CAJ | 학술논문

基于电子货币的狭义定义，本文从狭义电子货币影响货币供求的角度选择影响短期利率的解释变量并构建理论模型。在控制其他影响因素后，发现狭义电子货币对30天期Chibor利率的直接影响并不显著，而主要受传统货币电子化、移动网络等支付技术发展影响的变量，如货币供给流动性、金融电子化程度以及现金漏损率与30天期Chibor利率之间存在长期协整关系，货币供给流动性、金融电子化程度以及现金漏损率对30天期Chibor利率的影响方向均为正。
기우전자화폐적협의정의，본문종협의전자화폐영향화폐공구적각도선택영향단기리솔적해석변량병구건이론모형。재공제기타영향인소후，발현협의전자화폐대30천기Chibor리솔적직접영향병불현저，이주요수전통화폐전자화、이동망락등지부기술발전영향적변량，여화폐공급류동성、금융전자화정도이급현금루손솔여30천기Chibor리솔지간존재장기협정관계，화폐공급류동성、금융전자화정도이급현금루손솔대30천기Chibor리솔적영향방향균위정。
Based on the definition of narrow electronic money, this paper selects explanatory variables of short term interest rate and builds a theoretical model from the perspective of influence of narrow electronic money on money demand and supply. After controlling other influence factors, it is found that narrow electronic money do not have a significant directly effect on 30 day’s period of Chibor interest rate, while there is a long run co-integration relationship between 30 day’s period of Chibor interest rate and the variables of money supply liquidity, financial electronization degree and cash leakage rate which influenced mainly by the development of traditional money electronization and mobile & internet payment technology; and the effects of the money supply liquidity, financial electronization degree and cash leakage rate on 30 day’s period of Chibor interest rate are all positive.