Research On The Effect Of Electronic Currency On The Effectiveness Of Monetary Policy

With the rapid development of the Internet economy and the continuous advancement of science and technology,e-money came into being in response to this era.The supporting payment system for e-money,including payment settlement and clearing systems,was continuously developed and improved,and the survival of the fittest was the same.The pace of reform of electronic payment methods has gradually accelerated.Typical representation of third-party payments has sprung up and the growth in size and transaction volume has accelerated the substitution effect of electronic money.In the course of continuous development,the times have given various forms of electronic money.The emergence and development of electronic money will inevitably have a certain impact on the traditional monetary theory.There are certain deviations and uncertainties in the effectiveness of monetary policy based on the traditional monetary theory.Under this new situation,the central bank's The effect of implementing monetary policy is just at the right time.Based on this,this paper analyzes and explores three aspects: the monetary policy instrument,the transmission mechanism,and the intermediary target.The impact of electronic currency on these three aspects,especially the impact on the intermediate target,is Important.In view of the effect of electronic money on the effectiveness of monetary policy,electronic money has started early in foreign countries,and there are many foreign documents on this research.However,electronic money has started comparatively late in the country,so domestic research literature is relatively small,but from the overall Look,domestic and foreign literature is very insightful,but there are also some deficiencies.Mainly concentrated in several aspects: First,the e-money generated under the network economy situation has not been systematically classified.Second,the measurement of electronic money is mainly carried out using the balance of the bank card,which is not measured by the typical representative of the rapid development of the current network economy.Third,most of them are limited to e-money's description of a certain channel of monetary policy.There is no comprehensive discussion,and at the same time,the existing literature rarely uses quantitative research methods.Based on the above problems,this paper has improved and perfected this,and improved the classification of electronic money more comprehensively and systematically.In view of the past application of bank card balance for electronic money,this article applies the rapid growth of the network economy.Three-party payment data to measure,while the electronic currency analysis of various channels of monetary policy,in the entire process is a combination of theoretical and empirical methods to illustrate the impact of electronic currency on the effectiveness of monetary policy.This article first elaborated on the origin of money and what stages it evolved into electronic money,and then updated the definition of electronic money in real time,redefining the definition of electronic money in the era of network economy.Secondly,the types,definitions and characteristics of e-money in the context of network economy are expounded.At the same time,the development status of e-money is elaborated both in domestic and abroad.Then the article elaborates on the definition of the validity of monetary policy,and at the same time adds the factor of electronic money on the basis of the original traditional theory to analyze the effect of electronic money on the effectiveness of monetary policy.The approach is from the central bank's monetary policy tools.The intermediary goals of monetary policy and the monetary policy transmission mechanism.Then,as a key way to the effectiveness of monetary policy,the intermediate goal of monetary policy is used for empirical analysis.Finally,it proposes related rationalization proposals for the issues,and summarizes the full text and outlook for the future.