中国货币金融演进之谜:王亚南与彭信威的解读

THE MYTH OF CHINA'S MONETARY AND FINANCIAL EVOLUTION:INTERPRETATION BY WANG YA-NAN AND PENG XIN-WEI

20世纪中期以来,王亚南和彭信威对中国货币金融制度演进逻辑与运行机制多有发现与阐发。王亚南观察到了中国货币本位的"二元结构"特征、货币制度的信任内涵,以及货币金融制度变迁的"博弈均衡"性质。他特别揭示了货币形制混杂所体现的利益诉求与货币价值(银价)频变所凸显的利益格局。他发现,中国近代以来之所以出现"低货币化"现象,其根源不在"内生"机制之委靡,而在外生制度之扭曲。相比之下,彭信威对中国货币金融制度变迁的刻画与评判则投注了更多的实证精神与制度关怀。他发现了中国货币史上的"铜币跨期等重"现象,并在纸币、铜本位以及银行制度发育迟滞之间建立了有趣的内在联系;循着由货币购买力牵系出来的逻辑,彭信威还尝试性地破解了货币理论长期停滞与国民财富贮藏偏好两大谜团。

Since the mid 20th century, WANG Ya-nan and PENG Xin-wei have provided valuable insights into the evolution of China＇s monetary and financial system and its operation. According to WANG＇s observation, China＇s monetary standard bears the feature of dual-structure the money system is based on credit and the evolution of monetary and financial system is characterized by game equilibrium. He explores in particular the chaotic phenomenon of the various forms of currency circulating simultaneously, and draws the conclusion that such a phenomenon results from the desire for interests and reflects the interests structure highlighted by frequently changing money value （silver value）. To WANG, the reason for the low monetization in modern history does not lie in the inertia of the indigenous mechanism but in the distortion of the exogenous system. By contrast, PENG is more empirical and institution-minded in his analysis of the evolution. He discovers that the intertemporal copper money unit had the same weight. Moreover, he builds up an interesting inherent connection among the slow development of the banking system, the paper money and the copper standard. From the logic derived from purchasing power, PENG tentatively offers a valid explanation of two long-standing myths, the national preference of wealth storage and the stagnation of the monetary theory.