主讲人：Michael Connolly

Professor of Economics University of Miami

        Chief Scientist, Project 985, Globalization and International Trade, College of Trade, Hunan University

美国迈阿密大学经济系教授  湖南大学985创新平台首席科学家

主持人：贺学会 教授

湖南大学金融学院副院长 教授

时  间：2006年11月15（星期三）19：30

地  点：信用研究中心会议室    

主讲内容：

The role of money

Money serves three important roles in an economy: 

It is a unit of account – a yardstick by which to measure the value of goods and assets.

A medium of exchange to facilitate transactions, avoiding barter.

A store of value in which to temporarily hold liquid wealth.

货币的作用

一、            在经济中执行三种重要职能：

它是计价单位——衡量商品与资产价值的尺码。

便利交易，避免易货贸易的交换媒介。

暂时持有的流动财富的价值贮藏。

 Money and exchange rates

The Bank of England and the Banque de France, had gold windows where they bought and sold gold at a fixed currency price in the 19th century.  In doing so, their currency rates were fixed.  For example, if the Bank of England sets ten pounds per ounce of gold as the buy/sell rate and the Banque of France 100 francs, the equilibrium exchange rate is set at 100 francs per 10 pounds or 10 francs a pound. 

Arbitrage in gold kept the exchange rates within a narrow band of gold points. Let’s say the exchange rate falls to 9.5 francs a pound. A gold arbitrageur purchases 10 pounds for 95 francs, presents the 10 pounds to the Bank of England gold window in exchange for an ounce of gold.  The arbitrageur then insures and ships the gold to the Banque de France, selling it for 100 francs, pocketing 5 francs less insurance and shipping as profit.

货币与汇率

19世纪，英格兰银行和法兰西银行拥有黄金窗口，可以以固定的价格买卖黄金。这样，它们的币值比率也固定下来。例如，如果英格兰银行以每盎斯黄金10英镑作为买/卖价，而法兰西银行以每盎斯黄金100法郎为买/卖价，这样英镑和法郎之间的均衡汇率为10英镑兑100法郎，或者1英镑兑10法郎。

对于黄金的套利行为使得汇率在黄金头寸的狭窄范围内波动。假如说现在英镑比法郎的汇率跌至1英镑兑9.5法郎。一个黄金的套利交易者用95法郎买入10英镑，拿着这10英镑去英格兰银行的黄金窗口换取1盎斯黄金。这个套利交易者为买入的黄金投保，将其运至法兰西银行，以每盎斯100法郎的价格售出，将获得5法郎减去保险和运费的利润。

 Money and exchange rates

With floating exchange rates, the exchange rate moves roughly according to the relative purchasing power of monies. This is known as purchasing power parity.

Countries with high money growth experience higher rates of inflation and consequently,

Greater depreciations in their exchange rate.

A fixed exchange rate serves as a monetary anchor, while a floating exchange rate permits independent money growth.

货币与汇率

浮动汇率下，汇率大致依据货币的相对购买力变动。这便是购买力平价理论。

货币高速增长的国家经历高速通货膨胀，并因此，其汇率更大幅度地贬值。

固定汇率可以充当货币锚，而浮动汇率允许独立的货币供给增长。

 The history of monies

Ancient Chinese monies: Circa 900-500BC

 The history of monies

Ancient Chinese monies: copper coins used before 221 BC

Coin issued in 221 BC by the Qin Dynasty, the first feudal dynasty to unify China and its coins.

货币史       

中国古代钱币:使用于公元前221年以前的铜钱发行于公元前221年的秦半两。秦朝是中国统一领域及货币的第一代封建王朝。

 The history of monies

The Lydian Lion’s Head: circa 600-575 BC is thought by many to be the world’s first coin.

It was made of electrum, a precious alloy of gold and silver that  consisting of about 54 percent gold, 44 percent silver, and 2 percent copper.

货币史

利迪亚狮头币：大约公元前600到575年，被很多人认为是世界上最早的硬币。它以琥珀金制成，这种珍贵的金银合金含有54%的金、44%的银及2%的铜。

 The history of monies

Ancient Chinese monies: The Yibi Circa 500BC

Made of copper and known as the creeping ant-nose coin.

货币史

中国古代货币：大约公元前500年的蚁鼻钱。它用铜做成，外形似蚂蚁爬在鼻子上。

 The history of monies

Ancient Chinese monies: The Guilian (Ghost face) copper coin circa B.C 400 to 300

Both the Yibi and the Guilian coin have the shape of shells, the earliest currency in China.

货币史

中国古代货币:大约公元前400年到300的鬼脸钱。蚁鼻钱和鬼脸钱的外形都似贝壳这种中国最早的货币。

The history of monies

Ancient Chinese monies: Issued in 621 AD under the Tang Dynasty.

货币史

中国古代货币:发行于公元621年的唐朝

The history of monies

Ancient Chinese monies: The first uniform paper money in the world, the Jiaozi, issued in 1023 under the Song Dynasty.

货币史

中国古代货币：世界上最早的统一发行的纸币，交子，发行公元1023年的宋朝 (Song Dynasty)。

The history of monies

The first world money, the Spanish silver dollar or “pieces of eight” minted in Spain, Mexico and Peru.

The Spanish peso contained 0.821791 troy ounce (25.560 grams) pure silver and was also used as domestic money in Asia, Latin America, America and Europe.

货币史

世界上最早的货币，西班牙银元或“八片币”，铸造于西班牙、墨西哥和秘鲁。西班牙比索包括0.821791金衡制盎斯（25.560克）的纯银，曾经被当作国内货币在亚洲、拉丁美洲和欧洲使用过。

The history of monies

The last paper monies of the feudal dynasties: 1875 to1908.

货币史

发行于1875到1908年中国最后一个封建王朝清朝的纸币 (Qing Dynasty)。

Foreign exchange history

Bills of exchange were used primarily in international trade, and is a written order by one person to pay another a specific sum on a specific date sometime in the future. 

Since carrying large amounts of coins was risky, bills of exchange were used in order to facilitate currency and trade transactions.

The bill of exchange allowed trade to take place without the use of coinage, a precursor of the modern letter of credit (L/C). 

外汇交易历史

汇票主要应用于国际贸易中，是由一人开出的要求某人在将来某一特定时间支付特定金额给他人的书面命令。

由于携带大量货币存在风险，汇票被用来便利货币和贸易交割。

汇票使得贸易在没有硬币时能够进行，它是现代信用证（L/C）的先驱。 Foreign exchange history

Furthermore, the bills were traded as financial instruments in trade fairs. They were discounted and converted into foreign exchange. 

The trade fairs were the  precursors of modern stock and foreign exchanges.

An important feature of the foreign exchange market was an interest-bearing loan disguised as a foreign exchange transaction. Merchants and financiers were able to make loans evading usury laws using a sequence of two bill transactions – a precursor of today’s foreign exchange swap.

外汇交易历史

而且，汇票被作为金融工具在交易集市（trade fairs）上交易。它们被贴现并转换为外汇。

这些交易集市可以被视为现代股票和外汇交易所的先驱。

外汇交易市场的一个重要特征是其中貌似外汇交易的含息贷款。商人和金融业者可以利用一系列的两币种交易来回避高利贷法规，进行借贷——它是今天的外汇掉期业务的雏形。

Seigniorage defined

The early definitions of seigniorage referred to the difference in the value of a money, and its mint costs.

For example, say a silver coin has value $10 and its silver content and cost of manufacture is only 50 cents, then seigniorage is $9.50. 

Seigniorage on paper money is generally greater due to the higher nominal values as money and the lower costs of printing in terms of paper, ink, anti-counterfeit measures such as filaments, water marks, color changing ink and the like.

铸币税的界定

早期的铸币税是指货币面值与其铸造成本之间的差额。

例如，面值10美元的银币，其含银量和铸造成本仅为50美分，于是铸币税为9.5美元。

由于纸币较高的名义价值和较低的印制成本（纸、墨以及诸如防伪线、水印、变色墨水等的防伪措施），纸币的铸币税通常更大。

Seigniorage defined

For example the US $100 bill costs about 12 cents to manufacture.  Consequently seigniorage is $99.88.  These profits to the Treasury can be spent, just as with any other tax receipt.

The issue of money is usually the right of the sovereign government (i.e. the seigneur), so that the right to strike money has historically been used to finance wars and emergency expenditures by the “printing press.”

铸币税的界定

例如，100美元钞票的印制成本仅为12美分，结果铸币税是99.88美元。财政部可以像支配任何其他税收收入一样支配这部分利润。

货币发行通常是主权国家政府（如封建君主）的权利，因此在历史上，政府常作为“印钞机”发行货币为战争和突发性支出融资。

Seigniorage defined

There are, however, limits as to the amount of seigniorage finance may take place.  

This is because the demand for money collapses when inflation is high, so that real seigniorage collections, ΔM/P, decline after a certain point, yielding what is known as a “Laffer curve in seigniorage.”

铸币税的界定

但是，利用铸币税融资存在某些限制。

这是因为高通胀时，货币崩溃的可能性也增大，从而导致某一时点后的实际铸币税ΔM/P下跌，形成铸币税的“拉弗曲线”。

The Laffer Curve for seigniorage

铸币税的拉弗曲线：以实际货币余额百分比形式表示的年实际铸币税收入。

1952－2005年，中国铸币税率为14.6% ，获取了13.8% 的新实际铸币税收入。从技术上说，货币铸造税率是   ，当货币增长趋于无穷大时，它接近1或100％的极限。

整理人：李雪微 叶序华