纪念北宋交子诞生1000周年兼论纸币发行约束问题  

Commemorating the 1000th Anniversary of the Birth of Jiaozi in the Northern Song Dynasty and Discussing the Constraints on Currency Issuance

作　　者：易纲 YI Gang(China Society for Finance and Banking,100800)

机构地区：[1]中国金融学会,北京100800

出　　处：《金融研究》2023年第10期1-7,共7页Journal of Financial Research

摘　　要：天圣元年(公元1023年),北宋朝廷在今四川成都(益州)设立交子务,到今年整整1000周年了。交子是我国历史上重要的金融创新,它开启了人类货币史上纸币作为信用货币的伟大实验,其成功和失败的经验对货币政策和币值稳定有着重要的借鉴意义。没有约束的纸币发行必然导致通货膨胀和纸币贬值,一种好的、可持续的、有利于经济稳定和增长的货币制度是竞争出来的。目前,大多数国家都采用把纸币作为国家信用货币(法币)的制度安排,这需要明确货币政策的目标是保持币值的稳定,因此建立和完善现代中央银行制度十分重要。在研究交子历史贡献的过程中,需要注重细节的把握,要特别关注私交子背后的商业信用,反思官交子因财政超发最终难以维系的原因,并着重研究交子背后的一系列信用支持制度安排,比如准备金制度、发行限额和分界发行制度、流通支付制度等等,以及兑现折扣率、流通范围等细节。In the year 1023 AD,the Song government established the Jiaozi authority which is responsible for Jiaozi issuance and exchange in Chengdu,Sichuan,marking a full millennium this year.Jiaozi represents a significant financial innovation in China's history,initiating a grand experiment in the history of currency with banknote serving as a credit medium.The successes and failures of Jiaozi are highly instructive for modern monetary policy and currency stability.Unconstrained issuance of paper money inevitably leads to inflation and devaluation.A sound,sustainable monetary system conducive to economic stability and growth emerges from competition.Today,most countries adopt a system where paper money serves as a national credit currency(fiat money),necessitating a clear monetary policy aims to maintain currency value stability,thus highlighting the importance of establishing and refining a modern central banking system.In studying the historical contributions of Jiaozi,it is crucial to pay attention to details,particularly the commercial credit behind private-issued Jiaozi,reflect on the reasons for the ultimate failure of government-issued Jiaozi due to fiscal over-issuance,and focus on researching the series of credit support system arrangements behind Jiaozi,such as reserve requirements,issuance quote limits,segmented issuance systems,circulation payment systems,and other details like redemption discount rates and the scope of circulation.

关 键 词：交子 信用支持制度安排 货币发行约束 币值稳定 

分 类 号：K244[历史地理—历史学] F822.9[历史地理—中国史]