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This paper examines the effects on the supply of money and credit of a repatriation of foreign assets in an economy subject to currency substitution. In the absence of 100 percent reserve requirements, such a change in the location of deposits, which 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 the recent experience in Argentina and Peru where local banks have been authorized to capture dollar deposits from residents.

Exports and Imports --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Investment --- Long-term Capital Movements --- Monetary Policy --- Money Supply --- Credit --- Money Multipliers --- Current Account Adjustment --- Short-term Capital Movements --- Monetary economics --- International economics --- Demand for money --- Currencies --- Capital inflows --- Reserve requirements --- Money --- Balance of payments --- Monetary policy --- Capital movements --- Argentina

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Cuba --- Socialisme --- geschiedenis --- politiek --- sociale omstandigheden --- geschiedenis. --- politiek. --- sociale omstandigheden. --- Cuba. --- Geschiedenis. --- Politiek. --- Sociale omstandigheden.

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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Currencies --- De-dollarization --- Deflation --- Demand for Money --- Demand for money --- Dollarization --- Government and the Monetary System --- Inflation --- Macroeconomics --- Monetary economics --- Monetary policy --- Monetary Systems --- Money and Monetary Policy --- Money --- Open Economy Macroeconomics --- Payment Systems --- Price Level --- Prices --- Regimes --- Standards --- Bolivia

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Arias Montano, Benito

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