我国货币替代的实证研究

货币替代是开放经济条件下特有的货币现象,对我国宏观经济的影响也随着经济金融体系的开放而不断加深。通过建立货币替代的理论模型对我国的货币替代程度及其影响因素之间的关系作了动态分析,结果表明人民币汇率波动对货币替代影响最为突出,名义有效汇率的频繁波动会造成货币替代乃至货币需求的不稳定,我国的利率管制使得国内外货币收益率的相对变化并未在货币替代过程中呈现显著作用。

Theoretical Research on Currency Substitution in China

Currency substitution is the specific monetary phenomenon in the open economy,which affecting the macro-economy more and more as the opening of the economic financial system.By building the theory model of currency substitution,this article made a dynamic analysis on the relationships of currency substitution level and its influencing factors,which showed that the RMB exchange rate volatility focus on currency substitution.The frequent volatility of nominal effective exchange rate would cause currency subst...