When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved through financial markets when enforcement is based on the...

While Free Trade Agreements (FTAs) of both, the United States and the European Union, include labor issues in specific chapters, only US FTAs explicitly have “labor chapters,” while the EU FTAs have a general reference to labor rights through the human rights clause and otherwise refer to...

The legal basis of collective bargaining in Austria is laid down by the Labour Constitution Act (ArbVG). According to the ArbVG, collective agreements can be concluded only between collective organisations of employers and employees. Therefore, the Austrian labour law systematically benefits...

The Belgian collective bargaining system is highly institutionalised and coordinated. Over 90% of employees are covered by a collective agreement, placing Belgium among the countries with the highest coverage in Europe. Also, the Belgian trade unions have a relatively high level of membership...

The right to collective bargaining is set out in the 1972 French Labour Code. In the last decades, collective bargaining has expanded, partly as a result of government initiatives. The importance of sectoral bargaining increased with the adoption of the 1982 Auroux laws, which obliged the...

The legal basis of collective bargaining in Germany is laid down by the Collective Agreements Act, 1949. Collective agreements can be concluded between employer associations (or individual employers) and trade unions. In contrast, works councils – statutory employee representation bodies...

Italian industrial relations are characterised by a low degree of ‘legal institutionalisation’. Legislation and the state have a limited role in the regulation of collective bargaining, conflict and union representation. In fact, it is possible to say that there is almost a complete...