지급제도가 발전하면 지급수단으로서 현금보다 예금 이용이 증가하여 현금통화 비율이 감소하며, 이에 따라서 통화승수가 증가한다. 이 연구에서는 1990∼2000년간 한국의 자료를 분석하여 지로, 타행환, 현금자동입출금기의 이용이 증가함에 따라서 현금통화비율이 감소함을 확인하였다. 이 경향은 M1 통화지표에 수시입출식 저축성예금을 합한 통화지표(MT)와 M2에서 뚜렷하였다. 또한 통화승수 모형에 의해서 이 기간 중 통화량 증가의 요인별 기여도를 분석한 결과, 평균적으로 본원통화가 증가하고, 현금통화비율과 지급준비율이 낮아져서 모두 통화량을 증가시키는 요인으로 작용하였다. 특히 90년대를 세 기간으로 나누어서 보았을 때 현금통화비율은 모든 기간에서 평균적으로 감소하여 M2 및 MT통화량을 증가시켰으며, 그 기여도가 점차 커지는 것으로 나타났다.

As the payment technology advances, usage of bank deposit as a means of payment increases relative to currency, which induces the reduction in the currency ratio and the resulting increase in the money multiplier. Analyzing the monthly data of Korea during 1990-2000, this study confirms that the currency ratio has decreased as the volume of usage in the newly-developed methods of payment (giro, interbank funds transfer, and automatic teller machine) increases. This tendency has been evident for the monetary aggregates IV and MT, where the latter is the sum of M1 and the sight savings deposit balances. And, based on the multiplier model of money supply process, changes in the monetary aggregates have been decomposed into the contributions of the changes in monetary base, currency ratio, reserve ratio, and the composition of deposit balances. During 1990-2000, increase in the monetary base, decrease in the reserve ratio, and decrease in the currency ratio all have contributed to the increase in money supply on the average. In particular, as this period is divided into three sub-periods, the currency ratio has decreased in all three sub-periods, which contributed to the increase in M and MT aggregates. Furthermore, it is seen that the size of this contribution of currency ratio has increased over these periods, which implies that the influence of advances in the payment system on the money supply process has been increasing over time.