汇率决定中的货币替代——以中国相关数据验证

在考虑汇率的影响因素时,传统的汇率决定理论主要是从一国的宏观基本因素进行分析.随着经济全球化的出现,货币的跨国流动规模越来越大,货币替代现象日益严重,对汇率的干扰也越来越强.本文在货币分析法的基础上加入货币替代因素,建立了一个简单的分析框架,并运用我国的相关数据对此进行检验,证实货币替代确实对汇率产生了很大的影响.

Currency Substitution and Exchange Rate Determination: Evidence From China

The traditional theories of exchange rate determination only analyze the maeroeeonomical factors of signal country. Along with the expand of economic globalization, the currency flow is on the crossing border and currency substitution is increasingly serious, as a result, the exchange rate is interfered more and more . This paper tries to construct a simple framework based on monetary approach, which adding currency substitution as variable, and test it by relative data in China. The empirical evidence supports the view that currency substitution does have a significant effect on exchange rate.