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《货币的购买力》第三章第四节

时间:2017-11-13 17:44来源:未知 作者:一品梅 点击:
The study of banking operations, then, discloses two species of currency: one, bank notes, belonging to the category of money; and the other, deposits, belonging outside of that category, but constituting an excellent substitute. Referring

The study of banking operations, then, discloses two species of currency: one, bank notes, belonging to the category of money; and the other, deposits, belonging outside of that category, but constituting an excellent substitute. Referring these to the larger category of goods, we have a threefold classification of goods: first, money; second, deposit currency, or simply deposits; and third, all other goods. And by the use of these, there are six possible types of exchange:—
银行业务的研究则揭示了两种货币:一种是属于货币类别的钞票; 另一类属于该类别以外的存款,但是构成优秀的替代品。把这些货物称为较大的货物类别,我们对货物有三重分类:第一,货币; 第二,存款货币,或只是存款; 第三,所有其他货物。并且通过使用这些,还有六种可能的类型的交换:

(1) Money against money,
(2) Deposits against deposits,
(3) Goods against goods,
(4) Money against deposits,
(5) Money against goods,
(6) Deposits against goods.
(1) 货币对货币
(2)存款对存款
(3)商品对商品
(4)货币对存款
(5)货币对商品
(6)存款对商品


For our purpose, only the last two types of exchange are important, for these constitute the circulation of currency. As regards the other four, the first and third have been previously explained as "money changing" and "barter" respectively. The second and fourth are banking transactions: the second being such as the selling of drafts for checks, or the mutual cancellation of bank clearings; and the fourth being such operations as the depositing or the withdrawing of money, by depositing cash or cashing checks.
就我们的目的而言,只有最后两种交换才是重要的,因为这构成了货币的流通。关于其他四个,第一个和第三个先前分别被解释为“换钱”和“易货”。第二和第四是银行交易:第二是银行支票的出售,或者银行间的相互取消; 第四是存款或取款,通过存款或兑现支票进行。

The analysis of the balance sheets of banks has prepared us for the inclusion of bank deposits or circulating credit in the equation of exchange. We shall still use M to express the quantity of actual money, and V to express the velocity of its circulation. Similarly, we shall now use M' to express the total deposits subject to transfer by check; and V' to express the average velocity of circulation. The total value of purchases in a year is therefore no longer to be measured by MV, but by MV + M'V'. The equation of exchange, therefore, becomes:—
对银行资产负债表的分析为我们准备将银行存款或流通信贷纳入交易等式中。我们仍然用M来表示实际货币的数量,用V来表示它的流通速度。同样,我们现在用M'来表示支票转账的总存款,和V'来表示平均流通速度。因此,一年内采购的总价值不再由MV来衡量,而是由MV + M'V'来衡量。因此交换方程变为:
MV + M'V' = SpQ = PT.33
Let us again represent the equation of exchange by means of a mechanical picture. In Figure 4, trade, as before, is represented on the right by the weight of a miscellaneous assortment of goods; and their average price by the distance to the right from the fulcrum, or the length of the arm on which this weight hangs. Again at the left, money (M) is represented by a weight in the form of a purse, and its velocity of circulation (V) by its arm; but now we have a new weight at the left, in the form of a bank book, to represent the bank deposits (M'). The velocity of circulation (V') of these bank deposits is represented by its distance from the fulcrum or the arm at which the book hangs.
让我们再次用机械的图片来表示交换的方程式。在图4中,与前面一样,贸易在各种货物的重量上代表右边; 他们的平均价格从支点的右边距离,或者这个重量悬挂的手臂的长度。再次在左边,货币 (M)由钱包形式的重量和 其手臂的循环速度(V)表示; 但是现在我们在银行账户的左边有一个新的重量来代表银行存款(M')。这些银行存款的流通速度(V')是通过它与悬挂的支点或臂的距离来表示的。



This mechanism makes clear the fact that the average price (right arm) increases with the increase of money or bank deposits and with the velocities of their circulation, and decreases with the increase in the volume of trade.
这个机制表明,平均价格(右派)随着货币或银行存款的增加和流通速度的增加而增加,随着贸易量的增加而减少。
Recurring to the left side of the equation of exchange, or MV + M'V', we see that in a community without bank deposits the left side of the equation reduces simply to MV, the formula used in Chapter II; for in such a community the term "M'V'" vanishes. The introduction of M' tends to raise prices. That is, the hanging of the bank book on the left requires a lengthening of the arm at the right.
重复出现在交换方程的左边,或MV + M'V',我们可以看到,在一个没有银行存款的社区,方程的左边简单地简化为MV,即第二章中使用的公式; 因为在这样的社区中,“M'V”这个词消失了。M的引入往往会抬高价格。也就是说,左侧的银行账本挂在右侧需要延长手臂。

Just as E was used to denote the total circulation of money, MV, so we may now use E' to denote the total circulation of deposits, M'V'.
正如E用来表示货币的总流通量MV,所以我们现在可以用E'来表示存款的总流通量M'V'。

Like E,M, and V, so also E', M', and V' are sums and averages of corresponding magnitudes pertaining to different parts of the year, or different persons.34
像E,M和V一样,E',M'和V'也是一年中不同地区或不同人的相应数量的总和和平均值.34

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