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

2014年最新文献翻译,中文译文3500字,有来源出处,卷,期,页数等,专业翻译,保证质量。

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

2014年最新文献翻译,中文译文3500字,有来源出处,卷,期,页数等,专业翻译,保证质量。

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

2014年最新文献翻译,中文译文3500字,有来源出处,卷,期,页数等,专业翻译,保证质量。

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 …… 此处隐藏：14804字，全部文档内容请下载后查看。喜欢就下载吧 ……