【摘要】 本文以电子货币为视角,将电子货币引入存款准备金制度的理论分析框架,在理论分析及对传统货币模型修正的基础上,选择电子货币与存款准备金政策相关的变量,建立数量经济模型。通过统计检验发现:电子货币放大了货币乘数,并使货币乘数变得不稳定,从而加大了中央银行通过存款准备金政策影响货币乘数来调节商业银行信用创造能力的难度,削弱了存款准备金政策的效率。更多还原

【Abstract】 From the perspective of electronic currency this paper introduces the electronic money into the theoretical analysis frame of deposit reserve system.Based on theoretical analysis and re-construction of the traditional monetary model the paper builds the econometric model with the selected variables which are correlated with electronic currency and deposit reserve policy.The experimental analysis shows that electronic money enlarges the monetary multiplier effects enhances instability of money multiplier then increases the difficulty for adjusting commercial banks’ability to create credit by central bank through deposit reserve policy and reduces the efficiency of the deposits reserve policy.更多还原