Makin, Anthony J.; Narayan, Paresh Kumar; Narayan, Seema - In: Journal of International Money and Finance 40 (2014) C, pp. 63-78
This paper examines the extent to which foreign borrowing funds private investment, consumption and government … relative importance of these expenditure aggregates as predictors of their external deficits, and hence foreign borrowing …. Overall, based on quarterly macroeconomic data for the period 1990–2011, the evidence suggests that foreign borrowing has not …