结构性供需失衡与北宋钱荒

On the money shortage in North Song dynasty

钱荒并不是"钱重物轻",北宋钱荒不是铜钱供应不足,而是结构性供需失衡。农业税收的集中性与财政开支日常化的矛盾,以及东南"财源之地"与财政开支"内赡京师,外实边鄙"的矛盾,使得货币供需在时间和空间上处于一种失衡的状态,最终形成"钱荒"。

It is argued that the money shortage in the North-Song dynasty is not due to the copper in actual shortage, but due to unbalanced structure of supply. The concentrated agricultural tax cannot meet the demand of the daily governmental expenses. It is rich in the southeast while in the border regions and the inland capital city large quantity of money is consumed. So the spatial and regional unbalance of money supply finally results in the money shortage.