电子货币的替代效应与我国的金融安全——基于资产短缺视角

Substitution Effect of Electronic Money and Our Country's Financial Safety:Based on the Perspective of Asset Shortages

金融安全当前已经上升为国家战略层面,而金融资产短缺与金融安全密切相关。本文在互联网金融发展背景下,研究电子货币与我国金融资产短缺之间的关系,结果表明,金融资产短缺已经是我国典型化经济事实,电子货币的替代加速效应能对资产短缺产生缓解作用,而电子货币替代转换效应则加剧了资产短缺。虽然电子货币替代加速效应能在短期缓解资产短缺,维持短期金融稳定,但是容易引起资金在金融系统的"二次搬家"和"资金空转"的问题,产生投机性泡沫和资产泡沫,不利于长期金融安全。因此,必须加强电子货币的替代转换效应,深化金融领域供给侧改革,才能从根本上有效解决我国长期面临的资产短缺困境。

Financial safety has now risen to the national strategic level,and asset shortages reflect the degree of financial safety and stability.In the Internet Finance age,this paper studies the relationship between electronic money and existing situation of asset shortages in China.Research results show that asset shortages have been a typical economic fact in our country,the substitute acceleration effect of electronic money plays main role in alleviating asset shortages,and the substitute conversion effect of electronic money exacerbates asset shortages.Although the substitute acceleration effect of electronic money only temporarily alleviates the asset shortages to maintain financial stability,it can easily lead to funds of the second move and the problem of idle funds in financial system,and even can cause a speculative bubble and asset bubble so that damage the financial safety in the long term.Therefore,only by strengthening the substitute conversion effect of electronic money and deepening the supply side reform in the financial field,we can solve asset shortages in our country fundamentally.