The 21st century has witnessed swift change in every sphere of the human endeavour. Regulatory re-alignment, digitalisation and economic and political developme

Letters of credit and bank guarantees are the most important financial instruments in international exchange. Matti S. Kurkela, a leading expert in the field, p

This paper provides a theory model of trade finance to explain the "great trade collapse." The model shows that, first, the riskiness of international transacti