14.05.2025 • 16/2025
Privatisierung erhöht Effizienz in Krankenhäusern
Die Übernahme von Krankenhäusern durch Private-Equity-Firmen steht oft in der Kritik. Neue Forschung des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH) und der ESMT Berlin zeigt jedoch: Krankenhäuser profitieren davon operativ, ohne dass Qualität oder medizinische Versorgung beeinträchtigt werden.
Merih Sevilir
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Private Equity in the Hospital Industry
Janet Gao, Yongseok Kim, Merih Sevilir
Journal of Financial Economics,
2099
Abstract
We examine employment and patient outcomes at hospitals acquired by private equity (PE) firms and PE-backed hospitals. While employment declines at PE-acquired hospitals, core medical workers (physicians, nurses, and pharmacists) increase significantly. The proportion of wages paid to core workers increases at PE-acquired hospitals whereas the proportion paid to administrative employees declines. These results are most pronounced for deals where the acquirers are publicly traded PE-backed hospitals. Non-PE-backed acquirers also cut employment but do not increase core workers or reduce administrative expenditures. Finally, PE-backed acquirers are not associated with worse patient satisfaction or mortality rates compared to their non-PE-backed counterparts.
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Do Euro Area Banks Adjust Their Foreign Real Estate Backed Lending in a Low Interest Rate Environment?
Kirsten Schmidt, Lena Tonzer
SUERF Policy Brief,
February
2025
Abstract
Banks have been operating in a low interest rate environment paired with booming housing markets. For the largest banks in the euro area and the period 2015-2022, we assess whether banks reallocate their foreign loan portfolio backed by real estate as a response to differences in local lending spreads across the home and destination country and conditional on reduced information frictions due to borrowing-country exposures. The main result is that the relative share of foreign real estate backed lending increases in case of return opportunities, and this sensitivity depends on local exposures towards the borrowing country. The result is driven by subsamples for which neither the home nor the borrowing country have implemented macroprudential regulation targeting real estate lending, or for which there is a misalignment in macroprudential policies. Nevertheless, we find limited evidence that the riskiness of real estate backed loans goes up during our sample period, and we discuss potential reasons for this result including the possibility of hidden losses.
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Banks and the State-Dependent Effects of Monetary Policy
Martin S. Eichenbaum, Federico Puglisi, Sergio Rebelo, Mathias Trabandt
NBER Working Papers,
Nr. 33523,
2025
Abstract
We show that the response of banks’ net interest margin (NIM) to monetary policy shocks is state dependent. Following a period of low (high) Federal Funds rates, a contractionary monetary policy shock leads to an increase (decrease) in NIM. Aggregate economic activity exhibits a similar state-dependent pattern. To explain these dynamics, we develop a banking model in which social interactions influence households’ attentiveness to deposit interest rates. We embed that framework within a nonlinear heterogeneous-agent NK model. The estimated model accounts well quantitatively for our key empirical findings.
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