【title】 The Empirical Study on the Currency Substitution in Macau
【author】 ZHONG Ruo-yu YANG Ling-li;
【Author Affiliations】 China Center for Special Economic Zone Research
【source】 Journal of Central University of Finance & Economics, 2010( 07)
【key words】 Macau Hongkong dollar New currency substitution Nmpirical study;
【abstract】The cause of formation and development of currency substitution in Macau is more different than the common substitutions.It reflects the influence of Hongkong dollar in Macau and the frequent economic relationship between Hongkong and Macau.This paper construct a model analyzing the new currency substitution in Macau based on the demand for Hongkong dollar.The empirical results indicate that the demand for Hongkong dollar mainly connect with the local economic growth in Macau.The transaction demand and the ...