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COMMON defense of flexible exchange rates is that they insulate the domestic economy and money supply from foreign monetary disturbances.’ This view has been challenged by a number of critics who question the assumption behind the monetary independence argument that domestic and foreign currencies are not considered substitutes indemand by domestic residents.2 A rational holder of money balances, these critics argue, would seek to diversify his portfolio of. currencies for the same reasons that investors typically hold diversified portfolios of interest-earning assets. If currency substitution exists, domestic money demand should be sensitive to changes in both domestic and foreign influences. Consequently, even with flexible exchange rates, the existence of currency substitution exposes the domestic economy to monetary shocks from both home and abroad.

Currency Substitution: A Test of Its Importance