电子货币对货币供给及货币乘数的影响机制研究——包含第三方支付机构的三级创造体系

Research on the Impact Mechanism of Electronic Money on Money Supply and Monetary Multiplier——A Three-level System Including the Third-party Payment Institutions

随着信息技术的发展,电子货币的产生不仅改变了货币形态和支付方式,更给传统货币创造理论和货币政策调控带来了新的挑战。本文将电子货币纳入货币供给的研究范畴中,考察了不同主体通过不同方式发行电子货币对货币供给及货币乘数的影响,构造了包含第三方支付机构的三级创造体系。研究发现,电子货币能够通过货币创造机制影响货币供给,而第三方支付机构在放大货币乘数方面尤为明显,需要中央银行在政策制定中更加关注。

With the development of information technology, the emergence of electronic money not only changes the form of money and the means of payment, but also brings new challenges to traditional money creation theory and monetary policy. The paper takes electronic money in the research field of money supply, examines the impact of electronic money issuance by different subjects in different ways on money supply and monetary multiplier, and constructs a three-level system including third-party payment institutions. The paper concludes that electronic money could affect money supply through money creation mechanism, especially when issued by the third-party payment institutions in terms of amplifying the money multiplier, which needs more attention of central banks in policy making.