电子货币对广义货币乘数和狭义货币乘数的影响研究

Study on the Influence of Electronic Currency on Broad Currency Multiplier and Narrow Currency Multiplier

电子货币使货币乘数变得更加复杂,增加了中央银行控制货币供给的难度;电子货币对广义货币乘数和狭义货币乘数都有放大作用,从而对货币供给起扩张作用;但是,电子货币对广义货币乘数和狭义货币乘数的影响不相同,对广义货币乘数的影响大于狭义货币乘数的影响。为此,中央银行应该实施多中介目标的货币政策以增强货币政策的有效性,严厉监控电子货币可能带来的流动性风险,做到防患于未然。

This paper, which have given first place to theoretical analysis, and then have taken data demonstration as subsidiary method, have proven that： Electronic currency has made currency multiplier become especially complicated, so that it has become more difficulty for People＇s Bank of China to control the money supply; electronic currency play dilation role in money supply by enlarging broad currency multiplier and narrow curren- cy multiplier; but electronic currency hasn＇t same impact over broad money multiplier and narrow money multi- plier： give greater impact on broad one than narrow one. For this purpose, the People＇s Bank of China ought to put a monetary policy of mul-intermediary- target into practice so as to strengthen the monetary policy validity, severely monitor the liquidity risk that electron currency may bring about in order to prevent trouble before it happens.