E-money helicopter drops (hel-e’s) are more effective because they generate stimulus at a higher interest rate than helicopter drops which require monetary and fiscal cooperation. Under normal helicopter drops the money expanded by the central bank goes to the banking system and this expands loanable funds putting downward pressure on rates which generates higher levels of credit, financialisation and speculation. Expansions of e-money do not go to commercial banking system they simply are held at the central bank. E-money will go to the banking system if people decide to lend to banks or if spent money goes to depository accounts at commercial banks. Most transactions accounts will be held at central bank because this is where money will originate and due to its risk free nature. Money used for payments will generally circulate through central bank depository accounts.
Hel-e’s don’t depend on fiscal arm of government to operate. Therefore difficulties of negotiating with political system are avoided. The central bank has no budget constraint unlike fiscal arm therefore people wont hold onto money in anticipation of higher future taxes. Potential undermining of central bank independence is avoided.