港幣與人民幣的通貨替代 ——理論與實證

Abstract

隨著跨境貿易人民幣結算業務的開展，人民幣在香港地區的流通規模越來越大，對港幣的替代性不斷增強。本文對香港的人民幣通貨替代現象進行分析, 通過建立貨幣進入效用函數的貨幣需求模型，推導出通貨替代的理論模型，並且采用一般化動差法實證得出通貨替代的參數。最後，提出研究結論與建議。

With the development of the Renminbi settlement system for cross-border trade in Hong Kong, the scale of Renminbi circulation in Hong Kong keeps on increasing, and the Renminbi substitution is also enhancing. We first analyze the phenomenon of Hong Kong’s Renminbi currency substitution, then establish the monetary demand model by the money-in-the-utility function. We can derive the currency substitution theoretical model. The empirical analysis employs the generalized method of moments technique to estimate the currency substitution coefficients. Finally, conclusions and suggestions are made for further research.