Research On The Impact Of Third-party Payment On The Speed Of Money Circulation

With the emergence and popularization of "Internet plus era",it brings about the rapid development of Internet financial industry,meanwhile led to profound changes in the traditional mode of payment,monetary transactions shift from the traditional paper media to electronic trading gradually.Among them,as the electronic trading representative of the third-party payment is imperceptibly changing people's daily payment habits,and the characteristic of efficient,fast,not easy by time and space constraints,making it become the preferred way to payment transactions presently.The third-party payment is widely used in various fields,more and more scholars begin to pay attention to the third-party payment of this new payment mode on a country's money supply and demand,the flow rate and the role of policy.The current study of electronic currency or the impact on effect of electronic payment to tomoney circulation speed are mainly concentrated in the money supply as the medium,and analysis the impact on electronic currency or electronic payment to the money supply under different calculation caliber,then analysis impact on monetary,meanwhile brings impact on the conduct of monetary policy effectiveness.Based on the research of domestic and foreign scholars,this article discuss the interaction mechanism from new perspective of the impact about effect of the third-party payment to money circulation speed by theoretical analysis and empirical analysis.Firstly,this article research the impact about effect of the third-party payment to money circulation speed in principle with the theory of money demand;secondly,selecting the degree of third party payment activity,real rate and the degree of financial modernization as the main index,and these variables are used in the unit root test,cointegration test,and VECM correction model.It is indicated that the third-party payment has two aspects about replacement of traditional monetary role are alternative acceleration and alternative transformation.From the point of alternative acceleration effect,the third-party payment has unique advantage,making it replaced inflation further speed up the currency circulation,namely increase the circulation speed of M0.From the point of alternative transformation effect,third-party payment beyond the limit of space and time and bring the rapid transformation between different levels of currency To reduce the cost.The currency located at the high level has the characteristics of high yield,and the third-party payment increase the proportion of the currency located at the high level,namely decrease the circulation speed of M1 and M2.Through the above research,this paper argues that the third-party payment should be incorporated into the monetary policy adjustment and operation mechanism of consideration.Aiming at the existing problems in the third-party payment,the introduction of relevant measures to solve these problems,to strengthen the supervision of the third-party payment,and give full play of the third-party payment to the positive role in the national economy in China.