Universität zu Köln

Schuster, Florian (2024). Essays on Public Policy in Financial Markets and Government Finance. PhD thesis, Universität zu Köln.

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Abstract

This dissertation explores the role of public policy in different contexts of financial markets and government finance. Public policy can interact with markets and the macroeconomy in various ways. An obvious role is the correction of market failure. Chapter 1 addresses this function of public policy in the context of macroprudential regulation of financial markets. Conversely, public policy decisions may trigger changes in the functioning of markets, and the formation of market prices in particular. We look into an example in chapter 2, where we examine the relationship between central bank collateral policy as well as fiscal policy and sovereign bond pricing. Furthermore, public policy, markets, and the macroeconomic environment are mutually interdependent, affecting and being affected by one another. This reciprocity raises the normative question of whether or not, and under what conditions, policy frameworks ought to be adjusted to changing circumstances. A policy field frequently confronted by this challenge is income taxation, as we elaborate in chapter 3.

Item Type:	Thesis (PhD thesis)
Creators:	Creators Email ORCID ORCID Put Code Schuster, Florian mail@florianschuster.eu UNSPECIFIED UNSPECIFIED
Contributors:	Contribution Name Email Author in quotations or text extracts Wysietzki, Marco UNSPECIFIED Author in quotations or text extracts Zdrzalek, Jonas UNSPECIFIED Author in quotations or text extracts Bierbrauer, Felix UNSPECIFIED
URN:	urn:nbn:de:hbz:38-745899
Date:	2024
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Economics > Macroeconomic, Financial and Economic Policy > Professorship for Public Economics
Subjects:	Economics
Uncontrolled Keywords:	Keywords Language Macroeconomics English Financial markets English Public finance English
Date of oral exam:	5 July 2024
Referee:	Name Academic Title Bierbrauer, Felix Prof. Dr. Schabert, Andreas Prof. Dr.
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/74589