Влияние электронных денег на денежную массу

Кочергин Д. А.

Vestnik of the St. Petersburg University. Series 5. Economics Вестник Санкт-Петербургского университета. Серия 5. Экономика, 2004, issue 4, 83-99

Abstract: This article suggests that a substitution of central bank currency with electronic money would increase the total supply of bank reserves. The precise change of a narrowly defined stock of money (M 1) usually depends on several national institutional arrangements. Given only the conditions that reserve requirements are non-binding and that electronic money is not included in the definition of Ml, the stock of money could either increase or decrease. We know, however, that a conversion is equivalent to an expansionary open market operation which provides additional reserves to the banking system. Thus it becomes extremely probable that the stock of money would actually increase. Ifelectronic money are included in the Ml category and if reserve requirements become binding, the stock of money would then defiantly increase quite significantly. On the other hand, higher reserve requirements on electronic money and a larger currency-to-deposit ratio might tend to make the increase lest drastic. Moreover, the effect of an increasing substitution for central bank currency also depends on several institutional factors. In particular, the amount of increase depends on whether a central bank pursues a strategy of money supply targeting or interest rate targeting. In the latter case, the effect due to the substitution of central bank currency and new credit creation would have a less profound effect on the total money supply.

Date: 2004
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