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The Economics of Public Health Care Reform in Advanced and Emerging

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The Economics of Public Health Care Reform in Advanced and Emerging With this book, the IMF’s Fiscal Affairs Department has done a tremendous global service. Through case studies and cross-national comparisons, we learn the pub- EXCERPT lic policies that work to reduce health care cost growth and improve efficiency. EXCERPT This book is a must read for anyone interested in understanding the extent of the global health crisis, and—more importantly—what nations can do about it. —Dana P. Goldman The EconomicsFinancial of PublicCrises Professor and Norman Topping Chair in Medicine and Public Policy, University of Southern California Health Care Causes,Reform Consequences, in Advanced and This volume includes projections of future trends in health care costs for coun- Policy Responses tries at widely varying stages of development and extensive evaluations of their and Emerging Economies past experiences with health reforms. The range of coverage is unprecedented, and the lessons drawn from those efforts provide useful guidance for future policy—what might work, and what will not. —Barry P. Bosworth Senior Fellow and Robert V. Roosa Chair, Brookings Institution In this book many leading economists review the experience of advanced and emerging economies in addressing health care cost growth and distill lessons that are aimed at both Ministries of Finance and Ministries of Health. The book is an excellent compendium of current thinking. —Joseph P. Newhouse John D. MacArthur Professor of Health Policy and Management, Harvard University There is a surprising lack of evidence on how best to manage the macroeco- nomic and fiscal challenges posed by a burgeoning public health sector. This important book brings together evidence from many of the world’s leading experts to present reform experience from a wide range of settings, and draw lessons for future policy. —Peter C. Smith Professor of Health Policy, Imperial College London The appropriate way to balance the goals of equality, efficiency, and afford- ability is a subject of intense debate. This volume steps into this arena with rea- soned analysis and clear, cogent analytics. A major accomplishment. —David M. Cutler Otto Eckstein Professor of Applied Economics, Harvard University EDITORS BenedictStijn Claessens, Clements, M. David Ayhan Coady, Kose, Excerpt:Excerpt: TheFinancial Economics Crises of Public Health Care Luc Laeven, andand Fabián Sanjeev Valencia Gupta FCCCPREAEX ReformCauses, inConsequences, Advanced and and Emerging Policy Responses Economies INTERNATIONALINTERNATIONAL MONETARYMONETARY FUNDFUND Note to Readers This is an excerpt from Financial Crises: Causes, Consequences, and Policy Responses. The 2007–09 economic crisis witnessed colossal disruptions in asset and credit markets, massive erosions of wealth, and unprecedented numbers of bankruptcies. Five years after the crisis began, its lingering effects are still visible in advanced economies and emerging markets alike— this shows a clear need to improve our understanding of financial crises. Financial Crises fills a critical gap in the rich literature on the subject by providing a broad overview of the current research and bringing together a number of studies on the causes and consequences of crises. It covers a wide range of topics, including the banking, balance-of-payments, and sovereign debt crises. It reviews the typical patterns prior to crises, analyzes the evolution of these episodes, examines various policy responses, and studies the aftermath of these crises. The book features contributions from scholars in the field and researchers at the IMF. The Table of Contents and Overview are included in this excerpt. This excerpt is taken from uncorrected page proofs. Please check quotations and attributions against the published volume. Financial Crises Causes, Consequences, and Policy Responses Edited by Stijn Claessens, M. Ayhan Kose, Luc Laeven, Fabian Valencia ISBN: 978-1-47554-340-7 Pub. Date: December 2013 Format: Paperback, 6x9 in., Approx. 368 pp. Price: US$40.00 For additional information on this book, please contact: International Monetary Fund, IMF Publications P.O. Box 92780, Washington, DC 20090, U.S.A. Tel: (202) 623-7430 Fax: (202) 623-7201 Email: [email protected] www.imfbookstore.org Contents Foreword 00 Acknowledgments 00 Overview: Understanding Financial Crises: Causes, Consequences, and Policy Responses 00 Contributors 00 Abbreviations 00 PART I INTRODUCTION AND DESCRIPTION OF FINANCIAL CRISES 1 Financial Crises: Explanations, Types, and Implications ................................00 Stijn Claessens and M. Ayhan Kose 2 Systemic Banking Crises .......................................................................................... 00 Luc Laeven and Fabián Valencia PART II LESSONS ON CRISIS MANAGEMENT 3 Financial and Sovereign Debt Crises: Some Lessons and Those Forgotten ................................................................................00 Carmen Reinhart and Kenneth Rogoff 4 Procyclicality and the Search for Early Warning Indicators ........................ 00 Hyun Song Shin 5 Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies .....................................................................00 José de Gregorio 6 External Imbalances and Financial Crises ...........................................................00 Alan M. Taylor PART III SHORT-TERM EFFECTS: CRISES, RECESSIONS, AND RECOVERIES 7 The Recent Global Financial Crisis: How Similar? How Different? How Costly? ....................................................................................00 Stijn Claessens, M. Ayhan Kose, and Marco E. Terrones iii iv Contents 8 From Recession to Recovery: How Soon and How Strong? ........................ 00 Prakash Kannan, Alasdair Scott, and Marco E. Terrones PART IV MEDIUM-TERM EFFECTS: ECONOMIC GROWTH 9 What’s the Damage? Medium-Term Output Dynamics after Financial Crises ...................................................................................................00 Abdul Abiad, Ravi Balakrishnan, Petya Koeva Brooks, Daniel Leigh, and Irina Tytell 10 What Have We Learned about Creditless Recoveries? ...................................00 Abdul Abiad, Giovanni Dell’Ariccia, and Bin Li PART V POLICY MEASURES TO PREVENT BOOMS, MITIGATE BUSTS, AND AVOID FINANCIAL CRISES 11 Policies for Macrofinancial Stability: Dealing with Credit Booms and Busts ............................................................................................00 Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven, and Hui Tong 12 Policies for Macrofinancial Stability: Managing Real Estate Booms and Busts ............................................................................................00 Christopher Crowe, Giovanni Dell’Ariccia, Deniz Igan, and Pau Rabanal 13 Resolution of Banking Crises: The Good, the Bad, and the Ugly .................................................................................................................. 00 Luc Laeven and Fabián Valencia 14 How Effective Is Fiscal Policy Response in Financial Crises? ........................00 Emanuele Baldacci, Sanjeev Gupta, and Carlos Mulas-Granados PART VI POLICY MEASURES TO MITIGATE THE IMPACT OF FINANCIAL CRISES; AND THE RESTRUCTURING OF BANKS AND OF HOUSEHOLD AND SOVEREIGN DEBT 15 The Economics of Bank Restructuring: Understanding the Options ....................................................................................................................00 Augustin Landier and Kenichi Ueda 16 Crisis Management and Resolution: Early Lessons from the 2007–09 Financial Crisis ....................................................................................00 Stijn Claessens, Ceyla Pazarbasioglu, Luc Laeven Marc Dobler, Fabián Valencia, Oana Nedelescu, and Katharine Seal 17 Principles of Household Debt Restructuring .................................................... 00 Luc Laeven and Thomas Laryea Contents v 18 Dealing with Household Debt ................................................................................00 Deniz Igan, Daniel Leigh, John Simon, and Petia Topalova 19 Restructuring Sovereign Debt: Lessons from Recent History .....................00 Udaibir S. Das, Michael G. Papaioannou, and Christoph Trebesch Foreword Financial crises are damaging and contagious, prompting calls for swift policy responses when they happen, and justifying much effort to avoid them. As seen in recent years, crises can result in deep and long-lasting recessions and, in some cases, can trigger sharp current account reversals. Unsustainable macroeconomic policies, excessive credit booms, large capital inflows, and balance sheet fragilities appear prominently as common patterns before financial crises. However, not all crises are preceded by such events. Some crises can be contagious and rapidly spread to other countries with no apparent vulnerabilities. The quest for knowledge on the best predictors of and the best policy respons- es to financial crises is ongoing. Extensive research has been conducted on various aspects of crises, including analyses of centuries-old episodes. The IMF has been closely involved in the resolution of crises and in mitigating their macroeco- nomic impact. In addition, the IMF has pursued a comprehensive research agenda over the years to analyze the causes and consequences of financial crises, to develop best measures to prevent crises, and to formulate strategies for coping with their consequences. Moreover, the IMF has been a major international forum for researchers and policymakers to debate and exchange their views
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