Taylor's rule, political cycle, and Latin America-An analysis of time series in search of responsibility for monetary stabilization.

The decades before 1990 were dramatic for Latin American economies. However, from 1990 onwards, a set of policies followed by the various states in the region acheived economic stabilization with real income recovery. The attribution of this success has been disputed by politicians, economists and officials from international economic support institutions. This work will analyze the responsibility for this success in 4 economies in the region (Brazil, Colombia, Mexico and Peru). Through the combined analysis of ARDL, Markov states and structural breaks, we highlight different sources of responsibility in different periods. Additionally, detailing the states of each regime, we verify the duration of the regimes related to inflation rates and to interest rates in the region. We identify specific governments as associated with moments of economic stabilization in the region, so the hypothesis of the political cycle cannot be rejected for the set of results achieved. As policy implication, we claim that Taylor rules are endogenous to Political Budget Cycles and so stabilization plans are restricted to political tenures.

Procedure Reimbursement, Inflation, and the Declining Buying Power of the Vascular Surgeon (2011-2021).

PURPOSE: The purpose of this study was to evaluate trends in Medicare reimbursement for common vascular procedures over the last decade. To enrich the context of this analysis, vascular procedure reimbursement is directly compared to inflation-adjusted changes in other surgical specialties. METHODS: The Centers for Medicare & Medicaid Services Physician/Supplier Procedure Summary file was utilized to identify the 20 procedures most commonly performed by vascular surgeons from 2011-2021. A similar analysis was performed for orthopedic, general, and neurological surgeons. The Centers for Medicare & Medicaid Services Physician-Fee Schedule Look-Up Tool was queried for each procedure, and reimbursement data was extracted. All monetary data was adjusted for inflation to 2021 dollars utilizing the consumer price index. Average year-over-year and total percentage change in reimbursement were calculated based on adjusted data for included procedures. Comparisons to other specialty data were made with ANOVA. RESULTS: From 2011-2021, the average, unadjusted change in reimbursement for vascular procedures was -7.2%. Accounting for inflation, the average procedural reimbursement declined by 20.1%. The greatest decline was observed in phlebectomy of varicose veins (-50.6%). Open arteriovenous fistula revision was the only vascular procedure with an increase in inflation-adjusted reimbursement (+7.5%). Year-over-year, inflation-adjusted reimbursement for common vascular procedures decreased by 2.0% per year. Venous procedures experienced the largest decrease in average adjusted reimbursement (-42.4%), followed by endovascular (-20.1%) and open procedures (-13.9%). These changes were significantly different across procedural subgroups (P < 0.001). During the same period, the average adjusted change in reimbursement for the 20 most common procedures in orthopedic surgery, general surgery, and neurosurgery was -11.6% vs. -20.1% for vascular surgery (P = 0.004). CONCLUSION: Medicare reimbursement for common surgical procedures has declined over the last decade. While absolute reimbursement has remained relatively stable for several procedures, accounting for a decade of inflation demonstrates the true diminution of buying power for equivalent work. The most alarming observation is that vascular surgeons have faced a disproportionate decrease in inflation-adjusted reimbursement in comparison to other surgical specialists. Awareness of these trends is a crucial first step towards improved advocacy and efforts to ensure the "value" of vascular surgery does not continue to erode.

The effects of carbon emissions, rainfall, temperature, inflation, population, and unemployment on economic growth in Saudi Arabia: An ARDL investigation.

OBJECTIVE: While macroeconomic and environmental events affect the overall economic performance of nations, there has not been much research on the effects of important macroeconomic and environmental variables and how these can influence progress. Saudi Arabia's economy relies heavily on its vast reserves of petroleum, natural gas, iron ore, gold, and copper, but its economic growth trajectory has been uneven since the 1990s. This study examines the effects of carbon emissions, rainfall, temperature, inflation, population, and unemployment on economic growth in Saudi Arabia. METHODS: Annual time series dataset covering the period 1990-2019 has been extracted from the World Bank and General Authority of Meteorology and Environmental Protection, Saudi Arabia. The Autoregressive Distributed Lag (ARDL) approach to cointegration has served to investigate the long-run relationships among the variables. Several time-series diagnostic tests have been conducted on the long-term ARDL model to check its robustness. RESULTS: Saudi Arabia can still achieve higher economic growth without effectively addressing its unemployment problem as both the variables are found to be highly significantly but positively cointegrated in the long-run ARDL model. While the variable of carbon emissions demonstrated a negative effect on the nation's economic growth, the variables of rainfall and temperate were to some extent cointegrated into the nation's economic growth in negative and positive ways, respectively. Like most other nations the short-run effects of inflation and population on economic growth do vary, but their long-term effects on the same are found to be positive. CONCLUSIONS: Saudi Arabia can achieve both higher economic growth and lower carbon emissions simultaneously even without effectively addressing the unemployment problem. The nation should utilize modern scientific technologies to annual rainfall losses and to reduce annual temperature in some parts of the country in order to achieve higher economic growth.

Medicare Physician Fee Reimbursement for Revision Total Knee Arthroplasty Has Not Kept Up with Inflation from 2002 to 2019.

BACKGROUND: As orthopaedic physician fees continue to come under scrutiny by the U.S. Centers for Medicare & Medicaid Services (CMS), there is a continued need to evaluate trends in reimbursement rates across contemporary time intervals. Although substantially lower work relative value units (RVUs) have been previously demonstrated for septic revision total knee arthroplasty (TKA) compared with aseptic revisions, to our knowledge, there has been no corresponding analysis comparing total physician fees. Therefore, the purpose of our study was to analyze temporal trends in Medicare physician fees for septic and aseptic revision TKAs. METHODS: Current Procedural Terminology (CPT) codes related to septic 1-stage and 2-stage revision TKAs and aseptic revision TKAs were categorized. From 2002 to 2019, the facility rates of physician fees associated with each CPT code were obtained from the CMS Physician Fee Schedule Look-Up Tool. Monetary data from Medicare Administrative Contractors at 85 locations were used to calculate nationally representative means. All total physician fee values were adjusted for inflation and were translated to 2019 U.S. dollars using Consumer Price Index data from the U.S. Bureau of Labor Statistics. Cumulative annual percentage changes and compound annual growth rates (CAGRs) were computed utilizing adjusted physician fee data. RESULTS: After adjusting for inflation, the total mean Medicare reimbursement (and standard deviation) for aseptic revision TKA decreased 24.83% ± 3.65% for 2-component revision and 24.21% ± 3.68% for 1-component revision. The mean septic revision TKA total Medicare reimbursement declined 23.29% ± 3.73% for explantation and 33.47% ± 3.24% for reimplantation. Both the dollar amount (p < 0.0001) and the percentage (p < 0.0001) of the total Medicare reimbursement decline for septic revision TKA were significantly greater than the decline for aseptic revision TKA. CONCLUSIONS: Septic revision TKAs have been devalued at a rate greater than their aseptic counterparts over the past 2 decades. Coupled with our findings, the increased resource utilization of septic revision TKAs may result in financial barriers for physicians and subsequently may reduce access to care for patients with periprosthetic joint infections. CLINICAL RELEVANCE: The devaluation of revision TKAs may result in reduced patient access to infection management at facilities unable to bear the financial burden of these procedures.

Association Between the Percentage of US Drug Sales Subject to Inflation Penalties and the Extent of Drug Price Increases.

Importance: Policy makers have proposed levying penalties for drug price increases that are higher than the rate of inflation for drugs covered in the US Medicare program, but research is lacking regarding the ways in which manufacturers might respond to those penalties. An understanding of manufacturers' responses to existing inflation penalties could inform such policy discussions. Objective: To estimate the association of existing inflation penalties in the US 340B Drug Pricing Program with manufacturer pricing behavior in the Medicare Part D program and associated changes in Medicare pharmacy expenditures. Design, Setting, and Participants: This study included a pooled cross-sectional time-series analysis of price changes for Medicare Part D drugs used annually by more than 5000 beneficiaries between January 1, 2013, and December 31, 2017. The percentage of Medicare Part D sales subject to inflation penalties in the 340B program was used to perform a regression analysis to estimate the association of inflation penalties with annual drug price changes. The 340B program requires manufacturers to sell their drugs at a lower price to safety-net health care organizations; this lower price includes a base discount and an additional discount equal to the amount of any price increase that is higher than the rate of inflation. Sales to these 340B-eligible health care organizations represent the market share of a drug subject to inflation penalties. Health care organization-level claims data were obtained from the Medicare Provider Utilization and Payment Data-Part D Prescriber database, and organizations were matched to the Office of Pharmacy Affairs Information System of the Health Resources and Services Administration to identify those organizations that were eligible for the 340B program. Price change and drug use data were obtained from the Medicare Part D Drug Spending Dashboard. Name-brand drugs were included in the analysis if they did not have generic competition and were used by more than 5000 individuals with Medicare Part D in 1 calendar year. Data analysis was conducted from January 1 to February 28, 2020. Main Outcomes and Measure: Annual price change was the primary outcome measure; spending changes associated with lower price increases were also estimated. Sales percentage subject to inflation penalties was the primary independent variable, and formulary classification was a control variable. Results: Of 2148 brand-name drugs included in the database, 606 drugs were used by more than 5000 beneficiaries annually, with a mean sales percentage subject to inflation penalties of 12.1%. A higher sales percentage subject to inflation penalties was associated with lower annual price increases (between-effects coefficient, -0.114; 95% CI, -0.205 to -0.023; P = .01; fixed-effects coefficient, -0.380; 95% CI, -0.466 to -0.294; P < .001). Lower price increases owing to inflation penalties were estimated to be associated with a reduction in Medicare Part D pharmacy expenditures of $7.1 billion between 2013 and 2017. Conclusions and Relevance: In this cross-sectional study, increases in the percentage of drug sales subject to inflation penalties were associated with lower annual price increases. Broader application of inflation penalties may help to reduce drug price increases and decrease overall drug spending.

Economic crises and suicides between 1970 and 2011: time trend study in 21 developed countries.

BACKGROUND: Existing research on the relationship between economic recessions and suicides has almost completely concentrated on the most recent global financial crisis (2008). We provide the most comprehensive explanation to date of how different types of economic/financial crises since 1970 have affected suicides in developed countries. METHODS: Negative binomial regressions were used to estimate what the suicide rates would have been during and 1 year after each crisis began in 21 Organisation for Economic Co-operation and Development countries from 1970 to 2011 if the suicide rates had followed the pre-crisis trends. RESULTS: We found that every economic/financial crisis since 1970, except the European Exchange Rate Mechanism crisis in 1992, led to excess suicides in developed countries. Among males, the excess suicide rate (per 100 000 persons) varied from 1.1 (95% CI 0.7 to 1.5) to 9.5 (7.6 to 11.2) and, among females, from 0 to 2.4 (1.9 to 2.9). For both sexes, suicides increased mostly due to stock market crashes and banking crises. In terms of actual numbers, the post-1969 economic/financial crises caused >60 000 excess suicides in the 21 developed countries. The Asian financial crisis in 1997 was the most damaging crisis when assessed based on excess suicides. CONCLUSIONS: Evidence indicates that, when considered in terms of effects on suicide mortality, the most recent global financial crisis is not particularly severe compared with previous global economic/financial crises. The distinct types of crises (ie, banking, currency and inflation crises, and stock market crashes) have different effects on suicide.

Asymmetrical effects of real exchange rate on the money demand in Saudi Arabia: A non-linear ARDL approach.

This present research investigates the money demand function of Saudi Arabia using a long period 1968-2016. In addition, the asymmetrical effects of real exchange rate changes have also been explored in the estimated money demand function. Our empirical results suggest that income and inflation have positive and negative effects on money demand respectively. Further, a real appreciation of US dollar has a positive effect but a real depreciation has a negative effect on the money demand. Furthermore, income and price homogeneity hypotheses do not hold for the estimated elasticities. Moreover, the estimated model is found stable with the theoretically expected effects of money demand's determinants. Therefore, we are suggesting money supply as a monetary policy instrument to the economy of Saudi Arabia.

Hyperinflation of Vasopressors (Vasopressin, Norepinephrine, Ephedrine, etc).

PURPOSE: Hyperinflation refers to the increasing cost of drugs which occurs due to continued drug shortages and rebranding. Hyperinflation has significant implications in increasing overall healthcare costs with reduced reimbursement, increased patient acuity, and an aging population, but published strategies to reduce costs and minimize waste are limited. OBJECTIVE: To describe the hyperinflation and cost mitigation strategies of three vasopressor medications, vasopressin, epinephrine, and ephedrine. CONCLUSION: The steep increase in medications is expected to continue, and mitigation strategies to reduce waste and select the most cost effective therapy to offset the price increase is crucial for healthcare systems.

Hyperinflation-Definitions and Causes.

Hundreds of oral and injectable generic drugs have seen dramatic price increases during the 2010s. Several reasons for the astronomic price increases have been postulated, ranging from reduced competition, shortages in the manufacturing supply chain, very small markets, market consolidation, the Unapproved Drugs Initiative of 2006, and unanticipated manufacturing safety issues. In one survey, over 90% of hospital administrators reported that higher drug prices had a moderate or severe impact on their budgets. Whereas compounding pharmacies may present an effective solution to high drug prices, it is a potentially dangerous one, as the case of New England Compounding Center makes clear. The risks make a meticulous vetting process necessary.

Hyperinflation of Isoproterenol.

The hyperinflation of isoproterenol, a 75-year-old drug, in early 2015 was unbelievable. The attention of health-care professionals, health system administrators, legislators, and the general public was quickly focused on Valeant Pharmaceuticals, purchaser of several generics solely to raise their price. With isoproterenol easily launched toward the top of drug expenditures, pharmacists in many hospitals were forced to engage stakeholders in the investigation and implementation of alternatives, explore utilization and optimize inventory, reduce cost through sterile product preparation, where possible, restrict use to settings that were beneficial to their budget, and become legislative advocates. The alternatives drugs and strategies will be reviewed.

[Healthcare expenditures and the role of demografic change : An analysis of statutory health insurance data]. / Gesundheitsausgabenentwicklung und der Einfluss des demografischen Wandels : Eine Analyse von Daten der Gesetzlichen Krankenversicherung.

The development of healthcare expenditures and the impact of demographic change are the subject of a controversial debate. Yearly healthcare expenditures have more than doubled between 1992 and 2015 and are often justified by the aging demographic. The majority of expenses are paid by the statutory health insurance (SHI). The aim of the current study was to evaluate the contribution of the demographic change to increasing total per capita expenditures in the SHI as well as to analyze the development and the impact in individual areas of spending.We calculated average per capita expenditures from 2004 to 2015 based on data from the German Federal (Social) Insurance Office. Information on the age distribution in SHI was derived from official statistics of the Federal Ministry of Health. To determine the impact of demographic change on per capita expenditures, age distribution was standardized based on 2004 data. Additionally, the impact of inflation and other factors was determined.The results show an increase in per capita expenditures from €1722 in 2004 to €2656 in 2015 (+54.2%). Assuming a constant age distribution at the 2004 level, average per capita expenditures would have increased by 44.9%. The relative share of demographic change is only 17.3%; 32.2% could be explained by inflation and 50.5% are based on other factors. We observed large differences in the increase for the individual areas of spending, which can partly be explained by the impact of demographic change.This analysis illustrates that the demographic change is not the frequently claimed cost driver in healthcare. Other factors have a substantially greater impact on healthcare expenditures.

Economic growth and inflation rate: implications for municipal revenue and health expenditure of the municipalities of Pernambuco, Brazil. / Crescimento econômico e taxa de inflação: implicações na receita municipal e na despesa com saúde dos municípios de Pernambuco, Brasil.

This paper analyzes the implications of municipal budget revenue growth and the monetary policy's inflation rates goals in the availability of public health resources of municipalities. This is a descriptive, exploratory, quantitative, retrospective and longitudinal cross-sectional study covering the period 2002-2011. We analyzed health financing and expenditure variables in the municipalities of the state of Pernambuco, Brazil, describing the trend and the relationship between them. Data showed the growth of the variables and trend towards homogeneity. The exception was for the participation of Intergovernmental Transfers in the Total Health Expenditure of the Municipality. We found a significant correlation between Budget Revenue per capita and Health Expenditure per capita and a strong significant negative correlation between Inflation Rate, Budget Revenue per capita and Health Expenditure per capita. We concluded that increased health expenditure is due more to higher municipal tax revenue than to increased transfers that, in relative terms, did not increase. The strong inverse relationship between inflation rate and the Financing and Expenditure variables show that the monetary policy's inflation goals have restricted health financing to municipalities.

Crescimento econômico e taxa de inflação: implicações na receita municipal e na despesa com saúde dos municípios de Pernambuco, Brasil / Economic growth and inflation rate: implications for municipal revenue and health expenditure of the municipalities of Pernambuco, Brazil

Resumo O artigo analisa implicações do crescimento da receita orçamentária municipal e da política monetária de metas da inflação na disponibilidade de recursos públicos para a saúde do ente municipal. A pesquisa é descritiva, exploratória, de natureza quantitativa e de corte longitudinal retrospectivo, abrangendo os anos de 2002 a 2011. Analisaram-se variáveis de Financiamento e Gasto em Saúde dos municípios do estado de Pernambuco, descrevendo a evolução e a relação entre elas. Os dados demonstraram crescimento das variáveis e tendência à homogeneidade. A exceção foi a participação das Transferências Intergovernamentais na Despesa Total do Município com Saúde. Constatou-se correlação significativa entre Receita Orçamentária per capita e Despesa com Saúde per capita e correlação negativa significante forte entre Taxa de Inflação, Receita Orçamentária per capita e Despesa com Saúde per capita. Concluiu-se que o incremento da despesa com saúde deve-se mais ao crescimento da arrecadação municipal que ao das transferências. Estas, em termos relativos, não se elevaram. A forte relação inversa entre Taxa de Inflação e variáveis de Financiamento e Gasto comprovam que a política monetária de metas da inflação tem restringido o financiamento da saúde no ente municipal.

Abstract This paper analyzes the implications of municipal budget revenue growth and the monetary policy’s inflation rates goals in the availability of public health resources of municipalities. This is a descriptive, exploratory, quantitative, retrospective and longitudinal cross-sectional study covering the period 2002-2011. We analyzed health financing and expenditure variables in the municipalities of the state of Pernambuco, Brazil, describing the trend and the relationship between them. Data showed the growth of the variables and trend towards homogeneity. The exception was for the participation of Intergovernmental Transfers in the Total Health Expenditure of the Municipality. We found a significant correlation between Budget Revenue per capita and Health Expenditure per capita and a strong significant negative correlation between Inflation Rate, Budget Revenue per capita and Health Expenditure per capita. We concluded that increased health expenditure is due more to higher municipal tax revenue than to increased transfers that, in relative terms, did not increase. The strong inverse relationship between inflation rate and the Financing and Expenditure variables show that the monetary policy’s inflation goals have restricted health financing to municipalities.

Impacte de la situació econòmica actual en la població infantil de Catalunya / Impacto de la situación económica actual en la población infantil de Catalunya / Impact of the current economic situation on children in Catalonia

Fonament: la reducció de la despesa pública en política social, educació i sanitat a causa de la crisi econòmica provoca canvis en les condicions de vida de la població infantil de Catalunya. Objectiu: valorar l'impacte de la crisi econòmica sobre la salut infantil amb la finalitat de poder elaborar indicadors sensibles per monitorar la situació actual. Mètode: revisió bibliogràfica d'informes publicats en revistes nacionals i internacionals entre 2005 i 2014, Enquesta de Salut de Catalunya, Informe del Síndic de Greuges, Agència de Salut Pública de la Generalitat i Càritas Diocesana de Barcelona. Resultats: les desigualtats socials han augmentat més del 20%. Les famílies amb tots els seus membres a l'atur arriba a l'11% i més de la meitat dels joves menors de 25 anys estan a l'atur. Un de cada quatre menors de 17 anys viu en llars per sota del llindar de pobresa i el 22%, en condicions d'insalubritat. Hi ha un empitjorament de l'alimentació, amb augment de la taxa de sobrepès d'un 8%. No s'han descrit indicadors sensibles perquè els professionals puguin detectar aquests efectes en la població infantil. Conclusions: la crisi determina un empitjorament de les condicions de vida de les famílies que comporta un des-equilibri en l'estat de salut. És necessari incloure a la his-tòria clínica d'urgències indicadors de situacions de risc social, com ara higiene, alimentació i habitatge, i implicar els professionals de la salut en la seva detecció

Fundamento. La reducción del gasto público, en política social, educación y sanidad debidos a la crisis económica provoca cambios en las condiciones de vida de la población infantil en Catalunya. Objetivo. Valorar el impacto de la crisis económica sobre la salud infantil con el fin de poder elaborar indicadores sensibles para monitorizar la situación actual. Método. Revisión bibliográfica de informes publicados entre 2005- 2014 en revistas nacionales e internacionales, Encuesta de Salud de Catalunya, Informe del Síndic de Greuges (defensor del pueblo), Agencia de Salud Pública de la Generalitat y Cáritas Diocesana de Barcelona. Resultados. Las desigualdades sociales han aumentado más de un 20%. Las familias con todos sus miembros en paro han ascendido hasta el 11% y más de la mitad de los menores de 25 años están en paro laboral. Uno de cada cuatro menores de 17 años vive en hogares por debajo del umbral de pobreza y un 22% en condiciones de insalubridad. Hay un empeoramiento en la alimentación con aumento de la tasa de sobrepeso del 8%. No se han descrito indicadores sensibles para que los profesionales puedan detectar estos efectos en la población infantil. Conclusiones. La crisis determina un empeoramiento en las condiciones de vida de las familias que conlleva un desequilibrio en el estado de salud. Es necesario incluir en la historia clínica de urgencias indicadores de situaciones de riesgo social, como higiene, alimentación y vivienda, e implicar a los profesionales de la salud en su detección (AU)

Background. The decrease of public spending on social programs, education, and healthcare due to the economic crisis has impacted the lives of children in Catalonia. Objective. To assess the impact of the economic crisis on children’s health in order to develop sensitive indicators for monitoring the current situation. Method. Literature review of reports published between 2005 and 2014 in national and international journals, the Catalan Health Survey, and the reports by the Sindic de Greuges, the Public Health Agency of Catalonia, and the Diocesan Caritas of Barcelona. Results. Social inequalities have increased over 20%. Families with all members unemployed increased by 11%, and more than half of the under 25 population are unemployed. One in four children under 17 years live in households below the poverty line, and 22% in unsanitary conditions. Due to the worsening in eating habits, overweight rate has increased to 8%. No sensitive indicators have been described to detect these effects in children. Conclusions. The economic crisis has caused a significant deterioration in the living conditions of the families in Catalonia, which has resulted in health disparities. Indicators of social risk situations such as hygiene, nutrition, and housing, should be included in the medical record and healthcare providers should be involved in their detection and monitoring (AU)

Challenges to the Mediterranean diet at a time of economic crisis.

AIMS: The traditional Mediterranean diet (MD) is reportedly associated with lower risk of major chronic diseases and long considered to contribute to the reduced rates of cardiovascular and cerebrovascular events and to the highest life expectancy in adults who lived near the Mediterranean Sea. But despite its widely documented health benefits, adherence to this dietary pattern has been rapidly declining over the last decades due to a clear socioeconomic influence. The present review provides an overview of the evidence on the current major determinants of adherence to the Mediterranean diet, with a particular emphasis on Mediterranean Countries at a time of economic crisis; second it explores emerging socioeconomic inequalities in other domains of healthy dietary behaviours such as dietary variety, access to organic foods and food purchasing behaviour. DATA SYNTHESIS: According to ecological evidence, the Mediterranean Countries that used to have the highest adherence to the Mediterranean pattern in the Sixties, more recently experienced the greatest decrease, while Countries in Northern Europe and some other Countries around the world are currently embracing a Mediterranean-like dietary pattern. A potential cause of this downward trend could be the increasing prices of some food items of the Mediterranean diet pyramid. Recent evidence has shown a possible involvement of the economic crisis, material resources becoming strong determinants of the adherence to the MD just after the recession started in 2007-2008. Beyond intake, the MD also encourages increasing dietary diversity, while international dietary recommendations suggest replacing regular foods with healthier ones. CONCLUSIONS: Socioeconomic factors appear to be major determinants of the adherence to MD and disparities also hold for other indices of diet quality closely related to this dietary pattern.

Austeridad y privatización sanitaria en época de crisis: ¿existen diferencias entre las comunidades autónomas? Respuesta / Differences in austerity and healthcare privatisation between autonomous communities in times of crisis in Spain. Replay

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Impacto de la crisis económica en la actividad de un comité ético de investigación clínica; respuesta de la Agencia Española de Medicamentos y Productos sanitarios / Impact of the economic crisis on the activity of a clinical research ethics committee; response from the Spanish Agency of Medicines and Medical Devices

No disponible