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Money and Credit Under Currency Substitution

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  • Carlos Alfredo Rodríguez

    (International Monetary Fund)

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    Abstract

    This paper examines the effects of a repatriation of foreign assets in an economy subject to currency substitution. In the absence of 100 percent reserve requirements, a change in the location of deposits that is not compensated by an increase in money demand induces a credit boom that works itself out through a transitory current account deficit and real currency appreciation. These results are illustrated with data from recent experiences in Argentina and Peru, where local banks have been authorized to capture dollar deposits from residents.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 40 (1993)
    Issue (Month): 2 (June)
    Pages: 414-426

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    Handle: RePEc:pal:imfstp:v:40:y:1993:i:2:p:414-426

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    Cited by:
    1. Eugenio Diaz Bonilla & Hector E. Schamis, 1999. "La economía política de las políticas de cambio en Argentina," Research Department Publications 3079, Inter-American Development Bank, Research Department.
    2. Carlos A. Végh Gramont & Ratna Sahay & Guillermo Calvo, 1995. "Capital Flows in Central and Eastern Europe," IMF Working Papers 95/57, International Monetary Fund.
    3. Eugenio Diaz Bonilla & Hector E. Schamis, 1999. "The Political Economy of Exchange Rate Policies in Argentina," Research Department Publications 3078, Inter-American Development Bank, Research Department.

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