投资 · 西方古典
大卫·李嘉图：政治经济学及赋税原理·摘录 158
大卫·李嘉图《政治经济学及赋税原理》· On the Principles of Political Economy and Taxation · 投资
But if the prices of wine were such that no wine could be exported to England, the importer of cloth would equally purchase a bill; but the price of that bill would be higher, from the knowledge which the seller of it would possess, that there was no counter bill in the market by which he could ultimately settle the transactions between the two countries: he might know that the gold or silver money which he received in exchange for his bill, must be actually exported to his correspondent in England, to enable him to pay the demand which he had authorized to be made upon him, and he might therefore charge in the price of his bill all the expenses to be incurred, together with his fair and usual profit.
出处：
https://www.gutenberg.org/ebooks/33310
定位：Excerpt 158 · 核对日期：2026-10-19 · 核验：短摘录
白话
如果葡萄牙酒卖不到英国，英国买布的人仍要买汇票付货款，但汇票价格会更高。因为卖票的人知道市场上没有对应的反向汇票来平衡两国交易，他收到的金银必须真的运到英国去付账，所以他会把运输费、风险费和正常利润都加进票价。核心是：汇票的溢价反映了金银实际跨境运输的成本。做法是：当贸易不平衡时，汇票价格会上升，直到抵消部分贸易利润。
上下文
李嘉图继续分析贸易不平衡时汇票价格如何变动，说明金银流动对汇率的影响。
今日一问
当汇率上升时，你是否清楚它背后反映的是实际资金调拨成本？
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