第二编 货币的价值
第十章 不同种类货币的兑换比率
章节大纲
一、不同种类货币共存的双重可能性
If the inhabitants of one country exclusively use a certain money (such as gold) for their domestic purchases, while a second country uses a different money (such as silver) for their domestic purchases, and the two countries are closely tied economically through trade, then it is incorrect to say that gold is the only common medium of exchange in the first country, and silver the only one in the second country. On the contrary, because merchants from one country can only trade goods with the other country’s merchants through the use of the other domestic money, it is clear that both monies are media of exchange among people in both countries.
如果一个国家的居民只使用某种货币（如黄金）进行国内采购，而另一个国家则使用不同的货币（如白银）进行国内采购，而这两个国家通过贸易在经济上紧密联系在一起，那么说黄金是第一个国家唯一的通用交换媒介、白银是第二个国家唯一的通用交换媒介是不正确的。相反，由于一个国家的商人只能通过使用别国货币与另一个国家的商人进行商品贸易，很明显这两种货币都是两国人民之间的交换媒介。
二、不同种类货币的静态（或自然）兑换比率
Whether two different monies operate side by side in the same country under a parallel standard, or whether one money is used exclusively for domestic trade in one country while the other money is likewise used in a second country, the same principle operates to regulate the exchange ratio (or what nowadays would be called the exchange rate) between the two monies. The theory of purchasing power parity says that the exchange ratio between two monies is determined by the respective exchange ratios of each money and other goods and services.
同样的原则适用于调节两种货币之间的交换比率（或当今称之为汇率），无论这两种不同的货币是在同一个国家以平行标准并排运行，还是一种货币在一个国家专门用于国内贸易，而另一种货币在第二个国家是同样的用法。购买力平价理论认为，两种货币之间的交换比率取决于每种货币与其它货物和服务的相应交换比率。
For example, if the price of a barrel of crude oil, measured in American dollars, is $100, while the price of a barrel of crude oil quoted in Japan is ￥8,000, then the exchange rate between the two currencies must be $1 for ￥80. If the exchange rate were different, there would be arbitrage opportunities for buying oil with one currency and selling it for the other. For example, suppose the exchange rate were $1 for ￥90 (rather than the equilibrium price of $1 for ￥80). In that case, a Japanese investor could take ￥8,000 and buy a barrel of crude oil. Then he could sell the oil to an American for $100. Finally he could go to the foreign exchange market and trade his $100 for ￥9,000. Thus the Japanese investor would have taken advantage of the existing price ratios to effortlessly turn his original ￥8,000 into ￥9,000. (His efforts to profit from this arbitrage opportunity would eventually eliminate it, since he would be acting to push up the yen-price of oil, push down the dollar-price of oil, and push down the yen-price of a dollar bill.)
例如，如果以美元计量的一桶原油的价格是100美元，而在日本报价的一桶原油价格是8000日元，那么这两种货币之间的汇率必然是80日元兑换1美元。如果汇率不同，就会有套利机会，用一种货币购买石油，然后将其出售换取另一种货币。例如，假设汇率为1美元兑换90日元（而不是1美元兑换80日元的均衡价格）。在这种情况下，日本投资者可以花8000日元买一桶原油，然后以100美元的价格把石油卖给一个美国人。最后他可以通过外汇市场把100美元换成9000日元。这样，日本投资者就可以利用现有的价格比率轻松地将原来的8000日元变成9000日元。（他从这个套利机会中获利的努力最终将消除这个机会，因为他的行动将推高石油的日元价格，压低石油的美元价格，并压低一美元钞票的日元价格。 ）
If we first imagine a unified region using a single money, with no institutional obstacles to trade among its inhabitants, then it is clear that all commodities, including money, will be distributed among the population in accordance with marginal utility. If some people end up holding an above-average amount of (say) blankets, it is because their demand for this good is higher than average. By the same token, if some people acquire larger cash balances than others, it is because their demand to hold money is larger. There is no question of a dangerous “trade deficit” that could cause a “drain of money” from some people to others.
如果我们首先设想一个使用单一货币的统一区域，在居民之间没有制度上的贸易障碍，那么很明显，包括货币在内的所有商品都将按照边际效用在全体居民中分配。如果有些人最终拥有了超过平均水平的（比如说）毯子，那是因为他们对这种商品的需求高于平均水平。同样，如果有些人获得比其他人更大的现金余额，那是因为他们持有货币的需求更大。一个危险的“贸易逆差”可能会导致某些人“流失钱财”，这是不可能的。
The same principles hold for nations. The aggregate figures of imports and exports are simply the summation of the trading activities between the individuals in each country. An accumulation of money in one country versus another can only be sustainable if the demand to hold money increases in the first country relative to the second. A trade deficit not accompanied by such a shift in the demand for money will be quickly self-reversing, as the prices in the country accumulating money will rise and the prices in the country losing money will fall.
同样的原则也适用于国家。进出口总额只是每个国家个人之间交易活动的总和。只有当第一个国家对货币的持有需求相对于第二国增加时，一国对另一国的货币积累才是可持续的。如果贸易逆差没有伴随着货币需求的这种转变，那么贸易逆差将很快自动逆转，因为该国积累的那种货币价格将上涨，而该国失去的那种货币价格将下降。
技术说明
Mises argues on pages 179–80 that even in cases where the consumers in two different countries use different monies in everyday transactions, nonetheless if the regions are closely bound by international trade, then “from the economic point of view both [monies] must be regarded as money for each area.” Updating to our times, what Mises has in mind is that the American businessman who wants to import cars from Japan, must at some point in the transaction exchange dollars for yen or vice versa. In that respect, the yen is a medium of exchange that is accepted in trade by the American businessman, in addition to all of the Japanese. However, it is still not obvious that this should mean that the yen is money even in the United States, because the definition of money is “a commonly accepted medium of exchange.” To be sure, the yen is commonly accepted among Americans doing business with Japan, but it is not commonly accepted in the United States per se. However, the important point is not whether we say that the yen is money in the United States, but rather that we understand Mises’s point that international trade requires businesspeople to accept the monies used in foreign lands.
米塞斯在英文版179-80页上指出，即使两个不同国家的消费者在日常交易中使用不同的货币，但是若这些地区与国际贸易紧密相连，那么“从经济角度看，两种货币都必须被视为每个地区的货币。”对于当代来说，米塞斯想到的是，想要从日本进口汽车的美国商人，必须在交易中的某个时刻用美元兑换日元，反之亦然。在这方面，除了所有日本人之外，日元也是美国商人在贸易中接受的交换媒介。然而，这仍然不明显意味着即使在美国国内，日元也是货币，因为货币的定义是“一种普遍接受的交换媒介”。可以肯定的是，日元在与日本做生意的美国人中是被普遍接受的，但在美国本土并未被普遍接受。然而，重要的一点，不是我们是否说日元在美国国内是货币，而是我们理解米塞斯的观点，即国际贸易要求商人接受外国使用的货币。
On page 182 Mises writes, “[Classical political economy] demonstrated that international movements of money are not consequences of the state of trade; that they constitute not the effect, but the cause, of a favourable or unfavourable trade-balance.” He has in mind the following contrast in analysis: Suppose the English spend one million gold ounces importing wine from France, while the French spend only 900,000 gold ounces importing sweaters from England. An English mercantilist would probably bemoan the fact that his countrymen were importing more than they were exporting, and that this “unfavorable trade balance” was unwittingly losing 100,000 ounces of gold to the dastardly French. However, the classical economists such as Hume, Smith, and Ricardo could point out that the French (in the aggregate) apparently desired to increase their holdings of gold, while the English apparently desired to reduce their holdings. In that case, the only way to satisfy these shifts in money demand would be for the French to ship the English 100,000 gold ounces worth of goods, for which the English would not ship any (nonmonetary) goods in return.
米塞斯在英文版第182页写道：“古典政治经济学证明，国际货币流动不是贸易状况的后果，它们不是贸易顺差或贸易逆差的后果，而是其原因。”他在分析中考虑到以下对比：假设英国花费100万金盎司从法国进口葡萄酒，而法国仅花费90万金盎司从英国进口毛衣。一位英国重商主义者可能会哀叹这样一个事实：他的同胞进口的比出口的要多，这种“贸易逆差”在不知不觉中损失了10万盎司黄金给卑鄙的法国人。然而，像休谟、史密斯和里卡多这样的古典经济学家可以指出，法国人（总的来说）显然希望增加他们持有的黄金，而英国人显然希望减少他们持有的黄金。在这种情况下，满足这些货币需求变化的唯一方法是法国人运送价值10万盎司黄金的货物给英国人，而英国人不以任何（非货币）货物作为回报。
新术语
Parallel Standard: A monetary system in which two different goods both serve as monies. (For example, gold and silver might both serve as money under a Parallel Standard.)
平行标准：两种不同的商品都被作为货币的货币体系。（例如，在一个平行标准下，黄金和白银都可以作为货币。）
Exchange rate: The ratio at which one currency trades against another in the foreign-exchange market.
汇率：外汇交易市场上一种货币与另一种货币进行交易的比率。
Purchasing Power Parity: The theory stating that the exchange ratio between two monies is determined by the respective exchange ratios of each money and other goods and services.
购买力平价：一种理论，说明两种货币之间的兑换率是由每种货币各自与其它商品和服务的兑换率决定的。
研究问题
When England operated on a gold standard, while Germany operated on a silver standard, does Mises think that silver should have been considered as money even in England? (pp. 179–80)
当英国实行金本位制，而德国实行银本位制时，米塞斯认为即使在英国，银也应该被视为货币吗？（英文版第179—80页）How does the doctrine of purchasing power parity explain the exchange ratio between gold and silver in the example of cloth and wheat? (p. 181)
在布和小麦的例子中，购买力平价理论是如何解释金银兑换比率的？（英文版第181页）Explain: “If no other relations than those of barter exist between the inhabitants of two areas, then balances in favor of one party or the other cannot arise.” (p. 182)
解释：“如果两个地区的居民之间没有物物交换以外的其他关系，那么就不可能出现有利于一方或另一方的（贸易）差额。”（英文版第182页）What was the train of thought that Mises says “dealt the Mercantilist Theory its death-blow”? (p. 182)
米塞斯所说的“使重商主义理论受到致命打击”的思想体系是指什么？（英文版第182页）Explain: “International movements of money, so far as they are not of a transient nature and consequently soon rendered ineffective by movements in the contrary direction, are always called forth by variations in the demand for money.” (p. 185)
解释：“只要货币的国际流动不是暂时的，不会很快被相反方向的流动所抵消，货币的国际流动就总是由货币需求的变化而引起。”（英文版第185页）