Question

高手请进，急求英文翻译

But what if electronic money supplied by issuers outside its jurisdiction circulates in a central bank's realm? This would affect both the measurement of the money supply as a monetary policy indicator and the effectiveness of monetary policy instruments. This will be like the situation already faced in countries where the dollar circulates as an alternative medium of exchange. Tanaka [1996 ] recognized this extra-territorial issuance as a key element: "The most important characteristic of digital cash is its transnationality; digital cash has no national borders--that is, it is not controlled by any central bank of any nation-state. If digital cash circulated only within a traditional national border and was controlled under a central money authority, there would be no economic implications… But in reality, digital cash has no national borders--a fact that will bring both new benefits and new problems to the economy as a whole. The main benefit will be anunprece dented efficiency of international payments. The problem will be that digital cash's transnationality will tend to increase the instability of the monetary system. This problem has the potential to cause conflict between digital cash providers/users and the central banks of nation-states."
This is where the form of electronic money may make a difference in the effect on monetary policy. It appears that the offline forms would be easier for central banks to track and regulate. Local merchants are more likely to participate in domestically based systems. Users' choices of cards are probably strongly influenced by local acceptability. Online systems, including digital cash, require no special equipment or other physical contact. Thus, domestic users are more likely to choose issuers outside of the central bank jurisdiction for online payments than for offline.
So far, the smart card systems predominate, but with the growth of ecommerce this
may not continue to be true. Person to person transfers are practical wit online electronic money. The growth of mobile phone email access may increase this use as
well.

Answer 1

但如果电子货币供应的发行人以外的在其管辖范围内流通，在一，中央银行的境界？这会影响双方的计量货币供应量作为货币政策的指标和货币政策的有效性文书。这将是一样的情况，已经面临在所在国家的港元流通，作为另一种交易媒介。田中[ 1996 ]认识到这一点，域外司法管辖权作为一个主要成份的发行: "数传现金的最重要特性是它的跨国;数传现金没有国民边缘--那是, 它不是被任何民族国家的任何中央银行控制的。如果数传现金只在传统的国家边缘里面流通了而且被在中央的钱当局之下控制,会没有经济的含意…但是事实上，数传现金没有，国民之疆界--一种整体而言将会带着新的利益和新的问题到经济的事实。 主要部份有利于将anunprece凹陷效率的国际收支。这个问题将是数字现金的跨国性往往会增加不稳定的货币制度。这个问题有可能导致冲突之间的数字现金供应商/用户和中央银行的民族国家“ 。
这是形式的电子货币可能会作出不同的影响，对货币政策。看来，离线形式会更容易为中央银行的跟踪和规范。当地商人更有可能参加在国内为基础的系统。用户选择的卡可能是强烈的影响，当地的认受性。联机系统，包括数字现金，无需特殊设备或其他身体接触。因此，国内用户就更有可能选择发行人以外的中央银行的管辖范围为在线支付比为脱机。直至目前为止，智能卡系统为主，但随着电子商务的增长，这可能不会继续如此。以人转移是可行的束手无策网上电子货币。增长的移动电话电子邮件访问可能会增加，这使用普及。