论近代中国银本位制下的汇率变动

银本位制是国际金融史上最早、最纯粹的浮动汇率制。银本位制时代中国汇率变动的特点划分为前后两个时期:1931年以前为金银比价变动,汇率变动的总趋势是金贵银贱;1931年后演变为银与金、银与各国纸币兑换率双重汇率,二者走势并不完全趋同。第一次世界大战时期和20世纪30年代有两次银贵现象,第一次世界大战时期的银贵是名“贵”而实“贱”,迎来了中国经济发展的第一个高峰; 20世纪30年代是金贵银贵纸贱,对中国经济的影响是灾难性的。

On the Exchange Rate Fluctuations under the Modern Chinese Silver Standard

Silver standard is the earliest and sheer floating exchange rate system in the international finance history. The exchange rate fluctuations in silver standard period can be divided into two periods: before 1931 was the fluctuation in the parity of gold and silver, and main trend wasthat gold became expensive and silver became cheap; after 1931 the exchange rate included two sets: silver and gold, silver and every country's paper currency. The two changed in different pace. The expensive silver phenomenon emerged twice: during the First World War and in the 1930s. During the First World War the silver seemed to be expensive while in fact was cheap. This brought in the first golden time for Chinese economy development. In the 1930s the gold and silver were expensive while the paper currency was cheap. This caused disaster to Chinese economy.