摘要：本文以电子货币的介绍及其现状为导入口，阐明电子货币依靠现代先进的科技手段和电子技术，24小时在全球范围内进行流通，具有流通便捷、支付简单这些优势特点的同时，也包含不输于传统货币的经济价值。统观经济数据，可以说，电子货币的发展对央行货币政策的实施效果提出了挑战。电子货币对传统市场交易存在替代加速效应和替代转化效应，这两种效应相互影响，同时又对市场货币流通速度产生完全相反的影响效果。本文主要以经济数据为分析点、货币流通速度为定量分析对象，利用EViews 5 软件，分析电子货币对货币流通速度产生的影响、而连接了实体经济的产出和金融领域的货币，同时也反映宏观经济环境的变化的货币流通速度，对央行货币政策效应又会产生怎样的影响。 

关键词：电子货币 货币政策 货币流通速度 替代效应

Abstract: Based on the introduction of electronic currency and its current situation for the import, this paper illuminates that electronic currency depends on the modern advanced science and technology means and electronic technology, 24 hours a day on a global scale to circulation, has features of simple circulation and convenient payment, at the same time, it also contains economic value which not lose than the traditional currency. Looking at the economic data, to say the least, the development of electronic currency poses challenges for the implementary effect of the central bank's monetary policy. Electronic money exists acceleration effect and substitute effect to the traditional market transaction. Two kinds of effect influences each other, at the same time, these two effects opposite completely influence on monetary velocity effect. This article mainly based on the economic data for the analysis point, and the money velocity for quantitative analysis of the object. Using software such as EViews 5, we can analysis the impact of electronic currency on monetary velocity and monetary policy.

Key words: electronic money  monetary policy  velocity of money-currency  substitution effect