无货币供给量变动:西方国家利率调控的新模式

电子结算系统的创新和电子货币的发展大大减少了基础货币的需求,使得加拿大等国的中央银行转向了无基础货币供给的利率调控,这种调控模式操作简单,而且有成功的实践经验支持。这就提示我们要做好相应的准备,以应对电子结算系统和电子货币对我国宏观调控理论与实践的挑战。

A New Mode of Interest Rate Adjustment in Western Countries: No Fluctuation in Money Supply

The innovation of electronic settlement system and development of electronic money have greatly reduced the demand of base money. For this reason, the central banks in countries like Canada has started to adjust interest rate without the fluctuation of base money supply. The effect of such regulation can be proved through mathematic model and figure map, and even through experience. Therefore, we should make good preparations for the challenges from the development of electronic settlement system and electronic money.