市场结构、银行行为与1921-1937年上海物价波动--以中国银行上海分行为中心的分析  

Market Structure,Banking Action and Shanghai's Price Fluctuation from 1921 to 1937: A Case Study Focusing on the Shanghai Branch of Bank of China

作　　者：刘愿[1,2] 

机构地区：[1]华南师范大学经济与管理学院,广州510006 [2]华南师范大学华南市场经济研究中心,广州510006

出　　处：《中国经济史研究》2016年第4期127-139,共13页Researches in Chinese Economic History

基　　金：国家社会科学基金项目“竞争性货币体系的微观机理与宏观绩效研究”(12CJL010)的阶段性成果

摘　　要：大萧条前夕中国经济表现优于西方国家,但关于市场和政府在其中所发挥的作用仍有争议。本文以中国银行上海分行为中心考察自由银行体系的运作及法币改革对银行行为的影响。在竞争性货币体系下,中行沪行作为发行的银行恪守谨慎发行、按金融季节调整的发行政策;作为商业性银行极其注重信贷业务,放贷谨慎又不失灵活性;通过银行同业公会发行公单救济陷入危机的银行,发挥银行之银行的作用。在经济稳定时期,中行沪行根据金融季节调整兑换券发行以满足市场流动性需求,保持上海物价稳定;在大萧条前夕,面对白银内流通货膨胀,主动减少兑换券发行;在白银风潮时期,面对白银外流通货紧缩,主动增加兑换券发行以平抑物价波动。但法币改革后中行沪行兑换券发行刚性增长,信贷规模膨胀,导致物价水平快速上升,虽然使中国经济在短期内恢复增长,但却为国民政府统治下的恶性通货膨胀埋下了货币制度的种子。本文证明自由银行体系的金融稳定器功能,为哈耶克的货币非国家化理论提供了一个中国的历史例证。Chinese economy performs better than western countries during Great Depress, but there are still debates on the role of market and government on the economy. Focusing on the Shanghai Branch of Bank of China, this paper studies the operation of free banking system and the impact of Fiat Currency Reform in 1935 on banks＇ action. In the competitive monetary system, as the issuing bank, the Shanghai Branch of Bank of China behaves quietly prudent in issuance and adjusts the stock of currency according to the financial seasons ; as the commercial bank, the Shanghai Branch of Bank of China places much emphasis on credit and keep being prudent and flexible in lending; as the quasi central bank, it also issues ＂public note＂ by banking association to relieve the bank in crisis. During economic stable period, the Shanghai Branch of Bank of China adjusts the stock of currency according to the financial seasons to satisfy the demand of the market and keep the price stable. In the eve of great depression, the Shanghai Branch of Bank of China reduces or increases the issuance of currency to mitigate the impact of silver inflow or outflow to keep the price stable. After the Fiat Currency Reform, however, both the issuance and lending of the Shanghai Branch of Bank of China are rigidly growing so that the price inflates rapidly. The reform plants a seed for the hyperinflation hereafter, though it makes the economy recover in the short-run. This paper demonstrates the function of free banking as financial stabilizer, and provides an evidence for Hayek＇s theory of denationalization of money basing on China＇s History.

关 键 词：自由银行体系 法币改革 中国银行上海分行 市场结构 

分 类 号：F832.9[经济管理—金融学] F729