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《货币的购买力》第六章第一节

时间:2017-12-12 19:01来源:未知 作者:一品梅 点击:
WE have now considered those influences outside the equation of exchange which affect the volume of trade (the Qs), the velocities of circulation of money and deposits (V and V), and the amount of deposits (M). We have reserved for separate
WE have now considered those influences outside the equation of exchange which affect the volume of trade (the Q's), the velocities of circulation of money and deposits (V and V'), and the amount of deposits (M'). We have reserved for separate treatment in this chapter and the following the outside influences that affect the quantity of money (M).
The chief of these may be classified as follows:
1. Influences operating through the exportation and importation of money.
2. Influences operating through the melting or minting of money.
3. Influences operating through the production and consumption of money metals.
4. Influences of monetary and banking systems, to be treated in the next chapter.
我们现在已经考虑了影响交易量(Q),货币和存款流通速度(V和V')以及存款量(M')的交换方程之外的影响。 我们在这一章已经预留了单独处理,以下是影响货币数量(M)的外部影响。
这些负责人可以分类如下:
1.通过货币出口和进口影响经营。
2.影响通过融资或铸造货币来运作。
3.影响金属的生产和消费。
4.货币和银行体系的影响,将在下一章讨论。

The first to be considered is the influence of foreign trade. Hitherto we have confined our studies of price levels to an isolated community, having no trade relation with other communities. In the modern world, however, no such community exists, and it is important to observe that international trade gives present-day problems of money and of the price level an international character. If all countries had their irredeemable paper money, and had no money acceptable elsewhere, there could be no international adjustment of monetary matters. Price levels in different countries would have no intimate connection. Indeed, to some extent the connection is actually broken between existing countries which have different metallic standards,—for example, between a gold-basis and a silver-basis country,—although through their nonmonetary uses the two metals are still somewhat bound together. But where two or more nations trading with each other use the same standard, there is a tendency for the price levels of each to influence profoundly the price levels of the other.
首先要考虑的是外贸的影响。迄今为止,我们已经将价格水平的研究局限于一个与其他社区没有贸易关系的孤立社区。然而,在现代社会中,这样的社会是不存在的,重要的是要看到,国际贸易给当今的金钱和物价问题带来了国际性的问题。如果所有国家都有不可兑换的纸币,而且没有其他地方可以接受的话,那么货币问题就不可能有国际上的调整。不同国家的价格水平不会有密切的联系。事实上,在一定程度上,现有的金属标准不同的国家之间的联系实际上被打破了,例如在金基础国和银基国之间,尽管通过它们的非货币使用,这两种金属仍然有些结合在一起。但是,两个或两个以上的国家相互交易的标准是相同的,每个国家的价格水平都会对另一方的价格水平产生深远的影响

The price level in a small country like Switzerland depends largely upon the price level in other countries. Gold, which is the primary or full weight money in most civilized nations, is constantly travelling from one country or community to another. When a single small country is under consideration, it is therefore preferable to say that the quantity of money in that country is determined by the universal price level, rather than to say that its level of prices is determined by the quantity of money within its borders. An individual country bears the same relation to the world that a lagoon bears to the ocean. The level of the ocean depends, of course, upon the quantity of water in it. But when we speak of the lagoon, we reverse the statement, and say that the quantity of water in it depends upon the level of the ocean. As the tide in the
outside ocean rises and falls, the quantity of water in the lagoon will adjust itself accordingly.
瑞士这样一个小国的价格水平在很大程度上取决于其他国家的价格水平。 黄金是大多数文明国家的主要货币或全部货币资金,不断从一个国家或社区旅行到另一个国家或社区。 当一个小国正在考虑之中时,最好说这个国家的货币数量是由普遍的价格水平决定的,而不是说它的价格水平是由其境内的货币数量决定的。 一个国家和世界有同样的关系,一个泻湖承载着海洋。 当然,海洋的高度取决于水的数量。 但是当我们谈到泻湖的时候,我们就会反驳这个说法,并且说这里的水量取决于海洋的水平。 随着海洋外的潮汐涨落,泻湖的水量也会相应调整。

To simplify the problem of the distribution of money among different communities, we shall, for the time being, ignore the fact that money consists ordinarily of a material capable of nonmonetary uses and may be melted or minted.
为了简化不同社会之间的货币分配问题,我们暂时应该忽略这样一个事实,即货币通常是一种能够非货币用途的物质,可以被融化或铸造出来。

Let us, then, consider the causes that determine the quantity of money in a state like Connecticut. If the level of prices in Connecticut temporarily falls below that of the surrounding states, Rhode Island, Massachusetts, and New York, the effect is to cause an export of money from these states to Connecticut, because people will buy goods wherever they are cheapest and sell them wherever they are dearest. With its low prices, Connecticut becomes a good place to buy from, but a poor place to sell in. But if outsiders buy of Connecticut, they will have to bring money to buy with. There will, therefore, be a tendency for money to flow to Connecticut until the level of prices there rises to a level which will arrest the influx. If, on the other hand, prices in Connecticut are higher than in surrounding states, it becomes a good place to sell to and a poor place to buy from. But if outsiders sell to Connecticut, they will receive money in exchange. There is then a tendency for money to flow out of Connecticut until the level of prices in Connecticut is lower.
那么,让我们考虑一下像康涅狄格州那样决定货币数量的原因。如果康涅狄格州的价格水平暂时低于周边州罗得岛州,马萨诸塞州和纽约州,那么结果就是导致这些州的货币出口到康涅狄格州,因为人们会在最便宜的地方购买货物,把它们卖到最喜欢的地方。康涅狄格州以其低廉的价格成为了购买的好地方,但却是一个贫穷的地方。但如果外人购买康涅狄格州,他们将不得不带着钱去买东西。因此,有一种趋势是货币流向康涅狄格州,直到那里的价格水平上涨到能够阻止流入的水平。另一方面,如果康涅狄格州的价格高于周边国家,那么它就成了一个卖给一个好地方的好地方。但是如果外人卖给康涅狄格,他们会收到钱。那么康涅狄格州的金钱就有流出的趋势,直到康涅狄格州的价格水平较低。

But it must not be inferred that the prices of various articles or even the general level of prices will become precisely the same in different countries. Distance, ignorance as to where the best markets are to be found, tariffs, and costs of transportation help to maintain price differences. The native products of each region tend to be cheaper in that region. They are exported as long as the excess of prices abroad is enough to more than cover the cost of transportation. Practically, a commodity will not be exported at a price which would not at least be equal to the price in the country of origin, plus the freight. Many commodities are shipped only one way. Thus, wheat is shipped from the United States to England, but not from England to the United States. It tends to be cheaper in the United States. Large exportations raise its price in America toward the price in England, but it will usually keep below that price by the cost of transportation. Other commodities that are cheap to transport will be sent in either direction, according to market conditions.
但不能断定各个国家的各种物品的价格甚至一般的价格水平都是一样的。距离,无知最佳市场的位置,关税和运输成本有助于维持价格差异。每个地区的本地产品在该地区往往更便宜。只要海外的价格超过运输成本就足够了。实际上,商品的出口价格至少不会等于原产国的价格加上运费。许多商品只有一种运送方式。因此,小麦从美国运到英国,而不是从英国运到美国。在美国它往往更便宜。大量的出口在美国向英国的价格上涨,但通常会由于运输成本而低于这个价格。根据市场情况,其他运输便宜的商品都将按双方向发送。

But, although international and interlocal trade will never bring about exact uniformity of price levels, it will, to the extent that it exists, produce an adjustment of these levels toward uniformity by regulating in the manner already described the distribution of money. If one commodity enters into international trade, it alone will suffice, though slowly, to act as a regulator of money distribution; for in return for that commodity, money may flow and, as the price level rises or falls, the quantity of that commodity sold may be correspondingly adjusted. In ordinary intercourse between nations, even when a deliberate attempt is made to interfere with it by protective tariffs, there will always be a large number of commodities thus acting as outlets and inlets. And since the quantity of money itself affects prices for all sorts of commodities, the regulative effect of international trade applies, not simply to the commodities which enter into that trade, but to all others as well. It follows that nowadays international and interlocal trade is constantly regulating price levels throughout the world.
但是,尽管国际和地区间的贸易决不会带来价格水平的完全一致性,但在存在的情况下,它将通过调节已经描述的货币分配来调整这些水平以达到统一。如果有一种商品进入国际贸易,仅仅是缓慢地充当货币分配监管者就足够了;为了换取该商品,货币可能流动,并且随着价格水平的上升或下降,可以相应地调整出售的商品的数量。在国与国之间的普通交往中,即使蓄意企图以保护性关税进行干涉,也总是会有大量的商品作为出口和入口。由于货币数量本身影响着各种商品的价格,因此国际贸易的调节作用不仅仅适用于进入这种贸易的商品,而是适用于所有其他商品。因此,现在国际和地区间的贸易在不断调整世界各地的价格水平。

We must not leave this subject without emphasizing the effects of a tariff on the purchasing power of money. When a country adopts a tariff, the tendency is for the level of prices to rise. A tariff obviously raises the prices of the "protected" goods. But it does more than that,—it tends also to raise the prices of goods in general. Thus, the tariff first causes a decrease in imports. Though in the long run this decrease in imports will lead to a corresponding decrease in exports, yet at first there will be no such adjustment. The foreigner will, for a time, continue to buy from the protected country almost as much as before. This will result temporarily in an excess of that country's exports over its imports, or a so-called "favorable" balance of trade, and a consequent inflow of money. This inflow will eventually raise the prices, not alone of protected goods, but of other goods as well. The rise will continue till it reaches a point high enough to put a stop to the "favorable" balance of trade.
如果不强调关税对货币购买力的影响,我们就不能离开这个话题。当一个国家采取关税时,价格水平上涨的趋势是。关税明显提高了“保护”商品的价格。但它不止于此,也往往会提高商品的价格。因此,关税首先导致进口下降。虽然从长远来看,这种进口减少会导致出口相应减少,但起初不会有这样的调整。外国人一段时间以来一直继续从受保护国家购买。这将暂时导致该国出口超过其进口​​,或所谓的“有利的”贸易平衡,从而导致资金的流入。这种流入最终会提高价格,而不仅仅是保护货物,而是其他货物。这种上涨将继续下去,直到达到足以阻止“有利的”贸易平衡的程度。

Although the "favorable balance" of trade created by a tariff is temporary, it leaves behind a permanent increase of money and of prices. The tariff wall is a sort of dam, causing an elevation in the prices of the goods impounded behind it.
虽然由关税创造的贸易“顺差”是暂时的,但是货币和价格永远都会增加。 关税墙是一种水坝,导致其后面的货物价格上涨。

This fact is sometimes overlooked in the theory of international trade as commonly set forth. Emphasis is laid instead on the fact that in the last analysis the trade is of goods for goods, not of money for goods, and that a tariff on imports reduces, not only imports, but exports also,—that it merely interrupts temporarily the virtual barter between nations. The effect of a tax on imports is likened to that of a tax on exports. But in respect to effects on price levels a tax on imports and a tax on exports are diametrically opposed. If we place our tax on exports, we first interfere with exports. The imports are not checked until money has flowed out and has reduced the general price level enough to destroy the "unfavorable" balance of trade first created. We conclude that the general purchasing power of money is reduced by a tariff and that it would be increased by a tax on exports.
这个事实有时在国际贸易理论中被普遍提到。 重点在于,在最后的分析中,贸易是货物而不是货物的货物,进口关税减少的不仅仅是进口,而且也是出口,这只是暂时中断虚拟 国家之间的易货贸易。 税收对进口的影响与出口税相同。 但就价格水平的影响而言,进口税和出口税是截然相反的。 如果我们对出口征税,我们首先会干涉出口。 直到货币流出,进口才被检查,降低了总体价格水平,足以摧毁首先创造的“不利”贸易平衡。 我们得出这样的结论:货币的一般购买力被降低了一个关税,并且会增加一个出口税。

This is, perhaps, the chief reason why a protective tariff seems to many a cause of prosperity. It furnishes a temporary stimulus, not only to protected industries, but to trade in general, which is really simply the stimulus of money inflation.
这也许是保护关税似乎成为繁荣的主要原因。 它不仅为受保护的工业提供了一个暂时性的刺激,而且也是一般的贸易,这实际上只是货币通胀的刺激。

Our present interest in international trade, however, is mainly directed to its effects on international price levels. Except for the export or import of money to adjust the price levels, international trade is at bottom merely an interchange of goods. Where the price level is not concerned, the money value of the goods sold by a country will exactly equal the value of those bought. Only when there is a difference in these values, or a "balance of trade," will there be any flow of money and consequently any tendency to modify the price level.62
然而,我们目前对国际贸易的兴趣主要在于其对国际价格水平的影响。 国际贸易除了货币出口或进口来调整价格水平外,仅仅是货物的交换。 在不考虑价格水平的情况下,一个国家所售货物的货币价值与购买货物的价值完全相等。 只有当这些价值存在差异或“贸易平衡”时,才会有货币流通,从而有任何改变价格水平的倾向。62

We have shown how the international and interlocal equilibrium of prices may be disturbed by differential changes in the quantity of money alone. It may also be disturbed by differential changes in the volume of bank deposits; or in the velocity of circulation of money; or in the velocity of circulation of bank deposits; or in the volume of trade. But whatever may be the source of the difference in price levels, equilibrium will eventually be restored through an international or interlocal redistribution of money and goods brought about by international and interlocal trade. Other elements in the equation of exchange than money and commodities cannot be transported from one place to another.
我们已经表明,国际和地区间的价格均衡可能仅仅由于货币数量的不同变化而受到干扰。 也可能受到银行存款数量差异的干扰。 或以货币流通的速度; 或银行存款的流通速度; 或交易量。 但无论价格水平的差异是什么,均衡最终将通过国际或地区间贸易带来的国际或地区间的货币再分配来恢复。 交换方程式中的其他因素比金钱和商品不能从一个地方运到另一个地方。

Except for transitional effects, then, international differences of price levels produce changes only in one of the elements in the equation of exchange,the volume of money. Practically, of course, transition periods may be incessant or chronic. It seldom happens that a nation has no balance of trade. For decades Oriental nations took silver from Occidental nations even when silver was, under the bimetallic régime, at a stable ratio with gold. In Europe there was a consequent long-continued tendency for prices to fall, and in Asia a tendency to rise, with all the other transitional effects involved.
那么除了过渡效应之外,价格水平的国际差异只会在交换方程中的一个要素 - 货币量上产生变化。 当然,实际上,过渡期可能是不断的或者是长期的。 很少发生一个国家没有贸易平衡的情况。 几十年来,东方国家从西方国家拿银子,即使在双金属制度下,银与黄金的比例也是稳定的。 在欧洲,随之而来的是价格长期下跌的趋势,而亚洲则呈上升趋势,其他所有的过渡效应都涉及到。 (责任编辑:一品梅)
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