Research On The Influence Of Electronic Money For The Effectiveness Of Monetary Policy

E-money,a new type of monetary credit,arise from the application of computer and network technology in the financial trade. The production of E-money renders another transformation of monetary type. E-money which is developing rapidly must affect traditional theory to a certain extent and monetary policy to deep extent. That brings somes difficulties to validity of monetary policy in practice. It is necessary to study the E-money deeply and comprehensively. That will support directions and suggestions for making, implementing and estimating monetary policy. Therefore the study about the validity of monetery has realistic meaning.Based on researches made by other scholars, this thesis highlights the definition, classification and function of e-money and the developing state of E-money in our country and other countries. The thesis analyzes the effections that E-money causes to the monetray supply and demand and studies the validity of monetary policy from three different fields. In accordance with the development of situation of e-money in China, the thesis has analyzed the influence of e-money for the effectiveness of monetary policy from qualitative and quantltative analysis angles by applying the method of combining the oretical analysis and practical research.The positive analysis has set up the cointegration model of e-money and price,error correction model basing on vector autoregressive model,Granger causality test, and has discussed the influence and contribution of e-money to monetary policy effect. Then,the thesis has presented that it is suitable to apply public market business as the operation tool for currency in China under the situation of e-money circulation,and select the interest rate as the medium target. Finally, this paper gives some suggestions to the central bank and its implementation of the monetary policy.