本文以2020Q2至2022Q3作為樣本期間，採用累積確診人數排名全球前四十名的國家中，有完整資料的35個國家作為樣本，探討貨幣流通速度對新增確診人數之影響，本文以狹義貨幣流通速度作為貨幣流通速度指標。
結果顯示，在新冠疫情前期，貨幣流通速度上升代表經濟活動增加，導致新增確診人數增加；而隨著疫苗問世，貨幣流通速度上升象徵新冠疫情減緩，可使新增確診人數減少。此外，本文亦於研究過程中發現疫苗施打可降低經濟活動對新增確診人數的影響，表示疫苗對恢復經濟扮演重要角色。另一方面，疫苗施打結合管制措施有助於減少新增確診人數，顯示這兩種防疫政策的綜效，能更有效地控制疫情。
本研究驗證貨幣流通速度能夠反映經濟活動的活絡程度，建議有意評估經濟穩定性，可將貨幣流通速度視為參考變數之一。

This study examines the impact of income velocity of money on the number of new confirmed cases by using the period from the second quarter of 2020 to the third quarter of 2022 as the sample. The sample comprises 35 countries chosen from the top 40 countries globally ranked based on the cumulative number of confirmed cases, considering the availa-bility of complete data. Income velocity of M1 is employed as the measure of income velocity of money.
The results indicate that during the early stages of the COVID-19 pandemic, an increase in income velocity of money signifies an expansion of economic activities, which leads to an increase in the number of new confirmed cases. However, as vaccines become available, an increase in income velocity of money indicates a reduction in the scale of the pandemic, re-sulting in a decrease in the number of new confirmed cases. Furthermore, the study finds that vaccine administration can mitigate the impact of economic activities on the number of new confirmed cases, highlighting the crucial role of vaccines in economic recovery. On the other hand, combining vaccine administration with control measures helps reduce the number of new confirmed case, demonstrating the synergistic effect of these two preventive strategies and enabling more effect control of the pandemic.
This study confirms that income velocity of money can reflect the level of economic ac-tivity. It is recommended for those interested in assessing economic stability to consider in-come velocity of money as one of the reference variables.

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