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Currency substitution occurs when the inhabitants of a country use a foreign currency in parallel to or instead of the domestic currency.〔New estimates of U.S. currency abroad, the domestic money supply and the unreported Economy Edgar L. Feige September 2011.〕 Currency substitution can be full or partial. Full currency substitution has taken place in small countries, mostly in Latin America, the Caribbean and the Pacific that are heavily dependent on the United States.〔Mundell, R. A. (1961), “A theory of optimum currency areas,” American Economic Review, 51, pp. 657-65.〕 Partial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets denominated in foreign currency. The major currencies used as substitutes are the United States dollar, the British pound sterling, the euro, the New Zealand dollar, the Swiss franc, the Indian rupee, the Australian dollar, the Armenian dram, the Turkish lira, the Israeli shekel, and the Russian ruble. ==Origins== (詳細はgold standard was abandoned at the outbreak of World War I and the Bretton Woods Conference following World War II, some countries were desperately seeking exchange rate regimes to promote global economic stability and, hence, their own prosperity. Countries usually peg their currency to a major convertible currency. "Hard pegs" are extreme exchange rate regimes that demonstrate a stronger commitment to a fixed parity (i.e., currency boards) or relinquish control over their own currency (such as currency unions) while "soft pegs" are more flexible and floating exchange rate regimes.〔Yeyati (2003) at 1.〕 The collapse of "soft" pegs in Southeast Asia and Latin America in the late 1990s led to currency substitution to become a serious policy issue. A few cases of full currency substitution prior to 1999 had been the consequence of political and historical factors. In all long-standing currency substitution cases, historical and political reasons have been more influential than an evaluation of the economic effects of currency substitution.〔Yeyati (2003) at 3.〕 Panama adopted the US dollar as legal tender after independence as the result of a constitutional ruling.〔 Ecuador and El Salvador became fully dollarized economies in 2000 and 2001 respectively with different influential factors.〔 Ecuador underwent the process of currency substitution to deal with a widespread political and financial crisis resulting from massive loss of credibility in its political and monetary institutions. By contrast, El Salvador's official currency substitution was a result of internal debates and in a context of stable macroeconomic fundamentals and long-standing unofficial currency substitution. The eurozone adopted the euro (€) as its common currency and sole legal tender in 1999, which might be considered a variety of full-commitment regime similar to full currency substitution despite some evident differences from other currency substitutions.〔Yeyati (2003) at 5.〕 For more on dollarisation, cf. Fields, David, and Matías Vernengo. "Dollarization." The Wiley-Blackwell Encyclopedia of Globalization (2013). 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Currency substitution」の詳細全文を読む スポンサード リンク
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