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The economy relied increasingly on foreign borrowing.
Unlike the tigers, China relies very little on foreign borrowing.
Such a program might reduce the country's reliance on foreign borrowing and avoid a tax increase.
The most successful emerging economies have built up huge stashes of foreign currency; many are leery of depending too much on foreign borrowing.
It would certainly be convenient if America's much-vaunted macroeconomic weaknesses (a falling saving rate, over-reliance on foreign borrowing to finance consumption) were mere statistical mirages.
Whenever a South Korean bank wants to expand its loan book faster than its retail deposits, it relies on foreign borrowing to fill the gap.
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Household saving cannot keep on falling, and America's foreign borrowing cannot keep on rising.
Moreover, it would not necessarily solve problems such as those in East Asia, where the biggest sellers of local currencies have been not speculators but local firms desperately trying to hedge or repay debts denominated in dollars.Limits on short-term foreign borrowing have gained greater support among economists.
In its place has come an economy based on asset bubbles and foreign borrowing.
Ukraine's economic situation has been deteriorating rapidly, partly on account of its massive foreign borrowing by the private sector, which stand at $35.0 billion.
The government's free spending policy and the country's high dependence on foreign exchange borrowing (nearly 90.0% of new household loans are made in foreign currency, while foreign exchange lending amounts to 34.0% of gross domestic product) had brought the economy to the brink, after global credit markets practically ground to a standstill.
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