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1

2

3

4

5 BIS BIS, Implications for Central Banks of the Development of Electronic Money, 1996.

6 IC

7

8 IC IC BC BA IC IC

9

10 ATM ATM BIS POS IC

11

12 IC

13 ICICIC ECOM ECOM face-to-face

14 IC Berger, A. N., D. Hancock, and J. C. Marquardt, A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in Payments System, Journal of Money, Credit, and Banking, 1996

15 ATMCD

16 OABC SS SS A IC

17 IMES Discussion Paper 99-J

18

19 GDP

20 Dollarization Dollarization

21

22 GDP

23 leakage administrative leakage Tobin,J., Commercial Banks as Creators of Money. In D. Carson ed., Banking and Monetary Studies Homewood : Irwin, 1963 J.

24 IC ATM

25 IS-LM IS GDP LM GDP MMF M M Mmonetary aggregates Poole,W., Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model, Quarterly Journal of Economics, May, Woodford,M., Doing Without Money: Controlling Inflation in a Post- Monetary World, NBER Working Paper No. MMF

26 monetary aggregates Orphanides, Reid and Small monetary aggregates GDP M M monetary aggregates M Regulation QMMF M MMFMM MMFM

27 monetary aggregates Collins and Edwards moneyness moneyness MM moneyness MMF IMES Discussion Paper 99-J Collins,S. and C.L. Edwars, An Alternative Monetary Aggregate : M 2 Plus Household Holding of Bond and Equity Mutual Funds, Paper presented at the Federal Reserve Bank of St. Louis Symposium on Mutual Funds and Monetary Aggregates, March Duca,J., Should Bond Funds Be Included in M2?, Journal of Banking and Finance, Feldstein,M. and J. Stock, Measuring Money Growth When Financial Markets Are Changing, NBER Working Paper No.4888, Orphanides, A., B. Reid and D.H. Small, The Empirical Properties of a Monetary Aggregate That Adds Bond and Stock Funds To 2, Paper presented at the Federal Reserve Bank of St. Louis Symposium on Mutual Funds and Monetary Aggregates, moneyness Feldstein and Stock

28 availability FRB FRB Jappeli and Pagano seasonality

29 accommodate M FRB

30 IMES Discussion Paper 99-J Jappelli,T. and M. Pagano, Saving, Growth, and Liquidity Constraits, Quarterly Journal of Economics 109, 1994.

31

32 BIS

33 distortion ATM ATM TBFB BI

34 seignorage HP H H P H H P BIS H H P H P O. Blanchard and S. Fisher, Lectures on Macroeconomics, The MIT Press, 1989 BISGDP BIS

35 Dynamic Inconsistency ABAa Bb

36 AB ABAB A B MMF

37 Wallace Legal Restriction MMF IMES Discussion Paper Makinen,G. and T. Woodward, Some Anecdotal Evidence Relating to the Legal Restrictions Theory of the Demand for Money, Journal of Political Economy 94-2,1986. Wallace,N., A Legal Restrictions Theory of the Demand for Money and the Role of Monetary Policy, Quarterly Review, Federal Reserve Bank of Minneapolis, $ Liberty BondWallace WallaceMakinen and Woodward

38

39 Offering Circular

40 E IMES Discussion Paper 96-J-20

41 Sahay, R. and C. A. Végh, Dollarization in transition economies: evidence and policy implication in Paul Mizen and Eric J. Pentecosteds., The Macroeconomics of International Currencies, Theory, Policy and Evidence.Gloucestershire, UK: Edward Elgar

42

43

44

45 MC D M= C+ D R C H= R+ C M H C + 1 M C + D D H R + C R C + D D C R D D E M= C +E + D C D C M C + E + D D H R + C R + D E + + D C D

46 R R D D C C C + E D C D D D R C C = C E+ D D Y i Y C F Y n C C 2 R R= Y C F Y i 2 C C C= 2 FY i FY i F C C FY + C C 2 = 0 dr i = dc 2

47 GDP LMIS GDPY 1 Y 2 i*gdpy* IS LM i*gdpy 1 Y 2 GDPY 1 Y 2

48 ECB FRB

49 Dollarization Currency Substitution Asset Substitution Currency Substitution Currency Substitution Currency Substitution Currency Substitution hysteresis Dollarization Gresham s law Gresham s law

50 Currency Substitution Asset Substitution EU Asset Substitution Currency Substitution Calvo, G.A., From Currency Substitution to Dollarization and Beyond: Analytical and Policy Issues, in Guillermo Calvo, Money, Exchange Rates, and Output, MIT Presspp , Savanstano,M.A, Dollarization in Latin America: recent evidence and policy issues, in Paul Mizen and Eric J. Pentecost eds., The Macroeconomics of International Currencies, Theory, Policy and Evidence, Gloucestershire, UK: Edward Elgar, pp , 1996.

51

52 BIS Dollarization MMF

1 1 1 [2000]

1 1 1 [2000] * 2000 7 26 1 1 1 [2000] 1 2 1 2 2 1 B to C 250000 億円 200000 日本米国 213,200 150000 100000 50000 0 153,600 106,900 71,100 66,620 42,700 43,860 22,500 26,940 15,340 645 3,360 7,730 1998 年 1999 年 2000 年 2001

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