投资 · 西方古典
大卫·李嘉图：政治经济学及赋税原理·摘录 178
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
This higher value of money will not be indicated by the exchange; bills may continue to be negotiated at par, although the prices of corn and labour should be 10, 20, or 30 per cent. higher in one country than another. Under the circumstances supposed, such a difference of prices is the natural order of things, and the exchange can only be at par when a sufficient quantity of money is introduced into the country excelling in manufactures, so as to raise the price of its corn and labour. If foreign countries should prohibit the exportation of money, and could successfully enforce obedience to such a law, they might indeed prevent the rise in the prices of the corn and labour of the manufacturing country; for such rise can only take place after the influx of the precious metals, supposing paper money not to be used; but they could not prevent the exchange from being very unfavourable to them. If England were the manufacturing country, and it were possible to prevent the importation of money, the exchange with France, Holland, and Spain, might be 5, 10, or 20 per cent. against those countries.
出处：
https://www.gutenberg.org/ebooks/33310
定位：Excerpt 178 · 核对日期：2026-10-19 · 核验：短摘录
白话
货币价值较高（即物价较低）并不会通过汇率表现出来。即使一国谷物和劳动力价格比另一国高10%、20%或30%，汇票仍可能按平价交易。在李嘉图假设的情形下，这种价格差异是自然秩序，只有当制造业优势国流入足够多货币，推高其谷物和劳动力价格后，汇率才会回到平价。如果外国禁止货币出口并成功执行，它们确实可以阻止制造业国物价上涨，但无法阻止汇率对它们非常不利。例如英国是制造业国，若阻止货币流入，英法荷西之间的汇率可能对后者不利5%到20%。
上下文
李嘉图解释汇率平价与物价差异的关系，说明货币流入如何影响制造业国的物价和汇率。
今日一问
当两国物价差距很大但汇率却看似平稳时，你能想到背后可能有哪些货币流动或管制因素吗？
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