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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in N A T I O N A L B A N K O F B E L G I U M WORKING PAPERS -RESEARCH SERIES FINANCE, UNCERTAINTY AND INVESTMENT: ASSESSING THE GAINS AND LOSSES OF A GENERALIZED NON LINEAR STRUCTURAL APPROACH USING BELGIAN PANEL DATA _______________________________Marcel Gérard Editorial DirectorJan Smets, Member of the Board of Directors of the National Bank of Belgium Statement of purpose:The purpose of these working papers is to promote the circulation of research results (Research Series) and analytical studies (Documents Series) made within the National Bank of Belgium or presented by outside economists in seminars, conferences and colloquia organised by the Bank. The aim is thereby to provide a platform for discussion. The opinions are strictly those of the authors and do not necessarily reflect the views of the National Bank of Belgium. However, no role for investment price volatility is observed.JEL Classification: C23; C33, E22

In an integrated set of jurisdictions, where residents of one country may obtain higher education in another country and later return home (with some probability), the question arises of which country has to pay for higher education abroad—the country of origin of the student, which is likely to benefit from the education acquired abroad, or the country that has produced the extra human capital? This paper, nested in the philosophy of the Bologna process and the reality of today's European Union—where such issue is hot for countries like Belgium and Austria, which host numerous students from France and Germany—investigates under which conditions it can be recommended to set up a network of bilateral treaties or a multilateral arrangement, in some sense similar to what exists for taxation, social security or health expenditures, which imposes the country of origin to be responsible for the payment of studies of its resident students either at home or abroad, provided it is in a certified institution.Higher education, mobility, federalism, subsidiarity,

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