The efficient markets hypothesis implies that, in the presence of rational investors, bubbles cannot develop. We …

about mean payoffs, price bubbles arise without collateralisation, which may discipline prices as pessimists demand higher …

crude oil inventories affects the empirical evidence for speculation. Notwithstanding some differences, overall these …

comovement among different commodities. We assess whether speculation in the oil market played a role in driving this salient … demand. However, speculation played a significant role in the oil price increase between 2004 and 2008, and its subsequent …

was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major … empirical methodologies and discuss to what extent each approach sheds light on the role of speculation. We find that the … existing evidence is not supportive of an important role of speculation in driving the spot price of oil after 2003. Instead …

an alternative we first present simple models of excess volatility due to stop-loss trading and then go on to consider … what target zones might accomplish in this context. The principal result is that the speculation of informed traders shifts …

eliminates speculation as an explanation of the 2003-08 oil price surge. …