电子货币对中央银行负债的冲击

The Impact of Electronic Money on Liabilities of the Central Bank

电子货币是否会使中央银行负债大幅下降,是关乎货币政策有效性及中央银行运作的有争议的理论问题。仅从货币替代过程看,电子货币对基础货币的影响是中性的,经济主体交易方式的变化会使中央银行的负债收缩。中央银行支付清算机制的优势、设定其自身负债利率的业务以及法律赋予的特权,使得中央银行仍有能力实施货币政策。

Whether electronic money can substantially decrease liabilities of the central bank is a controversial issue concerning the effectuality of monetary policy and the functioning of the central bank. Observed only from money substitution effect, the impact of electronic money on high-powered currency is neutral and the change in transaction methods will decrease liabilities of the central bank. Whereas the advantages of the central bank such as its clearing and payment system and its liability business with the freedom to set interest rates and its legal privileges enable the central bank to implement the monetary policy.