匯率可以成為穩定經濟重要工具，使得許多發展中國家把匯率當成一個政策 工具，特別是有些面臨長期通貨膨脹困擾的國家，為了解決問題，更積極使用匯 率為名目錨的穩定計畫，因此本文的主旨就是分析匯率政策對經濟體系的影響。
然而，本文與一般文獻不一樣的是考慮發展中國家有通貨替代的現象，民眾在面 對決策者的政策衝擊時，會調整通貨組合加以因應，可能導致匯率政策有不一樣 的效果，因此通貨替代的大小對匯率政策成效的影響就成為本文關注的焦點。
本文於二、三和四章建立具有通貨替代環境的經濟模型，證明通貨替代程度 的大小會影響經常帳有不同方向的調整和不同的社會福利變化，也會影響匯率政 策崩潰的時間，甚至執行匯率定錨政策時，必須按通貨替代程度的大小，做出不 同的貶值政策。各章的結論為：
第二章探討本國通貨貶值率的變動對經常帳的影響，是否會因為通貨替代程 度的不同而有不同的變動方向。該章發現通貨之間若有較低 Edgeworth 替代關 係，則本國通貨貶值率上升，經常帳會因此惡化，此一結果符合Calvo (1981) 結 論；通貨之間若有較高Edgeworth 替代關係，則本國通貨貶值率上升，經常帳會 因此改善，此一結果與Calvo (1981) 結論相左；因此，我們可以視 Calvo (1981) 為 文中通貨替代程度較小的特例。另外，本文於該章亦針對通貨替代程度的不同，
分析提升本國通貨貶值率政策對社會福利的影響效果，其中發現：在通貨替代程 度較小的情況下，提升本國通貨貶值率政策對社會福利的影響有兩種不同的情 況，其中的一種是確定福利下降，另一種是福利可能上升或者下降，需視政策初 期的福利上升程度、後期的福利下跌程度與時間偏好率的大小而定。在通貨替代 程度較大的情況下亦有兩種不同的情況，其中的一種是確定福利下降，另一種是 福利可能上升或者下降，需視政策初期的福利下降程度、後期的福利上升程度與 時間偏好率的大小而定。
第三章探討通貨危機是否受到通貨替代程度的影響，所獲得的結論為：第
一、匯率制度崩潰的時點由通貨替代或是通貨互補的程度決定，通貨替代性越是 極端 (例如：完全互補或完全替代) 將使通貨危機越早發生，而通貨替代關係越 低將使通貨危機發生時間延後。第二，當固定匯率轉換到爬行釘住匯率時，所產 生的外匯存底的流失的額度將會是決定爬行釘住匯率制度是否能夠執行的關鍵。
第四章探討決策當局執行匯率定錨政策失敗的原因，其中發現：匯率定錨 政策的失敗有可能是該政策違反經常帳跨期平衡限制，使得匯率政策勢必調整而 失敗。為了避免政策提早崩潰的危機，匯率政策須視通貨替代程度的高低作適當 的調整。通貨替代程度較高時，決策當局應當在政策執行時，大幅的降低本國通 貨貶值率，可使政策崩潰的時間延後；而通貨替代程度較低時，決策當局應當採 用小幅度降低本國通貨貶值率，可拖延政策崩潰發生的時間。
值得注意的是：本文各章所建構的模型，按著探討主題的需要和其他文獻觀 點，對於通貨替代程度的定義有些不一樣。第二章為Edgeworth 替代關係為通貨 替代；第三章為外國通貨需求和通貨貶值率變動有同方向的變動稱為通貨替代；
第四章每單位消費的交易成本函數的交叉導數為正稱為通貨替代。三章對通貨替 代的定義看似不一樣，然而，它們的定義卻可以由各章所顯示的通貨需求獲得一 致的結果：本國通貨貶值率上升，本國通貨需求量減少，而外國通貨需求量增加。
這樣的結果符合本文在第一章對通貨替代現象所做的定義：當本國人民對本國通 貨的價值穩定失去信心，就有可能發生外國通貨取代本國通貨充當交易媒介、計 價單位或價值儲藏的現象。
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