How International Health System Austerity Responses to the 2008 Financial Crisis Impacted Health System and Workforce Resilience – A Realist Review

Fleming, Pádraic; Caffrey, Louise; Belle, Sara Van; Barry, Sarah; Burke, Sara; Conway, Jacki; Siersbaek, Rikke; Mockler, David; Thomas, Steve

doi:10.34172/ijhpm.2022.7420

Cited by 5 publications

(8 citation statements)

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“…The pandemic was a stark reminder of the crucial importance of investment in a motivated, skilled, and engaged health workforce 27. Health workers in countries that acted rapidly to interrupt transmission, or which had previously invested in health system capacity, were relatively fortunate because they were better able to manage the shock 282930.…”

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

“…Health workers in countries that acted rapidly to interrupt transmission, or which had previously invested in health system capacity, were relatively fortunate because they were better able to manage the shock 282930. Others, whose governments had delayed acting and had underinvested over many years, struggled to respond, as did health systems where workers were already tired and demoralised 2731. Yet, even in countries that were among the worst affected by rising numbers of cases, there were many examples of frontline health workers designing and implementing innovative responses in almost impossible circumstances.…”

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

“…The pandemic was a stark reminder of the crucial importance of investment in a motivated, skilled, and engaged health workforce. 27 Health workers in countries that acted rapidly to interrupt transmission, or which had previously invested in health system capacity, were relatively fortunate because they were better able to manage the shock. 28 29 30 Others, whose governments had delayed acting and had underinvested over many years, struggled to respond, as did health systems where workers were already tired and demoralised.…”

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

“… 28 29 30 Others, whose governments had delayed acting and had underinvested over many years, struggled to respond, as did health systems where workers were already tired and demoralised. 27 31 Yet, even in countries that were among the worst affected by rising numbers of cases, there were many examples of frontline health workers designing and implementing innovative responses in almost impossible circumstances. It is thus not surprising that in a 2022 systematic review of 68 studies measuring health system resilience across different health system shocks, workforce wellbeing was the second most commonly used indicator.…”

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

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Assessing resilience of a health system is difficult but necessary to prepare for the next crisis

Sagan

Thomas

Kennedy³

et al. 2023

BMJ

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Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

Section: Barely Coping Workforce Reflects Lack Of System Resiliencementioning

confidence: 99%

See 2 more Smart Citations

Assessing resilience of a health system is difficult but necessary to prepare for the next crisis

Sagan

Thomas

Kennedy³

et al. 2023

BMJ

Self Cite

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“…As a result, SVB was forced to meet its customers' increasingly large withdrawal requests by selling the low-interest bonds they were buying at steeply discounted prices, which caused them financial losses. That's because they benefited immensely from paying nothing on their deposits since interest rates were near zero until the second half of 2021 and big banks are diversified and not dependent on a single economic sector like the startup economy moreover SVB hasn't had a management risk team for several months (Fleming, Caffrey, Van Belle, ... & Thomas, 2023).…”

Section: Silvergate Bankmentioning

confidence: 99%

Possible Social, Political, and Economic Implications of Major Events

Kiki¹,

Metsiou²,

Papachristou³

et al. 2023

Int. J. Res. Publ. Rev.

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The article examines the available literature of theoretical as well as empirical scope regarding the origins and aftereffects of banking crises and summarizes the insights drawn from relevant policies adopted as interventions to address these crises and limit their impact at the microeconomic and macroeconomic levels.While originating from a variety of causes, banking crises share common patterns, since their roots can be traced back to unsustainable macroeconomic policies, market failures, regulatory distortions, and government intervention in capital allocation; such crises are frequently described by cycles of credit and asset priceexplosions and declines -and generally are addressed mainly via government intervention on a broad range of policies. When not handled efficiently and quickly, banking crises tend to impose huge costs on society by restricting the flow of credit to the real economy. Many of the possible proposals to strengthen the economic stability in an increasingly integrated financial system include making banking regulation more prudential in macroeconomics, by focusing on cycle and systemic risk rather than individual bank risk. Furthermore, by improving market discipline by limiting explicit and implicit government bank liability insurance. The global financial crisis that began in 2007 caught many by surprise, because what at first appeared to be a crisis sustained in the USA concerning subprime loans, quickly spread to financial markets around the world, triggering a large-scale government bailout activity in the financial sector, causing memories of previous crises to fade under a prolonged period of economic prosperity. When the crisis broke out, it developed at breakneck speed, infecting most financial markets around the world. Banking crises are like periodic waves that emerge unexpectedly and can destroy the real economy by restricting credit and causing costly clearances. Banking crises have been a frequent occurrence throughout history, counting almost 300 banking crises in the period 1800 to 2008.There are many commonalities between the current crisis and previous crisis episodes. Usually, banking crises are preceded by credit booms and asset price bubbles and are accompanied by intervention by the government in rescuing its finances. Although the timing of the bursting of such crises is uncertain, the burst of a crisis is many times inevitable.

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Strengthening Health Systems

2024

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How International Health System Austerity Responses to the 2008 Financial Crisis Impacted Health System and Workforce Resilience – A Realist Review

Cited by 5 publications

References 111 publications

Assessing resilience of a health system is difficult but necessary to prepare for the next crisis

Assessing resilience of a health system is difficult but necessary to prepare for the next crisis

Possible Social, Political, and Economic Implications of Major Events

Strengthening Health Systems

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