| Summary: | 碩士 === 國立臺灣大學 === 經濟學研究所 === 107 === With the development of e-commerce and smart mobile phone applications, third-party payment originating from secured transactions has developed rapidly, and mature third-party payment has gradually expanded the service to the credit fields, forming a huge intermediary system.Hence, by establishing a monetary search model, this paper introduces this new type of intermediary system. It discusses the third-party payment system with non-cash payment in exclusion mechanism and the bank system with cash payment in collateral mechanism, and explores how this new means of credit payment provided by the third-party payment system affects transactions and social welfare,whether information sharing among different financial intermediaries can improve transactions, and the impact of monetary policy on the two systems. Our analysis results show that the introduction of third-party payment system can increase transaction and welfare, while the real asset prices have a slight decline due to the lower probability of becoming collateral. In addition, the existence of money equilibrium with credit which has higher economic welfare requires some inflation, and the increase of inflation rate will raise transaction and welfare when the probabilily of entering the third-party payment system up to some degree; the improvement of the bargaining power of buyers in any system will promote trading and welfare of the two markets by raising the real value of money .
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