Letter of Credit is an international payment instrument whereby the issuing bank undertakes to pay the beneficiary, against presentation of certain stipulated documents, according to the conditions of the Letter of Credit. Discounting of LC for the short-term financing of the seller, due to the independent and irrevocable undertaking of the bank to make payment, is prevalent. Beneficiary gets t...

objective(s): there is controversial evidence about the effect of methamphetamine (meth) on spatial memory. we tested the time- dependent effects of meth on spatial short-term (working) and long-term (reference) memory in meth –sensitized and withdrawn rats in the morris water maze. materials and methods: rats were sensitized to meth (2 mg/kg, daily/5 days, sc). rats were trained in water maze ...

This paper examines the family income–college enrolment relationship and the evidence on credit constraints in post-secondary schooling. We distinguish short run liquidity constraints from the long term factors that promote cognitive and noncognitive ability. Long run factors crystallised in ability are the major determinants of the family income schooling relationship, although there is some e...

The role of banking and nance in the Golden Age of European growth (1950-1973) is very little known and widely underestimated. This paper studies the French system of economic planning and investment-based strategy that enhanced medium and long term nancing (called 'invest-ment credit'). First, I describe the new institutions that were built after WWII to organize credit allocation and especial...

The role of banking and nance in the Golden Age of European growth (1950-1973) is very little known and widely underestimated. This paper studies the French system of economic planning and investment-based strategy that enhanced medium and long term nancing (called 'investment credit'). I use a newly constructed database that matches the amount of credit (that had to be registered at the Banque...

We present a simple model for risky, corporate debt. Debtholders and equityholders have incomplete information about the financial state of the debt issuing company. Information is incomplete because it is delayed for all agents, and it is asymmetrically distributed between debtholders and equityholders. We solve for the equityholders' optimal default policy and for the credit spreads required ...