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

1、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: Friedman D. Electronic Currency and Currency Policy: The Perspective of Internet Financial J. The Journal of International Finance, 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Electronic Currency and Currency Policy: The Perspective of Internet FinancialFried

2、man DAbstractWith the development of electronic commerce leads to a new form of currency, that is electronic currency. As a new means of payment and the form of currency, electronic money is get more and more widely used around the world. The development of electronic currency and use at the same ti

3、me of lowering the cost of information and transaction costs, also brings to the social and economic life a lot of new problems and challenges. Especially the application and development of electronic money will bring to the central banks monetary policy.2 A literature review Electronic currency fro

4、m the date of birth will arouse widespread debate, such as electronic currency monetary nature of the problem, the issue of electronic currency subject, timing of regulatory problems, the effectiveness of monetary policy and extinction of the central bank, and so on. In the monetary nature of the st

5、udy of electronic currency issue, there are two main views abroad. The first point is to think that money is still a property, just reflect property of the process of virtualization in the virtualization process, the nature of current monetary theory and monetary will not result in a substantial imp

6、act. Is the main representative persons gayle Gurley and Shaw (Shaw).They published in 1960, the financial theory of monetary is divided into endogenous and exogenous currency, currency, and that the endogenous money doesnt count as an asset for the private sector, and exogenous money can be used as

7、 an asset.In addition, there is a Tobin (1965), Tobin, pattinson gold (Patinkin, 1996), Carter (Carter) and bardeens (Partington) (think money is the most liquid assets in the financial system), friedman and Schwartz (think all through the metrological verification and GNP) there is a stable relatio

8、nship between financial assets is currency, etc. Another is that money is a kind of symbol, is the representative figure of this aspect are the representative of the new school, such as Fisher Bleak, Myron Seholes, James Forrester, Hayne Leland and Hyman minsky, their argument is completely abandone

9、d the traditional monetary economic theory, is an abstract for the currency and stock of electronic storage, is a kind of labor and the accumulation of ideas. That is to say, money completely become a symbol, is a kind of virtualization. The new theory was proposed at the beginning due to too weird

10、and cannot be understood and valued, but with the rapid development of the Internet, along with the appearance of electronic currency product innovation, people have to re-examine this view. Caused by network virtualization is gradually changing people have formed a foundation of value theory.HeBinK

11、e Hebbink, (1996) pointed out that the existence of electronic money will reduce the central banks ability to control the monetary base and money multiplier. Solomon (Solomon, 1997) suggested that the issue of electronic currency amount shall be directly included in the monetary aggregates, it will

12、enlarge the monetary multiplier. Burns Peterson (1998) Berenson, analyses the influence of electronic currency monetary multiplier, the monetary policy transmission mechanism and the effect of monetary policy effectiveness. Polk (Jan Marc Bark, 2002) published in the the central bank and financial i

13、nnovation: modern literature review, the article points out: the evolution of the electronic payment is a kind of financial innovation, it driven by technological progress, and for the central bank and monetary policy has a direct impact. The author discusses the innovation of the electronic payment

14、 methods for the influence of monetary transmission mechanism. The central banks monetary policy will be affected, but as long as there is demand of base money, even the electronic money completely replace the monetary base, the central bank can still control interest rates. But this requires govern

15、ment support. And the most impressive is published in the Journal of International Finance, a group of 1999 articles authors electronic money may be the impact to the central bank has issued the opinions, then there are also some experts and scholars to join the discussion of the problem. They put i

16、n two very different points of view: one is that the development of electronic currency will eventually lead to the death of the central banks monetary and even the central bank; Another thinks that the development of electronic currency not big impact in the central banks monetary policy effect, th

17、e central bank will continue to maintain their status. Benjamin Friedman (Benjamin Friedman, 1999) in its a paper entitled the future of the monetary policy: the central bank will become an only symbolic troops of the army? “Once the article points out that electronic currency become real private cu

18、rrency, which the private sector not only provide paid services and provide settlement services, in other words, if the electronic currency is not in the bank settlement also need not the central banks monetary settlement, it will eliminate the central banks monetary demand for settlement purposes,

19、the central bank may not be able to control a small amount of reserves and affect a large number of financial transactions.In this case, the future of the central bank will become the only XinHaoBing army, it can only be made to the private sector development prospect of monetary policy, but not the

20、 policy of intervention in the private sector is expected and the behavior choice. Then Good hart (2000), Charles Good hart, using empirical method, based on the data of 16 countries cash needs of the time series analysis, he concluded that money demand not only is a function of the gross domestic p

21、roduct (GDP), opportunity cost and also to the influence of the tax rate, tax rate, the higher the greater the incentive of tax evasion, and thus the greater the demand for cash of anonymity. So, he thinks that although the money is likely to replace the monetary base, but it is not exactly a replac

22、ement.2 summary of electronic moneyIn monetary form the evolution of history, has experienced the physical currency, precious metal currency and paper three stages. Money can also be divided into alternative monetary and credit currency in two stages. In physical currency and metal currency phase, t

23、he value of money is real and precious metals as provided by the value of the goods itself. In token money phase, due to the issue of alternative currency and circulation in precious metal currency as the foundation, and fixed with precious metal currency exchange relations. Therefore, the value of

24、token money is by the precious metal currency to guarantee. When the precious metal currency complete withdrawal from currency area, it is the value of money is actually the agencies authorized by the state (i.e., the central bank) to provide credit as a guarantee, so called credit currency. Electro

25、nic money with the development of modern information communication technology and electronic commerce and birth, is the requirement of information technology and network economy development and the inevitable result. The evolution of the monetary form, improve the efficiency of the currency, to redu

26、ce the currency costs, reducing the commodity transaction costs and the change of currency payment process.In the definition of electronic money does not give authority, some scholars and research institutions gives his own definition of electronic currency and views. But these views are the same, i

27、ncluding the Basel committee on banking supervision, Basle, 1998) is defined as compared with general. The Basel committee thinks: electronic money is to point to in the retail payment mechanism, through the sales terminal, different between electronic equipment and on the public network (such as th

28、e Internet) stored value of executive pay and the advance payment mechanism. “Stored value refers to the stored in the physical media (hardware) or medium can be used to pay the value of such as smart CARDS, multi-function card, etc. This medium is electronic wallet, it is similar to ordinary purse,

29、 we often use when the value of his store is used by a specific device to its additional value. “Advance payment mechanism is present in the specific software or network to a group can transfer and can be used for the payment of electronic data, usually referred to as digital cash, can be directly u

30、sed to pay on the Internet.Combined with the evolution of the bill and the current development of electronic currency and other scholars research results, the author thinks that as long as there is in the form of electronic data, and can perform the function of monetary data can be referred to as el

31、ectronic money. Because this kind of data in the exchange can be accepted, can also be used as a value scale, it should be a currency. So the development of electronic currency should also be divided into two stages, the present stage of electronic money still is based on the legal tender of the iss

32、uance and circulation.In this paper, we discuss the electronic money is the first stage of the electronic currency, the statutory electronic currency value of electronic data, and by the methods of some electronic transfers the data to the payment of object, in return for equivalent material or pay

33、off debt. The electronic money is mainly bank card, but also some non-banks issued similar cash substitutes.3 Electronic currency impact on monetary policyMonetary policy target is predetermined by the central bank to implement monetary policy for a longer period of macroeconomic clear effect. Monetary policy target is divided i