本文依循Park（1987）將不動產視為通貨膨脹的避險工具，並納入通貨替代的資產選擇模型，據此分析在爬行釘住匯率（crawling peg）之下，本國通貨貶值率及外國通貨膨脹率提高對實質匯率、不動產相對價格、資產存量及相關名目變數（貨幣供給、名目匯率侑不動產名目價格等）變動率之動態調整路徑的影響。研究的結果指出：通貨與不動產之間的替代程度及兩種通貨之間替代程度是左右當局的貨幣供給法則與相關經濟變數長期變化與動態行為的關鍵因素。

　　　　　based on Park's framework this paper establishes a model of currency substitution with real estates as inflation hedge to study the influence on the long-run equilibrium and dynamic paths of the real exchange rate, the relative price of inflation hedge, assets stock and the rate of variation of relevant nominal variables money supply, nominal exchange rate and nominal prices of real estates when there is an increase in both rate of devaluation of domestic currency and foreign inflation under a crawling peg exchange rate system. The results dictate that the substitutability between domestic currency and inflation hedge, the degree of currency substitution and the magnitude of price elasticity of demand for foreign currency influence the long-run and dynamic money in this setting and are essential to the rule of a money supply.