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《货币的购买力》第五章第三节

时间:2017-12-04 15:09来源:未知 作者:一品梅 点击:
3 Having examined those causes outside the equation which affect the volume of trade, our next task is to consider the outside causes that affect the velocities of circulation of money and of deposits. For the most part, the causes affectin
§ 3
Having examined those causes outside the equation which affect the volume of trade, our next task is to consider the outside causes that affect the velocities of circulation of money and of deposits. For the most part, the causes affecting one of these velocities affect the other also. These causes may be classified as follows:
考察了影响贸易额的方程之外的因素,接下来的任务是考虑影响货币和存款流通速度的外部因素。大多数情况下,影响其中一个速度的原因也会影响另一个速度。这些原因可以分类如下:
1. Habits of the individual.
(a) As to thrift and hoarding.
(b) As to book credit.
(c) As to the use of checks.
1.个人的习惯。
(a)至于节俭和囤积。
(b)至于账面信用。
(c)至于使用支票。

2.Systems of payments in the community.
(a) As to frequency of receipts and of disbursements.
(b) As to regularity of receipts and disbursements.
(c) As to correspondence between times and amounts of receipts and disbursements.
2.社区支付系统。
(a)关于收支的频率。
(b)关于收支的正常情况。
(c)关于时间与收支金额之间的通信。

3. General Causes.
(a) Density of population.
(b) Rapidity of transportation.

3.一般原因。
(a)人口密度。
(b)运输的快捷。

1 (a). Taking these up in order, we may first consider what influence thrift has on the velocity of circulation. Velocity of circulation of money is the same thing as its rate of turnover. It is found by dividing the total payments effected by money in a year by the amount of money in circulation in that year. It depends upon the rates of turnover of the individuals who compose the society. This velocity of circulation or rapidity of turnover of money is the greater for each individual the more he spends, with a given average amount of cash on hand; or the less average cash he keeps, with a given yearly expenditure.
1(a)考虑到这一点,我们可以首先考虑节俭对流通速度的影响。货币流通速度与其周转率是一样的。通过一年中货币的总付款除以当年流通货币的金额来发现。这取决于构成社会的个人的流动率。这种流通速度或货币周转速度对于每个人来说花费越多,手头现金的平均数量就越大; 或者是一个年度支出的平均现金。

The velocity of circulation of a spendthrift may be presumed to be greater than the average.53 He is always apt to be "short" of funds,—to have a small average balance on hand. But his thrifty neighbor takes care to provide himself with cash enough to meet all contingencies. The latter tends to hoard and lay by his money, and will, therefore, have a slower velocity of circulation. When, as used to be the custom in France, people put money away in stockings and kept it there for months, the velocity of circulation must have been extremely slow. The same principle applies to deposits. In a certain university town the banks often refuse to take deposits from students of spending habits because the average balances of the latter are so low; or insist on a special stipulation that the balance shall never fall below $100.Hoarded money is sometimes said to be withdrawn from circulation. But this is only another way of saying that hoarding tends to decrease the velocity of circulation.
花钱的流通速度可能被推定为高于平均水平。他总是容易出现资金“短缺”,手头的平均余额很小。但是他那个节俭的邻居照顾自己提供足够的现金来应付所有的突发事件。后者倾向于囤积钱财,因此流通速度较慢。当法国的习俗像人们习惯的时候,人们把钱放在长筒袜里面放了几个月,流通速度一定非常缓慢。同样的原则适用于存款。在某个大学城里,银行往往拒绝接受消费习惯的学生存款,因为后者的平均余额很低; 或者坚持一个特殊的规定,即余额永远不会低于100美元。 有时据说有钱人会退出流通。但这只是另一种说法,囤积会降低流通速度。

A man who is thrifty is usually, to some extent, a hoarder either of money54 or of bank deposits. Laborers who save usually keep their savings in the form of money until enough is accumulated to be deposited in a savings bank. Those who have bank accounts will likewise accumulate considerable deposits when preparing to make an investment. Banks whose depositors are "rapidly making money" and periodically investing the same, have, it is said, less active accounts than banks whose depositors "live up to their incomes."
一个节俭的人在某种程度上通常是一个囤积者或银行存款的囤积者。储蓄的劳动者通常把钱储蓄起来,直到积蓄到储蓄银行。那些有银行账户的人在准备投资时也会积累相当可观的存款。存款人“快速赚钱”并定期进行投资的银行,据说与那些存款人“辜负他们的收入”的银行相比,他们的积极性更低。

1 (b). The habit of "charging," i.e. using book credit, tends to increase the velocity of circulation of money, because the man who gets things "charged" does not need to keep on hand as much money as he would if he made all payments in cash. A man who pays cash daily needs to keep cash for daily contingencies. The system of cash payments, unlike the system of book credit, requires that money shall be kept on hand in advance of purchases. Evidently, if money must be provided in advance, it must be provided in larger quantities than when merely required to liquidate past debts. This is true for two reasons: First, in advance of purchases, there is always uncertainty as to when money will be needed and how much, while after bills are incurred, the exact sum needed is known. Secondly, and as a consequence of the first circumstance, money held in advance must be held a longer time than money received after a use for it has been contracted for. In short, to keep money in advance requires (a) a larger margin for unforeseen contingencies and (b) a longer period before being disbursed during which the money is idle. In the system of cash payments, a man must keep money idle in advance lest he be caught in the embarrassing position of lacking it when he most needs it. With book credit, he knows that even if he should be caught without a cent in his pocket, he can still get supplies on credit. These he can pay for when money comes to hand. Moreover, this money need not lie long in his pocket. Immediately it is received, there is a use awaiting it to pay debts accumulated. Now, to shorten the period of waiting evidently decreases the average balance carried, even if in the end the same sums are received and disbursed. For instance, a laborer receiving and spending $7 a week, if he cannot "charge," must make his week's wages last through the week. If he spends $1 a day, his weekly cycle must show on successive days at least as much as $7, $6, $5, $4, $3, $2, and $1, at which time another $7 comes in. This makes an average of at least $4. But if he can charge everything and then wait until pay day to meet the resulting obligations, he need keep nothing through the week, paying out his $7 when it comes in. His weekly cycle need show no higher balances than $7, $0, $0, $0, $0, $0, $0, the average of which is only $1.

1(b) “收费”(即使用账面信用)的习惯往往会增加货币流通的速度,因为“收取”东西的人并不需要像在全部付款的情况下那样保留那么多的钱现金。每天支付现金的人需要为每天的紧急情况保留现金。现金支付制度与书面信用制度不同,要求在购买之前将现金存在手中。显然,如果要提前提供资金,就必须提供更多的资金,而不是仅仅要求清偿过去的债务。这有两个原因是正确的:第一,在购买之前,总是不确定什么时候需要钱,什么时候发生多少,而在发生账单之后,所需的确切金额是已知的。其次,作为第一种情况的结果,事先持有的货币必须比在使用它之后收到的货币更长的时间。总之,为了提前留存资金,需要(a)意外突发事件有较大的利润空间,(b)在资金闲置之前需要较长的时间。在现金支付制度中,男人必须提前闲置,以免陷入最需要的尴尬境地。有了账面信用,他知道即使他兜里没有一分钱,他仍然可以获得贷款。这些他可以付钱,当有钱的时候。而且,这笔钱不需要长时间在他的口袋里。立即收到,有一个等待它用于支付累计债务的用途。现在,为了缩短等待期,明显减少平均余额,即使最后也收到和支付相同的款项。例如,一个劳动者如果不能“收费”,每周收入和消费7美元,就必须让他的周薪达到最后一周。如果他每天花费1美元,他每周的周期必须至少显示出7美元,6美元,5美元,4美元,3美元,2美元和1美元,此时还有7美元。至少是平均值$ 4,但是,如果他能够收取所有的费用,然后等到工资日偿还责任,那么他一周就不需要付出任何代价,当他付出7美元的时候,他每周需要的余额不会超过7美元,0美元,0美元, $ 0,$ 0,$ 0,$ 0,平均只有$ 1。

Through book credit, therefore, the average amount of money or bank deposits which each person must keep at hand to meet a given expenditure is made less. This means that the rate of turnover is increased; for if people spend the same amounts as before, but keep smaller amounts on hand, the quotient of the amount spent divided by the amount on hand must increase.
因此,通过账面信用,每个人必须持有的平均金额或银行存款才能满足一定的支出。 这意味着营业额增加了; 因为如果人们像以前一样花费同样的数额,但是手头上保留的金额较少,所花费的金额除以现有金额的商必须增加。

But we have seen that to increase the rate of turnover will tend to increase the price level. Therefore, book credit tends to increase the price55 level. Moreover, a community can to some extent cover the relative scarcity of money of a period when business is large with the relative surplus of a period when fewer demands are made on its supply of money. Otherwise, to maintain the same general level of prices, there would have to be considerably more money when business was large; and this money, unless it were some form of elastic bank currency which could be canceled and retired, would lie idle during those seasons when business was slack.In short, book credit economizes money (M) even though it may not economize money payments (E) and therefore increases the velocity of circulation of money (E/M).
但是我们已经看到,提高营业额将趋于提高物价水平。 因此,账面信贷往往会提高价格水平。 而且,一个社区在一定程度上可以涵盖商业规模较大的一段时期的货币相对稀缺,而货币供给要求较少的时期则相对过剩。 否则,为了保持相同的总体价格水平,业务量大的时候就必须有更多的钱。 而这笔钱,除非是某种形式的可以取消退休的有弹性的银行货币,否则在那些生意淡淡的季节里,这些货币会闲置。简而言之,即使不能节省货币支付(E),从而增加货币流通速度(E / M),书账信贷也能节省货币(M)。


1 (c). The habit of using checks rather than money will also affect the velocity of circulation; because a depositor's surplus money will immediately be put into the bank in return for a right to draw by check.
Banks thus offer an outlet for any surplus pocket money or surplus till money, and tend to prevent the existence of idle hoards. In like manner surplus deposits may be converted into cash—that is, exchanged for cash—as desired. In short, those who make use both of cash and deposits have the opportunity, by adjusting the two, to prevent either from being idle. We see, then, that three habits—spendthrift habits, the habit of charging, and the habit of using checks—all tend to raise the level of prices through their effects on the velocity of circulation of money, or of deposits. It is believed that these habits (except probably the first) have been increasing rapidly during modern times.
1(c)使用支票而非金钱的习惯也会影响流通的速度;因为存款人的剩余资金将立即投入银行,以换取支票抽取权。因此,银行为任何多余的零用钱或多余的钱提供出口,并且倾向于防止闲置的存货。以类似的方式,可以将盈余存款转换为现金 - 即按照需要兑换现金。总而言之,兼顾现金和存款的人有机会通过调整两者来防止闲置。那么,我们看到,三种习惯 - 浪费习惯,收费的习惯和使用支票的习惯 - 都倾向于通过货币流通速度或者存款流通速度来提高价格水平。相信这些习惯(大概是第一种除外)在现代时期迅速增长。 (责任编辑:一品梅)
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