支付体系与货币和货币政策基本关系研究

The Study of the Relationship of Payment System with Currency and Monetary Policy

中央银行承担着货币政策和向社会提供结算便利等金融服务的职责。近几年现代化支付体系的建设使用对货币问题产生了一定的影响,支付体系与货币和货币政策的关系引起了普遍的关注。本文在辨析既有讨论的基础上,从基本的概念出发,为研究支付体系与货币和货币政策的关系搭建了一个基本框架。本文认为,由于支付是货币的基本属性,支付技术直接影响了货币的可接受性、使用的制度条件和范围、货币结构、货币的需求和供给,支付体系对货币的影响是实质的;而由于支付体系带来的货币变化只是在一定程度上影响了作为货币政策实施前提的货币当局对于货币形势的判断、货币政策工具的有效性和货币政策的实施效果,并未改变货币政策的基本结构和运行机制,对货币政策的影响是外在的,但这种外在影响是重要的,需要中央银行在调整货币供给模型时加以慎重考虑。

The central bank is responsible for formulating monetary policy and providing several financial services such as settlement. In recent years, along with the development of modern payment system, the relationship of payment system with currency and monetary policy has caused the pervasive attention. On the basis of previous discussions, this paper defines the basic concept and builds up the basic framework of the relationship of payment system with currency and monetary, policy. It concluded that the payment system has substantive influence to currency, but the influence to monetary policy is external. The authors propose that the payment system has important external influence on monetary policy, therefore, the central bank should think on it carefully when it decides to adjust currency supply model.