利率的性质与成分

The Nature and Composition of Interest Rates

本文试图辨析利率的性质,并分解利率的组成。利率包括三个组成部分:作为货币要求的利率、作为资本得到的利率和因为铸币税形成的利率。货币是交换的媒介,其价值在于购买力。货币借出方收取的利率反映了货币借入方还款承诺违约的概率。不同信用的人借款有不同的利率。这是作为货币要求的利率。交换的目的可以是消费,也可以是投资(用于将来的消费),当用于投资时,货币变成资本。由于资本能带来利润,因此资本借入方会将部分利润分享给借出方,这是货币资本化后获得的利率。在现有使用纸币的情形下,国家掌握着货币的发行,货币的发行相当于对货币持有者的征税。利率因此反映着货币发行造成的税负,及过度发行形成通货膨胀而对购买力的一种稀释,这是因为铸币税形成的利率。

This paper discovers the nature of interest rates and decomposes the interest rates into three components: the interest rate required as currency, the interest rate earned as capital, and the interest rate caused by inflation Money is the medium of exchange and its value lies in the purchasing power The interest rate charged for borrowing money is a reflection of the probability of default on the borrower s promise People with different credits borrowing money have different interest rates This is the interest rate required as currency The purpose of the exchange can be consumption or investment ( for future consumption). When used for investment, money becomes capital and brings profit Borrowers will share part of the profit to currency lenders This is the interest rate earned as capital Governments have the privilege to issue currency, and the issuance of currency is equivalent to the taxation of currency holders (Seigniorage). Inflation happens when the issuance exceeds limit and dilutes the purchasing power of existing currency The third component of interest rates is the interest rate caused by inflation.