Currency Substitution in Mexico: The Dollarization Problem
研究墨西哥经济中美元化程度，即美元在交易中的使用比例，探讨货币替代对货币政策有效性的影响，发现浮动汇率制下本外币替代弹性可能增大，削弱了浮动汇率增强货币独立性的论点。
THE TERM DOLLARIZATION will be interpreted in this paper as the degree to which real and financial transactions are performed in dollars relative to those realized in domestic currency. An obvious choice for measuring the degree of dollarization in the economy is the proportion of dollars to domestic circulating at any point in time. This concept of dollarization is closely related to the literature on currency substitution, which explains the conditions under which foreign money balances will be held and adapted to expected changes in relative risks and returns among the various currencies. The general idea of several representative recent papers (see [6, 9, 12]) is that monetary policy will be ineffective in a country where foreign currencies are regarded as good substitutes for domestic currency. An implication of this hypothesis is that the elasticity of substitution between domestic and foreign currencies is likely to increase in periods when the exchange rate is floating. Hence, if the issue of substitution is empirically relevant, one of the stronger arguments for floating exchange rates greater national monetary independence is seriously weakened.