Neither a borrower nor a lender be, Polonius admonished in Hamlet.

The rich ruleth over the poor, and the borrower is servant to the lender.

The rich rule over the poor. The borrower is servant to the lender.

The borrower knows the risk is high, but tells the lender it is low.

As long as the borrower has not misled the lender at the time of taking the loan, the lender bears at least some responsibility for the transaction.

As an immature creditor lender, the trade balance and current account are in surplus as well as a mature creditor lender, the trade balance returns to deficit finally, as a creditor borrower, the country s current account swings into deficit.

In the old days, when borrowers found it impossible to make their payments, mortgages would be restructured foreclosures were bad for both the borrower and the lender.

Outside the advanced countries, there is a view that the world will return to pre crisis conditions, with a stable US that functions as borrower, lender, and consumer of last resort.

But there is a contrary moral attitude, the essence of which is that, whereas excessive debt is to be deplored, the blame for it lies with the lender, not the borrower.

The Federal Reserve Board is no longer the lender of last resort, but the lender of first resort.

The second party is frequently called a debtor or borrower.

But, in both cases, the lender was distant and anonymous.

Without fundamental changes in its economic growth pattern, it is difficult to imagine how China can become an immature creditor lender and a mature creditor lender.

As an immature debtor borrower, its trade balance and current account are also in deficit as a mature debtor borrower, its trade balance enters surplus and, as a debtor repayer, its current account moves to surplus.

And it shall be, as with the people, so with the priest as with the servant, so with his master as with the maid, so with her mistress as with the buyer, so with the seller as with the lender, so with the borrower as with the taker of usury, so with the giver of usury to him.

Bankers were once supposed to know every borrower, and to make case by case lending decisions.

This is the doctrine of lender of last resort.

The central bank is the lender of last resort.

ABC also maintains a bank account with Lender A and has granted Lender A a security right in the bank account as additional security for the repayment of the loan.

debt service coverage reduces the financial risk to investors and translates into lower borrowing costs for the borrower.

Notably, the issuer, that is the borrower, can rationally plan such borrowing to make real investments.

A prudent lender should have considered these facts before making the loans.

A certain lender had two debtors. The one owed five hundred denarii, and the other fifty.

The first run on a bank occurred against the British mortgage lender Northern Rock.

But it does not have automatic access to a European lender of last resort.

The lender who can t judge the risk goes for investments that promise higher yields.

In particular, they did not see the Fed as a lender of last resort.

In the first three stages, the country is a net borrower with a deficit on the investment income account.

The first party is the creditor, which is the lender of property, service or money.

Lender B agrees to provide a revolving loan facility to ABC to finance this process.

When investors make less risky loans, they require a lower risk premium , thereby reducing the cost of borrowing to the borrower.

In the 1990 s, Argentina tied its hands with a dollar pegged currency in order to enhance its credibility as a borrower.

Such automatic borrower initiated filings, if made legal by Congress, could reduce the household debt overhang without the need for government subsidies.

The borrower typically requests loans when it needs to purchase and manufacture inventory, and repays the loans when the inventory is sold and the sales price is collected.

So what changed in the last year? First, Europe now has a true lender of last resort.

The current financial crisis raises yet another problem the lack of a clear lender of last resort.

The borrower is cut off from international markets, and essential imports can no longer be purchased, while large scale defaults threaten to plunge creditors into insolvency.

Governments brought commercial banks under prudential regulation in exchange for public provision of deposit insurance and lender of last resort functions.

Additionally, the central bank acts as lender of last resort to commercial banks considered too big to fail.

Likewise, an IMF program for Ireland which seems increasingly likely will not bring down domestic bond yields and reopen credit markets to any kind of Irish borrower.

Our current situation requires not a lender of last resort, but a spender of last resort, and that can only be governments.

Bank lending and regulation, by contrast, must incorporate local knowledge, because, in a dynamic, unregimented economy, each borrower, loan, and bank is different (though some general guidelines can help).

When prices are rising, the real interest rate is less than the nominal rate since the borrower repays with dollars that are worth less.

Only the retail subsidiaries would be permitted to rely on the central bank for lender of last resort support.

But it will not be big enough to dispel convertibility risk and hence demonstrate the ECB s credibility as a lender of last resort.