电子货币对货币流动性影响的实证研究

电子货币的产生和发展不仅改变了货币的形态,而且改变了货币的供给结构,也对货币流动性产生了显著的影响。通过对电子货币与货币流动性相关性的检验,结果表明:电子货币对流动性较强的货币有着明显的替代效应,但这种替代并非简单的形式上的替代。它的存在不仅改变了货币的供给结构,而且模糊了各种货币层次之间的界限,并导致流动性较强的货币向流动性较弱的货币转化,从而使货币流动性处于持续下降的趋势,这也为解释我国货币流动性长期下降的原因提供了新的思路。

An Empirical Study on the Impact of Monetary Liquidity of Electronic Money

The emergence and development of electronic money has changed the form of money as well as the structure of money supplies and has brought remarkable influence on monetary liquidity. Through correlation test of electronic money and monetary liquidity,the author finds that electronic money has obvious substitution effect on money with high liquidity while this is not a simply formal substitution. It not only has changed the structure of monetary supplies,but also has blurred the boundary of different monetar...