电子货币的发展对日本货币政策有效性的影响

日本作为亚洲成熟金融货币体系的代表,电子货币的迅速发展及其对货币政策的影响效果是值得我们探讨和借鉴的.基于巴塞尔委员会对电子货币的定义,日本银行按年度发布了2007～2008财年的电子货币及其他货币供给数据.借助这些数据,可以检验近两个财政年度日本电子货币的发展对日本央行货币政策有效性是否产生值得关注的影响,即日本电子货币的替代效应对央行的各层次货币乘数是否产生显著的影响,以及日本银行的电子货币发展状况调查结果与结论能否指引央行有效地制定和实施在电子货币条件下的货币政策.

Development of Electronic Money and the Effectiveness of Japanese Monetary Policy

Japan has a sophisticated financial payment system.Therefore,the recent Japanese e-money boom and its effects on the effectiveness of Japanese monetary policy are worthy of scrutiny.Bank of Japan annouced its e-money supply and other money stock data for the fiscal years of 2007 and 2008 according to the definition given by the Basel Committee.This allows the study to test whether the developments of e-money have significantly influenced Japan's monetary policy.To put it another way,does the substitution ef...