银进钱出与明代货币流通体制

Counterfeiting and the Circulation of Money in the Ming Dynasty

中国货币史研究中一向有白银进步论一说,主张白银能够而且必然取代铜钱,是因为贵金属如金、银的规范性特质更适合较发达的商品经济。该说认定明代中后期银进钱退是唐宋以来中国货币经济史划时代之发展,即所谓从铜钱经济向白银经济的过渡。明代的钱退其实和白银丰沛与否无直接关系,直接原因是明代基层市场交易对铜钱的庞大需求推动私铸钱的盛行。铜钱因为币面价值低廉,便于作伪,所以私铸就成为弥补铜钱不足的重要渠道。但是其解决之道是劣币驱逐良币,频繁的货币更新和投机导致钱币信用不高、流通范围狭窄,不同市场之间也因交易媒介不同而出现隔离,这无形中都大大加大了交易成本,严重制约了明代全国市场的发展。白银进步论不仅在逻辑上有重大瑕疵,在实证上也颇成问题。明代白银的流通,实际上是伴随货币供应的大幅滑落。盗铸钱对规范铜钱的排挤才是白银"取代"铜钱的真正原因。

The bullionist explanation about the market economy in sixteenth-century China often emphasized the undergoing transition in the media of exchange from bronze coins to silver and claimed the superiority of precious metals in promoting trade.It argued that this revolutionary change led to the emergence of an early modern economy.This paper challenges the bullionist explanation by exploring the real factor underneath the ＂retreat＂ of bronze coins from the market.The Ming court produced the smallest amount of hard currencies in late imperial China that could barely meet the needs of exchange.Precious metals were far less sufficient before silver began to massively import from 1580 on.In fact,the coins retreated only from long-distance trade.The markets had to produce the coins themselves.The counterfeited coins prevailed throughout the country in the sixteenth century.Although they served as the currency from time to time,the Gresham＇s Law was inevitably working.Contemporary writings observed each local market accepted only its own coin that was counterfeited locally.The government and wholesale merchants appealed to using silver in order to avoid the enormous increase in transaction costs.China＇s domestic market in the sixteenth century was,therefore,agitated by monetary problems.