摘要
中国在很长历史时期,货币并不统一。民间曾经可以自由发行纸币。民间发行之时,需要储备金属货币。储备比例根据市场的货币需求状况动态调整。运行这套机制需要非常严格的条件。这些条件包括:在纸币无法等值兑换金属货币时,发行机构要付出相应的流动性成本,以之约束其发行行为。此外,在自由竞争的前提下,民间发行机构也应具有一定规模,以便更好地应对挤兑危机。清末天津的贴水风潮说明:当时中国民间发行纸币在这两方面都有问题。解决这些问题,需要政府对于发行机构设置一定的门槛,同时以严格的制度保证纸币与金属货币等值兑换。
In a long historical period, Chinese currency-issuing power was not monopolized. Private banks had been able to issue notes which were mostly redeemable currency. When issuing notes, private banks needed metal currencies as reserves. The reserve ratio could be adjusted dynamically according to the market demand for money. The operation of this mechanism re- quired very strict conditions. These conditions were as follows. First of all, if the paper money could not be exchanged for met- al currency equivalently, the private note-issuing institutions should pay corresponding liquidity cost to restrict its issuing be- havior. In addition, under the premise of free competition, the private note-issuing institutions should also have a certain scale to cope with the ＂run on crisis＂. The discount crisis of Tianjin in the late Qing Dynasty showed that the private note-issuing practices at that time had problems in these two aspects. To solve these problems, it is necessary for the government to set a certain threshold for note-issuing institutions and provide strict institutional constraints to ensure the equivalent exchange of pa- per money and metal currency.
出处
《中国经济问题》
CSSCI
北大核心
2018年第1期52-61,共10页
China Economic Studies
关键词
贴水风潮
可兑现纸币
民间发行纸币
discount crisis
redeemable paper money
private note-issuing practices
