电子货币对货币乘数的影响分析

摘要

Electronic currency changed People’s Daily life and the mode of payment, brings the huge challenge for the conduct of monetary policy. In this article, through the method of empirical analysis, with the consumption amount in the bank card and the amount of transfer data on behalf of electronic currency, and money multiplier mod-el,found that electronic money using the money multiplier has certain effect to enlarge,increase the endogenous mon-ey supply,reduce the central bank to control money supply,increased the difficulty of the central bank's monetary pol-icy implementation. Electronic money has substitution effect to cash, cash in circulation to demand deposits, sped up the currency circulation speed at the same time,has important effects on money supply.%电子货币改变了人们的日常生活和支付方式，对货币政策的实施带来巨大的挑战。本文通过实证分析的方法，分别以银行卡中的消费金额和转账金额数据代表电子货币，建立与货币乘数的相关模型，研究发现电子货币与货币乘数之间存在着稳定的均衡关系，电子货币对货币乘数具有放大作用，增大了货币乘数的内生性。电子货币对现金有替代作用，促使流通中的现金向活期存款转化，同时加快了货币的流通速度，降低了央行对货币供给量的控制，增加了央行货币政策实施的难度。