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This chapter discusses George Grove’s success in his choice of staff and the quality of his leadership in knitting together the wide range of musical characters and personalities into a cohesive educational body. There are some vignettes of the early staff, illustrated by a photograph which vividly captures them at the laying of the foundation stone of the new building in 1890. Grove’s letters to his confidante, Edith Oldham, capture some of the personalities and the day-to-day strains of their working together, and these are quoted to give a more realistic sense of the College in its early days than has been given before. The second part of the chapter looks at why Parry was chosen as the College’s second Director and looks at his musical and strategic limitations. Parry’s bitter feuding with Stanford – a defining characteristic of his time as Director – is examined. The chapter shows that Stanford (not Parry) was the RCM’s musical director and explains how this greatly benefitted the College, and that the need for this dual leadership was recognized by the RCM Council.
This chapter discusses the problems caused by the inadequacy of the College’s first home, and the practical and symbolic significance that the College’s grand new building represented (given by Samson Fox and designed by Arthur Blomfield). The text discusses the process of securing the RCM’s site from the Commissioners for the 1851 Exhibition, and the architectural designs considered necessary for such a prominent site. Some of the main aspects of the building process are discussed, including the issues of soundproofing. Because of cost overrun, it was not possible to build a concert hall, and a temporary building was in use until finances permitted the College to build the present concert hall, which was inaugurated in 1901. The second part of the chapter looks at how the College was financed and the many prominent public figures who lent their names to the College governance and financial committees. The First World War effectively brought a suspension of College life, and the chapter concludes with a brief summary of some wartime activities.
Current coverage of mental healthcare in low- and middle-income countries is very limited, not only in terms of access to services but also in terms of financial protection of individuals in need of care and treatment.
To identify the challenges, opportunities and strategies for more equitable and sustainable mental health financing in six sub-Saharan African and South Asian countries, namely Ethiopia, India, Nepal, Nigeria, South Africa and Uganda.
In the context of a mental health systems research project (Emerald), a multi-methods approach was implemented consisting of three steps: a quantitative and narrative assessment of each country's disease burden profile, health system and macro-fiscal situation; in-depth interviews with expert stakeholders; and a policy analysis of sustainable financing options.
Key challenges identified for sustainable mental health financing include the low level of funding accorded to mental health services, widespread inequalities in access and poverty, although opportunities exist in the form of new political interest in mental health and ongoing reforms to national insurance schemes. Inclusion of mental health within planned or nascent national health insurance schemes was identified as a key strategy for moving towards more equitable and sustainable mental health financing in all six countries.
Including mental health in ongoing national health insurance reforms represent the most important strategic opportunity in the six participating countries to secure enhanced service provision and financial protection for individuals and households affected by mental disorders and psychosocial disabilities.
Declaration of interest
D.C. is a staff member of the World Health Organization.
In recent years, the Islamic State in Iraq and the Levant (ISIL)1 as well as several Al-Qaida affiliates have used the systematic and large-scale looting of antiquities as one of their income streams. Due to the large-scale and organized looting activities of these groups, in particular, in Iraq and the Syrian Arab Republic, the United Nations Security Council (UNSC), following various reports and recommendations by the ISIL, Al-Qaida and Taliban Monitoring Team has adopted a range of measures, chiefly among them the landmark UNSC Resolution 2347 (2017) to counter this threat. These measures demand that both member states’ regulators as well as private sector stakeholders take specific action to ensure that the art and antiquity trading industry is capable of defending itself against the misuse of their services to finance terrorism. This article outlines the various challenges member states and private industry are facing in this regard and explains how the various new UNSC provisions, including the measures outlined in UNSC Resolution 2347 (2017), could be employed effectively to counter this threat.
In analysing matters as diverse as state financing, strategic planning, public benefactions and long-term credit in private business transactions, the historian is faced with an underlying problem about the perceptions of time. One aspect of this problem is the manner in which pictures of a complex future are reflected in the behaviour of agents engaged in these activities. The manner in which actions were (or were not) taken by them suggests a peculiar configuration of future time in the Roman world. It is speculatively argued that perspectives on the future had analogies with the different ways in which a sense of depth was created by artists working on a two-dimensional space and with the contextual ways in which spatial perspective was employed.
Most hospital payment systems based on diagnosis-related groups (DRGs) provide payments for newly approved technologies. In Germany, they are negotiated between individual hospitals and health insurances. The aim of our study is to assess the functioning of temporary reimbursement mechanisms. We used multilevel logistic regression to examine factors at the hospital and state levels that are associated with agreeing innovation payments. Dependent variable was whether or not a hospital had successfully negotiated innovation payments in 2013 (n = 1532). Using agreement data of the yearly budget negotiations between each German hospital and representatives of the health insurances, the study comprises all German acute hospitals and innovation payments on all diagnoses. In total, 32.9% of the hospitals successfully negotiated innovation payments in 2013. We found that the chance of receiving innovation payments increased if the hospital was located in areas with a high degree of competition and if they were large, had university status and were private for-profit entities. Our study shows an implicit self-controlled selection of hospitals receiving innovation payments. While implicitly encouraging safety of patient care, policy makers should favour a more direct and transparent process of distributing innovation payments in prospective payment systems.
It is widely alleged that President Putin's regime attempted to exercise influence on the 2016 U.S. presidential election. It is known that its Soviet predecessors funded Western communist parties for decades as a means to undermine noncommunist regimes. Similarly, the United States has a long history of interfering in the institutions and elections of its Latin American neighbors, as well as (at the height of the Cold War) its European allies. More recently, many believe that, absent U.S.-driven assistance, the Democratic Opposition of Serbia would have lost the 2000 Yugoslavian presidential election to Slobodan Milošević. As those examples suggest, attempting to subvert the democratic elections of a putatively sovereign country is a time-honored way of bending the latter's domestic and foreign policy to one's will. In this paper, I focus on the state-sponsored, nonviolent, nonkinetic subversion of nationwide elections (for short, subversion) through campaign and party financing, tampering with electoral registers, and conducting disinformation campaigns about candidates. I argue that, under certain conditions and subject to certain constraints, subversion is pro tanto justified as a means to prevent or end large-scale human rights violations.
In this study, the empirical evidence regarding small- and medium-sized enterprises’ (SMEs) growth determinants allows us to conclude that: (1) stimulating factors are cash flow and gross domestic product; (2) restrictive factors are: debt, firm size, age of the firm and the interest rate; and (3) in the period after 2008, the financial crisis and implementation of austerity measures, in the Portuguese context, produced a negative effect on SME growth. In the period 2008–2012, that is, after the beginning of the financial crisis, cash flow had less importance, while debt was found to have a stronger negative effect on SME growth, compared with the pre-crisis period.
The EU infrastructure policy has relied on Public-Private Partnerships (PPPs) as a means to successfully deliver infrastructure of benefit for the EU. To reach its infrastructure policy objectives, the EU has implemented support mechanisms aimed at facilitating the delivery of PPPs. This article is aimed at evaluating to what extent these mechanisms have actually contributed to improving the economic performance of PPPs. To that end, we have selected the case of Spanish road PPPs for empirical analysis. The main result shows that EU support positively influences the economic performance of PPP projects. This is caused by the fact that the EU conditions its financial support on a project’s meeting a set of requirements that help assure the success of the project. From this result, we obtain a set of conclusions that may be generalised to other cases, and provide a contribution to the body of knowledge on PPPs.
Objectives: The aim of this study was to describe the healthcare system and health financing in Bosnia and Herzegovina and recent trends in health technology assessment (HTA) placement in the system.
Methods: A short review of PubMed published literature has been conducted using key words related to reimbursement, HTA, and health policy. We also revised legislation in Bosnia and Herzegovina published in Official Gazettes related to healthcare financing and organization.
Results: A deecentralized system in Bosnia and Herzegovina led to high differences in health policy. HTA has been recognized in legislation in Bosnia and Herzegovina, but it still has not been introduced in practice in full capacity. A small number of publications are found in PubMed treating these issues, but generally the problem of introduction of HTA in Bosnia and Herzegovina is lack of experts, as well as the political environment and education in this field.
Conclusions: HTA in the Federation of Bosnia and Herzegovina and the Republic of Srpska has a short history because of a huge political impact in the decision-making process, decentralized system, and multiple decision makers in these regions. Challenges remain in assessments, in development of more transparent approaches in different areas of the health system in these regions, and in consistent application of appropriate standards especially in education of professionals who will provide establishment of HTA in the health system of The Federation of Bosnia and Herzegovina and the Republic of Srpska.
This article offers a critical analysis of scholarship produced about Brazil's Banco Nacional de Desenvolvimento Econômico e Social (BNDES) since its founding, in 1952, to 2013. BNDES has performed an important, if changing and sometimes controversial, role in Brazil's economic development over the past 60 years, especially as provider of long-term finance. This analysis of almost 1,000 texts highlights discussions about its initial organisation and mission and how the role and activities of the bank changed over time, guided by turbulent national political and economic contexts. In spite of the bank's institutional importance, however, the literature is more narrative than analytical and of limited scholarly impact, dominated as it is by the bank's authorship. We argue for independent, evidence-driven, critical analyses of the effectiveness of this important institution in promoting Brazil's economic and social development.
We consider the optimal financing (capital injections) and dividend payment problem for a Brownian motion model in the case of restricted dividend rates. The company has no obligation to inject capitals and therefore, the bankruptcy risk is present. Capital injections, if any, will incur both fixed and proportional transaction costs and dividend payments incur proportional transaction costs. The aim is to find the optimal strategy to maximize the expected present value of dividend payments minus the total cost of capital injections up to the time of bankruptcy. The problem is formulated as a mixed impulse-regular control problem. We address the problem via studying three cases of two auxiliary functions. We derive important analytical properties of the auxiliary functions and use them to study the value function and then identify the optimal control strategy. We show that the optimal dividend control is of threshold type and the optimal financing strategy prescribes to either never inject capitals or inject capitals only when the surplus reaches 0 with a fixed lump sum amount.
We study the optimal financing and dividend distribution problem with restricted dividend rates in a diffusion type surplus model, where the drift and volatility coefficients are general functions of the level of surplus and the external environment regime. The environment regime is modeled by a Markov process. Both capital injection and dividend payments incur expenses. The objective is to maximize the expectation of the total discounted dividends minus the total cost of the capital injection. We prove that it is optimal to inject capital only when the surplus tends to fall below 0 and to pay out dividends at the maximal rate when the surplus is at or above the threshold, dependent on the environment regime.
This study investigates a combined optimal financing, reinsurance and dividend distribution problem for a big insurance portfolio. A manager can control the surplus by buying proportional reinsurance, paying dividends and raising money dynamically. The transaction costs and liquidation values at bankruptcy are included in the risk model. Under the objective of maximising the insurance company's value, we identify the insurer's joint optimal strategies using stochastic control methods. The results reveal that managers should consider financing if and only if the terminal value and the transaction costs are not too high, less reinsurance is bought when the surplus increases or dividends are always distributed using the barrier strategy.
Prior work suggests that government funding can encourage non-governmental organizations (NGOs) to engage in political advocacy and public policy. We challenge this finding and examine two theoretical explanations for the dampening effect of government funding on NGO lobbying. First, donors are known to discipline NGO activity via an implicit or explicit threat to withdraw funding should the organization become too radical or political. Second, NGOs with more radical political agendas are less willing to seek or accept government funding for fear this will limit or delegitimize their activities. Using data from the European Union’s Transparency Register, we find that the share of government funding in NGO budgets is negatively associated with lobbying expenditure. This effect is statistically significant and substantial, which provides a reason for concern about NGO resource dependence. Even when governments are motivated by honorable intentions, their financial assistance has the (unintended) effect of dampening NGOs’ political activity.
The decision of the US Supreme Court rendered in NML v. Argentina has enabled the vulture funds to enforce in full their claims against the payments to be made by Argentina in favour of those holders who had tendered their bonds under a previous exchange offer. This scenario may have a disruptive impact on the functioning of the financial markets and endanger the restructuring processes of sovereign debt. The race to the courts by the vulture funds could be stopped under the UNCTAD Principles on Responsible Financing where the behaviour of those creditors who acquire debt instruments of sovereigns in distress and remain aloof from a restructuring to secure preferential treatment is marked as abusive. Unfortunately, so far the legal status of this abusive behaviour is unable to overturn the interpretation of the pari passu clause under New York law given by the US Federal Courts which stands at the base of the problem. To overcome this impasse the suggestion is to insert in the UN proposal of a multilateral legal framework for sovereign restructuring processes a specific provision qualifying as overriding a mandatory restructuring plan approved through a certain quorum which has received certification by the IMF. This qualification would serve the purpose of applying the plan to all creditors, and not just to those who register under the process. Moreover, this qualification would be considered as part of the public policy of the states participating to the UN proposal so as to block the enforcement of judgments rendered in non-participating fora.
The combination of increasing vulnerability and intensity of natural disasters has led to severe humanitarian impacts in recent years. The uncertainty of environmental change and growing populations suggests that this trend is a cause for significant concern. Increasingly, nations are seeking additional methods to increase their financial resilience to disaster events. Sovereign disaster risk financing and insurance (SDRFI) may be the panacea for managing disaster risk at a national level. However, there is a need for better evidence to enhance, guide and support these programmes. The design of SDRFI programmes aim to maximise their impact and reduce the human and economic cost of disasters. This paper presents an overview of 16 technical background papers that offer insights into the development of an impact appraisal methodology for SDRFI evaluation. The papers are part of a joint project between the UK Department for International Development and the World Bank and the Global Facility for Disaster Reduction and Recovery.
Issues of war finance engaged Japan, republican or nationalist China and the Chinese Communists throughout all fourteen years, and for the Japanese also included Southeast Asia between 1941 and 1945. This chapter shows that long periods of war and occupation in Asia could be financed by printing money because the demand for it held up sufficiently well that hyperinflation was largely avoided and confidence in money was not entirely destroyed. Japan, although its mobilization for war was badly managed and often poorly executed, never had any difficulty in financing war, starting with the so-called Peking Incident in 1937 and continuing until the Pacific War ended in 1945. Finance for both the Sino-Japanese and the Pacific War was at the expense of much higher inflation than for other major combatants, drastic cuts in civilian consumption, and considerable repressed inflation. In China and Southeast Asia, the financial techniques Japan adopted to finance occupation avoided any real payment.
Home equity release products have been promoted as a potential solution to residential long-term care costs for the elderly. Lower than expected utilisation of home equity release loans has prompted efforts to better model and price the no-negative-equity-guarantee (NNEG) built into the contracts, but loan rates are still widely perceived by homeowners as being unattractive. We propose the introduction of a new adjustable rate loan based on a regional house price index, with the NNEG being borne by a specially created intermediary. The proposed approach allows us to directly address and separately price the basis risk between individual house price returns and index returns. In addition, it offers the opportunity to create securities based on residential real estate that would be attractive to a wider class of investors. The alternative risk-sharing mechanism creates a more transparent and simple pricing structure for the loans. We then use house sales data to demonstrate the approach. We find in our sample that it would be possible to make higher loans than seen in previous literature using standard roll-up contracts. In the most favourable scenario for our simulations, the maximum loan is 89% of the appraised home value if the loan is advanced as a lump sum and 95% if the loan is advanced in instalments.
This paper assesses the feasibility and welfare-improving potential of an insurance market for aged care expenses in Australia. As in many other countries, demographic dynamics coupled with an upward trend in costs of personal care result in consumer co-contributions imposing a risk of expenses that could constitute a significant proportion of lifetime savings, in spite of the presence of a government-run aged care scheme. We explore issues around the development of an insurance market in this particular setting, considering adverse selection, moral hazard, timing of purchase, transaction costs and correlation of risks, as well as such contextual factors as longevity and aged care cost determinants. The analysis indicates aged care insurance is both feasible and welfare-enhancing, thus providing a gainful alternative to the aged care reform proposed by the Productivity Commission in 2011. However, while the insurance market would benefit the ageing Australian population, it is unlikely to emerge spontaneously because of the problem of myopic individual perceptions of long-term goals. Consequently, we recommend regulatory action to trigger the market development.