Research On The Implications Of Electronic Currency In Circulation For Central Bank Monetary Policy

There are three phases during the development of currency, i.e., Commodity Money, Paper Money and Electronic Money, which are the outcome of the information revolution. The circulation of electronic money has caused the people to produce with the life style huge transformation, also further impelled the currency shape development. The electronic money has not only reduced information cost and trade expenses effectively, bus also expanded the time space of trade.Electronic money is a kind of non-standard money, which issue has an obvious market-based characteristic. Its issue is the competitive one, thus to break the situation that central bank monopolizes the issuance of money, to challenge the independent position of the central bank. Electronic money on the Internet at high-speed flow, which will inevitably reduce the requirement of traditional money, also adds the difficulty in measuring the money multiplier, and obscures the classification of money. All of this weakens the mechanism that central bank carries on to regulate the marc economy by means of monetary base and money multiplier.The main content of this text can be divided into three parts on the whole:The first part is the introduction, which introduces the main subject, basic frame and innovation of the thesis. The second part is the main body. Firstly, define electronic money, introduce its characteristics, type, as well as special functions. Compare with the traditional currency; Secondly, elaborate electronic money on the impact of the traditional theory of currency supply and demand, focusing on the independence of monetary policy, monetary policy objectives, as well as monetary policy transmission mechanism to analysis how electronic money affect the validity of monetary policy of the Central Bank; Finally, describe the impact of electronic currency on the monetary policy on our country.The third part is the conclusion, which discusses the risks brought by this newly-emerged thing and gives some measures to problems produced by electronic money on the supervision.