Search results for "Rationing"
showing 10 items of 33 documents
Allocation of scarce critical care resources during public health emergencies: which ethical principles support decision making.
2022
Aim: To investigate whether and how ten ethical principles are mentioned within documents on critical care resources allocation during public health emergencies. Materials and Methods: We conducted a search of documents con-cerning critical resources allocation during public emergencies publicly available from Google and two specific international websites, up to November 2020. Each document was analyzed by two independent reviewers to assess whether a reference to any of the 10 key ethical principles indicated by the Northern Italy Ethical Committee could be found in the documents. Cohen's K statistic was used. Results: We obtained 34 documents, of which 19 were allocation frameworks, 15 c…
Financing successful small business projects
2014
Purpose – The current credit rationing strongly influences the viability of SMEs innovation projects. In this context, the practice of screening borrowers by project success probability has become a paramount consideration for both lenders and firms. The aim of this paper is to test the screening role of loan contracts that consider collateral-interest margins simultaneously. Design/methodology/approach – This paper presents an empirical analysis that uses a unique data set composed of 323 bank loans granted by 28 banks to SMEs backed by a Spanish Mutual Guarantee Institution. Findings – The results show that appropriate combinations of collateral and interest rates can distinguish between…
Optimal lending contracts
2016
This paper deals with financial contracting between a lender and a borrower with a project to finance. The borrower is protected by limited liability. We consider that the revenue from the project is observable and verifiable but its distribution is influenced by both the borrower’s choice of action and the project’s quality, which are private information. We find that debt contracts are endogenously optimal, as under moral hazard alone. Moreover, while moral hazard leads to credit rationing for the lowest-quality projects only, adding adverse selection creates a bang-bang result: either all projects or none are credit rationed.
The Impact of Financial Arrangements and Institutional Form on Housing Prices
2009
Published version of an article from the journal: The Journal of Real Estate Finance and Economics. Also available on SpringerLink: http://dx.doi.org/10.1007/s11146-009-9213-z Dwellings in housing cooperatives constitute 15% of the Norwegian housing property market. The price paid for such dwellings consists of two elements: An equity price and a share of the mutual debt held by the cooperative. The interest rate paid on the housing cooperative’s mutual debt is in Norway lower than the interest rate paid on private loans. This gives rise to an interest discount effect . We find convincing empirical support for the interest discount effect, which contributes to a higher equity price for dwel…
Entrepreneurship and Credit Rationing: How to Screen Successful Projects in this Current Crisis Period
2013
The current credit rationing heavily influences entrepreneurship and, more dramatically, the viability of innovation projects. In this context, mechanisms to screen successful projects are of paramount importance for both lenders and entrepreneurs. We present an experiment to test the collateral-interest mechanism of credit screening. Our results confirm that incentive-compatible pairs of collateral-interest rate can distinguish between projects of different success probability, even in moral hazard settings.
Germany: Where Are We Going?
2012
Germany’s health policy, in the past, has tried to limit health expenditures by defining an overall health budget, by installing a DRG-system and by forcing patients to participate directly at health costs by demanding copayments. These measurements were somehow effective in keeping premiums stable but have led to resource allocation at the bedside and therefore on an implicit level. Yet, implicit-level decisions create ethical dilemmas for physicians as they not only have to deliver best medical care but shall also have cost in mind, are unjust because rationing criteria differ from one case to another, and create a general fear of legal uncertainty, in turn leading to defensive medicine w…
Will austerity cuts dismantle the Spanish healthcare system?
2013
In the face of austerity, a series of disconnected “reforms” could, without corrective measures, lead to the effective dismantling of large parts of the Spanish healthcare system, with potentially detrimental effects on health. Helena Legido-Quigley and colleagues explain.
What Makes People Nursing Home Residents: Individual Need or Municipalities’ Supply?
2016
In a context where admissions to nursing homes are strictly rationed we examine which individuals become nursing home residents. Rationing decisions are taken by municipalities. Using a national sample we estimate the impact on the rationing decision of individual characteristics and characteristics of the municipalities in which individuals live. High age, lack of self-care productivity and lack of cognitive ability have a positive impact on whether an individual is in a nursing home. By contrast, ample access to informal care has a substantial negative impact on the probability of residing in a nursing home. Men have a slightly lower incidence than women of living in a nursing home. Munic…
PASSAGE OBLIGATOIRE AUX NORMES COMPTABLES IAS/IFRS, CONTRAINTES EN LIQUIDITE ET RATIONNEMENT DU CREDIT : UNE ETUDE EMPIRIQUE DANS L'INDUSTRIE BANCAIR…
2012
Financial theory indicates that banks dependent on external resources and/or financially fragile have more difficulties in refinancing their operations of credit supply, due to the informational problems they face and/or they cause. In this context, this study tests the hypothesis that the mandatory adoption by banks of the IAS/IFRS accounting standards, known to be of higher quality, leads to an increase in the quantity of loans granted by banks constrained in liquidity, all else equal. Based on a sample of European banks, between 2003 and 2008, we obtain results in favour of this hypothesis.
Delegation and Institutional Design in Health-Care Rationing
2011
The delegation of decision-making powers to nonmajoritarian, independent agencies has become a significant phenomenon in more and more policy areas. One of these is the health-care sector, where decisions on the range of services covered within public systems have, in most developed countries, been delegated to specialized bodies. This article offers an analytical framework that seeks to grasp the empirical variety and complexity of delegative processes and appointed institutions. The framework is used to describe decision-making processes and institutions in six countries: Austria, Germany, Norway, Sweden, New Zealand, and the United Kingdom. We find that, although constrained by preexisti…