经济与管理2025，Vol.39Issue(6)：73-82,10.
数字金融发展会改变货币需求结构吗?
Does Digital Finance Change the Structure of Money Demand?
摘要
Abstract
We introduced money into the utility function and production function,respectively,and constructed a theoretical model to investigate the theoretical mechanism of digital finance affecting the structure of money demand.Based on the joint micro and macro perspectives,the system GMM and TVP-VAR models are used to carry out empirical research on the influence of digital finance on the structure of money demand.We found that,first,digital finance changes the micro money demand structure by increasing the propor-tion of residential money demand and reducing the proportion of corporate money demand.Second,digital finance can also influence the money demand behavior of residents and enterprises and change the micro money demand structure by increasing the breadth of dig-ital financial coverage and improving the depth of digital financial use.Third,digital finance changes the macro money demand struc-ture by reducing the proportion of cash demand M0 and currency demand M1 to total money demand M2,respectively,and increasing the proportion of quasi-money to M2.This is of great practical significance for effectively perceiving the relationship between digital fi-nance and the structure of money demand in China,optimizing the structure of money demand,improving the effectiveness of monetary policy,and expanding domestic demand.关键词
数字金融/货币需求结构/系统GMM/TVP-VAR模型Key words
digital finance/structure of money demand/system GMM/TVP-VAR model分类
经济学引用本文复制引用
刘超,李国成..数字金融发展会改变货币需求结构吗?[J].经济与管理,2025,39(6):73-82,10.基金项目
国家自然科学基金面上项目(72372003) （72372003）
国家留学基金委国家建设高水平大学公派研究生项目(202206540066) （202206540066）
