高手请进，急求英文翻译

Question

He assumes issuance of electronic money by domestic banks and replacing central bank currency. However, electronic money could also substitute for ordinary bank deposits. In this case, there would be no monetary policy effect of bank issues unless the electronic money had different reserve requirements than ordinary deposits.
If the electronic money is issued by a non-bank entity, then the effect requires further analysis. When the non-bank issuer receives a bank deposit in exchange for its electronic money, there is an initial increase in the money supply - a change in who holds the deposit plus the new electronic money. When the issuer then uses the deposit to buy interest bearing securities, the effect depends on who is on the other side of the transaction. If it is a non-bank holder of the securities, there is no further effect - again just a change in who holds the deposit. If the counter-party is a bank, deposits disappear, offsetting the increase in the money supply, but freeing reserves for the creation of additional money. If the counter-party is the central bank, then it both eliminates the deposits and soaks up the reserves, completely offsetting
the creation of the new electronic money.
A key element in determining the effect on monetary policy is who will issue electronic money. If domestic banks, it will be no different from existing deposits or the bank notes of the 19th century. It can be measured and regulated easily by the banking authorities. If provided by domestic non-bank issuers, it can be treated like travelers checks today and at least measured as part of the money supply (the third concern of the ECB). Thus, the growth of electronic money would indeed have little impact on monetary policy.

Answer 1

他通过国内银行和替换中央银行货币假设电子货币发行。 然而，电子货币能也替代品对于普通的银行存款。在这种情况下，除非电子货币比普通的储蓄，有不同的储备需求量没有银行问题的货币政策作用。

如果非银行的个体发布电子货币，则作用要求进一步分析。当非银行的发行人接受银行存款以交换它的电子货币时，有在货币量-在谁上的一个变化的最初的增量拿着储蓄加上新的电子货币。当发行人然后使用储蓄买附息证券时，作用依靠谁是在交易的另一边。 如果它是证券的一个非银行的持有人，没有进一步作用-在谁上的再一个变化拿着储蓄。如果柜台党是银行，储蓄消失，抵销在货币量的增量，但释放储备为另外的金钱的创作。 如果柜台党是中央银行，则它消灭储蓄并且吸收储备，完全地抵销新的电子货币的创作。一关键字元在确定作用对货币政策是谁将发布电子货币。 如果国内银行，它将是没有与现有的储蓄或19世纪的钞票不同。它可以由银行当局容易地测量和调控。 如果，假设由国内非银行的发行人，它可以今天被对待象旅行支票和至少被测量作为货币量(ECB的第三关心一部分)。 因此，电子货币成长的确将有对货币政策的一点冲击。

Answer 2

如果非银行的个体发布电子货币，则作用要求进一步分析。当非银行的发行人接受银行存款以交换它的电子货币时，有在货币量-在谁上的一个变化的最初的增量拿着储蓄加上新的电子货币。当发行人然后使用储蓄买附息证券时，作用依靠谁是在交易的另一边。 如果它是证券的一个非银行的持有人，没有进一步作用-在谁上的再一个变化拿着储蓄。如果柜台党是银行，储蓄消失，抵销在货币量的增量，但释放储备为另外的金钱的创作。 如果柜台党是中央银行，则它消灭储蓄并且吸收储备，完全地抵销新的电子货币的创作。一关键字元在确定作用对货币政策是谁将发布电子货币。 如果国内银行，它将是没有与现有的储蓄或19世纪的钞票不同。它可以由银行当局容易地测量和调控。 如果，假设由国内非银行的发行人，它可以今天被对待象旅行支票和至少被测量作为货币量(ECB的第三关心一部分)。 因此，电子货币成长的确将有对货币政策的一点冲击。