电子货币对金融市场的冲击及金融政策的操作

The Electronic Currency Impact on Financial Market and the Operation of Financial Policy

电子货币的不断发展,必将会使已有的经济结构和经济秩序产生结构性变化。从货币供给角度分析,电子货币的普及会对信用创造过程产生影响,使得信用乘数上升。从货币需求角度分析,可以得出电子货币的普及产生了减少货币需求的效果的结论。相应地,中央银行金融政策操作目标及其操作就要进行调整。

Continuous development of the electronic currency, necessarily will change the economic construction and the economic order. Analyzing from the money supply angle, we think that the spread of electronic currency will influence the credit creation and make the money multiplier rising. Analyzing from the money demand angle, we conclude that the spread of electronic currency will reduce money demand. Accordingly, the target and the operation of central bank's financial policy need adjust.