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"borrowing by" is a correct and usable phrase in written English.
It is typically used to signify money or resources someone has acquired via borrowing, usually from a bank, lender, or other institution. For example: "Since the pandemic, borrowing by households has increased significantly as people struggle to make ends meet."
Exact(59)
Borrowing by consumers declined by $3.3 billion that month.
As a result, borrowing by firms has shot up.
That squeeze was mostly offset by increased borrowing by the bottom 95%, they find.
The earliest loans of medieval times were either forced loans or personal borrowing by the sovereign.
This confluence of trends has led to higher borrowing by students.
But it is taking longer than expected for borrowing by business to catch up.
The borrowing by rapidly growing countries was of the type earlier envisaged.
Soaring share prices encourage overinvestment and excessive borrowing by households and firms.
But some of it may reflect non-speculative transactions, such as foreign borrowing by Chinese firms.
Some analysts think they are on course to exceed public borrowing by the government by 2005.
Mr Eichengreen reckons also that crisis prevention means curbing short-term foreign borrowing by poor countries.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com