我国货币替代决定因素的实证分析

本文在分析中国的货币替代程度衡量指标基础上，讨论了影响我国货币替代的因素，并基于协整检验和误差修正模型分析了各因素的影响方向和程度。结果表明贸易占GDP比例指标和中美实际利率差指标对货币替代的影响都是负向的，并且是显著的。

Empirical Analysis of the Decisive Factors of Currency Substitution in China

Based on the discussion about the measurement of Currency Substitution, the paper addresses the factors which affect Currency Substitution in China. By adopting eointegration and error correction models, this paper tests the influence of the factors. And the main conclusion is： the impact that comes from the index of the proportion between trade and GDP, and the index of the dispersion between the actual domestic interest rate on Renminbi and on foreign currency, is negative and significant.