This paper builds an inter-temporal model to study the value and network effects in the process of currency substitution. According to our model, we can define the inaction area and malignant area by taking real interest rate difference and network effect variable as two axes. We also find that...

This paper investigates the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen et al. (1981), Tsaur (1987), Chang et al. (1991), we set up a...

This paper extends the theoretical model of Liaw et al. (2004) to incorporate the supply shocks of output. For a country adopting dual floating exchange rate system and facing the supply shocks will cause the price level to increase persistently. If the price level reaches the price ceiling...

This paper briefly surveys the development of international finance theories after the 1960s. The important theories reviewed in this paper include: exchange rate dynamics, policy pre-announcement, first-generation currency crises, intertemporal optimizing model, exchange rate target zones,...

The English version of this paper can be found at 'http://ssrn.com/abstract=2949307' http://ssrn.com/abstract=2949307.Chinese Abstract:...

As is considered in this paper，none of the ever existing long wave theories can totally describe or correctly explain the chronic fluctuating characters of the capitalist world economy system since the year 1857. Based on Karl Marx’s greatest work “Capital” and combined with considerable...

Abstract: Ever since the separation of the loan capital from the commercial capital and the industrial capital, the virtual economy has been generated and expanded gradually along with the economic development. The virtual economy is a double-edged sword: on one hand, it promotes the development...

This paper, by building a New Keynesian dynamic general equilibrium model that combines with distortionary taxation, pollution decision of firms, and environmental quality evolution under uncertainty, analyzes shocks from markets and taxation policies on macro-economy and environmental quality...

Chinese Abstract:...

Chinese Abstract:...