While some of the recent surge of oil prices can be attributed to robust global demandat a time of tight production capacities, commentators occasionally also blame theimpact of speculators for part of the price pressure. We propose an empirical oil market model with heterogeneous speculators....

We investigate the relationship between real estate markets and bank distress amongGerman universal and specialized mortgage banks between 1995 and 2004. Higherhouse prices increase the value of collateral, which reduces the probability of bankdistress (PDs). But higher prices at given rents may...