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accumulated current account argendollar Argentina and Peru Argentina or Peru Buenos Aires Calvo capital inflows due cash holdings Central Bank consumer credit countries credit boom credit constraint Credit in Dollars current account deficit current account surpluses demand for money deposit rates deposits at home deposits in Buenos deposits in Miami deterioration dollar deposits abroad dollar held dollar value domestic bank excess demand financial intermediation financial system foreign asset position foreign currency deposits foreign deposits foreign savings GDP in U.S. holdings of dollars immediately spent increase in money induced by portfolio interest rates INTERNATIONAL MONETARY FUND Latin American lent locally locally lent locational composition macroeconomic marginal reserve requirements MONETARY AGGREGATES money demand money multiplier money supply percent perudollar peso deposits portfolio shift problem real appreciation real exchange rate reinvested overseas repatriation of foreign Rodriguez September 1990 shift from dollar stock of foreign subject to reserve total liquidity total stock U.S. Dollars Uruguay