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adjustment Argentina Banco de Mexico band bank reserves banking sector banking system borrowing Center for International Cetes CM CM CM collapse commercial banks consumption countries course of 1994 credibility creditor panic crisis currency board current account deficit December decline denominated depositors depreciation domestic credit expansion domestic interest rates Economic exchange rate changes expand domestic credit fall Figure finance the current financial deepening financial panic financially vulnerable fiscal fixed exchange rate foreign assets foreign exchange reserves foreign investors government debt Harvard University higher interest rates illiquid inflation last resort lender of last levels loans Mexican Central Bank Mexican Government Mexican Peso Mexican securities Monetary Base nominal devaluation nominal exchange rate pegged exchange rate percent of GDP policy response policymakers private sector public debt ratio real exchange rate relative price reserve losses result risk premium short-term debt short-term liabilities Table Tesobonos tradeable University and NBER