摘要
文章以传统货币乘数理论为依据,建立第三方移动支付对我国广义货币乘数影响的分析框架,并运用2009年第一季度至2017年第二季度各季度广义货币乘数、第三方移动支付交易额等数据进行实证检验。研究结果表明,第三方移动支付将通过影响现金漏损率、超额存款准备金率、定期与活期存款比值等货币政策中介传导指标并最终使广义货币乘数产生正向变动,进而影响货币供应量及货币政策效应。
Based on the traditional monetary multiplier theory, this paper establishes the analytical frame-work for the impact of third-party mobile payment on the monetal7 muhiplier in China, and uses the broad mo-netal7 muhiplier of the first quarter of the year 2009 to the second quarter of 2017 and the third-party mobile payment transaction amount to carry out an empirical test. The result shows that the third-party mobile pay-ment will affect the monetal7 transmission through influencing the cash flow loss ratio, the ratio of fixed deposit to current deposit, the excess deposit reserve ratio and other monetary policy intermediaries and finally make the broad monetal7 muhiplier produce a positive change, and then affects the supply of money and the mone-tary policy.
作者
都红雯
池欣芯
DU Hong-wen;CHI Xin-xin(School of Economics,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China)
基金
工业和信息化部项目(GZK07-2017)
杭州电子科技大学研究生科研创新基金项目(CXJJ2017009)
