电子货币的发展对货币供给影响的实证研究-金融学专业论文

摘要

摘要

摘要

20 世纪 90 年代以来，网络的普及和电子商务的快速发展，促进并拓宽了电子 货币的发展与应用。电子货币既具有一般意义上货币的含义，又具有其特性。它 的出现对货币供给理论提出了巨大挑战，本文以货币供给理论为基础，将电子货 币因素引入供给模型中，分别研究了电子货币对基础货币和货币乘数的影响。首 先分析了电子货币对货币供给理论的影响，然后采用我国 1996-2010 年的年度电子 货币数据，运用 SPSS18.0 软件对电子货币对基础货币和货币乘数分别进行了描述 性统计、Pearson 相关性检验及线性回归分析，得出电子货币与基础货币呈负相关 关系，与货币乘数呈正相关关系。实证结果表明：电子货币的出现减弱了中央银 行对基础货币的控制力度，使得基础货币减少；同时电子货币的快速发展同时放 大了狭义货币乘数和广义货币乘数的乘数效应。我国电子货币的发展通过影响基 础货币和货币乘数对货币供给产生了显著影响。同时，以新货币经济学为出发点， 深入分析了电子货币的职能分离问题，得出电子货币的出现促成了新的交易媒介 手段，而电子货币作为记账媒介的职能则已被剥离。新货币经济学对电子货币的 发展提供了新的理论思路。

关键词：电子货币货币供给基础货币货币乘数

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ABSTRACT

ABSTRACT

Since the 1990s, the popularization of the Internet and the rapid development of electronic commerce promote and widen the development and application of Electronic Money. Electronic money is not only a general sense of its meaning, but also has its own characteristics .Its appearance has brought the huge challenge to the Money Supply Theory. Based on the Money Supply Theory as the foundation, this paper puts Electronic Money into the Supply Model, and makes researches on Base Currency and Monetary Multiplier. Firstly, the paper analyzes the influence of the Electronic Money on the Money Supply Theory, then with 1996-2010 annual Electronic Money data in China, uses SPSS18.0 software to study on Base Money and Monetary Multiplier separately by the descriptive statistics, Pearson correlation test and linear regression analysis, and lastly it comes to a conclusion that Electronic Money and the Base Money is inversely related, and Monetary Multiplier is positively related. The empirical results show that: the appearances of Electronic Money weaken the central bank to control the Base Currency, so that it reduces the Base Currency; at the same time, the fast development of Electronic Money magnifies the narrow Monetary Multiplier and the broad Monetary Multiplier. The development of China's Electronic Money through the impact of Base Currency and Money Multiplier has significant influence on Money Supply. The New