电子货币:需求、影响和中央银行角色转换

电子货币作为一种崭新的货币形式,不仅具有国外学者所揭示的满足交易者对不同形式货币需求和降低交易成本的特征,还具有本文所提出的隐私性和匿名性交易的特征.随着电子货币应用范围的不断扩大,电子货币对经济发展及宏观调控产生着越来越重要的影响,使中央银行的金融监管面临前所未有的挑战.因此,中央银行应审时度势地改变监管方式与调控手段,以适应电子货币时代金融调控的需要.

An Analysis of Digital Money: the Demand, Impacts and the Role Conversion of Central Bank

Since the advent of merchandise,human society has experienced three revolutions in monetary forms: merchandise money,metal money and paper money.The digital money era,which is considered as the fourth revolution of monetary forms,has started,bringing with it many significant changes to the human society,especially in the economic life.Digital money has the characters that satisfy the consumer for the need of different money forms and lead to a reduction of transaction cost.It also gives privacy and anonymity to the economy of digital money.The advent of the digital money era is an irrevocable trend.Wide uses of digital money will have a significant impact on the economy.First is the central bank.It will not only influence the instruments of monetary policy,weakening the effect and the independence of the central bank's monetary policy,but also cause the central bank a more difficult problem in anti-laundering.A large-volume issue of digital money will also challenge the governments. It will decrease the tax amounts,increase the cost of financing and finally take a negative impact on the implementation of expanding fiscal policies.However,with the advantages of digital money,it will take a decline of interest rate, promote the investment of the economy,and boost the growth of the whole economy.During the course of digital money transition,the central bank will fall into a dilemma.If the central bank takes a tight control on the digital money,it will easily block the growth of the national digital money and weaken the international capability of the digital money in the future.In the other way round,the large volume and disorder of digital money issue will likely take a systemic risk.Therefore,the central bank should change its role in the economy on its own initiative to acclimatize itself to the electronic money world.On the one hand, for the increasing private digital money issue firms,the central bank should change its strategies of supervision and strengthen the force of supervision to control the systemic risk due to the over-issue of digital money.On the other hand,the central bank should adjust the current monetary policy tools,enhance the effectiveness of its monetary policy and keep the independence of the monetary policy.