货币替代问题.研究

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1、货币替代问题研究化，中国货币替代的频率必然会增大，它对整个宏观经济运行会带来更加难以定量测量的影响。所以，对该问题的研究还应该持续不断的深入下去。4关键词：货币替代货币替代率汇率利率AbstractInthispaper,wehavetalkedaboutsomeproblemsrelatingcurrencysubstitution．舳forthequestionthatwhatthecurrencysubstitutioniS，we’vegiventheanswerinchapter2．Currencysubstitutionisakindo

2、fphenomenonwhichsomeindividualsofthecountrysellmeirowncurrenciesfortheforeigncurrencies．andthisphenomenonhappensonlyinanopeneconomyinwhichtheflexibleexchangeratespolicyisoperated．Inchapter3，wegavetheobservationofchina’ssituation．InChina,thecurrencysubstitutionratemeanstherati

3、oofalltheforeigndepositsinChinesefinanceinstitutionsandthegeneralcurrencysupply．Inourobservation，wefoundthatiftheRMBgoestoappreciate，thecurrencysubstitutionratewouldfalldown．And，iftheRMBgoestodepreciate，thecurrencysubstitutionratewouldgoup．ThisCantellUSthatinchina,theexchange

4、rateofIUvIBiskindofaveryimportantinfluencingfactortothewillingofcurrencysubstitute．Inchapter4，allthemajorfactorswhichCaninfluencethecurrencysubstitutionareanalysed．Intheaspectofthemacroeconomy,GDPandtheinternationaltradescalealethemostimportantones．Then，therearealsosomemacrof

5、actorssuchastheglobalfinancemarketintegrationandsomeimportantsystemfactorswhichputallsignificantinfluenceonthecurrencysubstitution．Intheaspectofthemicroeconomy,weputthefocusontheexchangerateandtheinterestdifferentialofdomesticandforeigncurrencyassets．Theyarethemostsignificant

6、factorswhichhavebeenexaminedbymanyforeignanddomesticscholars。Ifthedomesticinterestrategoesuporthedomesticcurrencygoestoappreciaterelativetheforeignone，individualsofthiscountrywouldsellatleastpartoftheirforeigncurrencyassetsandholdmoredomesticassetsSOthattheyCanmitigatetherisk

7、sofdepreciationforthetotalvalueoftheirassets．Inchapter5．weanalysedhowthecurrencysubstitutewillinfluencetheeconomy．Firstofall，itwillputanabsoluteinfluenceontheexchangerate．Andthesecond，itwillinfluenceboththefiscalpolicyandthecurrencypolicy．TheIastonethatwe’vetalkedaboutiSthein

8、fluencetothebalanceofpaymentsofa坠兰竺皇!里竺兰!坚竺羔!竺!璺!坐!!竺一～——country．Ine