Essays on Public Policy in Financial Markets and Government Finance

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

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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