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

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...