Les normes de travail définies par l’OIT en 1998 sont universelles mais très différemment appliquées dans les pays. Elles sont d’autant mieux respectées que les pays disposent d’un revenu élevé. Néanmoins la causalité entre les normes de travail et la croissance reste une question...

When the markets are dynamically complete and without imperfections there are three equivalent approaches in order to price a given asset : the arbitrage approach through the existence of a risk-neutral density, the utility approach through a utility maximization program and the equilibrium...

In this paper we study some foundational issues in the theory of asset pricing with market frictions. We model market frictions by letting the set of marketed contingent claims (the opportunity set) be a convex set, and the pricing rule at which these claims are available be convex. This is the...

We consider a complete financial market with primitive assets and derivatives on these primitive assets. Nevertheless, the derivative assets are non-redundant in the market, in the sense that the market is complete, only with their existence. In such a framework, we derive an equilibrium...

The problem of fair pricing of contingent claims is well understood in the contex of an arbitrage free, complete financial market, with perfect information : the so-called arbitrage approach permits to construct a unique valuation operator compatible with observed price rocesses. In the more...

Le niveau des normes de travail influence le commerce international.

Depuis les années 1990, on assiste à une prolifération d'accords commerciaux bilatéraux. Nombre d’entre eux se préoccupent de thèmes non directement commerciaux comme les institutions politiques, le développement soutenable, les normes de travail ou la politique de la concurrence....

Although discussion concerning the inclusion of core labour standards has been excluded from the Doha agenda, the question continues to be debated. In fact, on an international level, the International Labour Organization (ILO) has become increasingly active since the World Trade Organization...