The Research On The Influence Of Electronic Money Upon Central Bank Monetary Policy And Inflation

The emergence of electronic money is a product of the information technology revolution, it is the second physical currency, metal and paper currency after currency new currency. Its production and circulation of production and way of life aroused great changes, effectively reducing information costs and transaction costs, which greatly expanded the transaction time and space.New forms of electronic money as currency, a convenient, fast, accurate, and become an indispensable part of the economy, its importance is gradually strengthened. But also to the social and economic life has brought many new problems and challenges. Therefore, the central bank of e-currency impact of monetary policy has a very important practical significance.In this paper, the development of electronic money in our case, the use of theoretical analysis and empirical research method of combining, respectively, from the perspective of qualitative and quantitative study of electronic money on monetary policy and the impact of inflation, the last under the preceding analysis, the text finally Summary conclusions and recommendations given revelation.This total is divided into four chapters:The first chapter is the introduction part of this article. This chapter discusses the topics of the background and significance of the combined domestic literature gives the definition of electronic money paper analyzes the development of electronic money at home and abroad as well as a synthesis of domestic and foreign research literature on electronic money.The second chapter is electronic money on monetary policy influence the normative analysis. Mainly from the electronic money on the impact of monetary policy independence, electronic money on the impact of monetary policy instruments, electronic money intermediate target of monetary policy impact of electronic money on monetary policy transmission mechanism of these four aspects of the electronic money on monetary the impact of policies.The third chapter is electronic money Empirical Analysis on the impact of inflation. This chapter uses financial data from1999to2012as a sample, select the appropriate data indicators and econometric and statistical software for data processing, the establishment of appropriate measurement model and the stationary test, cointegration test, Granger causality test, the final results for the empirical analysis to study from a quantitative point of view of electronic money and the money multiplier and velocity of money circulation relationships, and on the basis of analysis of the impact of electronic money on inflation mechanism, the use of Empirical Analysis of electronic money how the impact on inflation and to what extent.The fourth chapter is the conclusion of the study and inspiration. Mainly with China’s actual conditions and international advanced experience, to give some suggestions.Thesis is a combination of innovation development of electronic money, electronic money to study the impact on inflation. Empirical analysis using financial data from1999to2012as a sample, select the appropriate data indicators, through the consumer price index to reflect inflation, the establishment of the money multiplier, money velocity as a parameter measurement model, using statistical software for data to be addressed for a smooth test, cointegration test. Granger causality test, and then analyze the empirical results, thus quantitatively on electronic money and the money multiplier and velocity of money circulation relations were discussed, and further analyze electronic money is how they affect inflation mechanism, the final analysis the inflationary impact of electronic money to what extent.