We apply theories of capital market failure to ana1yzeoptima1 financing of risky higher education. In the market solution,students can only finance their education through debt. There isunderinvestment in human capita1, because some students with socia1lyprofitable investments in human capita1...

The proposal involves the establishment of 'welfare accounts' for every person in a country. There are to be four accounts: a retirement account (covering pensions), an unemployment account (covering unemployment support), a human capital account (covering education and training), and a health...

Der vorgestellte Beitrag gibt einen Überblick über die gegenwärtige Hochschulfinanzierung in Deutschland; kürzlich haben einige Bundesländer Studiengebühren eingeführt, die zu einer teilweisen Finanzierung der Studienkosten beitragen sollen. Im II. Kapitel werden außerdem kurz die...

The paper sheds some light on the education returns in Germany in the post war period. After describing higher education in Germany the current stand of higher education financing within the single states is presented. In six states tuition fees will be introduced in 2007/08 and discussions are...

This paper analyses political forces that cause an initial expansion of public spending on higher education and an ensuing decline in subsidies. Growing public expenditures increase the future size of the higher income class and thus boost future demand for education. This demand shift implies...

It is generally agreed that the funding base for German universities is inadequate and perhaps the time has come for serious consideration of the imposition of non-trivial tuition charges. Against this background, this paper compares conventional and income contingent loans for financing tuition...

This paper uses new administrative data with detailed borrower information and lengthy repayment histories from the Canada Student Loans Program (CSLP) to mea- sure rates of return on undergraduate student loans. We document substantial heterogeneity in returns based on information available at...

Income contingent loans (ICLs) are a financial tool that optimizes the transactional efficiencies involved in the government monopoly in taxing personal income. It protects the borrowers against periods of low income, as instalments vary according to fluctuations in their incomes over the...

After years of stagnation and political cataclysms, Georgia tried to recover by launching radical economic and political reforms starting in 2004. The results of the reforms appeared to be impressive. The country's GDP has more than doubled; the total volume of bank deposits is five times what it...

Ein Universitätssystem verfolgt zwei Ziele: Effizienz und Gerechtigkeit. Effizienz verlangt nach Studiengebühren, die das Netto-Gemeinwohl maximieren. Diese Gemeinwohlvorteile haben zwei Ausprägungen: Wertschöpfungsvorteile und allgemeine gesellschaftliche Vorteile (Kultur- und...