Search

The various mechanisms of payment for health services aim to create incentives which affect the health provider behavior, economic efficiency and productivity of a health system, and ultimately its quality. This paper describes and analyzes the current methods of funding used in hospital systems worldwide, from the "diagnosis related groups" (DRGs) method to the recent development of hospital-based "pay for performance" (P4P) of the US Medicare system and the "payment by results" of the UK. Emphasis is placed on studies measuring hospital efficiency before and after adoption of the new methods of payment. The necessary institutional reforms are described which enhance competition between the health care funding schemes, such as social security funds and insurance companies, and the health care providers, such as hospitals. The Greek case is evaluated from the beginning of the economic crisis in 2009 until the present, with the establishment of a single health insurance fund, EOPXY, the creation of the database esy.net for the collection of complete, reliable data on the costing and operation of the state hospitals (ESY) in order to monitor their financial and administrative functioning, and the adoption of the payment method of KENDRGs, where classification was made in 760 groups based on the initial diagnosis and treatment process. Finally, several changes are proposed which would lead towards a more sophisticated payment system based on performance criteria, including quality. [ABSTRACT FROM AUTHOR]

The paper discusses the role of basic science in the modern knowledge society and its relations to the applied research, development and innovation. The main conceptual models in this respect are also considered, as well as the evolution in science policy orientations of EU and USA. Further, the perspectives of so-called "frontier research" and "converging technologies" and their role for the "radical innovations" are presented. The conclusion is made that high quality basic research has the potential for future applications with great societal impact. [ABSTRACT FROM AUTHOR]

Modern financial crisis originated in the U.S. and spread to the entire world and so set great challenges for monetary policy around the world. Central banks around the world have responded decisively imposed unique challenges and timely actions to ensure market liquidity, reduce systemic risks and restore stability in the financial markets. The European Central Bank establishes and implements European monetary policy. In response to the crisis, the ECB not only significantly reduce the official interest rate, but also introduced a package of non-standard measures within the "enhanced credit support" and "Program of the securities market". Overall, the ECB's response to the global financial crisis can be seen through four different stages of the crisis: the period of financial tensions, intensifying financial crisis, the temporary improvement of conditions in the financial markets and the crisis of government debt. [ABSTRACT FROM AUTHOR]

The current financial crisis has also actualised the work and ideas of the American economist Hymen P. Minsky. In his time almost unknown in America for many years after his death, he has been often mentioned in the academic world and the general public. Now many refer to him because in his work he had practically envisioned the occurrence of large financial and economic crisis that we were struck by. Minsky was a Keynesian and he was ignored because of his ideas that essentially differed from the dominant schools of economic thought. His analysis focuses on the mode of financing the economy and the formation of asset price bubbles, which inevitably leads to bubble explosion, losses and recession. Minsky emphasizes the role of bank credit, which is the "rocket fuel" for prices growth and creation of excessive optimistic expectations and euphoria in some asset markets. The euphoria is logically followed by the bubble explosion, ("Minsky moment"), a drastic drop in asset prices, a sudden reduction in credit ("Minsky meltdown") and collapse. In this context, Minsky talks about the inherent instability of capitalism and presents "a financial instability hypothesis." However, Minsky believes in capitalism, but not in the wild and unbridled capitalism of new liberals, rather in democratic, regulated, based on New Deal, with institutional financial arrangements governing the financial sector and preventing the bubble creation and the crisis. Minsky argues for more equitable distribution of incomes in the U.S. and greater social role of the state. Minsky expanded the boundaries of discipline because he focused on the structural, social and political issues. Modern financial economic crisis, like many previous crises, took place exactly according to the formula which Minsky had precisely formulated. Even the bubbles that occurred in Bosnia and Herzegovina (stock market and real estate market) followed by credit expansion had its course precisely following the Minsky formula. [ABSTRACT FROM AUTHOR]