For gold, moving from clandestine to official trading does not significantly change informational efficiency. Both markets are inefficient suggesting that efficiency is linked more to the type of asset than to the legal status of the market.

In Belgium, questions on the wage-setting system also interfere with the "regionaiisation" debate. Among the suggested reforms, the regionaiisation of the collective bargaining system turns out frequently. It relies on the assumption that the productivity differences between regions are not...

Why do some countries adopt exogenous rules into their domestic law when those laws do not align with the country’s specific interests? This article draws on the policy diffusion literature to identify four causal mechanisms that are hypothesized to give rise to those transplants in the case...