区块链技术下法定数字货币对货币供给的影响研究

互联网技术驱动下的数字货币革命揭开了货币史上的新篇章,私人数字货币迅猛发展的同时,世界各国中央银行为了维护主权法定货币的地位纷纷投入到了法定数字货币运动的浪潮中。而法定数字货币有利于克服数字货币天然的缺点,并能给市场带来更透明化更加安全的环境。基于分析法定数字货币的内涵与发展现状,对比私人数字货币的突出特点,提出发行法定数字货币的必要性,为法定数字货币的发行与流通提出建议。     

Emotional Factors in Currency Perception

People may fill currencies with moral and emotional meanings and become attached to currencies in a similar way that they are attached to a brand. Such meanings and affective attachments to a currency may result in people’s resistance to proposed currency changes as well as playing a significant role in everyday consumer behaviour. Following Tajfel’s accentuation theory, it is shown in two studies that (1) opinions that prices in a currency (labelled an “expensive currency”) are high result in perception of prices in this currency as higher than prices in another currency, and that (2) positive affect attached to a currency results in perception of prices in this currency being higher than prices expressed in a currency which is not emotionally laden.     

Currency competition in a fundamental model of money

We study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The currencies' equilibrium values, their transaction velocities and agents' spending patterns are endogenously determined. We derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. We also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, unless trade frictions and the currency risk is low. As risk increases or trading becomes more difficult, the transaction velocity and value of the safe money increases.     

From dollarisation to euroisation

In the past the dollar has been so dominant as an international currency that the term ‘dollarisation’ has become a synonym for currency substitution, i.e. the voluntary use of a foreign currency instead of the respective country's own legal tender. This article addresses the question as to whether the euro may be expected to partly replace the US currency in this function, focusing on the former's use as a substitution currency in countries on the periphery of the euro zone. Some policy conclusions are drawn for both the ‘euroised’ economies and Euroland.     

Money in a “Safe” place: Money anthropomorphism increases saving behavior

Saving has an important impact on consumers’ lives and life satisfaction. However, various indices indicate that consumers do not save enough. This research shows that a simple change in the perception of money by imposing humanlike characteristics (i.e., money anthropomorphism) can significantly increase savings. Specifically, we posit that imbuing money with humanlike characteristics can enhance both saving intention and real saving behavior because humanized money is considered to be capable of experiences such as pain or joy (perception of experiences) and, as a result, is more vulnerable and in need of protection (perception of vulnerability). By inserting money clipart or using first-perception language to describe money, we manipulate money anthropomorphism in six studies. In behavioral studies, we show that these money anthropomorphism manipulations increase real saving behavior by 18%. In addition, several alternative accounts, including warmth perception of money, autonomy toward money, perceived control over money, feeling guilty about spending money, and perceived importance of money, are ruled out. Furthermore, the results show that when the target account to keep money is considered risky, the positive money anthropomorphism on saving disappears. The findings provide important and practical implications for increasing personal savings.     

The “Euro Illusion”: Illusion or Fact?

The changeover to the euro elicited an upsurge of research on the effects of the new currency on consumers’ conversion strategies, price estimates, price evaluations, choices, and purchases. This research includes longitudinal surveys, interviews, and controlled experiments, both natural and in the laboratory. The present article starts with an overview of this research after which it more specifically focuses on research showing an influence of the nominal value, as expressed in different currencies, on price evaluations and consumer choice. For most countries, the transition to the euro led to a lower nominal value currency. A bias known as the “euro illusion” has been documented such that the subjective value of money is influenced in the direction of the nominal value (i.e., in most countries prices and salaries seem smaller when expressed in euros than in the old domestic currency). Although the term was coined in connection with the euro changeover, the nominal representation of a currency has been shown to influence the subjective value of money in unfamiliar currencies other than the euro. Thus, tourists travelling abroad may frequently be subject to such an illusion. Different mechanisms have been proposed to account for the euro illusion. One is the numerosity heuristic and another the anchoring-and-adjustment heuristic in conjunction with biased conversion strategies. The size of the euro illusion is influenced by trade-offs between accuracy and effort. Consistent with this hypothesis, task importance, time constraints, familiarity with the conversion strategy, complexity of the conversion strategy, mood, and attitude towards the country or the currency all influence the size of the euro illusion.     

ANFA — National Money Creation as an Existential Threat to the Currency Union?

The recent publication of the previously secret Agreement on Net Financial Assets (ANFA) directed the public’s attention to the possibility that national central banks could create money through purchases of securities on their own account. This paper provides an overview of the legal foundations for ANFA and shows the varying extent to which the member countries use these regulations. What are the interests, risks and consequences for the countries in crisis and the currency union as a whole? Is the ECB properly monitoring ANFA purchases? Could money creation via ANFA act as an explosive device for the currency union?     

Money: communicative functions of payment and price

ABSTRACT

Money is rich in semiotic potential and its capacity to express social identity and collectivity is well established. This essay explores a range of communicative functions of money, focusing in particular on the ways in which payments and prices may serve as cultural signals. It asks how the communicative significance of money might change as a result of the introduction of new types of currency, payment systems and pricing techniques, and suggests that such developments are likely to involve revisiting two key tensions: between state or corporate power on the one hand, and individual autonomy and privacy on the other; and between money’s power to generate collectivity and its power to divide and exclude.     

Sovereign credit ratings,capital flows and financial sector development in emerging markets

How does the sovereign credit ratings history provided by independent ratings agencies affect domestic financial sector development and international capital inflows to emerging countries? We address this question utilizing a comprehensive dataset of sovereign credit ratings from Standard and Poor's from 1995–2003 for a cross-section of 51 emerging markets. Within a panel data estimation framework, we examine financial sector development and the influence of sovereign credit ratings provision, controlling for various economic and corporate governance factors identified in the financial development literature. We find strong evidence that our sovereign credit rating measures do affect financial intermediary sector developments and capital flows. We find that i) long-term foreign currency sovereign credit ratings are important for encouraging financial intermediary development and for attracting capital flows. ii) Long-term local currency ratings stimulate domestic market growth but discourage international capital flows. iii) Short-term ratings (both foreign and local currency denominated) retard all forms of financial developments and capital flows. There are important implications in this research for policy makers to encourage the provision of longer-term credit ratings to promote financial development in emerging economies.     

试论我国货币基金的发展及其政策问题

货币基金是伴随货币市场发展而出现的新型金融产品,目前,我国各有关方面也在积极推进货币基金的开展.货币基金依赖于货币市场的一定发展,有着同其他共同基金与金融产品不同的特点,尤其是在税收制度、流动性安排方面,都有其独特之处.即使在发达市场上,货币基金也并非没有风险,其投资组合也有着既定的原则,对此,需要正确认识.由于我国目前的货币市场较为落后,银行储蓄以及中央银行对商业银行的信用往来制度尚不同于发达国家,因而货币基金在我国的引进就面临着一些急需在政策上予以协调和明确的问题,否则,推出的货币基金将很难在短期内有效运行,也可能起不到应有的预期效果.     

The long and short of money and prices: a market equilibrium approach

The paper examines the exogeneity of money and prices within a money demand function. Two modifications to traditional money demand vector error correction modeling are made. The first modification is to introduce a money supply function, while the second is to estimate the behavior of the money sector and real sector simultaneously. Incorporating the additional information removes many of the possible biases and, therefore, allows for more efficient estimation of money and price behavior. Overall, significantly more support is found for the existence of ‘buffer stock’ relationships than has been found in the previous research.     

基于货币吸收分析与GDP修正数据的未观测货币规模估算:1978-2005

未观测货币是民间借贷、非正规金融与未观测经济活动吸收或释放的货币量,对中央银行货币政策调控具有一定的影响.掌握未观测货币的规模,能够对宏观经济运行的未观测因素产生的干扰程度做出大致判断,并采取相应的政策,促进经济持续稳定发展.本文基于货币吸收分析方法和最新GDP修正数据,对改革开放28年来中国的未观测货币规模进行估算.与已有研究相比,本文侧重于分解货币吸收的非经济增长因素及其货币规模.实证结果显示,未观测货币总量呈现周期性特征,在经济周期高点,未观测货币释放规模较大,而在此时点前后,吸收规模较大;它的政策意义在于,将未观测货币纳入货币供给统计分析框架体系,可以判断经济运行周期的时点边界,增强货币政策的有效性.     

Deceiving Our Minds: A Qualitative Exploration of the Money Illusion in Post-redenomination Ghana

The current study is a qualitative exploration of the presence of the money illusion in the lived experiences of Ghanaian adult consumers after a currency redenomination. The results indicated that a switch from the old currency to the new currency had implications for self-worth determination, trivialization of price increases, changes in spending behaviour, and changes in the extent of benevolence. All these changes were related to the tendency to make judgments based on the nominal value of an amount of money, rather than its real value; the judgment bias is known as the money illusion.     

ANFA – nationale Geldschöpfung als Sprengsatz für die Währungsunion?

The so called ANFA secret protocol brought to the public’s attention the previously only little noticed opportunity for national central banks of individual Eurozone members to create money through purchases of securities at their own expense. The ANFA financial assets amount to the significant share of 51% (gross) or rather 18% (net) of the Eurosystem’s balance sheet total and 41% of its total liquidity, thereby jeopardising the principle that the communities of the emitting and the money accepting countries should be congruent, which is seen as a stability condition for currency unions. There is a danger that the money creation via ANFA acts as an explosive device for the currency union. It is therefore necessary to clearly limit the own funds portfolio in order to restore the community of money emission.     

The subjective valuation of coins and bills

There is more to how individuals value money than just the denomination, based on several recent research articles. Could the very form of money, whether paper or metal, be a basis for such subjective valuation? A theoretical explanation based on the representativeness bias is explored and three experimental studies are employed to investigate this question. The results show that there is a bias in how the value of money is assessed based on whether that money is comprised of coins or bills. Bills are estimated to have more purchasing power than coins for the same objects, including for a different currency where a specific exchange rate is given. Copyright © 2014 ASAC. Published by John Wiley & Sons, Ltd.     

How money priming affects consumers in an advertising context: the role of product conspicuousness and consumers’ signalling needs

ABSTRACT

Effects of money priming on basic psychological processes are well established in the literature. However, research that investigates money priming in an advertising context is scarce. This article presents two empirical studies examining consumer reactions after being primed with money and exposed to advertisements presenting either conspicuous or non-conspicuous products. Consumer reactions were investigated with respect to their attitude towards the ad, product evaluation and signalling needs. The findings indicate that the evaluation of a conspicuous product, and the respective ad promoting it, benefit from money priming while the evaluation of a non-conspicuous product is not affected. Moreover, money priming elicits signalling needs in situations where consumers are confronted with conspicuous products. Our moderated mediation models show that these signalling needs mediate the positive effects of money priming in conspicuous situations.     

Offering low price guarantees to improve customer retention

Major retailers in the USA offer money back guarantees (MBGs) under which they return money to dissatisfied customers. Some of these retailers also offer low price guarantees (LPGs) under which they promise to refund price differences if buyers find a lower price after purchase. Some researchers have argued that LPGs should be legally challenged because they limit price competition and contribute to higher prices. This paper shows that adding an LPG to an MBG can help improve economic efficiency as both retailer loss and customer hassle costs from excessive returns are reduced. This reduction serves as a counter argument against those who believe that LPGs should be prohibited.     

Tariffs,the balance of payments,and the demand for money

This paper shows that in a small country the impact of a tariff on the balance of payments depends crutially on the role of relative prices in the demand function for money. An import (export) duty has a perverse impact on the balance of payments if importables (exportables) and money are net complements, but both import and export duties cannot have a perverse impact. A relation between the impact of export and import duties is also derived and is used to reestablish a well-known theorem of Meade on the equivalence of replacing import with export duties and currency depreciation.     

The arrival of the Euro and its implications for Asia

The third stage of the European Economic and Monetary Union (EMU) commenced on January 1, 1999 with the launch of the European single currency, the euro. The first round of participants comprises 11 of the 15 European Union (EU) nations, dubbed “Euroland.” The potential implications of EMU for Asia are immense. The euro's emergence as an international currency and its impact on Asia can be assessed in 3 different domains: (1) as a medium of exchange for Europe's trade with Asia; (2) as a store of value in stocks and bonds in world capital markets; and (3) as part of official foreign exchange reserves of Asian central banks. Our analysis suggests that there is potential for the euro to play a bigger role in EU-Asia trade links, which will be underpinned by the collective importance of Euroland as a much-enlarged trading and investment partner for Asia. However, in the short term at least, Asian equity markets are unlikely to benefit from significant inflows of capital from the EU as the former have been decimated by the region's financial crisis. As for Asian bond markets, rapid deterioration of sovereign ratings of countries in the region over the past 12 months would make it difficult for Asian companies to raise funds through euro-denominated debt instruments. As for official foreign exchange reserves, the bulk of Asian reserves is currently held in US dollar assets. Judging from Asian trade and debt figures, it seems unlikely that the euro would challenge the US dollar as a reserve currency any time in the near future. Nevertheless, in the longer term, the euro's introduction could make it easier for Asian central banks to diversify their reserves from the greenback to the euro. The internationalization of the euro is likely to happen only gradually, whether in terms of international trade denomination and settlement, denominating international financial assets, or as a reserve currency. Since the magnitude of shock that the single European currency would bring to the international monetary system is still unknown, only very tentative conclusions for the impact on Asian countries can be drawn at this point in time.     

Temptation,Monetary Intelligence (Love of Money), and Environmental Context on Unethical Intentions and Cheating

In Study 1, we test a theoretical model involving temptation, monetary intelligence (MI), a mediator, and unethical intentions and investigate the direct and indirect paths simultaneously based on multiple-wave panel data collected in open classrooms from 492 American and 256 Chinese students. For the whole sample, temptation is related to low unethical intentions indirectly. Multi-group analyses reveal that temptation predicts unethical intentions both indirectly and directly for male American students only; but not for female American students. For Chinese students, both paths are non-significant. Love of money contributes significantly to MI for all students. In Study 2, using money as a temptation and giving them opportunities to cheat on a matrix task, most Chinese students (78.4 %) do not cheat in open classrooms; supporting survey and structural equation modeling (SEM) results in Study 1. However, students in private cubicles cheat significantly more (53.4 %) than those in open classrooms (21.6 %). Finally, students’ love of money attitude predicts cheating. Factor rich predicts the cheating amount, whereas factor motivator predicts the cheating percentage. Our results shed new light on the impact of temptation and love of money as dispositional traits, money as a temptation, and environmental context (public vs. private) on unethical intentions and cheating behaviors.