本文以Calvo and Rodriguez (1977)在理性預期下的兩部門資產組合平衡模型為基礎，建立一個小型開放經濟體的通貨替代模型。並且參考Park（1985）的文章中在假設爬行釘住匯率制度下研究通貨替代的變化，而且加入避險資產到模型中，形成三資產模型。在爬行釘住匯率制度下，本國貨幣貶值率的變動為外生變數，政府可自行調控，民眾在本國貨幣貶值率增加時，會減少持有本國貨幣而增加持有外國貨幣與避險資產；相反，當民眾在本國貨幣貶值率降低時，會增加持有本國貨幣而減少持有外國貨幣與避險資產。
其次，我們在上述模型的基礎上參考Calvo and Rodriguez (1997)的文章，將爬行釘住匯率制度改變為浮動匯率制度，政府將可以自行調控貨幣成長率。如果央行每期讓貨幣供給數量持續的增長，民眾將會減少持有本國貨幣而增加持有外國貨幣與避險資產；相反，如果央行每期讓貨幣供給數量持續的減少，民眾將會增加持有本國貨幣而減少持有外國貨幣與避險資產。
模型分析顯示，貨幣成長率的變動長期只會引起名目變數的同比例變動，不會影響實質變數的變動，因此，民眾同時持有本國貨幣、外國貨幣與避險資產，長期貨幣中立性也將會成立。

Based on the Calvo and Rodriguez (1977) model featuring portfolio balance framework, this paper deals with currency substitution and inflation hedges in an open sized economy. We draw attention to the asset substitutability and the relative qualities of various assets as hedges against inflation in both crawling peg policy and flexible exchange rate policy. Under crawling peg policy, a reduction in the rate of depreciation will lead the residents decrease their amount of domestic currencies and increase their amount of foreign currencies and inflation hedges. When under flexible exchange rate policy, if the central bank would let the monetary supply to continually increase, the residents will decrease their amount of domestic currencies and increase their amount of foreign currencies and inflation hedges.

謝辭 i
中文摘要 iii
英文摘要 iv
第一章 緒論 1
第一節 研究動機與目的 1
第二節 文獻回顧 4
第二章 模型 6
第三章 爬行釘住匯率制度下的動態均衡 10
第一節 相對價格 與外國貨幣 的動態均衡 10
第二節 外國貨幣 與避險資產 的動態均衡 14
第四章 浮動匯率制度下的動態均衡 19
第一節 貨幣增長模型 19
第二節 相對價格 與外國貨幣 的動態均衡 20
第三節 外國貨幣 與避險資產 的動態調整 24
第五章 結論 28
參考文獻 29

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