数字金融发展会影响居民家庭货币需求吗?

Does Digital Finance Affect Household Money Demand?

基于数字金融的消费信用和数字借贷功能,本文改进鲍莫尔模型和惠伦模型,运用中国家庭金融调查数据研究数字金融发展对居民家庭交易性和预防性货币需求的影响研究发现:数字金融发展显著降低了居民家庭交易性和预防性货币需求。机制分析表明,数字金融发展通过增加家庭网购参与,利用数字支付、消费信用和数字货币收益三大机制,强化替代效应,降低交易性货币需求;通过缓解家庭流动性约束,加大转化效应,降低预防性货币需求此外,脉冲响应结果显示数字金融发展改变了我国货币需求结构,但利率的调节作用减弱了数字金融发展对货币需求结构的冲击效应。这对理解我国货币需求新变化,有效发挥数字金融功能,运用新货币需求理论阐释我国金融发展具有一定借鉴意义。

Based on the consumer credit and digital lending functions of digital finance,this article improved the Baumol model and the Whalen model,using China Household Finance Survey data to study the impact of digital finance development on the transactional and preventive money demand of households.This paper found that the development of digital finance has significantly reduced household transactional and preventive money demand.Mechanism analysis shows that the development of digital finance uses the three major mechanisms of digital payment,consumer credit,and digital currency benefits to increase household participation in online shopping to strengthen the substitution effect and reduce transactional currency demand.The development of digital finance can also alleviate household liquidity constraints,increase the conversion effect and reduce the preventive currency demand.In addition,the impulse response results show that the development of digital finance has changed the structure of currency demand in China,but the adjustment effect of interest rates has weakened the impact of digital finance development on the structure of currency demand.This paper has certain reference significance for understanding the new changes in Chinese currency demand,effectively exerting the function of digital finance,and studying the theory of new currency demand to explain Chinese financial development.