Electronic Money On Monetary Policy Analysis

The thesis divides 6 altogether.The part of foreword describes the background, meanings of the thesis. The electronic money has not only reduced information cost and trade expenses effectively, but also expanded the time and space of trade. At the same time the production and development of electronic money brought new problems and challenges to social economy.Chapter one is an introduction to electronic money, describing the definition, nature, function and essence. The present stage our country's electron money market also is at the start condition, but also does not have the full development, people's currency use idea places in with emphasis the traditional currency like cash, the check. But will have to regard as important the future the development.Chapter two describes the general analysis of the impact of electronic money. It analyses the electronic money on the currency supply and demand. According to currency supply, on the one hand the electronic currency appearance eliminated the currency level division gradually;on the other hand the currency multiplicator will be able to increase gradually, foundation currency reduction. According to currency demand, currency demand people's currency demand motive, currency rapidity of circulation as well as interest rate level these three aspect influence.Chapter three describes the impact of electronic money on monetary policy. It analyses independence of monetary policy, the goals and the tools. According to discount, the cheap cost of electronic money will cause market balanced interest rate to drop constantly for a long time, so it will reduce the function space of the fund price of Central Bank. Substitution to banknote in circulation and the reserves of Central Bank, it will have a certain impact on seignorage of Central Bank. In a situation that the seignorage drops and causes a large amount of profits to reduce, the independence of Central Bank will receive great influence. The use of electronic money will make it very difficult to separate the monetary policy of one country from other countries', therefore Central Bank will have to carry on relevant coordination with relevant countries to determine the amount of electronic money and carry out monetary policy. The mass use of electronic money will have influence on the measurability and controllability of multiplier, so the interest rate will become the major choice of intermediary goal of monetary policy in the future. Seeing from legal deposit reserve, the use of electronic money will reduce the function dynamics and coverage of legal reserve, and bludgeon the prerequisite it works. According to open market operations, the gradual substitution to banknote of electronic money will reduce the scale of the balance sheet of Central Bank, and weaken the prescription and flexibility of open market operation.In which second and the third part is the key part.Chapter four describes the impact of electronic money on monetary policy on our country. According to the preamble analysis, this chapter mainly narrated our country electron currency development present situation and the electronic currency development to our country currency supplies, the Central Bank seigniorage income, the monetary policy goal and the tool influence.