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大卫·李嘉图:政治经济学及赋税原理·摘录 268

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

The exchanges between countries are at par only, whilst they have precisely that quantity of currency which in the actual situation of things they should have to carry on the circulation of their commodities. If the trade in the precious metals were perfectly free, and money could be exported without any expense whatever, the exchanges could be no otherwise in every country than at par. If the trade in the precious metals were perfectly free, if they were generally used in circulation, even with the expenses of transporting them, the exchange could never in any of them deviate more from par, than by these expenses. These principles I believe are now no where disputed. If a country used paper money not exchangeable for specie, and therefore not regulated by any fixed standard, the exchanges in that country might deviate as much from par, as its money might be multiplied beyond that quantity which would have been allotted to it by general commerce, if the trade in money had been free, and the precious metals had been used, either for money, or for the standard of money.

出处: https://www.gutenberg.org/ebooks/33310
定位:Excerpt 268 · 核对日期:2026-10-19 · 核验:短摘录

白话

李嘉图解释汇率平价的条件:两国汇率处于平价,只有当它们拥有的货币量恰好够流通商品。如果贵金属贸易完全自由,且运输无成本,汇率就总是平价;即使有运输成本,汇率偏离平价也不会超过这些成本。这些原则当时已无争议。但如果一国使用不可兑换的纸币,且不受固定标准约束,那么汇率偏离平价的程度,就取决于纸币超发的程度——超发越多,偏离越大。核心是:货币量要与商品流通需要相匹配,自由兑换和自由流动是汇率稳定的基础。

上下文

李嘉图在《政治经济学及赋税原理》中讨论汇率决定,对比金属货币与不可兑换纸币的不同。

今日一问

如果货币可以随意超发而不受约束,你觉得普通人的购买力会受什么影响?

公版作品;原文逐字取自 Project Gutenberg,仅摘录段落并附全书链接。

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