One observation I had while doing my research was that many of the RBF schemes in Latin America, especially ones in Education, were focused on demand-‐side instead of supply-‐side incentives. Constrained by time and other aspects of my research, I was not able to investigate this further. However, with more time, I would be interested in learning the reasons behind this observation. To help explain this phenomenon, I would try to find the ways in which the Health and Education sectors in Latin America differ from other developing regions. I would search for a difference in the privatization of Education in Latin America versus other developing regions to see if that plays a role. I would also look into the ways in which people in Latin America are trying to solve issues of low learning achievement. Perhaps their solution entails sending more children to private schools, and helping families financially to be able to afford private school through RBF schemes would be a logical means to that solution. I would also see if the organizations implementing RBF in Latin America differed from the organizations in my case study analysis that seemed to support supply-‐side RBF schemes. If the organizations were different, the difference in RBF schemes being used could be based on the preference of those organizations. Exploring this possibility more would ultimately give more insight to the differences of RBF in Education and Health and even the difference of its use within each sector.
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The RBF is a contractual approach in which the health care and service providers receive funders' resources proportionally to their services to the population . This funding model has contributed to the increasing facility-based delivery rate, uptake of family planning, and preventive consultation of children in the first four weeks of life [5, 6]. There is also improvement of the quality of care in hospitals , and antenatal services . The RBF emphasizes a heavy use of data to calculate performance and RBF incentives for health facilities .
In addition to the routine quantitative data, we also col- lected qualitative data in six selected health districts. These districts were selected based on the availability of major health financing schemes such as contracting, health equity funds and vouchers with the aim of covering all aspects or groups of districts (with none, one or several of these schemes). In each selected district, we interviewed the district supervisor for maternal and child health ser- vices and the chief of the technical bureau. These individ- uals are considered to be the most informed about GMIS and maternal health-related matters in the district. With help from the supervisor, we selected two health centre- s—one with relatively good delivery performance and an- other one with relatively poor performance. In each selected health centre, we interviewed midwives, the health centre chief and one of the community representa- tives. In addition, we conducted one focus group discus- sion with randomly selected women who had given birth (once or more) between 2006 and 2010 in each health centre catchment area. Based on the health centre’s cover- age map, we first selected three villages according to geo- graphical distribution: one closest to the health centre, one furthest away from the health centre and one in be- tween. According to the village’s population size, in
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The Malawi Ministry of Health (MoH) introduced the Results-Based Financing For Maternal And Neonatal Health (RBF4MNH) Initiative to four districts (Balaka, Dedza, Mchinji, Ntcheu) in April 2013 to enhance ob- stetric care provision at facilities designated to eventually fully function as EmOC centres. Together, these four districts consist of a total of 33 designated EmOC facil- ities serving a catchment population with an expected birth rate of about 111,450 deliveries per year . Dis- trict selection was driven by MoH decisions to avoid overlap with other existing or upcoming maternal health or health financing programs in the country. The RBF4MNH’s main objective is to improve both quality and access to facility-based obstetric care for women and newborns during birth and up to 48 h after delivery  through a combination of supply- (performance-- based payments to facilities and district health manage- ment teams (DHMT)) and demand-side mechanisms (conditional cash transfers (CCT) to pregnant women within catchment areas). Implementation occurred in two phases: an early pilot phase (April 2013 to October 2014) and a later expansion phase (November 2014 on- wards). During the early phase, only 18 out of the 33 EmOC facilities (four hospitals, 14 health centres) were empanelled and later expanded by an additional 10 facil- ities (two community hospitals, eight health centres) with on-going plans for a nation-wide scale-up. Empa- neled facilities were selected based on the presence of at least four skilled birth attendants, catchment population size, and number of institutional deliveries.
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These findings on verification costs, but also on lack of adherence to design, payment delays and concerning the specific challenges of community verification are not dissimilar to those of studies carried out in other set- tings. In Burundi, for example, a study  found that verification activities make up 16% of the total costs of the national RBF project and that verification costed 25-30% of the entire budget at pilot stage, when the scheme was NGO-managed. The same study in Burundi also stressed that the role of verification outcomes as sanction for providers has a marginal impact on the scheme, as sanctions are rare and partially applied, and, similarly to Benin, data are still not fully exploited for analysis and feedback . The problem of delays be- tween service delivery and payment of providers is also common across RBF projects in different settings, because of difficulties in the verification processes and/ or in the disbursement procedures. Such delays, that we found for the case of Benin, have also been documented in Sierra Leone , Nigeria [29, 30] and Uganda , and have a critical impact on the potential for results as they delink performance and payment. Regarding the community verification, many of the problems pointed to by our analysis in terms of costs and practical feasibil- ity were also made in a debate among members of the Community of Practice with reference to Burkina Faso and other countries (DR Congo, Rwanda, Central African Republic, and Haiti) . In terms of the rele- vance of the community verification, previous research has highlighted the dangers of conflating community verification with a form of community participation, as the outcome of that verification only represents the views of few users and CBOs lack the ability to enforce real changes at facility level . In Benin, this issue is further compounded by the elite appropriation, as CBOs are in fact powerful national NGOs which resort to
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21. New are the vehicles with which results oriented aid is driven, such as the forms defined above and the modalities for financing aid. Unfortunately most actors are still at their experimental stage. DfID has five pilot projects, three in the design phase and two in the concept phase 1 . CGD does not have own experience, as CGD does not implement programmes. World Bank, as said, is in the process of developing sector programmes in the direction of output based aid (OBA). USAID does not implement COD yet, but applies results based financing through Pay for Performance (P4P). GPOBA does have experience with its output based aid (OBA) projects but is still learning from it. The Netherlands are in the process of developing processes and instruments for more results oriented project management 2 , while continuing (classic) Development aid with more stringent expectations – and conditions thereto – of results. Germany is moving along the same path, seeking a reform of its Development financing towards more results, for which a policy will be issued 3 . Germany always was results oriented, now strives to add results based approaches to its instruments. Norway is involved in bilateral pilots in results based financing for maternal and child health 4 in India, Nigeria, Tanzania, Pakistan and Malawi. Norway (like Germany) is also involved in the Amazon Fund programme to combat deforestation.
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Over the last decade, results based financing (RBF) has been increasingly implemented in low- and middle- income countries to purchase health care services. These schemes, often also called performance based financing, typically aim to improve health services by providing bo- nuses to service providers (usually facilities, but often with a portion paid to individual staff ) based on the veri- fied quantity of outputs produced, modified by quality indicators. In many cases there is a division of functions between regulation, purchasing, fund-holding, and ser- vice delivery . While research and evidence on RBF has grown since the first systematic review , much of the literature has focused on the health outcomes and outputs of RBF [3–6], while less attention has been paid to the drivers of policy and of how RBF is implemented and rolled out under different conditions and settings. This is important as there is controversy about effective- ness and the health system effects of RBF programmes, as well as the extent to which they are driven by external agendas . There is also evidence that RBF pro- grammes are more common in fragile and conflict- affected settings and that this may relate to the greater role of external actors . However, there are still few case studies exploring these dynamics, in particular based on FCAS experiences. Moreover, existing studies have adopted a focus on agenda-setting and scale-up in RBF programmes, rather than an explicit political econ- omy framing [9 – 12]. One of the factors which has lim- ited study in this area is likely to be its contentious nature, particularly for those with a stake in the RBF sphere.
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participating centres. This evaluation was conducted with the participation of the different project’s stake- holders. The lack of material and human resources were identified at all levels of the health system: qualified personnel and a variety of material (medical, logistical, etc.) in the health centres, vehicles for supervisions (DRS and CSREF), human and financial resources (DNS). “The division that took care of RBF [the DNS’s Sanitary Establishments division] was not very developed [in terms of personnel and financing].” (Ex-DNS member). Apart from the Dutch develop- ment aid funds spent for the project, few resources are given today to stabilise the project’s achievements. This lack of resources was also reflected through leadership that was not shared between local author- ities and the project management in regards to the capacities evaluation (and throughout the project): “The government does not have the means, this is why since that thing [RBF project] exists, it was not in- volved.” (ASACO/treasurer, CSCOM 3). The abandon- ment of the baseline study illustrates both the lack of resources and leadership of the Malian government. In fact, after the 2012 coup d’État, USAID (United- States agency for international development) withdrew its funds for the baseline study, of which the State did not take responsibility “…at this moment, there was no money in the system [for the baseline study]… there was no resource.” (Ex-DRS member).
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According to Dusuki and Abdullah (2006), the ideal financing model for Islamic microfinance is equity financing. However, equity financing is less popular than debt- based financing (Paul and Presley, 1999, Chong and Liu, 2009). The first reason is the moral hazard problem associated with the ex-post information asymmetry, which is more likely to occur with an equity financing contract. The entrepreneur (the one receiving finance) has an incentive to manipulate the profit report (reduce the profit). The moral hazard problem can also occur in a mudarabah (profit-sharing) contract because entrepreneurs can undertake high-risk projects whereby they gain profit and bear no losses from the business (Chong and Liu, 2009). PLS contracts expose institutions to business risk since most Islamic MFIs act as intermediaries that are not involved in the management of the projects (Ibrahim and Mirakhor, 2014).
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We conducted interviews in just two districts of Gujarat state, but these were carefully chosen to allow us to ex- plore the views of private practitioners in a rural and an urban context. Our study was conducted as part of a lar- ger programme of work funded by the EU, which included comprehensive GPS mapping of private practitioners in the state. This enabled us to confidently select from this list of qualified obstetricians, those whose facilities were eligible to participate in the CY scheme. We selected ob- stetricians carefully to include men and women of differ- ent ages and participation status (practitioners currently participating in the CY scheme, those who had discontin- ued their participation, and those who had never par- ticipated at all). Based on the principle of maximum variation, this sample allowed us to identify the central, shared experiences around participation common to each group, as well as areas of difference. We also selected re- spondents from different geographical areas: those which were larger and urban, smaller and urban, predominantly rural, peripheral, remote and/or tribal to gain a wide range of contexts. Another strength is that the principle investigator who conducted the interviews in this study is a practising public health physician with experience working in the public and private sector in Gujarat state; this positionality allowed him to quickly establish rap- port, generate discussion, and gather in-depth and frank accounts of the CY scheme.
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According to the classical finance theory, the financ- ing model is first established. The influencing factors of the financing structure are generally considered as follows: enterprise scale, growth potential, profit po- tential, property operating and management capability, mortgage valuation, short-term debt repayment capa- bility, equity structure, income tax, non-debt tax shield and other factors. Table 1 makes a detailed description about the influencing factors. The financing functions and variables corresponding to the above factors are positively correlated with the functions. The capital financing factors are intricate, and also have a cou- pling effect. If each variable is considered inde- pendently, many factors must be ignored, and there are difficulties in decoupling.
Over the past two decades, China’s financial market has achieved great devel- opment, and the types of financial instruments continue to increase. However, compared with developed countries and even some emerging market countries, there is still a big gap. Therefore, increasing the innovation intensity of financial instrument is of great significance for realizing the internationalization of Chi- na’s financial market. While expanding bond issuance is of great significance to China’s multi-level financial system construction, increasing the proportion of direct financing and reducing the fragility of the financial system.
Critics of prevailing Islamic financing have put asset ownership as the pivotal attributes of lawful contract. The al-bay‟ concept is expected to be the foundation of the banking business which the Quran poses as the alternative to riba (Surah Al-Baqarah; 275). However, asset ownership and consequently ownership risk in al-bay were both over-looked by Islamic banking and the Shariah regulatory parameters as well. As an example, the sale and buy-back transaction through Property Purchase Agreement (PPA) and Property Sale Agreement (PSA) between bank and customer in the Malaysian Al-Bai‟ Bithaman Ajil (BBA) financing showed no evidences of actual purchase between the bank and the developer or even between the bank and the customer as per the PPA. Dahlan & Aljunid (2011), argues on the issue whether or not the customer has acquired full ownership to warrant him becoming the legal owner of the house hence evidencing uncertainty or gharar, more particularly gharar al-fahish (exorbitant gharar). Another observation argued that the bank merely acts as a financier rather than a seller and had detached itself from all liabilities. This act obviously ignores the Islamic legal maxim of “al-ghorm bil ghonm” (no reward without risk) and “al-Kharaj bil Daman” (any benefit must be accompanied with liability) (Meera & Razak, 2005). By ignoring these elements of profit earned can be labeled as illegitimate in the eye of Islamic law for not upholding to the Islamic theory of profit.
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Zakat is part of the concept of responsibility that provides evidence against to the social interests (public) than the interests of the company (profit). Zakat management is carried out by transparency, accountability, responsibility, and able to solve the problems of society, especially in the economic and social fields. Zakat issued by the company does not intend to burden companies and threaten the sustainability of the company. Based on Law No. 17 Year 2000 on Income Tax, Article 4, paragraph 3, stated that the zakat expenses expressed as a reduction of taxable income for the issuing zakat. The regulation is expected financial condition of companies is not burdened. Zakat is an obligation of an independent Muslim and have a certain amount of wealth that has reached nisab. The phenomenon of sharia banking is an interesting phenomenon seen from the number of sharia banks in Indonesia that amounted to 13 Bank. An increasing number of sharia banks shows that the potential of sharia banking is very positive, so it will increase the amount of obligatory zakat for the company.
The present study investigates the influencing factors that affect different types of health financing in developed and developing countries. The purpose of the current study is to determine whether the quality of institutions and governance is related to health financing or not. Specifically, government effectiveness and control of corruption are used as institutional indicators, besides income, fiscal capacity, disease pattern, population aged 65 years and above, and components of health spending as explanatory variables. We use dynamic panel data analysis, particularly Blundell & Bond’s (1998) system-GMM estimator, to obtain unbiased and consistent estimates. The empirical findings of this study show that income influences health financing positively with elasticity of less than one, which indicates that health care is not a luxury good either in developed or in developing countries, contrary to Gerdtham et al. (1992), Getzen (2000), and Newhouse (1977) and consistent with Baltagi & Moscone (2010) and Xu et al. (2011). The second major finding is that general government expenditure as a share of GDP plays an important role in improving public and total health financing; however, it is negative and significant in explaining private and out-of-pocket health financing, indicating that the greater the general government expenditure, the lower the private health financing. Likewise, components of health expenditure improve different types of health financing in developed countries.
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Most financing decisions are dictated by necessity which requires in-depth analysis of financing options, costs attracted and long-term implications. Chauhan and Patel (2013) argue that, firms’ shareholder value creation is based on firms’ earnings ability and firms return on its net worth. Seidu and Andani (2013) assert that, a firm financing policy may be to choose from alternative sources, which may be internal or external. Internal financing includes use of retained earnings while external financing constitutes borrowing by issuing debt instruments and issue of new shares. The skills to identify financial variables which have the greatest impact on value creation in an organization can facilitate establishment of criteria for appropriate strategies (Kumar, 2015). In addition, Hall (2013) opines that, for companies to maintain competitiveness and add value to shareholder wealth managers should make critical business and financing decisions which will lead to long-run perspective.
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KPR –FLPP (Mortgate rate subsidy) is a program of assistance and ease of acquisition of houses for MBR (Low income community) with low interest rate of 5% fixed, credit period up to 20 years, low interest, free of VAT and free of insurance premium and fire insurance. MBR who have obtained KPR FLPP assistance must occupy the house, if MBR does not occupy the house (empty, transferred or leased), will be subject to two sanctions namely criminal sanctions based on Article 152 UU No. 1 of 2011 on housing and Settlement Area, with the largest fine 50 million rupiah and sanctioned the return of assistance that has been obtained in order to channel the channeling in collaboration with the banking through housing financing liquidity facility (FLPP) with the executing-scheme.
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The NPF managing program is based on the economic sector in general with the handling of NPF based on business segments and financing agreements. In- tensive collection efforts (weighting 34.0%) and restructuring (weighting 31.2%) are important and can be pursued. For efforts to deal with problematic financing or NPF, intensive billing measures always need to be done both for the two main sectors that have a high level of importance and weight as well as for other eco- nomic sectors. The NPF management strategy in the form of restructuring is adjusted to the nature or characteristics of each economic sector. Especially for the economic sectors of trade, hotels and restaurants, the forms that occur in re- structuring in general are rescheduled or extended. This is in accordance with the use of financing facilities provided in the form of purchase of working capital goods or investment in business support equipment. If the customer has difficulty returning the obligation, then the restructuring in the form of a contract change can also be done as an effort to handle the NPF. As for financing customers in the construction sector, in general in the form of development investments or certain jobs with contracts commonly used are mudharabah/musyarakah. If there is a de- crease in the ability to pay or a decrease in the quality of financing, then a rare restructuring is done is to change the contract from mudaraba to musharaka or vice versa. In addition, it can also be in the form of reconditioning in the form of postponement of principal payments up to a certain time limit.
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The computable DSGE model used here allows to study the qualitative dynamics of all macroeconomic variables, including bank variables, after a total factor productivity (TFP) shock. Optimal response functions for banks, firms and households are obtained by solving the model numerically using a finite- element method (Judd, 1991; McGrattan, 1999; Fackler, 2005). The main findings obtained from numerical simulations follow. First, banks optimal response to capital requirements under aggregate non-diversifiable risk is to accumulate excess capital (i.e. capital in excess of the minimum required) as a buffer against future shocks. Thus, banks are rarely undercapitalized or capital constrained in the stochastic steady state. This is true even when equity is a more expensive financing method than bank deposits. This is in line with the data showing that banks in general hold capital well in excess of the minimum required. 5 Second, an increase in capital requirements leads to a small reduction in bank loan supply giving some support to the credit crunch hypothesis. However, most of the adjustment on banks’ balance sheets is done trough recapitalization via retention of earnings. Thus, this finding is in line with the weak evidence found in the empirical literature. Third, an adverse TFP shock (keeping capital requirements constant) also makes banks reduce loan supply. The financial accelerator effect arises clearly in the time path of the main macroeconomic variables that display both more amplitude and more persistence than in a no-regulation case. As regards banks’ balance sheet adjustments after the shock, loan supply again decreases by a small amount and most of the adjustment comes from capitalization via retained
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attention to detail at the time of submission of the financing process, the liquefaction process until the process when they have to restore the funding. They are more careful planning of how the customer can recover these costs in a timely manner in line with the business carried on. Then they also consider the level of margins offered by BRI Syariah, whether the margin rate as measured by the customer. In addition, consideration will guarantee, customers estimate how the value of collateral that will be pledged in accordance with the amount of financing that will be accepted by the customer as well as a tool to BRI Syariah payer at any time if the customer can not pay off the financing it has received. Aini’s study (2015) showed that the degree of influence on decision-making margin made by customers financing murabaha financing at BMT Waru Sidoarjo. Harahap (2016) also stated thus, margins affect the perception of customers to transact using finance in Islamic banks. Based on the results obtained then the implication is right for this discussion is of BRI Syariah need intensive socialization related to Islamic financing products offered to customers, especially SMEs. This is due to the lack of understanding customers' Islamic financing products ranging from systems and procedures to apply for financing, collateral requirements to the process of disbursement and repayment. Socialization is expected to reach all levels of well educated customers high or low. Because education can affect one's behavior and thought patterns in receiving information and solve problems.