This paper considers the decentralized funding of public universities in a federation when students and graduates are mobile. In particular, I discuss whether local governments should be given the right to differentiate tuition fees between in-state and out-of-state students. I develop a model...

The paper analysis the effect of the proposal “Convertible/ Bail-inable Dividend Bonds“ (Doluca, 2023) on inefficient risk-taking behavior of a bank that is acting in a Monopoly. The approach “Convertible/Bail-inable Dividend Bonds “propose that part (or the whole) dividends of the banks...

This paper presents a proposal for a regulatory regime aimed at reducing systemic risk effectively and internationally. Systemic relevance should be internalized with a levy (or "tax"), the level of which (or "tax rate") rises with the systemic relevance of an institution (Pigouvian taxation)....

Using a theoretical model where financial advising is done by banks, we show one additional explanation for the stockholding puzzle. Thus, we hypothesize that in countries with high level of relationship banking more households invest in riskfree assets

The proposal “Convertible/Bail-inable Dividend Bonds“ aims to reduce limited liability of bank owners: We propose that part (or the whole) dividends of the banks are not paid out cash to the equity holders. The dividends of the banks are given to the supervisory authority, which issues...

This paper considers the decentralized funding of public universities in a federation when students and graduates are mobile. In particular, I discuss whether local governments should be given the right to differentiate tuition fees between in-state and out-of-state students. I develop a model...

An Estimation of the Revenue Loss from Introducing a Notional Interest Deduction on Nominal Capital into the German Corporate Tax. Capital income taxation in Germany distorts financing decisions of corporations as the after-tax cost of capital for equity is considerably higher than for debt....