This paper tries to construct a simple framework based on monetaryapproach, which adding currency substitution as variable, and test it by relative data in China.
In the short run, the monetary disequilibrium enters the VECM as an exogenous variable with significant negative effects, which confirms the theoretical prediction of the monetaryapproach again.
在短期,货币市场失衡作为外生变量显著地进入到VECM中,且其符号为负,这也证明了货币模型的结论。
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Again, such a valuation approach converts abundle of disparate attributes into a monetary value.