Theory and Relevance of Currency Substitution with Case Studies for Canada and the Netherlands Antilles
从选择理论角度发展货币替代理论，得出货币持有相对量与机会成本（利息和资本收益）的简单关系，并通过加拿大和荷属安的列斯案例检验，发现货币替代弹性很小且为负，指出忽略利息项会显著偏误弹性估计。
textabstractAbstract--This paper develops the theory of currency substitution from a choice theoretic point of view. The main result offers a simple relationship between the relative amount of currencies held and their opportunity costs, i.e., interest and capital gains. Our hypothesis is tested by case studies for Canada and the Netherlands Antilles. In contradistinction with other studies, we conclude that the elasticity of currency substitution is very small and negative. It is shown how the omission of the interest term in other studies biases the elasticity of currency substitution considerably.