Kirsty Williams and her group "subscribe to the overall UK Government policy on borrowing" but are up for anything and everything to stimulate the economy other than borrowing.
Ultimately, he reckons, the Fund could even lay out a menu of policy options, and allow the borrowing country to choose from it.
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Risk aversion, fear of default and depleted bank capital have caused private borrowing rates to deviate sharply from policy rates.
In response to which, Mr Swinney says that Scotland can have a stable currency - plus other economic levers such as tax, spending, borrowing, competition law, employment policy and immigration with which to boost Scotland's distinct interests.
If successful, this policy (we are told) will incentivize more borrowing and stimulate growth.
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Moreover, while there is some economic slack, borrowing by firms remains weak and monetary policy is loose, there is scant risk that rising interest rates will crowd out the private sector.
It may be that other, temporary forces, such as the lack of private borrowing or the Fed's easy monetary policy, are offsetting any worries about deficits.
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Another might be worries that America's rebound is unsustainable, being based on a seemingly reckless fiscal policy, unusually low interest rates, and a consumer borrowing binge.
Ever since the policy began, we have seen big companies benefit from cheaper borrowing costs, as long as they were in a position to borrow from the corporate debt market, not their local bank.
Borrowing costs have surged as the central bank raised its policy lending rate 13 times between early 2010 and late 2011 to control inflation.
The financial crisis resulted from expansionary monetary policy and the resulting low interest rates, which led to excessive borrowing for investment in housing.
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In the current money market conditions, where banks have to approach the central bank for borrowing, the overnight lending rate is in fact the key operational policy rate.
Labour says the failure of the government's economic policy is undermining its agenda and its Green Investment Bank will not have full borrowing powers to fund low-carbon projects until 2016.
And it's important to understand that part of the reason that they are borrowing on their homes, they're borrowing on credit cards, is that the banks and financial institutions have dominated policy in Washington.
More borrowing figures like that and the only question will be when the Bank's monetary policy committee decides to push interest rates up again.
But easy monetary policy, by bringing forward spending from the future to the present, means that the ultimate adjustment of borrowing and spending will be even greater.
But monetary policy can still stimulate the economy, as lower rates boost banks' profitability, bring down firms' borrowing costs and improve indebted consumers' cash flow (see article).
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