Empirical Analysis for the Effects of the Currency Substitution on the Monetary Policy Management and the Optimal Exchange Rate Regime in Asian Countries

本文对2000年以来亚洲国家货币替代中的棘轮效应或滞后效应进行了研究。结果表明，这些亚洲国家的货币替代存在滞后性效应。这说明在选择最优汇率制度时，考虑货币替代的存在性是非常重要的。

We investigated whether the ratchet effects or the hysteresis effects in currency substitution exist in Asian countries during 2000s. As a result, we showed that there exist the hysteresis effects in currency substitution in these Asian countries. This result states that it is very important to make consideration the existence of currency substitution for selecting the optimal exchange rate system.