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The Influence of Electronic Currency upon Money Multiplier by Empirical Analysis

机译：电子货币对货币乘数的影响

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摘要

The ratio of currency in circulation is decreasing as compared to the deposits, because of the extensive use of the electronic currency, thus have affected the money multiplier. Money multiplier is one of the main decisive factors of money supply, so the development of electronic money will have a further influence on money supply. The main purpose of this paper is researching and analyzing the influence of electronic currency upon money multiplier. The approach employed in this article is to use theoretic and empirical analysis. First, according to the theory and data-graph, this article analyses the influence of electronic currency upon money multiplier. Second, based on the previous related annual data of China, and then establish the econometrics model to analyze how much does electronic currency affect the money multiplier. The empirical analysis demonstrates that the extensive use of electronic currency does have influence on the money multiplier. There is a positive correlativity between them. In the other words, with the increasing of e-money utilization ratio, the money multiplier will tend to be greater. Having a correct understanding on the influence of electronic currency upon money multiplier is helpful to do a further analysis of money supply under the conditions of using electronic currency, which will have a profound significance for the monetary authorities to make a flexible and effective monetary policy.
机译：与电子货币相比，流通货币的比率正在下降，这是因为电子货币的广泛使用，从而影响了货币乘数。货币乘数是货币供应的主要决定因素之一，因此电子货币的发展将对货币供应产生进一步的影响。本文的主要目的是研究和分析电子货币对货币乘数的影响。本文采用的方法是使用理论和经验分析。首先，根据理论和数据图，本文分析了电子货币对货币乘数的影响。其次，基于先前的中国相关年度数据，然后建立计量经济学模型，以分析电子货币对货币乘数的影响。实证分析表明，电子货币的广泛使用确实对货币乘数有影响。它们之间存在正相关。换句话说，随着电子货币利用率的提高，货币乘数将趋于更大。正确理解电子货币对货币乘数的影响有助于进一步分析使用电子货币的条件下的货币供给，这对于货币当局制定灵活有效的货币政策具有深远的意义。

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