货币替代中的价值效应与网络效应

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 the network effect is inconsistent, that is, in the inaction area it will stabilize the using of domestic currency and inhibit currency substitution, however, in the malignant area, it will accelerate currency substitution. This inconsistence result to a ratchet effect in the process of anti-currency substitution.