Usance LC allows deferred payment after goods delivery and document presentation. Usance period typically ranges from 30 to 120 days. Buyer can inspect goods before making payment. Can be used as financing tool for buyer
Book divided into four parts covering historical monetary policy from Great Inflation to COVID-19. Written for wide readership without math, using simple English explanations. Bernanke's own chairmanship chapters (5-7) and future policy commentary (11-13) most relevant
Letters of credit safeguard international transactions initiated by importers. Revocable LC can be modified by issuing bank or buyer without notice. Irrevocable LC requires consent from issuing, beneficiary, and confirming banks
FRA is a cash-settled OTC contract for borrowing/lending at fixed interest rate. Life consists of waiting period (up to 12 months) and contract period. Settlement amount calculated using interest differential and discounting
FRA is an OTC contract determining future interest rate payments. Long side pays fixed rate, short side pays floating rate. Contract duration typically 90 days, can be customized. Value starts at zero, neither party pays premium
Convertible bonds combine debt and equity features. Bondholders can exchange bonds for predetermined number of equity shares. Issuers must pay periodic interest until conversion