电子货币对存款准备金政策作用机制的影响

The Impact of Electronic Money on Action Mechanism of Deposit Reserve Policy

存款准备金政策是中央银行制度下重要的货币政策工具之一。电子货币的快速发展已经给传统货币政策带来了前所未有的挑战,也对存款准备金政策产生了显著的影响:电子货币改变了传统的货币结构,降低了存款准备金的计提基数,在放大货币乘数效应的同时加大了货币乘数的内生性,并加剧了存款准备金政策对经济的冲击,从而增加了中央银行控制货币供给的难度,存款准备金政策的效率也随之下降。

The deposit reserve policy is one of the important monetary policy tools in the central banking system.The speedy developmemt of the electronic money has brought the unprecedented challenge to the traditional monetary policy,and has had the remarkable influence on the deposit reserve policy as well:the electronic money has changed the traditional monetary structure,reduced the calculation base quota of deposit reserve,intensified monetary multiplier effects while enhanced the endogenesis of money multiplier,aggravated the block to economics from deposit reserve policy,increased the difficulty for central banks to control money supply,and thereby decreased the effectiveness of deposit reserve policy.