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accumulated current account argendollar Argentina and Peru Argentina or Peru Buenos Aires Calvo capital inflows due cash holdings 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 exchange rate appreciation financial intermediation financial system foreign asset position foreign currency deposits foreign deposits foreign savings holdings of dollars IMF Research Department IMF Staff Papers increase in money interest rates Latin American Leiderman lent locally locally lent locational composition macroeconomic marginal reserve requirements money demand money multiplier money supply percent perudollar peso deposits Peso Monetary Base portfolio shift problem real appreciation real exchange rate Reinhart 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 Vegh