货币、货币化与萧条时期的货币供给——20世纪30年代中国经济走出困局回顾

Money,Monetization and Money Supply in Economic Depression:Review on the Solution to the Economic Problem in China in the 1930s

近代中国货币供应结构的改变(存款比例增大)解决了现金货币供应不足的问题。文章测算了20世纪30年代中国经济的货币化程度,认为它是稳步增长的。在世界经济危机波及中国的情况下,主要依靠中国、交通两银行等核心金融机构力挺工商业的带头示范和同业合作,以及政府对中交两行接管初期的某种督促,保持了货币供给的增加,使中国市场较快走出困境;但政府统制金融的另一面则是扼杀了市场的活力,缺乏制约政府行为的配套改革,因此在取得成果的同时也埋下了非常不利的伏笔。

In modern China, the change of money supply structure （deposit proportion raised） serves as a solution to the problem of short cash supply. This paper calculates the monetization level in China in the 1930s, which is in a steady increase. With the global economic crisis, the increase of money supply is kept by the support of key financial organizations in industry and commerce and some certain governmental supervision in the beginning period of taking over the Bank of China and the Bank of Communications, thus China extricates itself from a predicament. But on the other hand, governmental control on financial system makes the market lack of vigor and related reforms that could restrict government behaviors, therefore leaving disadvantageous factors.