摘要：This paper reviews the main policy and analytical issues related to currency substitution in developing countries. The paper discusses, first, whether currency substitution should be encouraged or not: second, how the presence of currency substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate of growth of the money supply on the real exchange rate: fourth, the interaction behween inflationary finance and currency substitution; and, finnlly, issues related to the empirical verification of the currency substitution hypothesis.
