The Impact Of Third-party Payment On China's Currency Circulation Speed And Currency Multiplier

The development of the third party payment is the trend of the times, and its high efficiency, convenience and low cost characteristics have been deeply rooted in the hearts of the people, which has a profound impact on the consumer's payment habits.At the same time, the emergence of the third party payment will have an impact on monetary policy. According to its payment process and the characteristics of the transaction, the third party payment will be the currency of the first electronic,changes in monetary form, causing changes in the speed of currency circulation and currency multiplier, and thus affect the demand for money and the supply of money.These changes and impacts will reduce the effectiveness of monetary policy.This paper based on the theory of monetary supply and demand impact on the traditional third party payment which would give monetary policy theoretical analysis and selection of third party Internet 7 day interbank interest rates and other empirical data analysis, GDP, payment between banks, analyses on monetary policy from two aspects of monetary velocity and the money multiplier, to explore the third party payment effect on monetary policy.The main contents and conclusions of this paper are as follows:Firstly, the relevant literature at home and abroad to sort out the previous experience, to lay the foundation for the study of this paper. According to the conclusion, the previous studies mainly focus on the electronic payment and electronic currency. According to the definition of the concept of the third party payment, the author follows the appropriate research methods, while retaining the characteristics of the third party to pay its own.Secondly,the analysis of the demand for money, the third party payment system to introduce the traditional theory of money demand, the establishment of the background of the third party payment demand model, and the empirical analysis. It is found that the third party payment has a certain effect on the speed of money flow in different levels and different time periods.Thirdly, the money supply is analyzed, the third party payment system is introduced into the traditional money supply theory. According to the empirical results,the author finds that the third payment has different effects on the narrow and broad money multiplier, and gives the relevant explanation.Fourth, comprehensive theoretical analysis and empirical analysis, summed up the conclusion of this paper. And according to the conclusion and the three party payment problems, put forward the relevant policy recommendations...