Abstract
In this paper, we analyze the effect of new electronic money on money supply from the perspective of velocity of money circulation. By estimating multivariate time series econometric methods, we give the prediction and evaluation of the long-term and short-term trend for this influence. Finally, We conclude that new electronic currency mainly substitute cash, saving deposits and other low-level monetary assets, and the effects it has brought vary with the level of velocity of money circulation; In the long run, the development of new electronic money will ultimately focus on the fields of investment, and further slow down the velocity of money circulation..
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