Stable Funding Research Articles

Oregon becomes first state to expand mobile crisis services via Medicaid

In what's being referred to as “historic,” the U.S. Department of Health and Human Services on Sept. 12 announced that Oregon has become the first state to receive Medicaid reimbursement for mobile crisis intervention services. Oregon mental health advocates say they are hoping for stable funding to build the state's crisis services infrastructure.

Alliance for the development of the Argentinian Hip Fracture Registry.

Summary Age expectancy has significantly increased over the last 50 years, as well as some age-related health conditions such as hip fractures. The development of hip fracture registries has shown enhanced patient outcomes through quality improvement strategies. The development of the Argentinian Hip Fracture Registry is going in the same direction.IntroductionAge expectancy has increased worldwide in the last 50 years, with the population over 64 growing from 4.9 to 9.1%. As fractures are an important problem in this age group, specific approaches such as hip fracture registries (HFR) are needed. Our aim is to communicate the Argentinian HFR (AHFR) development resulting from an alliance between Fundación Trauma, Fundación Navarro Viola, and the Argentinian Network of Hip Fracture in the elderly.MethodsBetween October 2020 and May 2021, an iterative consensus process involving 5 specialty-focused meetings and 8 general meetings with more than 20 specialists was conducted. This process comprised inclusion criteria definitions, dataset proposals, website deployment with data protection and user validation, the definition of hospital-adjusted registry levels, implementation planning, and sustainability strategies.ResultsBy June 2021, we were able to (1) outline data fields, including epidemiological, clinical, and functional dimensions for the pre-admission, hospitalization, discharge, and follow-up stages; (2) define three levels: basic (53 fields), intermediate (85), and advanced (99); (3) identify 21 benchmarking indicators; and (4) make a correlation scheme among fracture classifications. Simultaneously, we launched a fundraising campaign to implement the AHFR in 30 centers, having completed 18.ConclusionAHFR development was based on four pillars: (1) representativeness and support, (2) solid definitions from onset, (3) committed teams, and (4) stable funding. This tool may contribute to the design of evidence-based health policies to improve patient outcomes, and we hope this experience will help other LMICs to develop their own tailored-to-their-needs registries.

How does bank equity affect credit creation? Multiplier effects under Basel III regulations

Both equity and regulation play key roles in determining the ability of banks to create credit. Equity varies endogenously, while regulations are exogenously imposed. This study proposes a banking model to investigate how changes in bank equity due to interest receipts and expenditures affect credit and money creation under Basel III regulations. Four Basel III regulations—the capital adequacy ratio, the leverage ratio, the liquidity coverage ratio, and the net stable funding ratio—are discussed. Their effect on credit creation are demonstrated by the changes that occur in the credit supply in response to the changes in equity arising from interest payments. This study identifies seven regulatory scenarios under these four regulations. In each scenario, there exists a multiplier that relates the change in equity to the resultant change in the credit supply. Correspondingly, there is a multiplier effect on the money supply. This study sheds new light on how bank equity and Basel III regulations affect credit and money creation.

Influence of Digital Information Management on the Audit Path of Financial Special Poverty Alleviation Funds

In order to fully implement the Party’s tough fight against poverty, conscientiously implement the policy of targeted poverty alleviation, and accelerate the development of the socialist market economy and the national economy, it is particularly important to strengthen digital information management in the audit of special fiscal poverty alleviation funds. With the continuous advancement of science and technology, the informatization of audit work has become an inevitable trend. However, in the past audit work of special financial funds, it was found that there were a series of problems such as imperfect audit system, weakened audit work, poor audit projects, imperfect supporting facilities, inadequate poverty alleviation funds, slow project progress, and failure to timely check the completion of projects. In order to better realize the timeliness and practicability of audit information of special fiscal poverty alleviation funds and solve the loopholes and deficiencies found in the past, based on the original digital information submanagement system, this paper adopts the J2EE system framework, MVC mode, and B/S security detection system to build a more stable, efficient, and secure financial special poverty alleviation fund management system. After a series of tests, under the premise of effective use of poverty alleviation funds, the system data shows that, from 2012 to 2018, the per capita disposable income of residents in poverty-stricken areas in China increased by 12.1% in nominal terms, an increase of 8.9% compared with 2012, and the gap between the national rural averages has narrowed again.

Global Biodata Resources: Challenges to long-term sustainability of a crucial data infrastructure

Biodata resources under threat Research in the life sciences is data-driven and critically dependent on data integration and analysis enabled by open-access biodata resources. These resources are crucial to biological, life science, and biomedical research as well as to the commercial biotechnology and pharmaceutical sectors; they have substantial impacts both in fundamental and applied research, and they underpin and amplify the research investments made by funders, primarily through increased research efficiency and reduced duplication of effort. Worldwide life sciences data resources are now a major global research infrastructure that researchers, clinicians, and private sector scientists depend on to support their work. This infrastructure is growing rapidly as funders adopt open access policies that require researchers to archive their data and as technological advances enable generation of higher data volumes and more types of data. Despite being an established and vitally important infrastructure, biodata resources are primarily funded through fixed-term and often competitive mechanisms by research funding bodies, with funding for many at risk from budget reductions or changes in strategy. The Global Biodata Coalition (GBC) was founded and is driven by global research funding bodies to aid coordination of support for the life sciences data infrastructure among funders globally and to promote the development of longer-term and more stable funding solutions for crucial resources. The Global Biodata Coalition The GBC works with funders to understand the biodata resource infrastructure, to engage with resource managers and researchers, and to move towards more internationally coordinated, sustainable and more streamlined mechanisms to support biodata resources. Further interests encompass the processes and consequences of open biodata, in particular credit-giving for data contributions and processing; inclusion of data scientists from all parts of the world; and opportunities of interdisciplinarity. GBC activities span engagement with stakeholders, such as funders, biodata resource managers and users; exploration and definition of the funding and biodata resource landscape, and the mobilisation of change that improves sustainability and coordination of biodata resources. Understanding the global biodata infrastructure Collectively, life science data resources around the world form a vast, distributed, and interconnected infrastructure, arguably forming the largest infrastructure in biology. These resources are critical for ensuring the reproducibility and integrity of the entire life sciences research enterprise, but the infrastructure as a whole is poorly described. GBC is currently undertaking two activities to understand the infrastructure, and thereby provide context for funders in supporting this infrastructure over time: an inventory of all global biodata resources globally, and identification of global core biodata resources, which are those resources within the infrastructure that are, as a collection, most crucial for life sciences and biological research worldwide. Open biodata resources archive and provide analysis of basic research data that describes and documents biodiversity, taxonomy, and biogeography. Loss or diminution of these key resources would have a detrimental impact on biodiversity research. In this talk we will describe the Global Biodata Coalition and the challenges of sustaining the global infrastructure of linked biodata resources, focusing in particular on the role of the globally accessible open access resources as the foundation for global and regional research on biodiversity.

양도소득세 1세대 1주택 비과세의 개선 방안

[Purpose] We study problems of the system of capital tax for one-house per one-household and propose new policy.
 [Methodology] We study literature review.
 [Findings] The advantages expected by introducing carry forward of capital gain tax for one-house per one-household are as follows. First, there is a problem that arises because the standard of high-priced housing that is exempt from tax for one household does not adequately reflect changes in housing prices. can provide stability. Second, it is possible to reduce the risk of the real value of property being paid as tax by taxing the gains on transfers measured in a nominal amount reflecting long-term inflation, and to maintain the asset value of the house to continue to secure stable retirement funds using reverse mortgage loans in the future can do. Third, it is possible to reduce the debate about vertical fairness due to the difference in the absolute amount of the benefit due to the non-taxation of transfer gains.
 [Implications] If the carry forward of capital gain tax system is introduced to the non-taxation of one house per household, the confusion and difficulties that arise in the process of interpreting and applying the tax law in practice can be resolved due to the complicated and difficult regulations of the current non-taxation of one-house per one-household.

Autonomy Without Accountability in Resource Allocation Reforms: Blending Old and New Logic in Universities

Purpose: The article explores changes in the institutional autonomy and accountability resulting from university reforms carried out over a period of 28 years under the influence of the traditional public administration and new public management logic. Design/methodology/approach: This qualitative study uses rich empirical material, which includes archival documents as well as 16 semi-structured, in-depth interviews with deans, professors, representatives of the Ministry of Science and Higher Education, and HEI experts. For analysis, we used the general inductive approach. Institutional logic has been used as the theoretical framework to analyze changes in resource allocation, autonomy, and accountability of HEIs. Findings: Following the idea of reform as routine, our study shows that the implemented reforms have proven ineffective in comprehensively increasing the autonomy and accountability of HEIs and that they tend to turn into a routine. However, over the past 30 years, a certain increase in autonomy, combined with accountability shifts from input toward output control mechanisms can be observed. An important finding of this research is also the limited understanding of the concept of accountability by the top management of universities and by the ministry’s representatives. Moreover, this illustrates that accountability is understood only as a formal obligation to report to the funding agency and is treated as an integral part of the Polish HE landscape, increasing from reform to reform. Originality/Value: This article explores the evolution of the Polish state funding systems of universities and analyzes the development from a stable traditional funding model – that was in place before the collapse of the communist system – to a complex multi-tier system and to recent attempts at reforming the HE field, aimed at increasing the autonomy and accountability of Polish universities. More efforts should be made by policymakers to create a sustainable balance between autonomy and accountability in the HE field.

Liquidity indicators, early warning signals in banks, and financial crises

This research compares the performance of three liquidity indicators, namely liquidity ratio (LiqR), liquidity creation (LiqC) and net stable funding difference (NSFD), for sending early warning signals for distressed banks. Recent evidence has shown that LiqR appears incapable of measuring the liquidity condition of banks. However, LiqC and NSFD have not yet been fully examined. Thus, which indicator is more useful in an early warning model becomes an interesting issue. We classify distressed banks as banks that have experienced a bank run, bailout, or failure. Sample data are collected from the United States and the European Union from before and after the financial crisis. We then estimate model predictive value using the sample before the crisis to predict liquidity shortages. Evidence shows that the academic (LiqC) and officially recommended indicators (NSFD) outperform LiqR as early warning signals. Furthermore, LiqC performs best when banks actively engage in income diversification but not fund diversification. Therefore, a well income-diversified bank with high LiqC tends to have high distress probability in the next period.

Release of a liquidity regulation: What do we learn for credit and house prices?

This paper studies the effects of the release of a limit on banks’ maturity transformation – akin to the Net Stable Funding Ratio – for mortgage supply and house prices. After the regulatory easing, credit supply increased only for the banks that were previously constrained by the regulation and not for the others. We also show that the expansion in mortgages triggered by the deregulation accelerated house prices. The effect was channeled through higher demand for housing and the relaxation of borrowers’ financial constraints. Even though the impact of the credit supply shock persisted, the interaction between credit and house prices was not conducive to a housing market overheating.

Periodic Versus Aggregate Donations: Leveraging Donation Frequencies to Cultivate the Regular Donor Portfolio

Charitable organizations play a key role in society but face the recurrent challenge of obtaining sufficient resources to accomplish their missions. The regular donor portfolio becomes a critical element in providing stable and long-lasting funding, and its effective management has emerged as a key research area. This study investigates the impact of the donation frequency by regular donors on their donation amount over time. Drawing from temporal reframing literature, we provide an understanding of these effects as well as the moderating role of the motivations to donate (self- vs other-oriented). The study also investigates the extent to which frequency choices are influenced by the motivations to donate and by the donation options presented during registration. Using a sample of regular donors from 2013 to 2019 and applying dynamic panel data techniques, the findings reveal that higher frequencies lead to higher donations, though this effect is strengthened by self-oriented motivations and weakened by other-oriented motivations. Our study shows that motivations to donate and donation options jointly explain donation frequencies. This study provides useful guidance for charities on how to increase regular donors’ perceived value and their contributions to help these organizations provide essential services to the most vulnerable groups in society.

The COVID-19 Pandemic as a Stress Test for Laboratory Safety Teams

Laboratory safety teams (LSTs), led by graduate student and postdoctoral researchers, have been propagating across the U.S. as a bottom-up approach to improving safety culture in academic research laboratories. Prior to the COVID-19 pandemic, LSTs relied heavily on in-person projects and events. Additionally, committed Champions from the ranks of safety professionals and faculty were critical to their operation and continued expansion. As was the case for many existing systems, the COVID-19 global crisis served as an operational stress test for LSTs, pushing them to unexpected new limits. The initial spread of COVID-19 brought with it a shutdown of academic institutions followed by a limited reopening that prohibited in-person gatherings and disrupted standard lines of communication upon which LSTs relied. Safety professionals and faculty members were required to take on new duties that were often undefined and time-consuming, substantially impacting their ability to support LSTs. In this case study, we report the impact of this operational stress test on 12 LSTs, detailing the adaptive means by which they survived and highlighting the key lessons learned by the represented LST leaders. The key takeaways were to spend time nurturing relationships with a diverse array of Champions, securing stable funding from multiple sources, and networking with members of LSTs from different institutions to strengthen moral support and broaden ideation for common challenges.

Estimating the Impact of Medicaid Expansion and Federal Funding Cuts on FQHC Staffing and Patient Capacity.

The Health Resources and Services Administration's Health Center Program (HCP) plays a critical role as the national ambulatory safety net, delivering services to patients in medically underserved areas, regardless of their ability to pay. As the program has grown, health policy initiatives may have altered access to care for the underserved population. Understanding how federally qualified health centers (FQHCs) have been affected by past policies is important for anticipating the effects of future policies. By analyzing a national data set from the Uniform Data System, we examined, using two sets of random effects regressions, the potential impact of alternative policy actions affecting FQHCs. Our primary equation models the number of full-time equivalent staff, of patients served, and of visits provided in the subsequent year as a function of Medicaid revenues, Section 330 grants, and other revenues. Our secondary equation is a difference-in-differences analysis that models Medicaid revenues as a function of the states' status of Medicaid expansion. The expansion of Medicaid in nonexpansion states could have increased Medicaid revenues by 138%, staffing by 25%, and patients' visits by 24% in 2017. Compared to the impact of a "repeal" of Medicaid expansion, the percentage of reductions in staffing would be similar to those predicted by a 50% cut in Medicaid revenues or in Section 330 grants. On a dollar-for-dollar basis, the effects of one dollar of Section 330 grants were more than double that of one dollar of Medicaid revenue. Both Medicaid eligibility and Section 330 funding support are important to the HCP, and Section 330 grants are particularly closely related to staffing and the provision of services. States' decisions not to participate in or to repeal Medicaid expansion, to reduce Medicaid payment rates, and federal funding cuts all could have a negative impact on FQHCs, resulting in thousands of low-income patients losing access to primary care.

Institutional investor distraction and innovation

AbstractPrior studies suggest high institutional ownership provides stable funding for firm managers supporting long‐term innovation. However, we hypothesize that the level of holdings can also proxy for institutional attention. We address this question and find that institutional distraction negatively impacts board monitoring and advisory support for management, reducing R&D, patent filings, citations and creativity. Distraction is concentrated in (1) firms owned by institutions providing low attention before the shock and (2) industries facing low substitute monitoring through competition. Distraction also affects information flow in firms facing high labour mobility and high peer firm innovation (technology spillovers).

A macro-financial perspective to analyse maturity mismatch and default

The Basel Committee proposed the Net Stable Funding Ratio (NSFR) to curb excessive maturity mismatch within the banking sector. However, it remains to be ascertained as to what are the financial and real effects of the NSFR on bank credit quality, investment, and the pass-through of monetary policy. This paper develops a nominal dynamic general equilibrium model featuring bank maturity mismatch and the moral hazard due to costly monitoring. First, I show that a tightening of the NSFR to move loan maturity towards the long-run capital investment cycle would only increase real investment if it sufficiently improved bank credit quality. Then in the numerical example calibrated with the US data, I show that such tightening of the NSFR can indeed increase real investment and also reduce the aggregate fluctuation of the economy. In the steady states, a 10% tightening in the NSFR can decrease net charge-offs of non-performing loans by about 0.06 pp annually, despite squeezing bank interest margins. Moreover, the moral hazard stemming from banks’ unobserved monitoring efforts impairs the pass-through of monetary policy. However, a 10% tightening in the NSFR improves the pass-through of a 20-bp policy rate reduction by around 17% annually. Finally, the model simulates the stochastic dynamic equilibrium path to study the propagation of shocks, demonstrating that the NSFR complements monetary policy in reducing financial frictions.

When is Subnational, Supralocal Tobacco Control "just right"? A Qualitative Study in England.

Subnational, supralocal (or "regional") approaches to tobacco control are often central federal nation tobacco control and can be superfluous for very small nations. However, their relevance to countries with weak intermediate tiers of governance are less clear. This study explores expert and policymaker perceptions on the function, form, footprint, and funding of regional tobacco control (RTC) in England. One-to-one semistructured interviews (n = 16) and four focus groups (n = 26) exploring knowledge and perceptions of the past, present, and future of RTC in England were conducted with public health leaders, clinicians, tobacco control practitioners, civil servants, and politicians. Interviews were audio-recorded, transcribed verbatim, and analyzed thematically. Participants reported several key functions for RTC, including illicit tobacco control, media campaigns, advocacy, policy development, and network facilitation for local actors. A small minority of participants reported little role for RTC. Broader perceived features of effective RTC included subject expertise, strong regional ties, systems leadership, and a distinctive program of work. Views varied on whether regional programs should be developed nationally or locally, and their optimal footprint. Participants generally agreed stable funding was a prerequisite for success, although there was lesser agreement on funding sources. Pooling resources at the regional level in countries with weak intermediate tiers of governance may increase reach, cost-effectiveness and impact of campaigns, policy interventions, and advocacy, whilst retaining the ability to tailor approaches to regional populations. There are likely to be greater funding and governance challenges associated with introducing or strengthening RTC in countries with weak intermediate tiers of governance. Despite this, evidence from England shows it is possible to develop RTC approaches reported as effective by key stakeholders. Possible benefits of regional approaches in this context include cost-effective delivery of illicit tobacco control, media campaigns, advocacy, research, policy development, and coordinated support for local action on tobacco.

Inequalities and the COVID-19 pandemic in Brazil: analyzing un-coordinated responses in social assistance and education

AbstractThis paper contributes to discussions about subnational responses to the coronavirus disease (COVID-19) pandemic in federal countries. In the scholarship on federalism and public policy, few studies seek to understand the factors that shape subnational differences in welfare levels. This article seeks to better understand this issue in Brazil by exploring how, in a context with little national-level coordination, subnational governments tackle the inequalities exacerbated by the COVID-19 pandemic. This study analyzes two social policy areas with distinct national-level coordination mechanisms and federal responsibilities: social assistance and education. Two multi-level cases are examined: the states of Amazonas and São Paulo and the cities of Manaus and São Paulo. This analysis relies on quantitative data, mainly social indicators, and qualitative data collected through documents and in-depth interviews. Social assistance and education policy actors in Amazonas and São Paulo faced at times significant obstacles adapting and/or creating policies to tackle inequalities, resulting in a fend-for-yourself federalism and fragmented subnational policies. Differences in subnational responses can be explained by distinct policy legacies and previous capacity, which were key in organizing a useful response to the pandemic. However, to fully explain subnational responses, the role of actors within institutional contexts must also be taken into account. In social assistance, shared responsibilities among different levels of government led to competition and credit claiming dynamics, reinforcing fragmented and uncoordinated responses. In education, decentralization and more stable funding allowed political leadership to activate and mobilize subnational capacities and other actors at the subnational level, producing more sustainable responses.

Capacity for sustainment of recently established syringe service programs in Appalachian Kentucky: The central role of staff champions.

Ensuring adequate harm reduction infrastructure in rural areas is imperative, as drug-related epidemics expand into them. Here, we explore the capacity for sustainment of syringe service programs (SSP) in Appalachian Kentucky. We interviewed all staff (n= 16) of all SSPs (n= 7) in two Kentucky health districts in 2018-2019 using semi-structured one-on-one qualitative interviews; local departments of health (DOH) operated the SSPs. Interview domains encompassed: (i) SSP establishment; (ii) day-to-day operations, participation and health impacts; (iii) perceived prospects for sustainment; and (iv) perceived influences on #i-#iii. We analysed verbatim transcripts using thematic analytic methods; Schell's 'capacity for sustainment' constructs were treated as sensitising concepts during the analysis. Most community members, law enforcement and DOH staff opposed SSPs before they opened, because of stigma and concerns about enabling and needlestick injuries; DOH staff also opposed SSPs because they believed they lacked the capacity to operate them. Training, technical assistance, visible evidence of the programs' public health impact and contact with SSP participants transformed DOH staff into program champions. As champions, SSP staff developed programs that had strong capacity for sustainment, as defined by Schell (e.g. visible public health impact, stable funding, political support). Staff reported that the SSPs had high prospects for sustainment. As in SSPs that opened in cities decades ago, staff in emerging SSPs in these rural areas appear to have become crucial champions for these controversial programs, and may serve as vital resources for expanding harm reduction programming more broadly in these underserved areas.

Die Umsetzung des EU-Rahmenwerks für gedeckte Bankschuldverschreibungen in Österreich und Deutschland

Covered Bonds have proved to be a reliable, stable and cost-efficient funding source for European credit institutions during several financial crises, providing market participants with a range of safe investment opportunities. The harmonisation of related frameworks at EU level aims at enhancing supervision and financial stability, encompassing two components: a Directive “on the issue of covered bonds and covered bond public supervision“ providing for sound structures and quality of this financial instrument; a Regulation “as regards exposures in the form of covered bonds“ amending the current CRR framework with direct force of law in Member Countries, harmonising the supervisory requirements in respect of covered bonds held in portfolios of credit institutions and insurance companies. Having come into force on 7 January 2020, implementation into national legislation is mandatory by 8^th July 2021, to be fully applicable from 8^th July 2022. The legislative process in a few Member Countries is lagging behind schedule. As at yearend 2021, Cyprus, Denmark, France, Ireland, Italy Germany, Hungary, Latvia, Luxembourg, Slovenia and Spain have communicated full, Czech Republic, Estonia, Lituania and Malta partial transposition. Hence, the Commission has launched related infringement procedures against 22 Member States. Nevertheless, due to the legislative package adopted on 19^th November 2021, timely enforcement in Austria is certain. Practitioners will welcome the possibility of pooling assets held by several credit institutions for single covered bond issues. Apart from that, the new Austrian Covered Bond Act provides good opportunities for credit institutions and investors.

A Quantitative Risk Management Framework for Stable Value Fund Wraps

A Quantitative Risk Management Framework for Stable Value Fund Wraps

The Impact of Net Stable Funding Ratio (NSFR) Regulations of Basel-III on Financial Profitability and Stability: A Case of Asian Islamic Banks

The Impact of Net Stable Funding Ratio (NSFR) Regulations of Basel-III on Financial Profitability and Stability: A Case of Asian Islamic Banks