Fourth, in an underdeveloped financial system, lenders and borrowers may be two distinct categories. However, as the economy has gathered momentum and competition among banks has intensified, newer areas of lending, such as those for housing, education, automobiles – broadly categorised under the rubric of retail loans – has emerged, blurring the watertight distinction between lenders and borrowers.
Undoubtedly, employment concerns remain, but the quickening of output growth that began in the second half of last year should lead to  BIS Review 34/1997  -3-  sustained growth in private sector employment over the course of 1997, and to improved consumer confidence. You can see that I did not find the arguments against a strong comeback in consumer spending persuasive.