【摘要】 本文分析了中国货币替代的衡量标准及其决定因素,并结合迈克·波尔多 (Micheal D．Bordo)和伊萨·乔瑞(Ehsan U．choudhri)提出的货币替代需求函数,分类提出中国货币替代模型的货币需求函数,最后对这一模型采用最小二乘法(OLS)进行实证分析。结果表明:我国现阶段货币替代程度较低;汇率因素并不显著,国内外名义收益率之差和通货膨胀率是决定现阶段我国货币替代的主要因素;本外币生息资产的替代是我国现阶段货币替代的主要类型。更多还原

【Abstract】 This paper analyzes the measuring standard and determining factors of currency substitution in China. Based on the demand function of currency substitution advocated by Micheal D. Bordo & Ehsan U. choudhri, the authors produce the currency substitution model of China, and then empirically test the model with the method of OLS. The result indicates that: (1) at present China’s currency substitution is not high; (2) the difference of domestic and abroad nominal yield, the inflation rate, national income and the exchange rate are the major factors to determine the currency substitution in China; and (3) the major style of China’s currency substitution is not affected by assets bearing interests.更多还原