"At the heart of Elusive Histories is a long-neglected story of the clandestine journeys of Mozambican migrant laborers and their families to Rhodesia. Drawing from oral histories, court records, archives, newspapers, and popular magazines, the authors chronicle Mozambican migration, work...

Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead to larger bubbles. This comment shows that a central bank that wants to dampen bubbles can always do so by raising interest rates aggressively enough. This result is different...

A short squeeze is triggered if there is pressure on short sellers to cover their positions because of a sharp price increase or a recall of borrowed shares. This drives short sellers to close their positions early. We find that stock-day short-squeeze events are rare and short-lived. However,...

Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead to larger bubbles. This comment shows that a central bank that wants to dampen bubbles can always do so by raising interest rates aggressively enough. This result is different...

Implicit guarantees provided by financial intermediaries are important in China. We argue theoretically that project screening by financial intermediaries, accompanied by their implicit guarantees to investors, can be the second-best arrangement. It can also mitigate capital misallocation that...

This chapter reviews theories and empirical evidence on the competitiveness of alternative finance. The implicit benefits in alternative finance transactions motivate efforts and improve project outcomes. The informational and incentive advantages in alternative finance often make them a...

Alternative finance based on social and business networks reaches back far into history. Despite the modern development of banks and financial markets, on a global scale, it remains prevalent and continually transforms with technological advancements. Its macroeconomic value and competitiveness...