The Substitutional Effect of Electronic Money and Supply of Transactional Money:An Empirical Study Based on Chinese Data

The appearance and development of electronic money has brought the unprecedented challenge to the traditional monetary and financial theories.From the angle of electronic money,this paper conducts a statistical test on the relativity between the supplies of electronic money and transactional money,the results indicate:(1) the electronic money has the obvious substitutional effect on the transactional money,it has not only changed the structure of money supply,but also brought new challenge to the method of dividing the level of traditional money;(2) The substitution of electronic money for traditional money has obvious stage characteristics;(3) The existence of electronic money has weakened the control ability of the central bank over the base currency,and weakened the effect of money supply as the intermediate target of monetary policy,thus affected the validity of monetary policy.