电子货币对货币乘数影响的实证研究

摘要

分析了准备金率、现金存款比率及电子货币替代率对货币乘数的影响,结果表明电子货币的使用对货币乘数具有双重的影响,一是提高存款准备金率而降低货币乘数;二是降低现金漏损率而提高货币乘数,而使货币乘数下降的作用更强. 同时,电子货币对货币乘数的影响在2006年以后发生了波动,特别是近几年收缩现象比较明显.%It studied the impact of reserve ratio ,cash-deposit ratio and electronic money usage on money multiplier .The effect of increasing is stronger for reducing the money multiplier by increasing reserve rati-o,and increasing the money multiplier by reducing cash-deposit ratio .It also showed the impact of money multiplier is not always expansion , and it has appeared fluctuation since 2006, especially it appeared shrinkage in recent years .