浅析电子货币对货币政策效应的冲击

货币政策是一个国家调控经济的重要工具，但电子货币在实体经济中的运行使传统的货币政策传导机制受到梗阻，从而使货币政策效应变得难以预测，如挑战传统的货币层次；缩减央行资产负债表的规模，并使利率、货币供应量、超额准备金和基础货币等货币政策中介指标变得难以测度，从而影响货币政策的抉择和实施。故中央银行应研讨新形势下的对策。BIS提供的建议也可咨借鉴。

Analysis of E-money's Impact on Monetary Policy

Monetary policy is an important tool to adjust and control economy in any country. But the performance of E-money in the entity economy hinders the traditional conduction mechanism and makes the effect of monetary policy unpredictable. For example, it challenges the traditional level of money, cuts cut the scale of balance sheet, and make it more difficult for the central bank to control market interest rate, money supply, excess reserve and money base, then affects choice and operation of monetary policy. So the central bank has to find out some new monetary policies suitable to new market circumstances. Suggestions offered by BIS are also used for reference.