论货币的本质是信用——从货币演变史中抽象货币的本质和演变规律

Money is in Essence Credit ——Abstracting from the Evolvement of Money its Essence and Evolving Laws

在货币演变过程中,货币的信用担保主体逐步外化,但其信用结构最后都收敛为对货币具有普遍接受能力的信任,所以货币的本质是信用,它贯穿了货币演变的全过程。在这个过程中,交易成本递减和货币的信用风险递增又是货币发展的两个本质规律,它们共同决定着货币演变的历程。

The subject of credit guarantee has gradually externalized in the evolvement course of money, but its credit structure eventually converges on the trust in the universal acceptability of money. Therefore, the essence of money is credit, which penetrates the whole evolvement process of money. In the process, diminishing transaction cost and increasing credit risk of money are, in turn, two fundamental laws of money development and jointly determine the evolvement of money.