通貨替代與貨幣內生成長

Currency Substitution and Monetary Endogenous Growth

10.29628/AEP.200512.0005

蕭明福(Ming-Fu Shaw)

通貨替代 ； 貨幣成長 ； 經濟成長 ； 局部無法確定性 ； Currency substitution ； Money growth ； Economic growth ； Local indeterminacy

經濟論文

33卷4期（2005 / 12 / 01）

505 - 535

繁體中文

本文分析名目貨幣成長政策對長期經濟成長率和通貨貶值率的效果，以及通貨替代（互補）程度對均衡之局部無法確定性的影響。我們得到：當通貨替代彈性大於（小於）1時，增加本國名目貨幣成長率將會激勵（傷害）長期經濟成長率；但不論通貨是替代或互補，名目貨幣成長率的提高都會造成通貨貶值率的上升。此外，我們發現愈高的通貨替代彈性，體系之平衡成長將愈容易產生局部無法確定性。

This paper analyzes the long-run effect of a permanent rise in the rate of money growth on economic growth and the depreciation rate. We also explore how indeterminacy is affected by the degree of currency substitution. It is shown that the elasticity of currency substitution plays a decisive role in the economic growth effects of monetary policy. Relatively higher money growth will result in a higher (lower) economic growth rate if the elasticity of currency substitution is larger (less) than one; while it raises the depreciation rate, regardless of whether currencies are substitutable or complementary. In addition, we also find that local indeterminacy is more likely to appear if the elasticity of currency substitution is larger.

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