First comes growth driven by foreign borrowing.

The same applies to extensive government borrowing from abroad, to currency boards, even to currency unions.

When a government starts to borrow abroad or chooses to enter a currency union, these benefits take the form of reduced interest rates.

And the Indian government played a large part in fueling rupee appreciation by easing companies ability to borrow abroad.

The federal government s budget deficits were financed through foreign and domestic borrowing, and by printing money, which led to inflation and depreciation of the new currency.

And, unlike in the late 1980 s and 1990 s, Russia is not indebted to foreign banks or international organizations, though it plans to resume foreign borrowing next year.

Borrow from foreign and domestic lenders.

And what, really, is so humiliating about borrowing from your own citizens?

They borrowed too much.

Farmers borrow money from usurious private lenders.

Explanatory note on outside commercial borrowing

Borrowing is also supported by an easing of credit standards and new financial products that increase leverage and widen the range of assets that can be borrowed against.

But when businesses and consumers try to borrow, they find that it is very costly, if not impossible.

The same applies to extensive government borrowing from abroad, to currency boards, even to currency unions. The creation of the euro is nothing but an extreme form of commitment European governments tried to lash themselves to the German mast of fiscal discipline.

While local governments have been unable to borrow, locally controlled state investment companies can.

It is one thing to borrow to make an investment, which strengthens balance sheets it is another thing to borrow to finance a vacation or a consumption binge.

Reborrowing is the process where a word travels from one language to another and then back to the originating language in a different form or with a different meaning.

Views from the outside

Their governments have no choice but to borrow from the Fund.

America s colossal fiscal gap readily calculated using projections by the Congressional Budget Office is close to 1,400 of GDP and dwarfs US official debt, which totals 9 trillion (60 of GDP).

This level of borrowing poses a new type of financial risk for China.

There are also a smaller number of borrowings from Chagatai, Portuguese, and more recently English.

Second is growth as a by product of commodity booms. Third is growth led by economic restructuring and diversification into new products.

It winds up borrowing temporarily with short term debt then, as borrowing accumulates, it is refinanced with longer term securities.

If they did that, they could not borrow at all.

But this is what Alan Greenspan encouraged Americans to do. When normal mortgages did not prime the pump enough, he encouraged them to take out variable rate mortgages at a time when interest rates had nowhere to go but up.

Borrowing from the IMF may be humiliating for government officials.

Indeed, those who can borrow (high grade firms and prime households) don t want or need to, while those who need to highly leveraged firms and non prime households can t, owing to the credit crunch.

But now, we're going to meet out! Out!

3. Stresses the importance of promoting responsible borrowing and lending

High borrowing costs are needed to focus minds and instill discipline.

So this brings us to the need to increase normal access limits.

But they have not prevented a borrowing binge in their private sectors.

Stresses the importance of promoting responsible borrowing and lending

Some local borrowing can be justified by the central budgetary allocation to local projects.

Part of the promise of the new push to European integration in the 1980 s was that it would make borrowing easier.

France latched onto the idea, because its borrowing capacity was also weaker than Britain s.

In these circumstances, continuing to raise borrowing costs would be a mistake.

However, most of the productive investments during the recovery period have been financed from foreign borrowing.

And raising borrowing costs for governments with dangerously heavy debts thereby discouraging them from further borrowing is precisely what we should want to do.

I wanted them to be able to shoot from the outside.

Carry the table out, please.

How long have you been abroad?

Normal access should be raised to levels that are concomitant with members potential need to borrow, and a new liquidity line to provide reliable and meaningful front loaded financial support should be created.

Those who can borrow have ample cash and are cautious about spending, while those who want to borrow highly indebted households and firms (especially small and medium size enterprises) face a credit crunch.