The influence of decentralized money on financial system

1. In token economics, decentralized money is not the only object of value circulation and measurement. Therefore, a fixed amount of decentralized money does not necessarily lead to rejection by the market
decentralization in decentralized money contains multiple meanings: decentralization of money issuance, decentralization of money circulation, decentralization of money withdrawal...
as far as our current economic system is concerned, the issuance of money is carried out by the central bank or other similar institutions and endorsed by the national credit. Therefore, the issue of money is obviously a kind of centralized, controlled by the government or institutions. However, in the current economic system, the circulation of money is decentralized
although in our current financial system, the vast majority of money has been circulating through banks, this mode of circulation is mostly controlled by the money owners themselves, that is to say, the circulation of money is not controlled by central institutions. In addition to some specific financial requirements, some circulation has been regulated; Or the judicial organs may intervene and forcibly manage the circulation of money. In proportion, these centralized operations are very few. Therefore, we can say that in the existing economic system, the circulation of money is decentralized< In fact, the central bank and other financial management institutions make use of the power of currency issuance to regulate the whole market and maintain the stability of economic development and currency
we have learned in economics that the total amount of money circulation should match the current trade situation. In other words, the total amount of money circulation is closely related to the economic situation. The circulation of money needs to be regulated to influence the market; And the market also forces the regulatory agencies to regulate the currency through various feedback, so as to maintain the stability of the currency.

2. Compared with the traditional centralized financial system, the decentralized financial platform has three advantages:
A. indivials with asset management needs do not need to trust any intermediaries, and the new trust is rebuilt on the machine and code
B. everyone has access, no one has central control
C. all protocols are open source, so anyone can cooperate on the protocols to build new financial procts and accelerate financial innovation under the network effect
defi is a relatively broad concept, including currency issuance, currency transaction, loan, asset transaction, investment and financing, etc
we regard the birth of BTC and other cryptocurrencies as the first stage of decentralized finance. However, the decentralization of currency issuance and storage only provides a point-to-point settlement solution, which is not enough to support the rich financial business. The rapid development of decentralized lending agreements in the past two years will have the opportunity to further open the financial system of the blockchain world and bring decentralized finance into the second stage<

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3. China still does not recognize the legitimacy of digital currency. There was no release. So the multiple choice question itself is wrong.

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5. The health bureau is a high-level organ of the health system, which is under the jurisdiction of the CDC, which is directly under the Health Bureau. In CDC, it belongs to technical type. It is administrative in the Health Bureau.

6. Is it the online one? I don't think we've found it yet

7. In recent years, e-money and Internet banking have developed rapidly. Although the academic community still does not accurately define its exact meaning, its rapid development challenges the traditional banking model. From the perspective of the central bank, e-money and Internet banking will have a profound impact on its monetary policy, function, status and role; How to effectively implement the central bank's financial supervision of e-money and Internet banking is also urgent< E-money procts are mainly designed to replace the currency in circulation, and the currency issued by the central bank for circulation is a part of the whole money supply. Therefore, the impact on the currency in circulation will directly affect the money supply, and the narrow currency M1 has the greatest impact. Many countries define M1 as currency plus current deposit in circulation. Because the currency in circulation accounts for a large proportion in M1, the substitution of e-money will have a greater impact on it, while other levels of money supply, such as m2 and M3, have a smaller impact because the currency in circulation accounts for a smaller proportion. The impact of e-money on M1 is mainly manifested in three aspects: (1) the deposit scale of commercial banks in the central bank 2) The scale of reserve required by the central bank for commercial banks 3) Traditional definition of M1

under the modern banking system, deposits are generated through the re creation process of the base money, and the money supply is equal to the proct of the amount of the base money and the money multiplier. Base money is equal to the currency in circulation plus the deposit of commercial banks in the central bank, that is, the reserve of commercial banks in the central bank. The substitution of e-money for currency in circulation will affect M1 in three ways: (1) M1 is affected by the decrease of currency in circulation 2) It affects M1 by changing the reserve amount of commercial banks in the central bank 3) M1 is influenced by monetary multiplier

e to the substitution of e-money, the scale of the balance sheet of the central bank will be reced. The central bank generally adjusts the money supply through the open market business, and the reced scale of the balance sheet will increase the difficulty of adjustment

in terms of money demand, the decrease of currency in circulation accelerates the speed of money circulation. According to the theory of money quantity, the substitution of electronic money reces the number of transactions using currency, thus recing the demand for money. The role of e-money in credit creation makes the demand for money in an unstable state, which leads to interest rate fluctuations. According to Keynes' money demand theory, money demand is directly related to interest rate, and the fluctuation of interest rate in turn leads to the instability of money demand. In this way, when the financial authorities use monetary policy tools to implement monetary policy by affecting the interest rate, the conction effect of interest rate will be weakened e to the above reaction

the development of e-money will graally weaken people's demand for currency in circulation, rece the proportion of currency in broad money and financial assets, and inevitably greatly rece the effectiveness of monetary policy focusing only on the base currency

as a direct money supplier, commercial banks carry out deposit and loan activities to create deposit money and provide the quantity of money supply, which are all based on the base money. Base money and its changes directly determine the increase or decrease of commercial banks' reserves, which determines the energy of commercial banks to create deposit money. The substitution of electronic money for currency in circulation weakens this energy. The development of e-money will inevitably impact the structure and connotation of traditional basic money. If e-money is only a complete substitute for currency in circulation, then it is only necessary to add the balance of e-money into the basic money, that is, the basic money should be made up of commercial banks' deposit reserves in the central bank and the balance of e-money The balance of currency and electronic currency outside the banking system is composed of three parts. However, as the institution issuing e-money may not be the central bank at present, e-money has not yet played the role of high-energy money to create money. At the same time, e to the credit function of e-money, its ability to create money is different from that of traditional deposit money

the issuance of e-money expands the main body of money supply and increases the money multiplier, which has an impact on the real money supply and makes the money supply break away from the control of the central bank to a certain extent, so that the money supply is more and more dominated by the internal factors of the economic system and the market factors. The enhancement of endogeneity of money supply requires the central bank to reform and improve its monetary policy and money supply system< At present, the contents of financial supervision mainly include market access, market operation process and market exit. The supervision of market operation process includes capital adequacy supervision, liquidity supervision, business scope supervision, loan risk supervision, foreign exchange risk supervision, reserve management and deposit insurance management

the issuance of e-money reces the demand for money in circulation, reces the amount of money issued by the financial authorities, and thus reces the seigniorage income of the financial authorities

the liquidity of e-money also affects the issuing scale and balance of e-money. The larger the scale of its issuance, the more balance it can use for settlement, but it also requires more traditional currencies to be ready to redeem a considerable number of electronic currencies at any time. This requires the central bank to have enough money reserves to cope with the possible crisis of people's confidence in an electronic money system. Therefore, the issue and circulation of e-money challenge the monetary policy of the central bank and question the monetary authority's ability to regulate and control the money supply

the central bank should not only effectively control the number of e-money issued, but also make necessary restrictions on the issuers and types of e-money. At present, there are mainly the following types of issuers abroad: banks, regulated non bank financial institutions and non-financial institutions. However, the institutions that issue e-money in most countries are mainly credit institutions, which is very important. We believe that when the central bank formulates the supervision measures of e-money, it should first consider the credit rating of e-money issuing institutions, and determine the qualification, quantity, type and business scope of issuing e-money according to their credit rating. The credit rating of an e-money issuing institution should be verified every year, and the assessment indicators can include capital, the number and balance of issued e-money, circulation speed, foreign exchange volume, reserve and deposit insurance

in addition, in order to effectively manage the institutions that issue e-money, especially the non bank financial institutions that issue e-money, it is necessary to control and supervise the non bank financial institutions as well as the commercial banks. The balance of e-money issued by the non bank financial institutions is required to have corresponding reserves in the central bank, so as to strengthen the control of money supply. Of course, most of the countries that issue e-money in the world have no additional reserve requirements for the issuing institutions of e-money, and they are still managed according to the existing rules of the financial instry. However, from the perspective of risk control, if we can distinguish electronic money from traditional money and set their respective reserve ratio, it will be more concive to the stability of the central bank's monetary policy

in order to effectively monitor and measure the credit creation function of e-money, we should also establish a complete monitoring system and increase the quantitative measurement of money demand and money circulation speed, so as to control money supply and demand and make monetary policy effectively implemented and implemented< Thirdly, Internet banking and financial supervision are different from banks in the traditional sense. Internet banking has the characteristics of convenience, quickness, transcending time and space, and its operation tools are different from traditional banks. In line with the development of Internet banking, e-money plays an important role in its business delivery. In the past, the bills and documents used by traditional banks will be fully electronic and converted to electronic currency; All banking documents and office documents will also be fully electronic, using digital signature, digital verification technology and public key cryptography technology; However, data communication and network transmission are directly used in the connection between banks and customers

the whole transaction process of Internet banking is almost completed on the Internet. The "virtualization" of financial transactions makes the banking business lose the restrictions of time and region, the transaction object becomes difficult to be clear, and the transaction process is more opaque. Due to various reasons, the bank's understanding of customers is often not enough, which also increases the difficulty of loan monitoring. The development of Internet banking makes it difficult for the financial regulatory authorities and regulatory system used to centralized management to adapt to this new change. Especially in the division of the business scope of Internet banking, what kind of standard and scale should be adopted is obviously the first problem to be considered

through computers and networks, huge amounts of funds can be transferred from one end of the earth to the other in an instant. The sudden transfer of a large number of funds undoubtedly aggravates the fluctuation of the financial market, and the rapid propagation of the network will make this kind of fluctuation spread rapidly, resulting in the instability of the entire financial system. For example, a large number of funds flowing into a country in the short term will cause the sharp fluctuation of the exchange rate and interest rate of the country, cause the sharp appreciation or devaluation of the local currency of the country, even affect the currency credit of the country, and cause the drastic fluctuation of the financial market of the country. And this kind of fluctuation will quickly spread to other countries, causing the whole financial market turbulence, and even global economic turbulence. The financial risk will evolve into a financial crisis, and the financial crisis will cause social and economic turbulence and recession. The large-scale and rapid flow of Internet banking funds will also make it difficult for the central bank to accurately understand the actual situation of its assets, resulting in information asymmetry, risk concentration, speed up, and more diversified risk forms. Obviously, the traditional means of financial audit are not very suitable for the financial supervision of Internet banking

in the face of Internet banking, the on-site supervision in the current financial supervision system will become weak. The extension of Internet banking financial services not only expands the space of financial business, but also makes the scope of financial supervision more extensive and weakens the supervision to some extent. Internet banks mainly conct transactions through a large number of paperless operations. They not only have no vouchers to check, but also generally have passwords, which makes it impossible for the regulatory authorities to collect relevant information for further audit. At the same time, many financial transactions are carried out on the Internet, and their electronic records can be modified without leaving any traces, which complicates the process of confirming the transaction, makes it difficult for the regulatory authorities to verify the banking business, and makes the regulatory data unable to accurately reflect the actual operation of the bank

therefore, as far as audit methods are concerned, report audit should be the top priority in the specific audit of Internet banks.

8. It depends on the attitude of the government
the government is mainly to stabilize the market

9. Currency devaluation means that money is worthless. The money in the bank will be worthless because of the devaluation. The wealth planner of Avanti happy loan said that currency devaluation is concive to activating capital turnover and promoting the flow of money quietly in the bank. It is a means to promote investment, which is good for financial instries such as P2P online loan

10. Inflation

inflation initially refers to the phenomenon of currency devaluation caused by the issue of paper money exceeding the actual demand in commodity circulation. The circulation law of paper money shows that the circulation of paper money can not exceed the amount of gold and silver money it symbolically represents. Once it exceeds this amount, the paper money will depreciate and the price will rise, resulting in inflation. Inflation can only occur under the condition of paper currency circulation, but not under the condition of gold and silver currency circulation. Because gold and silver money has its own value, as a means of storage, it can spontaneously adjust the amount of money in circulation and make it adapt to the amount of money needed for commodity circulation. Under the condition of paper currency circulation, because paper currency itself has no value, it is only a symbol of gold and silver currency, and can not be used as a storage means. Therefore, if the circulation of paper currency exceeds the quantity needed for commodity circulation, it will depreciate. For example, if the amount of gold and silver currency needed in commodity circulation remains unchanged, and the amount of paper money issued exceeds twice the amount of gold and silver currency, the unit paper money can only represent 1 / 2 of the value of the unit gold and silver currency. In this case, if paper money is used to measure prices, prices will double, which is commonly known as currency depreciation. At this time, the amount of paper money in circulation is double that of gold and silver money needed in circulation, which is inflation. In macroeconomics, inflation mainly refers to the general rise of prices and wages

inflation in modern economics means the rise of the overall price level. General inflation is the decline of market value or purchasing power of currency, while currency depreciation is the relative decline of currency value between two economies. The former is used to describe the national currency value, while the latter is used to describe the added value in the international market. The relationship between them is one of the controversies in economics

the opposite of inflation is deflation. No inflation or very low inflation is called stable price

in some cases, the term inflation means to increase the money supply, which sometimes leads to a rise in prices. A number of scholars (Austrian School) still use the term inflation to describe this situation, rather than the price rise itself. As a result, some observers call the 1920s situation in the United States "inflation", even if prices did not rise at all. As mentioned below, unless otherwise specified, the term "inflation" means a general rise in prices

the antonym of inflation can be "inflation re inflation", that is, in the case of deflation, prices rise or the degree of deflation decreases. That is to say, although the general price level has declined, the range has shrunk. The related word is "en: inflation", which means that the rising rate of inflation is slow but not enough to cause deflation< The measurement of inflation is usually based on the data collected by the government. Trade unions and business magazines have also concted such surveys. The price index is composed of price and labor income, which is the benchmark for measuring the average price level of the whole group of goods. The inflation rate is the rise of the index. The price level measures the overall price, and inflation refers to the rise of the overall price

there is no specific measurement method for inflation, because the value of inflation depends on the price proportion of specific goods in the price index and the range of the economic region to be measured. The common measurement methods include:

the cost of living index (CLI) is the theoretical increase of personal living expenses, which is estimated by consumer price indexes. Economists have different opinions on the specific CPI value should be estimated as higher or lower than the CLI value. This is because the CPI value is generally known to have & quot; Bias & quot bias CLIS available & quot; Purchasing power parity & quot PPP (purchasing power parity) to reflect the wide gap between regional commodities and world prices

consumer price index (CPI) measures the price of goods purchased by "typical consumers". In many instrial countries, the annual percentage change of the index is the most common inflation curve report. This measurement is usually used in salary negotiation, because employees want the salary to be equal to or higher than CPI. Sometimes, the labor contract will include cost of living escalations, which means that the nominal salary will be adjusted automatically with the increase of CPI. The adjustment time is usually after the inflation, and the range is lower than the actual inflation rate

procer price index (PPI) measures the price of materials purchased by procers, which is different from CPI in terms of price allowance, profit and tax burden, resulting in a gap between procers' income and consumers' payment. PPI increased with the increase of CPI, with a typical delay. Although it has a variety of combinations, it is generally believed that this delay makes it possible to rough and ready estimate tomorrow's CPI inflation according to today's PPI inflation; There are very important differences in the contents of various expositions

the wholesale price index measures the wholesale price change of selective goods (especially sales tax), which is very similar to PPI

the commodity price index measures the change of the price of selective goods. If the gold standard is used, the commodity it chooses is gold. The United States uses the multiple digit system, and its index includes both gold and silver

GDP deflator is a calculation based on GDP: the proportion of money used between nominal GDP and inflation corrected GDP (i.e. constant price GDP or real GDP) (see real and Nominal Economy). This is the most macro measure of price level. The index is also used to calculate components of GDP, such as personal consumption expenditure. The US Federal Reserve uses the core personal consumption deflator and other deflators as a reference for formulating "anti inflation policies"

pcepi (personal consumption expenditures price index). On February 17, 2000, in the semi annual congress financial policy report (Humphrey Hawkins report), the Federal Open Market Committee (FOMC) claimed to change the main inflation measurement method from CPI to price index of chain personal consumption expenditure

because each measurement method is based on other measurement methods and combined with a fixed model, economists often dispute whether there is "Deviation" in each measurement method and inflation model. For example, in 1995, the Boskin committee found that the CPI calculated by the Bureau of Labor Statistics (BLS) was biased. After the quantitative analysis of the deviation, they think that the inflation in that year was exaggerated. Because of the increase of scientific and technological innovation brought by hedonic and the replacement of expensive goods with affordable goods, both will rece the increase rate of cpi-u. Another example is that in the early 1980s, uninhabited rental units were not included in the rental income of CPI-U and cpi-w; After adding this part, the inflation rate is actually extremely undervalued, so this change was added to the calculation of CPI in 1982

the existing debate is whether the adjustment of happiness theory should be included, including that people will not move to cheaper areas in time in areas with high prices. Some people think that the housing purchase part of the index extremely underestimates the impact of daily living expenses on housing prices, and also extremely underestimates the importance of medical expenses in the daily expenses of retirees

the role of inflation in economics

one of the effects of stable small inflation is that it is difficult to renegotiate price cuts, especially for wages and contracts. Therefore, if prices rise slowly, the relevant prices will be easier to adjust. There are many kinds of prices that will "stay and rece prices", but they will rise quietly. Therefore, the effect of zero inflation will affect other aspects by recing prices, profits and the number of employees. As a result, the executive departments of some companies regard moderate inflation as "lubricating business". The pursuit of complete price stability will lead to devastating deflation (continuous price rection), bankruptcy and economic recession (even economic depression)

the financial system regards the "potential risk" of inflation as the basic investment incentive that is higher than saving and accumulating wealth. In other words, inflation is the market's expression of the time value of money. In other words, because today's one yuan is more valuable than next year's one yuan, the future capital value will be reced in economics. This view regards inflation as an uncertainty about the future value of capital

for the lower class, inflation usually increases the negative impact of discounting before economic activity. Inflation is usually caused by the government's policy of increasing money supply. What the government can do about inflation is to tax stagnant money. When inflation rises, the government increases the tax burden on stagnant funds to stimulate consumption and borrowing, which not only increases the flow speed of funds, but also increases inflation, forming a vicious circle. In extreme cases, hyperinflation will be formed

increasing uncertainty may hit investment and savings<

redistributes

the income of those who receive fixed income, such as pension, may be redistributed to those with non fixed income, and most of the salary income will be used to cope with inflation

similarly, the assets of a fixed amount lender may be redistributed to the lender (if the lender is caught off guard against inflation or unable to adjust the amount). For example, governments are usually lenders, and recing government debt redistributes money back to the government. This situation is sometimes regarded as inflation tax

International Trade: if the domestic inflation rate is low, the reced trade balance will destroy the fixed exchange rate

sole cost: because the value of cash will shrink ring inflation, people tend to hold less cash ring inflation. The word means that real costs go to banks more often The term "sole cost" is a joke, which means the cost of wearing the sole when you go to the bank.)

menu cost: firms should be more diligent in changing proct prices. This word indicates the cost of the restaurant to reprint the menu

hyperinflation: if the inflation is out of control, it will interfere with the normal economic activities and damage the supply capacity

in an economy, some sectors will be included in the inflation index, while some sectors do not, and the inflation behavior will be redistributed from the non included sectors to the included sectors. When the impact is small, it belongs to a policy choice, not to save but to tax the cash priority and funds on hand. If the impact exceeds a certain range, the effect will be distorted and become an indivial "investment in inflation", that is, to encourage inflation