A Guarantee Systems Classification: The Latin American Experience

Guarantee systems are financial tools designed to mitigate the dysfunctions, within credit operations, generated from the entrepreneurs’ demand for collaterals. The present work diagnoses the unwanted effects, triggered by international rules, on the access to funds by micro, small, and medium enterprises; it posits as well the guarantee systems as solutions to these specific circumstances. Thus, it examines their legal configurations, their operational features, their relation to the financial system, and the performance levels they have achieved in Latin America. This paper has deemed virtually all the existing systems so that the results are highly significant, providing an outstanding contribution of knowledge to this field of study. This work purposes and introduces an original compilation of guarantee financial schemes, unveiling a new reality from the perspective of an empirical classification for Latin America. The set has been sorted by the different forms in which they have operated and supported the guarantee coverage on its assets or whether they have merely acted as operators and managers of an autonomous and liquid resource known as guarantee trust or fund –which is predominant within public participation schemes that not often bear the collateral coverage on their own financial equity. This classification defines and establishes diverse operational and administrative situations

La asimetría de la información en la crisis financiera, el racionamiento del crédito y la garantía como mecanismo simbiótico del sistema

Tras la caída de Lehman brothers y el inicio de la crisis financiera se produce un parón en la actividad económica y se evidencia una falta de financiación atribuible a la asimetría de información que sufre el sistema financiero, en este trabajo veremos como ha sido analizado por distintos economistas este fenómeno que produce el racionamiento del crédito y el riesgo moral. Realizamos un recorrido por la economía española demostrando esta falta de financiación y el endurecimiento de las condiciones financieras con datos actuales, y como, a través de la garantía se puede salvar dicho racionamiento del crédito en la pequeña empresa. No obstante, comprobamos como no se desarrolla el sistema de garantía en la economía española para alcanzar los volúmenes deseable

Propuesta para una clasificación y terminología internacional de los sistemas / esquemas de garantía: conceptos, características y definiciones

The objective of this article is to propose a classification and a vocabulary for the guarantee systems/schemes. It is absolutely necessary, because it is very usual to find merely descriptive evaluations, analyses and classifications of guarantee systems/schemes, which have not been compared to other. This document is the result of some previous review made for Pombo & Herrero (2001), and Pombo, Molina & Ramirez (2006b, 2007a). When establishing classifications we must make two basic groups: guarantee societies and guarantee programs. The former ones have two options: mutual guarantee societies and corporate guarantee societies. The latter include institutional guarantee programs and guarantee programs on risk coverage funds.El objetivo de este artículo es identificar y definir una tipología y clasificación las principales de sistemas/esquemas de garantía. Esto es necesario porque lo habitual es encontrarse con evaluaciones, análisis y clasificaciones de sistemas/esquemas de garantía meramente descriptivos y evalua- ciones de sistemas/esquemas heterogéneos como si fueran homogéneos. Esta propuesta se deriva de una investigación más profunda sobre los sistemas como lo son las de Pombo y Herrero (2001) y Pombo, Molina y Ramírez (2006b, 2007a). Nuestra principal conclusión es la identificación de dos grandes grupos de sistemas/esquemas de garantía: 1) las sociedades de garantía, que tienen dos opciones: las sociedades mutualistas o asociativas empresariales y las sociedades mercantiles – corporativas, y 2) los programas de garantía que incluyen los programas de garantía gestionados por instituciones públicas especializadas y los programas de garantía gestionados por organismos de la administración pública o institucionalidad delegada por ella

Impact of the first wave of the SARS-CoV-2 pandemic on the outcome of neurosurgical patients: A nationwide study in Spain

Objective To assess the effect of the first wave of the SARS-CoV-2 pandemic on the outcome of neurosurgical patients in Spain. Settings The initial flood of COVID-19 patients overwhelmed an unprepared healthcare system. Different measures were taken to deal with this overburden. The effect of these measures on neurosurgical patients, as well as the effect of COVID-19 itself, has not been thoroughly studied. Participants This was a multicentre, nationwide, observational retrospective study of patients who underwent any neurosurgical operation from March to July 2020. Interventions An exploratory factorial analysis was performed to select the most relevant variables of the sample. Primary and secondary outcome measures Univariate and multivariate analyses were performed to identify independent predictors of mortality and postoperative SARS-CoV-2 infection. Results Sixteen hospitals registered 1677 operated patients. The overall mortality was 6.4%, and 2.9% (44 patients) suffered a perioperative SARS-CoV-2 infection. Of those infections, 24 were diagnosed postoperatively. Age (OR 1.05), perioperative SARS-CoV-2 infection (OR 4.7), community COVID-19 incidence (cases/10 5 people/week) (OR 1.006), postoperative neurological worsening (OR 5.9), postoperative need for airway support (OR 5.38), ASA grade =3 (OR 2.5) and preoperative GCS 3-8 (OR 2.82) were independently associated with mortality. For SARS-CoV-2 postoperative infection, screening swab test <72 hours preoperatively (OR 0.76), community COVID-19 incidence (cases/10 5 people/week) (OR 1.011), preoperative cognitive impairment (OR 2.784), postoperative sepsis (OR 3.807) and an absence of postoperative complications (OR 0.188) were independently associated. Conclusions Perioperative SARS-CoV-2 infection in neurosurgical patients was associated with an increase in mortality by almost fivefold. Community COVID-19 incidence (cases/10 5 people/week) was a statistically independent predictor of mortality. Trial registration number CEIM 20/217

CIBERER : Spanish national network for research on rare diseases: A highly productive collaborative initiative

Altres ajuts: Instituto de Salud Carlos III (ISCIII); Ministerio de Ciencia e Innovación.CIBER (Center for Biomedical Network Research; Centro de Investigación Biomédica En Red) is a public national consortium created in 2006 under the umbrella of the Spanish National Institute of Health Carlos III (ISCIII). This innovative research structure comprises 11 different specific areas dedicated to the main public health priorities in the National Health System. CIBERER, the thematic area of CIBER focused on rare diseases (RDs) currently consists of 75 research groups belonging to universities, research centers, and hospitals of the entire country. CIBERER's mission is to be a center prioritizing and favoring collaboration and cooperation between biomedical and clinical research groups, with special emphasis on the aspects of genetic, molecular, biochemical, and cellular research of RDs. This research is the basis for providing new tools for the diagnosis and therapy of low-prevalence diseases, in line with the International Rare Diseases Research Consortium (IRDiRC) objectives, thus favoring translational research between the scientific environment of the laboratory and the clinical setting of health centers. In this article, we intend to review CIBERER's 15-year journey and summarize the main results obtained in terms of internationalization, scientific production, contributions toward the discovery of new therapies and novel genes associated to diseases, cooperation with patients' associations and many other topics related to RD research

Propuesta para una clasificación y terminología internacional de los sistemas / esquemas de garantía: conceptos, características y definiciones

The objective of this article is to propose a classification and a vocabulary for the guarantee systems/schemes. It is absolutely necessary, because it is very usual to find merely descriptive evaluations, analyses and classifications of guarantee systems/schemes, which have not been compared to other. This document is the result of some previous review made for Pombo &amp; Herrero (2001), and Pombo, Molina &amp; Ramirez (2006b, 2007a). When establishing classifications we must make two basic groups: guarantee societies and guarantee programs. The former ones have two options: mutual guarantee societies and corporate guarantee societies. The latter include institutional guarantee programs and guarantee programs on risk coverage funds.El objetivo de este artículo es identificar y definir una tipología y clasificación las principales de sistemas/esquemas de garantía. Esto es necesario porque lo habitual es encontrarse con evaluaciones, análisis y clasificaciones de sistemas/esquemas de garantía meramente descriptivos y evalua- ciones de sistemas/esquemas heterogéneos como si fueran homogéneos. Esta propuesta se deriva de una investigación más profunda sobre los sistemas como lo son las de Pombo y Herrero (2001) y Pombo, Molina y Ramírez (2006b, 2007a). Nuestra principal conclusión es la identificación de dos grandes grupos de sistemas/esquemas de garantía: 1) las sociedades de garantía, que tienen dos opciones: las sociedades mutualistas o asociativas empresariales y las sociedades mercantiles – corporativas, y 2) los programas de garantía que incluyen los programas de garantía gestionados por instituciones públicas especializadas y los programas de garantía gestionados por organismos de la administración pública o institucionalidad delegada por ella