本文針對國際經濟學上頗受爭議的移轉問題，以不同於國貿理論的分析，改從總體經濟面的觀點，重新加以詮釋，並具以探討匯率的變動方向與動態調整過程。我們得到以下幾點結論: (1)資本不完全移動時，長期匯率可能上升或下降，而短期匯率的調整過程可能呈現調整過度或調整不足等現象，不僅取決於兩國邊際進口傾向之和與一的關係，而且也受本國及外國資本移動性的大小所影響以及移轉國所得的增加或減少而定。(2)資本完全移動時，若移轉國的所得減少，則長期匯率下降，短期匯率呈現調整過度的現象。(3) 資本無法移動時，若兩國的邊際進口傾向之和小於一，則長期匯率上漲，短期發生調整不足的現象。

中文部分:
曹添旺 (1987) ，「通貨替代、通貨膨脹、匯率調整與貨幣中立性」,經濟論文叢刊，第十五輯，頁367-98 。
??? (1992) ，「通貨替代、通貨膨脹、資產選擇與匯率動態」，未發表之手稿。

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