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Empirical examination of the role of fintech in monetary policy
Pacific Economic Review ( IF 1.1 ) Pub Date : 2020-04-15 , DOI: 10.1111/1468-0106.12319
Muhammad Z. Mumtaz 1 , Zachary A. Smith 2
Affiliation  

Over the past decade, technological innovations have changed the dynamics of the financial system. As a result, firms have used cellular phones, the Internet, and digital currencies to facilitate exchanges and operate their businesses. This course of action affects the transmission mechanism of monetary policy. The goal of the present study is to examine the role that fintech plays in the transmission mechanism of monetary policy. First, we analyse the income velocity and the money multiplier during pre‐fintech and post‐fintech periods. The results confirm that there is no change in income velocity and the money multiplier during these periods. Second, we develop the money demand function to examine the effect of monetary policy and demonstrate that low monetary policy rates lead to an increase in money demand. When we introduce fintech components to examine their impact on money demand, we find that mobile and Internet technologies and all digital currencies considered in this study are robust predictors of money demand. Third, we analyse the product market equation and report that after the initiation of fintech, monetary policy has a significant effect. To examine the cost function, we incorporate fintech components and identify that cellular phones, Internet technology, Litecoin, and Ethereum are the determinants of the output gap. Finally, we examine the drivers of fintech and determine that the real interest rate, GDP, inflation, the financial development index, and stock market indices are significant determinants of fintech.

中文翻译:

对金融科技在货币政策中的作用的实证研究

在过去的十年中,技术创新改变了金融体系的动力。结果,公司已经使用蜂窝电话,互联网和数字货币来促进交易和开展业务。这一行动过程会影响货币政策的传导机制。本研究的目的是检验金融科技在货币政策传导机制中的作用。首先,我们分析金融科技前和金融科技后时期的收入速度和货币乘数。结果证实在这些时期内收入速度和货币乘数没有变化。其次,我们开发了货币需求函数以检验货币政策的效果,并证明低货币政策利率会导致货币需求增加。当我们引入金融科技组件以检查它们对货币需求的影响时,我们发现本研究中考虑的移动和互联网技术以及所有数字货币都是货币需求的有力预测指标。第三,我们分析了产品市场等式,并报告说,金融科技启动后,货币政策具有重大影响。为了检验成本函数,我们结合了金融科技组件,并确定蜂窝电话,互联网技术,莱特币和以太坊是产出缺口的决定因素。最后,我们研究了金融科技的驱动因素,并确定实际利率,GDP,通货膨胀,金融发展指数和股票市场指数是金融科技的重要决定因素。我们发现本研究中考虑的移动和互联网技术以及所有数字货币都是货币需求的有力预测指标。第三,我们分析了产品市场等式,并报告说,金融科技启动后,货币政策产生了重大影响。为了检验成本函数,我们结合了金融科技组件,并确定蜂窝电话,互联网技术,莱特币和以太坊是产出缺口的决定因素。最后,我们研究了金融科技的驱动因素,并确定实际利率,GDP,通货膨胀,金融发展指数和股票市场指数是金融科技的重要决定因素。我们发现本研究中考虑的移动和互联网技术以及所有数字货币都是货币需求的有力预测指标。第三,我们分析了产品市场等式,并报告说,金融科技启动后,货币政策产生了重大影响。为了检验成本函数,我们结合了金融科技组件,并确定蜂窝电话,互联网技术,莱特币和以太坊是产出缺口的决定因素。最后,我们研究了金融科技的驱动因素,并确定实际利率,GDP,通货膨胀,金融发展指数和股票市场指数是金融科技的重要决定因素。为了检验成本函数,我们结合了金融科技组件,并确定蜂窝电话,互联网技术,莱特币和以太坊是产出缺口的决定因素。最后,我们研究了金融科技的驱动因素,并确定实际利率,GDP,通货膨胀,金融发展指数和股票市场指数是金融科技的重要决定因素。为了检验成本函数,我们结合了金融科技组件,并确定蜂窝电话,互联网技术,莱特币和以太坊是产出缺口的决定因素。最后,我们研究了金融科技的驱动因素,并确定实际利率,GDP,通货膨胀,金融发展指数和股票市场指数是金融科技的重要决定因素。
更新日期:2020-04-15
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