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大卫·李嘉图:政治经济学及赋税原理·摘录 179

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

Whenever the current of money is forcibly stopped, and when money is prevented from settling at its just level, there are no limits to the possible variations of the exchange. The effects are similar to those which follow, when a paper money, not exchangeable for specie at the will of the holder, is forced into circulation. Such a currency is necessarily confined to the country where it is issued: it cannot, when too abundant, diffuse itself generally amongst other countries. The level of circulation is destroyed, and the exchange will inevitably be unfavourable to the country where it is excessive in quantity: just so would be the effects of a metallic circulation, if by forcible means, by laws which could not be evaded, money should be detained in a country, when the stream of trade gave it an impetus towards other countries.

出处: https://www.gutenberg.org/ebooks/33310
定位:Excerpt 179 · 核对日期:2026-10-19 · 核验:短摘录

白话

一旦货币的流动被强行阻止,货币无法达到其应有的水平,汇率的波动就没有限度。这类似于不可兑换的纸币被强制流通:这种货币必然局限在发行国,过多时无法扩散到其他国家,货币流通的均衡被破坏,汇率必然对货币过多的国家不利。金属货币流通也一样,如果通过无法逃避的法律强行把货币留在本国,而贸易趋势却要求货币流向别国,后果相同。核心是:人为阻碍货币流动会破坏均衡,导致汇率剧烈波动,对货币过多的国家尤其不利。

上下文

李嘉图类比不可兑换纸币,说明强行阻止金属货币流动会破坏货币均衡,导致汇率无限波动。

今日一问

你身边有没有因外汇管制或资本流动限制而导致汇率扭曲、物价失衡的例子?

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