CAJ | 학술논문

随着信息技术的快速发展,货币电子化成为新的趋势。为了研究电子货币对货币政策的影响,本文从微观主体持币动机的角度,分别应用鲍莫尔-托宾模型、冯诺依曼-摩根斯坦效用函数和惠伦模型来分析电子贷币对微观主体持币的交易、投机和预防动机产生的影响。研究结果表明,电子货币的发展会对微观主体的现金交易需求产生替代,但是替代不完全;几乎完全替代现金的投机需求;在预防需求方面,电子货币不仅会对现金产生替代,还会对更高层次的货币产生替代。
수착신식기술적쾌속발전,화폐전자화성위신적추세。위료연구전자화폐대화폐정책적영향,본문종미관주체지폐동궤적각도,분별응용포막이-탁빈모형、풍낙의만-마근사탄효용함수화혜륜모형래분석전자대폐대미관주체지폐적교역、투궤화예방동궤산생적영향。연구결과표명,전자화폐적발전회대미관주체적현금교역수구산생체대,단시체대불완전;궤호완전체대현금적투궤수구;재예방수구방면,전자화폐불부회대현금산생체대,환회대경고층차적화폐산생체대。
With the rapidly development of information technology,the currency is more and more electronized,For the purpose of finding out the meaning of that trend to monetary policy,this paper conducts a study from the angle of micro motives of holding money by applying Baumol-Tobin model,von Neumann-Morgenstern utility function and Whalen model.The results show that with the development of electronic money,micro transaction motive will be partly substituted,speculative motive will be fully substituted,and the precautionary motive both in currency and the higher-level money will be partly substituted as well.At the end of this paper,we summarize some influences of electronic money on monetary policy.