Modern monetary theory for the post-pandemic NHS: why budget deficits do not matter

NHS clinical directors are responsible for balancing departmental budgets, which can encompass staffing, equipment and operating theatres. As trust income is generally fixed, expenditure reduction is often attempted via recurrent cost improvement plans. In orthodox monetary theory, a departmental deficit contributes first to the hospital, then to the NHS, then to the national deficit. In the orthodox view, governments in deficit need to increase taxes and/or borrow money by issuing bonds (akin to mortgage loans), the interest on which is paid off for generations. Modern monetary theory offers a different perspective: government deficits do not matter as much as orthodox theory claims, if at all. This is because governments have the monopoly right to create the money in which the deficit is denominated (so do not ever need to borrow something that they can create). Therefore governments cannot default on debt in their own currency. Furthermore, government deficits equate to private surplus. This new perspective should influence microeconomic budget management at the clinical director level: the new emphasis being to deliver value and not just implement local savings to eliminate departmental deficits. This approach will become increasingly important in managing the huge surgical waiting lists that have accumulated during the COVID-19 pandemic.

The Causal Relation between Revenue and Expenditure of Bangladesh

Bangladesh is a developing country that has been experiencing budget deficits since its independence in 1971. It means the government spending has been exceeding the government revenue. This phenomenon calls for a study of government spending or expenditure and government revenue. This study tries to establish a causal relation between expenditure and revenue of governments of Bangladesh. To accomplish this, this study uses the Vector Autoregressive (VAR) model and the Granger Causality model on the data for the financial year from 1993-1994 to 2017-2018. The study reveals that in the context of Bangladesh, total revenue affects total expenditure, whereas total expenditure does not affect total revenue.

Reconciling COVID-19 pandemic budget deficits through furloughs and salary reductions

Theoretical basis The primary topics, in this case, align well with social processes relative to communication and decision-making, and with individual processes relative to fairness in the workplace. Research methodology The case was developed from secondary sources. The secondary sources included news reports, and university sources (i.e. e-mails, announcements, reports, town hall meetings). This descriptive case has been classroom tested in an undergraduate organizational behavior course. Case overview/synopsis On September 10, 2020, the president of Bowie State University, Dr Aminta H. Breaux, announced that the university needed to “take a number of steps, including a temporary salary reduction plan, to close the FY21 funding gap and position the university for continued budget challenges” (Exhibit 1) triggered by the economic impact of COVID-19 on the state of Maryland. Some of the faculty members’ reactions to this announcement included shock and disappointment. Reflecting on what led to the state appropriation reductions, why would faculty members be shocked by President Breaux’s announcement of temporary salary reductions? Did President Breaux make the right decision, and was it communicated appropriately? Complexity academic level This descriptive case is most appropriate for undergraduate level organizational behavior courses.

A New Look at an Old Topic (Money Sources for Municipalities)

The article is devoted to some aspects of card games, and the evolution of casinos in modern Russia. It is shown that in connection with criminalization and other negative phenomena, the gambling business was equated with “alcoholization of the population”. The problem of criminalization could not be solved, since casinos and slot machines migrated largely underground. The internet has become another loophole. In the mid-2000s, the loss of income from casinos to the state budget was a drop in the ocean. After 15 years, the situation has changed. Budget deficits of municipalities have become almost the norm, many subjects of the Federation have become chronic debtors. New non-trivial sources of state and municipal revenues are required. If, taking into account the pros and cons, it turns out to be possible to legalize the gambling business in the country, it should be based on new principles. Among them, locations far from cities, in regional centers, strict state control, a special (but not stifling) tax regime, no credits to players, and wide scale restrictions.

Cancer Clinic Redesign: Opportunities for Resource Optimization

Ambulatory cancer centers face fluctuating patient demand and deploy specialized personnel who have variable availability. This undermines operational stability through misalignment of re-sources to patient needs, resulting in overscheduled clinics, high rebooking rates, budget deficits, and wait times exceeding provincial targets. We describe how deploying a Learning Health System framework led to operational improvements within the entire ambulatory center. Known methods of value stream mapping, operations research and statistical process control were applied to achieve organizational high performance that is data-informed, agile and adaptive. Caseload management by disease site emerged as an essential construct that incorporates disease site teams into adaptive, reliable care units, clinically and operationally. This supported clus-tering interdisciplinary teams around groups of patients with similar attributes, while allowing for quarterly recalibration. Systematic efforts were made in the negotiation required to im-plement changes that impacted physicians, nurses, clerks, and administrators. Feedback mecha-nisms were created with learnings curated and disseminated by a core team. The change aligned financial expenditures to the regional demand for specialized services and smoothed clinical operations across 5 weekdays and 2 centers. The impact was predictable, optimized expenditures, increased efficiencies across human and physical resource deployment and improved disease site collaboration in patient care.

Dynamic Linkages between Social Expenditures and Economic Growth: the Most Important Conclusions for Central European Countries

The role of the state within the neoliberal system is discussed in the approaches developed for social expenditures. Accordingly, the question of whether the state should stand back or provide the support needed by individuals has shaped the literaturę on social expenditures. It is thought that the increase in social expenditures affects public expenditures, and public expenditures may indirectly cause budget deficits. In addition, it is said that there is a decrease in social spending during periods of economic growth. All these dilemmas show that the idea that the country needs both producers and consumers while realizing economic growth has been pushed into the background. Here, the analyses of the relationship between social spending and economic growth are the arguments for the accuracy of this assumption. The aim of this study is to empirically analyze the long-term relationship between the economic growth and social expenditures of eight Central European countries and the causality relationship for 1999 and 2019. In the empirical findings, the cointegration relationship was determined between economic growth and social spending. Based on the findings of the causality analysis, it has been concluded that there is a bidirectional causality relationship between economic growth and social expenditures. Policy proposals are given in the conclusion section of the article.

Economy of the Neighborhood Belt Countries in the Context of the COVID-19 Pandemic and Peculiarities of Post-Crisis Recovery

Aim. The presented study aims to identify key factors affecting the macroeconomic situation in the EAEU countries and Tajikistan (hereinafter referred to as the region) in the context of the COVID-19 pandemic.Tasks. This study summarizes trends in the development of the neighborhood belt countries in recent years; investigates changes in the real, monetary, fiscal, and external sectors of the economies caused by the spread of COVID-19; identifies the vulnerability factors of the countries in the region and key trends in responding to the crisis and post-crisis recovery.Methods. To investigate the effects of the COVID-19 pandemic on the macroeconomic situation in the neighborhood belt countries, the authors analyze the dynamics of major macroeconomic indicators characterizing the state of the real, monetary, external, and fiscal sectors of the economies under consideration.Results. The macroeconomic situation in the neighborhood belt countries at the beginning of the COVID-19 pandemic and during the post-crisis recovery is largely similar. The effects of the pandemic include sharp depreciation of national currencies, increased budget deficits, and increased national debt. Post-crisis recovery in the region is characterized by persistent risks to fiscal and debt sustainability and the effect of pro-inflationary factors.Conclusions. Despite the consistent post-crisis recovery of the neighborhood belt countries, sustainable growth is still threatened by the possible deterioration of the epidemiological situation, national budget deficit, high level of national debt, and increasing inflationary pressure. Macroeconomic policy in the countries of the region can be improved by enhancing the macroeconomic forecasting system and applying budget rules for managing budget and debt risks.

International Exchange of Information in the Field of Direct Taxation

In connection with continually widening public budget deficits and related attempts of States to remove (or at least to eliminate) unfair tax practices, issues regarding the exchange of information, which is necessary for the proper performance of provisions of conventions for the avoidance of double taxation and/or national laws, have become topical. The purpose of this paper which includes starting points for subsequent analyses is to describe and assess the existing situation in the area of enshrinement of the concept of exchange of information in current conventions for avoidance of double taxation concluded by the Czech Republic according to the state valid on 1 January 2013. Having regard to this objective defined, the authors ignore other aspects such as the existence of memoranda of mutual cooperation concerning the exchange of information, existence of tax information exchange agreements concluded by the Czech Republic and Euroepan Union law in the given area and their contents. They briefly refer to these and other aspects in the chapter called “Discussion” where they point to other research possibilities in this area.