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| Issue of Legal Digital Currency and Effectiveness of China’s Monetary Policy |
| LIN Chun |
| College of Economics,Liaoning University,Shenyang,Liaoning 110036 |
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Abstract Accelerating the issue of legal digital currency is an important strategy to achieve high-quality financial development in China. This paper discusses the impact of the issue of legal digital currency on the effectiveness of China's monetary policy by using the following logic framework: effectiveness in money supply factors change→ money multiplier change effectiveness→monetary policy effectiveness. The findings are as follows: In terms of changes in money supply factors, the issue of legal digital currency leads to a decrease in cash currency, and may generate a crowding-out effect on demand deposits, but promote an increase in reserves and base money; In terms of changes in the money multiplier, the issue of legal digital currency increases the volatility of the M1 and M2 currency multipliers, making it more uncertain; In terms of the effectiveness of monetary policy, the issue of legal digital currency reinforces the effect of the statutory deposit reserve policy, promotes the realization of the monetary supply and interest rate as an intermediate target, and exerts its impact on monetary policies through interest rate, consumer expenditure, credit and asset liquidity so as to effectively alleviate the time lag issue in China’s monetary policy.
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Received: 20 September 2019
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2019, Vol. 36 
