| Advances in Internet technology and the popularity of mobile smart terminals have overturned the traditional financial business model and have also driven changes in the payment system.In recent years,not only traditional banking financial institutions have continuously improved payment services,but also third-party payment institutions have emerged rapidly,injecting innovation power into the payment field,which has enabled China's electronic payment system to achieve rapid development,and has also brought in new ways of paying.Nowadays,new payment methods such as electronic payment,especially mobile payment,have gradually become increasingly important payment methods in people's daily transactions.The electronic payment has changed not only people's trading behavior,but also people's transactional money demand.The traditional Keynesian transactional money demand theory believes that conversion cost and opportunity cost will affect transactional money demand.However,electronic payment is exactly the one which is now changing these two factors.The features presented by the electronic payment,such as high efficiency,convenience and low cost,enable mote and more high-level monetary and financial assets to be easily converted into currencies for payment.The demand for transaction money is declining,and low-level currencies,such as cash,are gradually being replaced by other forms of financial assets.The microeconomic subjects are the basis for the central bank to implement monetary policy,and the change in money demand will directly affect the formulation,implementation and effective operation of monetary policy.Therefore,during the time payment system experiencing revolutionary changes,it is necessary to further analyze the influence of China's electronic payment on the demand for transactional money.This paper combines qualitative analysis methods and quantitative analysis methods to analyze the impact of China's electronic payment on transactional money demand.This paper is mainly composed of five parts.The first part expounds the research background of the article,briefly introduces the rapid development ofChina's electronic payment and the change of people's transactional money demand under this development.At the same time,this part sorts out and summarizes the domestic and foreign literature about how electronic payment affecting transactional money demand.On this basis,it comes the research contents of this paper.Based on elaborating the meaning of electronic payment and transactional money demand,the second part introduces the traditional Keynesian transactional money demand theory and makes some amendments to it to establish a theoretical model of transactional money demand under electronic payment.The third part introduces the status quo of China's electronic payment development from the perspectives of banking financial institutions and payment institutions,and summarizes the three characteristics of China's electronic payment development,which are continuous expansion,docking demand scenarios and reducing transaction costs.After that,based on the above analysis,the two mechanisms of the impact of the electronic payment on the transactional money demand in China are discussed.First,electronic payment promotes the conversion between monetary levels at a lower cost,enabling residents to convert high-yield assets into low-level currencies for payment at a lower cost.And the second is that the monetization of financial assets gives more and more liquidity to financial assets,and even makes them have money-paying functions as well as high-yield functions.On this basis,from the perspective of qualitative analysis,the impact of China's electronic payment on transactional money demand is analyzed.In the fourth part,this paper uses the empirical method to quantitatively analyze the problems being researched,and summarizes the research conclusions in the fifth part,as well as giving some targeted policy recommendations.The research conclusions of this paper show that Electronic payment has become an increasingly ordinary payment method that has changed people's daily transaction behavior.At the same time,electronic payment can give more liquidity to low-liquidity financial assets,and financial assets will show a trend of monetization.This change will result in people not only enjoying high investment returns,but also high liquidity when needed,to meet the needs of daily transaction payments.Both qualitative analysis and quantitative analysis show that the electronic payment in China can reduce the demand for transactional money by promoting the transformation between different monetary levels and the monetization of financial assets,and it will also increase the instability of the structure and the total amount of money demand.In addition,with the further development of financial reform,the development of electronic payments will have a certain impact on the traditional theory of transaction money demand in current and future payment environments and financial environments.The main innovation of this paper is that there are many literatures on the impact of the electronic payment on the money supply,but there are few classic literatures on the impact of money demand,and there is less quantitative analysis in the existing research literature.Focusing on the impact of China's electronic payment on the demand for transaction money,this paper's research perspective is relatively new,and the timeliest data is used for quantitative analysis.At the same time,this paper discusses this issue from the perspective of the change of payment system and the monetization of financial assets.The shortcoming is that there is a lack of more classic literature references.In the case of theoretical analysis and qualitative analysis under the development of the electronic payment,the depth of analysis may be lacking.And because the change of the payment system is relatively a recent event,the range of data samples that can be used is limited,which may make the quantification analysis is biased. |
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