The monetary multiplier effect of electronic money - Co-integration test based on quarterly data of China
- 经济学院－已发表论文 
This paper using co-integration theory to analyze the monetary multiplier effect of electronic money in China based on the quarterly data of 1994-2010. The results show that there is a stable relationship between the development of electronic money and monetary multiplier in the long term. And electronic money has an amplification effect on monetary multiplier. Then we propose several policy recommendations to promote the development of electronic money. ? 2011 Springer-Verlag Berlin Heidelberg.