs. Originality/value – It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions

African Financial Development Dynamics: Big Time Convergence

In the first critical assessment of convergence in financial development dynamics in Africa, we find overwhelming support for integration. The empirical evidence is premised on 11 homogenous panels based on regions(Sub-Saharan and North Africa), income-levels(low, middle, lower-middle and upper-middle), legal-origins(English common-law and French civil-law) and religious dominations(Christianity and Islam). We examine convergence in financial intermediary dynamics of depth, efficiency, activity and size. Findings suggest that countries with small-sized financial intermediary depth, efficiency, activity and size are catching-up with countries with large-sized financial intermediary depth, efficiency, activity and size respectively. We also provide the speeds of convergence and time necessary to achieve a full(100%) convergence. As a policy implication African governments should not relent in structural and institutional reforms