电子支付发展、电子货币替代对货币需求的影响研究

The Influence of Electronic Payment Development and Electronic Currency Substitution on Money Demand

随着互联网技术的蓬勃发展、电子支付规模的不断扩大,与电子支付、电子货币有关的问题日益成为理论界和实务界关注的焦点。本文以我国电子支付发展为背景、从电子货币替代视角出发,将电子货币划分为银行卡电子货币和第三方支付电子货币,分别研究了这两类电子货币对货币需求的影响效应。根据凯恩斯主义的货币需求理论,微观主体的货币需求分为交易需求、投机需求和预防需求,因此,本文从这三个方面系统研究了电子货币对货币需求产生的影响。研究结果表明,不论是交易需求、投机需求还是预防需求,银行卡电子货币对现金的替代都是不完全的,而第三方支付电子货币则能够对现金产生完全替代。基于上述结论,本文指出未来应加快利率市场化改革的步伐,在积极促进我国电子支付发展、推动货币电子化进程的同时,探索电子支付背景下更为有效的货币政策。

With the vigorous development of internet technology and the growing scale of electronic payment,the issues related to electronic payment and electronic currency have become the focus of attention in theory and practice.This paper divides electronic currency into bank card and third-party payment electronic currency.We study the effect of two types of electronic currency on money demand,respectively.According to Keynesian monetary demand theory,money demand can be divided into transactional,speculative and precautionary demand.Therefore,this paper studies the influence of electronic currency on the demand of money from these three aspects.The results show that the substitution of bank card electronic currency for cash is incomplete,no matter what kind of money demand is analyzed,while the third-party electronic currency can completely substitute for cash payment.Based on the above conclusions,this paper points out the pace of interest rate liberalization should be accelerated in the future.While actively promoting the development of electronic payment and electronic currency in China,it is necessary to explore more effective monetary policy in the new economic environment.