孙中山的货币革命论及现代启示

Sun Yat-sen's Monetary Revolution Theory and the Enlightenment to the Modern Society

孙中山提出用纸币替代金银货币,但必须谨防滥发纸币,纸币发行的量要与商品流通量相适应,货币购买力要与商品可供量协调一致;为了防止纸币的滥发而贬值,必须从制度上加以约束。国家发行纸币必须以国家赋税收入作为保证,或以金银、货物和不动产作保证,实行货物发行保证制,从而有效防止纸币贬值和通货膨胀的发生。孙中山先生提出的纸币发行需要以商品货物作为保证,实际上是提出了一个现代货币理论中的货币锚问题。中国目前确实存在货币无锚滥发的现实,这既不利于社会的稳定,更不利于中国经济结构的调整。

Sun Yat-sen proposed the substitution of gold and silver with paper notes but cautioned against the uncontrolled issue of paper notes. The circulation of commodities should be the benchmark for the paper notes. The purchasing power of the notes should be in accordance with the supply of commodities. Appropriate systems had to be set up to prevent the unlimited issue of paper notes. He suggested that the state should use the tax revenue or gold, silver, goods and real estate as the guarantee to issue the notes, so as to effectively avoid the depreciation of paper notes and the outburst of inflation. In fact, Sun＇s thoughts on the issue of paper notes is the currency anchor. In today＇s China, the issue of paper notes without the limitation by currency anchor not affects only social stability but also the adjustment of the economic structure.