THE EFFECTS OF ELECTRONIC MONEY ON MONETARY MULTIPLIER
Electronic money influences the money supply by influencing the monetary multiplier, which increases the difficulties of the central bank to develop and implement the monetary policy. This paper chooses the data of electronic money from 1990 to 2007 of China as the sample data, the substitution rate of electronic money and the rate of cash leak as independent variance, the narrow and broad money multiplier as dependent variance to have an empirical analysis. Econometric methods are used to study their linear relationship. The empirical results show that electronic money has higher multiplier effect and enhances the difficulty of the central bank to control money supply, although the impact is limited.
Electronic money Monetary multiplier Money supply Monetary policy
Xiaoxian Ma Xiaoting Wang
School of Economics and Management, Beijing Jiaotong University, 100044, Beijing, P.R.China
国际会议
北京
英文
570-574
2011-06-08（万方平台首次上网日期，不代表论文的发表时间）