IMF-电子货币与货币政策传导（英）-2024.3-46页

E-MoneyandMonetaryPolicyTransmissionZixuanHuang,AminaLahreche,MikaSaito,andUrsulaWiriadinataWP/24/69IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.2024MAR©2024InternationalMonetaryFundWP/24/69IMFWorkingPaperAfricanDepartmentE-MoneyandMonetaryPolicyTransmissionPreparedbyZixuanHuang,AminaLahreche,MikaSaito,andUrsulaWiriadinataAuthorizedfordistributionbyStephaneRoudetMarch2024IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.ABSTRACT:E-moneydevelopmenthasimportantyettheoreticallyambiguousconsequencesformonetarypolicytransmission,becausenonbankdeposit-takinge-moneyissuers(EMIs)(e.g.,mobilenetworkoperators)caneithercomplementorsubstitutebanks.Casestudiesofe-moneyregulationspointtocomplementarityofEMIswithbanks,implyingthatthedevelopmentofe-moneycoulddeepenfinancialintermediationandstrengthenmonetarypolicytransmission.Theissueisfurtherexploredwithpaneldata,onbothmonthly(covering21countries)andannual(covering47countries)frequencies...