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So-called alternative currency is to lose confidence in the residents of one country, due to the stability of the currency to the local currency , or large-scale currency exchange local currency assets yield is relatively low , so that the foreign currency in the store of value , medium of exchange and measure of value , monetary functions all or partially replace the local currency . Currency substitution is the inevitable question of developing countries in the process of opening its presence causes frequent fluctuations in exchange rate affect the independence of monetary policy , the inflation tax and seigniorage weaken the government , and lax public confidence in the local currency , this would seriously undermine the effectiveness of the country's macroeconomic stability and economic policy . The currency substitution depends on the scale factors , exchange rate risk , and foreign currency gains of differences , the inflation rate , and institutional factors . In China , during the transition period due to the transformation of the system , the fundamental changes in the environment of the market development and financial and economic conditions , currency substitution phenomenon has become an important factor in the impact of macroeconomic variables , and produce a non- operation of China 's macroeconomic and financial ignore the negative impact. This article , based on research relevant literature , combined with China's actual situation , econometrics and empirical analysis of currency substitution , and the following conclusions : 1 . Gross domestic product ( GDP ) of the logarithm of the foreign currency spreads , the level of the RMB exchange rate , inflation rate , and import and export value of the number of all currency changes in the replacement rate and , in addition to the inflation rate simply by cointegration relationship become the long-term causes of the currency rate of substitution of other variables the long-term causes of both the currency substitution rate and its short-term reasons . From the cointegration equation of view , the logarithm of the gross domestic product ( GDP ) , the level of the RMB exchange rate , inflation rate , and import and export value of logarithmic currency substitution rate , a positive relationship between spreads and currency substitution rate of the foreign currency into anti- relationship .
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