| In the third revolution tidal wave of science & technology, with the application of computer technology in finance field, the business of bank and the form of money are innovated step by step. Electronic money is a kind of new electronical money which meets the requirement of digital times. It not only contributes great improvement on the circulate and payment of money, also brings new challenges to central bank on setting monetary policy.Money supply is decided by base money and monetary multiplier. Generally, the popular money theory thinks that base money is exogenous variable controlled by central bank and it is hard to be controlled by central bank since variable economic environment influence on monetary multiplier. The generation and development of electronic money greatly and directly influences the monetary multiplier. This thesis is divided into 6 chapters to describe the measurement and theoretical analysis of its influence.Chapter one is an introduction on the background and the meanings of the study, which also includes survey of domestic and international research documents. Chapter two gives the definition, nature, classification and development of electronic money in home and at the abroad. Chapter three analyzes the influence of electronic money upon monetary multiplier by theory. In this chapter, firstly introduces the definition and basic theory of monetary multiplier. Then use the theory to analyze the influence of electronic money upon monetary multiplier. Chapter four establishes the monetary multiplier model of our country and describes the economic meaning and statistical analysis of the measure. In chapter five, it analyzes the influence of electronic money upon monetary multiplier by demonstration analyse. Use the time series analyse method to establish the cointegration and error correct model. In chapter six, it draws conclusions and gives some policy suggestions based on those conclusions.The main policy suggestion of this thesis are listed as below:1. Since the high fluidity of electronic money might bring the fluidity risk, strict operations become necessary and should be applied, for example, turning in the reserve, which can decrease the fluidity risk of electronic money.2. The exponential development of electronic money greatly increases the uncertainty of Ml and M2 of China money policy. Compared with Ml, the parameter of M2 is more stable which is chose as the main measure of money supply.3. It is apparent that the enlarge function of electronic money upon monetary multiplier. Therefore, it decreases the effective of monetary policy. Little range but high frequency monetary policy should be applied to deal with this change.4. The strict operations mentioned in first conclusion also bring the influence on base money. It diminishes the monetary multiplier and decreases the uncertainties of monetary multiplier. |
