indicate that transactions are more likely to occur on cash in advance or letter of credit terms when the importer is located … in a country with weak contractual enforcement and in a country that is further from the exporter. Letters of credit …

, allowing domestic banks to lend to firms at lower interest rates. This leads to a domestic credit expansion since local … currency borrowing becomes cheaper. Our estimates explain 43% of observed credit growth, where bank heterogeneity in access to …

During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the … of Soviet-Finnish trade can explain key features of Finland's Great Depression. We also show that Finland's Great … similar trade collapse. However, as a western democracy with developed capital markets and institutions, Finland faced none of …

Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine war and associated trade …

riders have the option to use cash or credit cards to pay for rides. We use three field experiments involving approximately … 400,000 riders to estimate the loss of private benefits for riders if a ban on cash payments is implemented. We find that …

the availability of credit cards cannot …