| Summary: | 碩士 === 朝陽科技大學 === 財務金融系 === 106 === In recent years, because of the financial development of technology, increasing the efficiency of the financial industry and dramatically changing consumption habits and the way people pay, the impact of innovation in payment instruments on the financial industry and consumer behavior and money supply becomes a crucial issue. Previous domestic research on electronic payment is mostly concerning about the issue of law. However, by the limitations of data acquisition in Taiwan, the present study employed the development of electronic payment (credit card and online shopping) in Taiwan from 1993 to 2017. The regression analysis is used to explore the impact of electronic payments on net currency, currency multiplier, and the velocity of money circulation on money supply. Empirical results show: (1) Credit cards would increase people’s willingness to spend. Although cash payments might be used to increase the amount of cash outstanding, the increase in money supply has a positive impact on cash outflows. Since online shopping uses remittance transactions, it might have a negative impact on cash flow. (2)Credit card and online shopping are positive impact on the currency multiplier, indicating that credit cards and online shopping could amplify the currency multiplier. (3)Credit card and online shopping have a negative impact on velocity of money circulation. Reduced cash flow outside the circulation, although it may result in the substitution effect of cash being replaced by electronic payment, But the transfer of the replaced cash to the demand deposit helps to create a currency multiplier to produce a conversion effect and increase the money supply. Therefore, under these two effects, the electronic payment would reduce the speed of money circulation.
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