电子货币对货币政策效果的挑战

The Challenge of Electronic Money for Effect of Monetary Policy

本文介绍国外学者关于电子货币发展影响货币政策效果的观点,指出电子货币将减少公众对央行基础货币的需求,这就势必削弱以货币供给量为基础的货币政策的效果,甚至可能使其失去作用。但实际上,只要央行将调控重点转移到利率上来,货币政策仍可以有很大的用武之地。本文分析和证明我国电子货币的使用,在短期中可以提高货币政策的效果,因为,货币漏损率和超额准备率的下降,可以提高货币乘数,但长期中货币数量调控的效果也会下降,所以我们也应尽早做好向利率调控转轨的准备。

The development of electronic money reduces the public demand for base money,which will weaken the effect of the existing monetary policy, even make it inefficient, because the aim of this monetary policy is to control base money. Monetary policy should continue to be effective,if central bank adjusts its operatingtarget to interest rate.The development of electronic money in our country will increase the effect of monetary policy in the short run,because the decrease of cash-deposit rate and excess reserve rate will result in the increase of monetary multiplier.The effect of quantity target control will be eliminated in the long run,as aresult,we should adjust the operating target to interest rate as early as possible.