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《货币的购买力》第四章第六节

时间:2017-11-27 13:54来源:未知 作者:一品梅 点击:
In the present chapter we have analyzed the phenomena characteristic of periods of transition. We have found that one such boom period leads to a reaction, and that the action and reaction complete a cycle of prosperity and depression. It ha
In the present chapter we have analyzed the phenomena characteristic of periods of transition. We have found that one such "boom" period leads to a reaction, and that the action and reaction complete a cycle of "prosperity" and "depression."
在本章中,我们分析了转型时期的特征。我们发现一个这样的“繁荣”时期会引起一个反应,而这个作用和反应完成了一个“繁荣”和“萧条”的循环。

It has been seen that rising prices tend towards a higher nominal interest, and falling prices tend towards a lower, but that in general the adjustment is incomplete. With any initial rise of prices comes an expansion of loans, owing to the fact that interest does not at once adjust itself. This produces profits for the enterpriser-borrower, and his demand for loans further extends deposit currency. This extension still further raises prices, a result accentuated by a rise in velocities though somewhat mitigated by an increase in trade. When interest has become adjusted to rising prices, and loans and deposits have reached the limit set for them by the bank reserves and other conditions, the fact that prices no longer are rising necessitates a new adjustment.
已经看到,价格上涨倾向于更高的名义利益,价格下降倾向于更低,但总的来说调整是不完整的。随着价格的最初上涨,贷款的增加是由于利息不能立即调整。这为企业家借款人带来了利润,他的贷款需求进一步延伸了存款货币。这一延伸进一步提高了价格,因速度上升而加剧,但贸易增加有所缓和。当利率调整到价格上涨,贷款和存款已经达到银行准备金和其他条件所规定的限度时,价格不再上涨的事实就需要进行新的调整。

Those whose business has been unduly extended now find the high rates of interest oppressive. Failures result, constituting a commercial crisis. A reaction sets in; a reverse movement is initiated. A fall of prices, once begun, tends to be accelerated for reasons exactly corresponding to those which operate in the opposite situation.
那些业务不适当地扩大的人,现在感到压力很大。结果失败,构成商业危机。反应进入; 开始反向运动。一旦开始,价格的下降趋于加速,原因正好与在相反情况下经营的价格相对应。 (责任编辑:一品梅)
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