Empirical Analysis Of The Development Of Electronic Money On The Effects Of Monetary Policy

E-money, a new type of monetary credit, arise from the application of computer and network technology in the financial sector . As the electronic money overcome the paper currency transactions in time and space limitations and in bringing security and circulation of shortcomings such as limited, Reduce transaction costs and improve the efficiency of the transaction, electronic money as a new, more convenient and more secure form of currency has become the objective requirements of economic development, e-money to replace the paper currency is an inevitable trend. The new e-money currencies against the effects of monetary policy is quite different from the traditional paper-based money. On the basis of drawing on the domestic and international electronic money on the effectiveness of monetary policy effects of a variety of literature, I carry out this work for researching e-money influence on the effect of monetary policy in the paper. First, I highlight the fact that the definition of electronic money, the nature and classification. Then I Study the development of electronic money on monetary policy effects from the development of electronic money in the currency of the multiplier effects, the central bank independence and Seigniorage, the development of electronic money on the money supply, the development of electronic money on the intermediate goal of monetary policy and the policy tools . In the course of the study on the development of electronic money in the currency of the multiplier effects of this problem, the use of error correction model in the Engle-Granger two-step and Wickens-Breusch one-step, I explain ,in recent years, China's slow pace of the currency in circulation Phenomenon. Then the author come to the conclusion: because of China's special conditions and the development of electronic money's in the initial stage, the conclusions of the study in this paper and analysis of the past is quite different. Finally, based on the findings of the study, combined with China's reality, the authors put forward a number of its own policy recommendations .