互联网金融视角下的电子货币与货币政策外文文献翻译译文3500字.docx

互联网金融视角下的电子货币与货币政策外文文献翻译译文3500字.docx

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互联网金融视角下的电子货币与货币政策外文文献翻译译文3500字

文献出处:

FriedmanD.ElectronicCurrencyandCurrencyPolicy:

ThePerspectiveofInternetFinancial[J].TheJournalofInternationalFinance,2014,15（6）:

55-71.

（声明：

本译文归XX文库所有，完整译文请到XX文库。

）

原文

ElectronicCurrencyandCurrencyPolicy:

ThePerspectiveofInternetFinancial

FriedmanD

Abstract

Withthedevelopmentofelectroniccommerceleadstoanewformofcurrency,thatiselectroniccurrency.Asanewmeansofpaymentandtheformofcurrency,electronicmoneyisgetmoreandmorewidelyusedaroundtheworld.Thedevelopmentofelectroniccurrencyanduseatthesametimeofloweringthecostofinformationandtransactioncosts,alsobringstothesocialandeconomiclifealotofnewproblemsandchallenges.Especiallytheapplicationanddevelopmentofelectronicmoneywillbringtothecentralbank'smonetarypolicy.

2Aliteraturereview

Electroniccurrencyfromthedateofbirthwillarousewidespreaddebate,suchaselectroniccurrencymonetarynatureoftheproblem,theissueofelectroniccurrencysubject,timingofregulatoryproblems,theeffectivenessofmonetarypolicyandextinctionofthecentralbank,andsoon.

Inthemonetarynatureofthestudyofelectroniccurrencyissue,therearetwomainviewsabroad.Thefirstpointistothinkthatmoneyisstillaproperty,justreflectpropertyoftheprocessofvirtualizationinthevirtualizationprocess,thenatureofcurrentmonetarytheoryandmonetarywillnotresultinasubstantialimpact.IsthemainrepresentativepersonsgayleGurleyandShaw（Shaw）.Theypublishedin1960,thefinancialtheoryofmonetary"isdividedintoendogenousandexogenouscurrency,currency,andthattheendogenousmoneydoesn'tcountasanassetfortheprivatesector,andexogenousmoneycanbeusedasanasset.

Inaddition,thereisaTobin（1965）,Tobin,pattinsongold（Patinkin,1996）,Carter（Carter）andbardeen's（Partington）（thinkmoneyisthemostliquidassetsinthefinancialsystem）,friedmanandSchwartz（thinkallthroughthemetrologicalverificationandGNP）thereisastablerelationshipbetweenfinancialassetsiscurrency,etc.Anotheristhatmoneyisakindofsymbol,istherepresentativefigureofthisaspectaretherepresentativeofthenewschool,suchasFisherBleak,MyronSeholes,JamesForrester,HayneLelandandHymanminsky,theirargumentiscompletelyabandonedthetraditionalmonetaryeconomictheory,isanabstractforthecurrencyandstockofelectronic"storage",isakindoflaborandtheaccumulationofideas.Thatistosay,moneycompletelybecomeasymbol,isakindofvirtualization.Thenewtheorywasproposedatthebeginningduetotooweirdandcannotbeunderstoodandvalued,butwiththerapiddevelopmentoftheInternet,alongwiththeappearanceofelectroniccurrencyproductinnovation,peoplehavetore-examinethisview.Causedbynetworkvirtualizationisgraduallychangingpeoplehaveformedafoundationofvaluetheory.

HeBinKeHebbink,（1996）pointedoutthattheexistenceofelectronicmoneywillreducethecentralbank'sabilitytocontrolthemonetarybaseandmoneymultiplier.Solomon（Solomon,1997）suggestedthattheissueofelectroniccurrencyamountshallbedirectlyincludedinthemonetaryaggregates,itwillenlargethemonetarymultiplier.BurnsPeterson（1998）Berenson,analysestheinfluenceofelectroniccurrencymonetarymultiplier,themonetarypolicytransmissionmechanismandtheeffectofmonetarypolicyeffectiveness.Polk（JanMarcBark,2002）publishedinthe"thecentralbankandfinancialinnovation:

modernliteraturereview,thearticlepointsout:

theevolutionoftheelectronicpaymentisakindoffinancialinnovation,itdrivenbytechnologicalprogress,andforthecentralbankandmonetarypolicyhasadirectimpact.Theauthordiscussestheinnovationoftheelectronicpaymentmethodsfortheinfluenceofmonetarytransmissionmechanism.Thecentralbank'smonetarypolicywillbeaffected,butaslongasthereisdemandofbasemoney,eventheelectronicmoneycompletelyreplacethemonetarybase,thecentralbankcanstillcontrolinterestrates.Butthisrequiresgovernmentsupport.AndthemostimpressiveispublishedintheJournalofInternationalFinance,agroupof1999articlesauthorselectronicmoneymaybetheimpacttothecentralbankhasissuedtheopinions,thentherearealsosomeexpertsandscholarstojointhediscussionoftheproblem.Theyputintwoverydifferentpointsofview:

oneisthatthedevelopmentofelectroniccurrencywilleventuallyleadtothedeathofthecentralbank'smonetaryandeventhecentralbank;Anotherthinksthatthedevelopmentofelectroniccurrencynotbigimpactinthecentralbank'smonetarypolicyeffect,thecentralbankwillcontinuetomaintaintheirstatus.BenjaminFriedman（BenjaminFriedman,1999）init’sapaperentitled"thefutureofthemonetarypolicy:

thecentralbankwillbecomeanonlysymbolictroopsofthearmy?

“Oncethearticlepointsoutthatelectroniccurrencybecomerealprivatecurrency,whichtheprivatesectornotonlyprovidepaidservicesandprovidesettlementservices,inotherwords,iftheelectroniccurrencyisnotinthebanksettlementalsoneednotthecentralbank'smonetarysettlement,itwilleliminatethecentralbank'smonetarydemandforsettlementpurposes,thecentralbankmaynotbeabletocontrolasmallamountofreservesandaffectalargenumberoffinancialtransactions.

Inthiscase,"thefutureofthecentralbankwillbecometheonlyXinHaoBingarmy",itcanonlybemadetotheprivatesectordevelopmentprospectofmonetarypolicy,butnotthepolicyofinterventionintheprivatesectorisexpectedandthebehaviorchoice.ThenGoodhart（2000）,CharlesGoodhart,usingempiricalmethod,basedonthedataof16countriescashneedsofthetimeseriesanalysis,heconcludedthatmoneydemandnotonlyisafunctionofthegrossdomesticproduct（GDP）,opportunitycostandalsototheinfluenceofthetaxrate,taxrate,thehigherthegreatertheincentiveoftaxevasion,andthusthegreaterthedemandforcashofanonymity.So,hethinksthatalthoughthemoneyislikelytoreplacethemonetarybase,butitisnotexactlyareplacement.

2summaryofelectronicmoney

Inmonetaryformtheevolutionofhistory,hasexperiencedthephysicalcurrency,preciousmetalcurrencyandpaperthreestages.Moneycanalsobedividedintoalternativemonetaryandcreditcurrencyintwostages.Inphysicalcurrencyandmetalcurrencyphase,thevalueofmoneyisrealandpreciousmetalsasprovidedbythevalueofthegoodsitself.Intokenmoneyphase,duetotheissueofalternativecurrencyandcirculationinpreciousmetalcurrencyasthefoundation,andfixedwithpreciousmetalcurrencyexchangerelations.Therefore,thevalueoftokenmoneyisbythepreciousmetalcurrencytoguarantee.Whenthepreciousmetalcurrencycompletewithdrawalfromcurrencyarea,itisthevalueofmoneyisactuallytheagenciesauthorizedbythestate（i.e.,thecentralbank）toprovidecreditasaguarantee,socalledcreditcurrency.Electronicmoneywiththedevelopmentofmoderninformationcommunicationtechnologyandelectroniccommerceandbirth,istherequirementofinformationtechnologyandnetworkeconomydevelopmentandtheinevitableresult.Theevolutionofthemonetaryform,improvetheefficiencyofthecurrency,toreducethecurrencycosts,reducingthecommoditytransactioncostsandthechangeofcurrencypaymentprocess.

Inthedefinitionofelectronicmoneydoesnotgiveauthority,somescholarsandresearchinstitutionsgiveshisowndefinitionofelectroniccurrencyandviews.Buttheseviewsarethesame,includingtheBaselcommitteeonbankingsupervision,Basle,1998）isdefinedascomparedwithgeneral.TheBaselcommitteethinks:

electronicmoneyistopointtointheretailpaymentmechanism,throughthesalesterminal,differentbetweenelectronicequipmentandonthepublicnetwork（suchastheInternet）"storedvalue"ofexecutivepayandtheadvancepaymentmechanism.“Storedvalue"referstothestoredinthephysicalmedia（hardware）ormediumcanbeusedtopaythevalueofsuchassmartCARDS,multi-functioncard,etc.Thismediumis"electronicwallet",itissimilartoordinarypurse,weoftenusewhenthevalueofhisstoreisusedbyaspecificdevicetoitsadditionalvalue.“Advancepaymentmechanism"ispresentinthespecificsoftwareornetworktoagroupcantransferandcanbeusedforthepaymentofelectronicdata,usuallyreferredtoas"digitalcash",canbedirectlyusedtopayontheInternet.

Combinedwiththeevolutionofthebillandthecurrentdevelopmentofelectroniccurrencyandotherscholar'sresearchresults,theauthorthinksthataslongasthereisintheformofelectronicdata,andcanperformthefunctionofmonetarydatacanbereferredtoaselectronicmoney.Becausethiskindof"data"intheexchangecanbeaccepted,canalsobeusedasavaluescale,itshouldbeacurrency.Sothedevelopmentofelectroniccurrencyshouldalsobedividedintotwostages,thepresentstageofelectronicmoneystillisbasedonthelegaltenderoftheissuanceandcirculation.

Inthispaper,wediscusstheelectronicmoneyisthefirststageoftheelectroniccurrency,thestatutoryelectroniccurrencyvalueofelectronicdata,andbythemethodsofsomeelectronictransfersthedatatothepaymentofobject,inreturnforequivalentmaterialorpayoffdebt.Theelectronicmoneyismainlybankcard,butalsosomenon-banksissuedsimilarcashsubstitutes.

3Electroniccurrencyimpactonmonetarypolicy

Monetarypolicytargetispredeterminedbythecentralbanktoimplementmonetarypolicyforalongerperiodofmacroeconomiccleareffect.Monetarypolicytargetisdividedi