The Messolonghi lagoon complex in Western Greece receives agricultural and domestic effluents both from point and diffused sources. Surface sediments were analyzed for grain size, organic carbon, total nitrogen, total sulfur, major and minor elements, aiming at the identification of geochemical relationships between all variables. Enrichment factors and the modified degree of contamination methods were applied to assess potential heavy metal enrichment related to human activities. Sediment texture was highly variable, with muddy sediments prevailing. In the central sector of the Messolonghi lagoon, organic carbon contents were high. Principal factor analysis revealed the following main groups of variables with common geochemical behavior: (1) terrigenous aluminosilicates (2) organic matter, (3) biogenic carbonates, (4) mineral quartz-aluminosilicates, and (5) Mn-oxides. Enrichment factors estimated for V, Cr, Mn, Co, Ni, Cu, Zn, and Pb using local pre-industrial sediment showed that all metals exhibit almost natural background levels, except for Pb, which was found to be slightly elevated (legacy of leaded fuel). Estimation of contamination factors concluded in similar results, whereas the overall modified degree of contamination was at the lowest level, therefore suggesting that this transitional water body has not been affected by anthropogenic activities. The data set may be considered as a baseline for future monitoring projects according to EU policy.

We propose a novel approach for testing for rational speculative bubbles in segmented capital markets. The basic idea is that, under capital controls, heterogeneity of speculative expectations across international equity markets causes financial assets with identical cash flow promises to trade at different prices. Because these deviations from the law of one price inherit the properties of the speculative bubble process, they display periods of explosive dynamics and have predictive power for future movements in equity prices in sample. These two hypotheses can be examined empirically using sequential unit root tests and predictive regressions. An attractive feature of this approach for bubble detection is that it does not require the specification of a model for market fundamentals, thus mitigating the well-known joint hypothesis problem. The focus of the paper is on mainland Chinese companies that cross list shares in Hong Kong. China is an ideal setting for our analysis because of the significant restrictions on capital movements imposed by the authorities and the turbulent behaviour of its stock market over the last decades.

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This paper explores the property prices and investment dynamics over the business cycle when there is competition between households and firms for real estate. We introduce a construction sector into an RBC framework, which uses land, capital and labour to produce both commercial and residential real estate. This market structure activates a real estate substitution channel, where an increase in demand for residential real estate also increases the cost of producing commercial structures, which crowds out commercial real estate investment. In general, we find that the residential/commercial land allocation acts as an anchor for the allocation of its real estate investment counterpart; however, there are notable separations, particularly following the financial crisis where there was a simultaneous fall in residential and commercial investment. Our results indicate that whilst residential real estate prices were predominately driven by increases in its demand in the buildup to the financial crisis, the fall in demand for commercial real estate played a significant role in generating price falls for both types of real estate in the aftermath. Furthermore, falls in the overall supply of real estate played an important role in reducing real estate investment which put upward pressure on prices throughout the past two decades.