Electronic Money And Its Implications For Monetary Policy

The paper contains two parts. The first part includes Introduction and Chapter 1,It mainly described the definitions developments of electronic money. Introduction described the background of electronic money. Chapter 1 discusses the definition of electronic money ,the characteristics of electronic money as well as introductions of the development of electronic money in west countries.The second part includes Chapter 2, Chapter 3 and Chapter 4. In this part, we focus on the implications of the development of electronic money for central banks and the supervision problem which central banks will face. Chapter 2 discusses the impact on status of central banks after the issue of electronic money. Chapter 3 analyses the challenges of electronic money on central banks' monetary policy. The analysis is carried out in the following fields: the demand for money, money supply, monetary policy implementation, monetary policy instruments and monetary transmission mechanism. Chapter 4 mainly deals with central bank' supervision on electronic money. Moreover, some suggestions are put forward for our country's central bank.