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Applications of audio playback and communication often require the possibility to shape the signal spectra. This can easily be implemented in conjunction with audio coding techniques which are based on a spectral decomposition. Here, this can be accomplished by simply multiplying the decoded spectral components with different gain factors. However, since the transforms or filter banks used in coding produce a critically sampled representation, this can lead to undesirable non-compensated aliasing components in the resulting output signal. The gain factor dependent aliasing compensation technique presented in this paper reduces these effects in a very efficient way. The remaining aliasing components are almost as low as for the approximation of a non-critically sampled complex filter bank, while the new technique is of lower computational complexity and introduces less delay.