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大卫·李嘉图:政治经济学及赋税原理·摘录 159

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

If then this premium for a bill on England should be equal to the profit on importing cloth, the importation would of course cease; but if the premium on the bill were only 2 per cent., if to be enabled to pay a debt in England of 100_l._, 102_l._ should be paid in Portugal, whilst cloth which cost 45_l._ would sell for 50_l._, cloth would be imported, bills would be bought, and money would be exported, till the diminution of money in Portugal, and its accumulation in England, had produced such a state of prices, as would make it no longer profitable to continue these transactions.

出处: https://www.gutenberg.org/ebooks/33310
定位:Excerpt 159 · 核对日期:2026-10-19 · 核验:短摘录

白话

如果买英国汇票的溢价等于进口布的利润,进口就会停止。但若溢价只有2%,比如在葡萄牙付102镑才能还英国100镑的债,而布的成本45镑能卖50镑,商人仍会进口布、买汇票、输出金银,直到葡萄牙货币减少、英国货币增加,物价随之变化,使交易不再有利可图。核心是:金银流动会改变两国物价,自动调节贸易。做法是:关注汇率溢价与商品利润的对比,判断贸易是否持续。

上下文

李嘉图用具体数字说明汇票溢价如何影响贸易决策,以及金银流动的自动调节机制。

今日一问

你能否用汇率溢价与利润的对比,判断一笔跨境交易是否值得做?

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