Davis, Scott; Mack, Adrienne; Phoa, Wesley; … - Hong Kong Institute for Monetary Research (HKIMR), … - 2014
current account, so the marginal effect of private sector credit growth may itself be a function of the level of the current … the current account is in balance, the marginal effect of an increase in debt is rather small. However, when the economy … is running a sizable current account deficit, implying that any increase in the debt ratio is financed through foreign …