互联网金融视角下的电子货币与货币政策外文文献翻译2014年译文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：本译文归百度文库所有，完整译文请到百度文库。）

原文

Electronic Currency and Currency Policy: The Perspective of Internet Financial

Friedman D

Abstract

With 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 time 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 bank's monetary policy.

2 A literature review

Electronic currency from 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 study 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 impact. 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 doesn't count as an asset for the private sector, and exogenous money can be used as an asset.

In addition, there is a Tobin (1965), Tobin, pattinson gold (Patinkin, 1996), Carter (Carter) and bardeen's (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 relationship 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 abandoned 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 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.

HeBinKe Hebbink, (1996) pointed out that the existence of electronic money will reduce the central bank's 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 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 innovation: 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 methods for the influence of monetary transmission mechanism. The central bank's 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 government 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 in two very different points of view: one is that the development of electronic currency will eventually lead to the death of the central bank's monetary and even the central bank; Another thinks that the development of electronic currency not big impact in the central bank's monetary policy effect, the central bank will continue to maintain their status. Benjamin Friedman (Benjamin Friedman, 1999) in it’s 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 currency, 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 bank's monetary settlement, it will eliminate the central bank's monetary demand for settlement purposes, 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 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 product (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 replacement.

2 summary of electronic money

In 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, the 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 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. Electronic 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 reduce 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, including 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 the 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, 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 used to pay on the Internet.

Combined with the evolution of the bill and the current development of electronic currency and other scholar's 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 electronic 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 issuance 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 off debt. The electronic money is mainly bank card, but also some non-banks issued similar cash substitutes.

3 Electronic currency impact on monetary policy

Monetary 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 into the final target and intermediate target two different levels, they constitute the goal of the central bank's monetary policy system. Around the table of the target of monetary policy has certain difference, is generally thought that the ultimate goal of monetary policy has four: price stability, full employment, economic growth and international balance of payments. The intermediate target of monetary policy is to point to the central bank monetary policy tools to adjust, before has not achieve the ultimate goal to have conduction effect in the middle of the target variable.

Refers to the central bank monetary policy instruments for the realization of the ultimate goal of monetary policy used by the amount of money supply and credit control. General monetary policy tools, including selective policy tools, other monetary policy tools, etc. Among them, the general policy tools is called the three big magic weapon of monetary policy, the central bank regulation of conventional means of economy, including discount policy, open market operations and the legal deposit reserve policy. Selective policy tools are in the process of correction or strengthen the monetary policy can be found in some special fields, mainly including consumer credit control and credit control, real estate securities market credit control and preferential interest rates, etc. Other monetary policy tools is mainly direct credit control and indirect credit. Credit control is the central bank directly using the

administrative command way to financial institutions especially commercial bank's credit activities directly control. Direct credit control ways include credit allocation, interest rate restriction, liquidity ratios, etc. Indirect credit guide is mainly through the way of moral suasion and window guidance of credit changes direction and key implementing indirect guidance.

The independence of monetary policy includes two aspects: the independence of the policy making and policy implementation independence. The independence of the monetary policy is to point to the central bank can according to need to separate from the intervention of macroeconomic conditions to develop appropriate monetary policy. The implementation of monetary policy independence refers to the central bank can undisturbed execution has set monetary policy.

Electronic currency circulated widely, will be largely replaced entity capital, reduce the amount of cash in circulation. In the current issue of using electronic currency of most countries, and not on the issue of electronic currency reserve the same as the commercial bank demand deposits, therefore, in the process of electronic money to replace current deposit, will lead to a drop in commercial bank reserves at the central bank. Bank reserve is one of the central bank COINS into the source of tax, this will directly lead to the central bank debt by issuing interest-free (i.e., inflation) assets in exchange for the interest income, namely the COINS to reduce taxes.

While the current is not possible to accurately calculate the electronic money how much impact on the actual coinage tax revenues, but what is certain is that with the development of electronic currency, the central bank's coinage tax revenues will decline and result in a substantial reduction in their income profit, so the central bank to implement monetary policy implementation of macroeconomic regulation and control function, have to rely more on in terms of money the government, which greatly influenced its independence.

译文

互联网金融视角下的电子货币与货币政策

作者：弗里德曼

摘要

随着电子商务的发展产生了一种新的货币形式，那就是电子货币。作为一种新的支付手段和货币形式，电子货币正在全球范围内得到越来越广泛的运用。电子货币的发展和使用在降低信息成本和交易费用的同时，也给社会经济生活带来了不少新的问题和挑战。特别是电子货币的应用和发展将给中央银行的货币政策带来重大影响。

1文献综述

电子货币自诞生之日起就引起各界的广泛争论，诸如电子货币的货币性质问题、电子货币的发行主体问题、监管的适时性问题、货币政策的有效性和中央银行消亡问题等等。

在对电子货币的货币性质的研究问题上，国外主要有两种观点。第一种观点是认为货币仍然是一种财产，其虚拟化过程只是财产虚拟化过程的体现，对现行的货币理论和货币性质不会造成实质性的影响。其主要代表人物就是格利(Gurley)和肖(Shaw)。他们在1960 年发表的《金融理论中的货币》一文中将货币划分为内生货币和外生货币，并认为内生货币对整个私人部门而言不能算作一种资产，而外生货币可以作为一种资产。

另外，还有托宾(Tobin,1965)、帕廷金(Patinkin,1996)、卡特(Carter)和巴丁顿(Partington)（认为货币是金融体系中最具流动性的资产）、弗里德曼和施瓦茨（认为凡是通过计量验证与GNP 之间存在稳定关系的金融资产便是货币）等。另一种观点认为货币就是一种符号，这方面的代表人物都是一些新学派的代表，如Fisher Bleak、Myron Seholes、James Forrester、Hayne Leland、海曼明斯基等，他们的论点则完全抛弃了传统的货币经济理论，认为货币以及股票等是一种抽象的电子“储存物”，是一种劳动力和观念的累积。也就是说，货币完全成了一种符号，是一种虚拟化的东西。这种新理论在提出的当初由于太过匪夷所思而不能被人们所理解和重视、但是随着互联网络的飞速发展，随着电子货币产品创新的不断出现，人们不得不重新审视这种观点。网络化导致的虚拟化正逐渐改变人们已经形成的一套价值理论的基础。

赫宾克(Hebbink,1996)指出电子货币的存在会降低中央银行对基础货币和货币乘数的控制能力。所罗门(Solomon,1997) 认为应将电子货币的发行数量直接

计入货币总量，这样就会放大货币乘数。博恩特森(Berentsen,1998)分析了电子货币对货币乘数、货币政策传导机制以及货币政策有效性的影响。波尔克(Jan Marc Berk,2002)在其发表的《中央银行与金融创新：现代文献综述》一文中指出：电子支付手段的演变是金融创新的一种，它由技术进步推动，而且对中央银行与货币政策产生了直接的影响。作者讨论了电子支付方式的创新对于货币传导机制的影响。中央银行的货币政策将会受到影响，但是只要对基础货币有需求，甚至是电子货币完全代替了基础货币，中央银行依然能够操控利率。但是这就要求政府支持。而最引人瞩目的是刊登在《Journal of International Finance》1999 年第 2 期的一组文章几位作者就电子货币可能对中央银行的冲击发表了看法，随后也有一些专家学者加入到这一问题的讨论之中。他们提出了两种截然不同的观点：一种认为电子货币的发展最终将导致中央银行货币乃至中央银行的消亡；另一种则认为电子货币的发展不会对中央银行的货币政策作用造成大的冲击，中央银行将继续维持其地位。本杰明.弗里德曼(Benjamin Friedman,1999)在其的一篇名为《货币政策的未来：中央银行会成为一个仅有象征性兵力的军队吗?》的文章中指出一旦电子货币发展成为真正的私有货币，即私人部门不仅提供支付服务而且提供结算服务，换句话说，如果电子货币不在银行结算也不用中央银行货币结算，那么它将消除对结算目的的中央银行货币的需求，中央银行也许无法通过控制少量储备而影响大量的金融交易。

在这种情况下，“未来的央行将成为只有信号兵的军队”，它只能向私人部门提出货币政策的发展前景，却无法干预私人部门的政策预期和行为选择。然后古德哈特(Charles Goodhart,2000)采用实证的方法，通过对16 个国家现金需求的实际数据进行的跨国时间序列分析，他得出货币需求不仅是国内生产总值、机会成本的函数，还受税率的影响，税率越高逃税的激励越大，从而对匿名性的现金需求越大。所以，他认为虽然电子货币有可能替代基础货币，但是这种替代并不完全。

2 电子货币概述

在货币形态的演变历史中，经历了实物货币、贵金属货币和纸币三个阶段。而纸币也可以被分为代用货币和信用货币两个阶段。在实物货币阶段和金属货币阶段，货币的价值是实物和贵金属作为商品本身的价值所提供的。在代用货币阶

段, 由于代用货币的发行和流通都以贵金属货币作为基础，并与贵金属货币保持固定的兑换关系。因此, 代用货币的价值是由贵金属货币来保证的。而当贵金属货币完全退出货币领域后, 货币的价值实际上是由国家授权的机构（即中央银行）提供的信用作为担保, 因而称之为信用货币。电子货币伴随着现代信息通讯技术和电子商务的发展而诞生，是信息技术和网络经济发展的内在要求和必然结果。货币形态的演变，提高了货币流通效率、降低了货币流通费用，从而降低了商品交易费用和货币支付的变迁过程。

对于电子货币并没有给出权威的定义，一些学者和研究机构给出了自己对电子货币定义和看法。但是这些观点大同小异，其中巴塞尔银行监管委员会(Basle,1998)的定义是比较具有概括性的。巴塞尔委员会认为：电子货币是指在零售支付机制中，通过销售终端、不同的电子设备之间以及在公开网络（如internet）上执行支付的“储值”和预支付机制。所谓“储值”是指保存在物理介质(硬件或卡介质) 中可用来支付的价值，如智能卡、多功能信用卡等。这种介质就是“电子钱包”，它类似于我们常用的普通钱包，当其储存的价值被使用后,可以通过特定设备向其追加价值。而“预付支付机制”则是指存在于特定软件或网络中的一组可以传输并可用于支付的电子数据，通常被称为“数字现金”，可以直接在网络上使用进行支付。

结合纸币的演变过程和当前电子货币的发展来以及其他学者的研究成果来看，笔者认为只要是以电子数据的形式存在，能够执行货币的职能的数据就能称为是电子货币。因为这种“数据”在交换中能够被普遍接受、也能被用作价值尺度，则应该算是货币的一种。那么电子货币的发展也应该分为两个阶段，现阶段的电子货币仍然是以法定货币为基础进行发行和流通的。

本文讨论的电子货币是第一阶段的电子货币，即将法定货币价值电子化得到的电子数据，并通过某些电子化的方法将这些数据转移支付对象，以换取等价物质或清偿债务。这种电子货币主要有银行卡，还有一些非银行机构发行的类似的现金替代物。

3电子货币对货币政策的影响

货币政策目标指的是中央银行实施货币政策所预定的在一段较长的时期内对宏观经济产生的明确效果。（声明本译文归百度文库所有，完整译文请到百度文库。）