The problem with listening to economists is that if your only tool is interest rates everything looks like a loan.
No sovereign nation should be borrowing from anywhere other than itself.
Instead firms should be selling equity denominated in the local currency for foreign currency - where they need foreign imported capital equipment. If nobody wants to invest on those terms then you have to build the equipment yourself.
For a nation to develop successfully it needs patient money, not hot money.
No sovereign nation should be borrowing from anywhere other than itself.
Instead firms should be selling equity denominated in the local currency for foreign currency - where they need foreign imported capital equipment. If nobody wants to invest on those terms then you have to build the equipment yourself.
For a nation to develop successfully it needs patient money, not hot money.