电子货币对基础货币的影响

电子货币对基础货币的影响
电子货币作为一种新型的货币形式,它的出现不仅改变了人们的生活习惯和支付方式,而且给传统的金融理论带来了前所未有的挑战,特别是加大了中央银行制定和实施货币政策的难度.电子货币创造了新的、虚拟的货币形式,它使经济结算活动在虚拟空间得以实现,使虚拟经济对实体经济生活发挥越来越大的反作用,创造出一个全新的社会活动局面.电子货币削弱了中央银行对基础货币的可控性,并且增强了货币乘数的内生性,从而加大了中央银行控制货币供给的难度.因此正确认识电子货币对货币乘数的影响,准确把握电子货币条件下我国货币乘数变动的规律,对中央银行灵活运用货币政策,提高货币政策有效性具有重要的意义.
所谓电子货币是指在继承了传统货币的交易行为自主性、交易条件一致性、交易方式独立性、交易过程持续性等特性的基础上,与传统货币在价值尺度上保持固定的兑换关系,通过网络和电子设备媒介交易的被普遍接受的一类支付或清偿债务的工具.其本质与货币一样是一般等价物.
以基础货币构成来分析,从用途上看,基础货币表现为流通中的现金和商业银行的准备金.从数量上看,基础货币由银行体系的法定准备金、超额准备金、库存现金以及银行体系之外的社会公众的手持现金等四部分构成.其公式为：
基础货币=法定准备金+超额准备金+银行系统的库存现金+社会公众手持现金
对于电子货币对基础货币的影响主要有电子货币对现金、法定准备金和超额准备金三个方面的影响.
1电子货币对现金的替代效应
电子货币的使用必然使流通中的现金数量减少.电子货币作为一种数字符号,能借助网络满足人们交易和投机的货币需求.中央银行产生以来,通货的发行是由中央银行垄断的.网络经济的出现打破了这种格局,比如当今几乎所有的电子货币都是由商业银行、其他金融机构或大企业发行的.
目前我们使用的支付工具包括纸币、硬币、支票、借记卡、贷记卡,当然还有电子货币等等.常见的情况是不同的支付工具用于不同的支付领域.具体而言,涉及金额较大的交易一般通过支票、银行卡或者一些其他的支付工具来进行,而现金经常被用来进行小额支付,例如用来支付报纸、食物、电话卡、交通费用等流通中的电子货币EM0的出现完全可以替代现金进行小额支付的功能,而且它的购买能力是可无限细分的,在使用的时候也不会涉及任何银行账户的记录,具有强大的方便性和完全的匿名性.因此,流通中的电子货币主要会替代流通中的现金.电子货币的发展减少了流通中的现金,在银行准备金总额不变的情况下,基础货币将呈下降趋势.

Influence of electronic money on monetary base electronic money as a new form of currency,it not only changed people's life habit and terms of payment,but also to the traditional financial theory has brought hitherto unknown challenge,especially increase the central bank monetary policy formulation and implementation difficulty.Electronic money to create a new,virtual currency,it makes economic settlement activities to be realized in the virtual space,virtual economy play growing role in real economy life,and create a new situation of social activities.Electronic currency weakened controllability of monetary base of the central bank,and enhance the endogenesis of money multiplier,which increases the difficulty of the central bank to control the money supply.So a correct understanding of the influence of electronic money on monetary multiplier,an accurate grasp of electronic currency in China under the condition of monetary multiplier rule,flexible use of monetary policy of the central bank,has an important significance to improve the effectiveness of monetary policy.Electronic currency is on the basis of traditional monetary transactions autonomy,trading conditions consistency,transaction,transaction process independence persistence characteristics,maintain fixed exchange relation with traditional monetary value scale,equipment media transactions generally accepted a payment or repayment of debt through the Internet and electronic tools.It is a general equivalent nature and as the currency.Based on the currency composition of analysis,from the use of perspective,the monetary base as cash in circulation and bank reserves.Look from the number,the monetary base by the statutory reserve,the excess reserves of the banking system,cash and bank system of social public cash and four parts.The formula is:the monetary base = statutory reserve and Excess Reserve Bank + system + public cash cash for electronic money on monetary base mainly has the influence of electronic money on cash,required and excess reserves three effects.The use of 1 electronic money on cash substitution effect of electronic money will inevitably lead to a reduction in the amount of cash circulation.Electronic money as a number of symbols,can use network to meet people and speculative money demand.Since the central bank,issued by the central bank currency monopoly.The emergence of network economy to break this pattern,such as almost all of today's electronic money is issued by commercial banks,other financial institutions or large enterprise.Payment instruments we used include notes,coins,checks,debit card,credit card,of course,electronic currency and so on.Common situation is different payment instruments for different payment field.Specifically speaking,relates to the larger amount of transaction by cheque,bank card or some other means of payment,cash is often used for micro payment,for example,food,to pay the newspaper telephone card,transportation costs in the circulation of electronic money EM0 can completely replace the cash payment function,and it's purchasing power is infinite subdivision,when in use will not involve any bank account records,has great convenience and complete anonymity.Therefore,the electronic currency in circulation will replace cash in circulation.The development of electronic money to reduce the cash in circulation,unchanged in total bank reserve situation,the monetary base show a downward trend.