The Research On The Influence Of Internet Finance To Monetary Demand In China

Internet finance powerfully promotes the deep reform of the traditional finance,makes the traditional finance business more engagement and lower cost.by the advantages of convenient payment, the low cost of trading,and so on. which has changed people's habits and monetary demand patterns,and made a profound influence on the monetary demand function in China,therefore,it is necessary to carry out a objective measurement and analysis of it.This paper constructs a semiparametric local linear additive model and impulse response function,the internet payment,as the important examing variable of the internet finance is built into the model,under the new situation of our country,the influence mechanism of the monetary demand is divided into three types,that is,the nonlinear influence mechanism,the linear influence mechanism and dual influence mechanism of linear and nonlinear coexisting.from the more innovative and microscopic angle to re-examine the dual influence mechanism and the steady state of our country's monetary demand function in the present stage.Empirical results find that on the three levels of M0, M1 and M2,the internet payment decides our country's monetary demand function by linear and nonlinear mechanism. on the level of M0,the nonlinear function's form is that the first part is"M" and the second part is "M", by the cut-off point of a value near 6.4,a complex“wavy form” of tending to decline.Variable elasticity of monetary demand of the internet payment and the total flexibility is present a form,first half part of which is"W",second half part of which is also a “M", by the cut-off point of a value near6.4.At the same time,the Internet payment will pay a positive influence on the growth of monetary demand in three months after it is given a positive shock,namely the internet finance reduces the stability of the monetary demand.On the level of M1, the nonlinear function's form is a inverted "V",then,the variable elastic function's form is a ”V”.The monetary demand has received a rapid growth in the first two months,and then fall sharply,and then will receive a rapid growth of straight line after 3months,after the Internet payment is given a positive shock.On the level of M2,the mechanism of internet payment's influence on the monetary demand is similar with M1 level,but its nonlinear influence mechanism is more complicated compared with the M1 level,its form is “a valley"with “two peaks and a valley ",The monetary demand will achieve a rapid growth in the first five months,then grow slowly.Moreimportantly,the result of nonlinear effect and the impulse response effect are combined is that: the internet finance's a positive change, will give the monetary demand a complex, lasting and strong change.