Impact of Monetary Uncertainty and Economic Uncertainty on Money Demand in Africa

This dissertation investigates the role that economic uncertainties and monetary uncertainties play in the money demand function for 21 African countries. The Auto-regressive Distributive Lag (ARDL) and F-test approach are employed using quarterly time series data covering the period from 1971I-2012IV. In particular, this paper aims to demonstrate both short and long-run relationships between the dependent variables, Real Money Aggregate (M2), and the independent variables that include real income (Y), inflation rate nominal effective exchange rate (NEX), output uncertainty (VY), and monetary uncertainty (VM). We apply GARCH methodology to approximate the uncertainty measures. The empirical results show that except for Egypt, monetary VM and VY have significant short-run as well as long-run effects on money demand in all the countries, with some variables carrying negative or positive coefficient. We find that the coefficients of Y in all the countries is positive while that of and NEX are negative, implying depreciation of domestic currency decreases demand for money. The results also indicate that CUSUM and CUSUMSQ test are stable, thus M2 is stable in all the countries except Egyp

M & L Jaargang 2/3

RedactioneelM. Strobbe Het landschap van de Zwinstreek. [The Zwin landscape north of Bruges.]Guido Ostyn De Zwinbosjes te Knokke-Heist. [The Zwinbosjes in Knokke-Heist.]M. Goossens en D. Mostaert (architectenbureau Dugardijn)/M. Goossens De restauratie van de Grooten Vos in Bugge en het Wyckhuuse in Alveringem. [The restoration of the Grooten Vos in Bruges and the Wyckhuuse in Alveringem.]Luc Devliegher De restauratie van het stadhuis te Damme. [The restoration of the town hall of Damme.]Mimy Neirynck-de Schaepdryver Enkele elementaire maatregelen voor een goede bewaring van boeken en grafische documenten. [Elementary measures for the preservation of books and graphic documents.]SummaryM&L Binnenkran

Altered perivascular fibroblast activity precedes ALS disease onset

Apart from well-defined factors in neuronal cells1, only a few reports consider that the variability of sporadic amyotrophic lateral sclerosis (ALS) progression can depend on less-defined contributions from glia2,3 and blood vessels4. In this study we use an expression-weighted cell-type enrichment method to infer cell activity in spinal cord samples from patients with sporadic ALS and mouse models of this disease. Here we report that patients with sporadic ALS present cell activity patterns consistent with two mouse models in which enrichments of vascular cell genes preceded microglial response. Notably, during the presymptomatic stage, perivascular fibroblast cells showed the strongest gene enrichments, and their marker proteins SPP1 and COL6A1 accumulated in enlarged perivascular spaces in patients with sporadic ALS. Moreover, in plasma of 574 patients with ALS from four independent cohorts, increased levels of SPP1 at disease diagnosis repeatedly predicted shorter survival with stronger effect than the established risk factors of bulbar onset or neurofilament levels in cerebrospinal fluid. We propose that the activity of the recently discovered perivascular fibroblast can predict survival of patients with ALS and provide a new conceptual framework to re-evaluate definitions of ALS etiology

Medische vorming: de opleiding tot arts

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