Currency Substitution and Financial Innovation
在包含两种货币和两种商品的现金先行模型中，分析金融创新的国内效应和国际传导，强调货币替代通过影响交易时间的作用，并讨论铸币税跨境转移对一般均衡的影响。
This paper explores the domestic effects as well as the international transmission of financial innovation. The analysis is carried out in a cash-in-advance model with two currencies and tw o goods in which income velocity is variable because of inventory-type considerations in the determination of the demand for money. The discussion emphasizes the role of currency substitution, which occur s through the interaction between the two monies in affecting the tota l amount of time devoted to transaction activities. The role of cross-border transfers of seigniorage in determining the general equilibrium effects of financial innovation is discussed. Copyright 1993 by Ohio State University Press.