第三編 貨幣與銀行
第十七章 信用媒介與貨幣需求
概要
If labor and other resources are used to extract more gold from mines, and this additional gold goes into the cash balances of people in the community, then from a social point of view the labor and other resources have been wasted. The quantity of “real out-put” (pounds of steak, barrels of crude oil, etc.) produced per person doesn’t rise, but merely the prices of these items quoted in gold or silver.
如果使用勞動(dòng)力和其它資源從礦山中開采更多的黃金，而這些額外的黃金進(jìn)入社區(qū)中人們的現(xiàn)金余額，那么從社會(huì)的角度來看，勞動(dòng)力和其它資源就被浪費(fèi)了。每個(gè)人的“實(shí)際產(chǎn)出”數(shù)量（牛排磅數(shù)，原油桶數(shù)等）并沒有增加，增加的僅僅是這些商品以黃金或白銀報(bào)價(jià)的價(jià)格。
The development of fiduciary media kept the objective exchange value of money lower than it otherwise would have been, and thereby avoided a large diversion of resources into mining more of the precious metals for cash holdings.
信用媒介的發(fā)展使貨幣的客觀交換價(jià)值低于原本應(yīng)有的水平，從而避免了資源被大量轉(zhuǎn)用于開采更多的貴金屬以獲取現(xiàn)金。
Some writers argue that the payment system in an advanced market economy is “elastic” and responds to the “needs of commerce,” rather than the actual stock of money in the narrower sense. Although the extension of the clearing system does reduce the demand for money in the broader sense, there is no reason that its development should be related to the demand for money. It is an independent phenomenon that may either strengthen or counterbalance changes in the demand for money originating from other causes.
一些作者認(rèn)為，先進(jìn)市場(chǎng)經(jīng)濟(jì)中的支付系統(tǒng)是“彈性的”，是對(duì)“商業(yè)需求”的響應(yīng)，而不是狹義上的實(shí)際貨幣存量。盡管廣義上來說，清算系統(tǒng)的擴(kuò)張確實(shí)減少了對(duì)貨幣的需求，但沒有理由認(rèn)為其發(fā)展與貨幣需求相關(guān)。它是一種獨(dú)立的現(xiàn)象，可能會(huì)增強(qiáng)或抵消由其它原因引起的貨幣需求變化。
Many writers (such as those of the Banking School) argue that the banks do not have the power to independently increase the quantity of fiduciary media. What these writers fail to understand is that the demand for loans depends on the rate of interest. It makes no sense to speak of how much money the banks’ customers wish to borrow, without specifying a rate of interest. If the banks want to issue fiduciary media, they must lower the market rate below the natural rate of interest.
許多作者（例如銀行學(xué)派的作者）認(rèn)為，銀行沒有權(quán)力獨(dú)立增加信用媒介的數(shù)量。這些作者無法理解的是，貸款需求取決于利率。在沒有指定利率的情況下談?wù)撱y行客戶希望借多少錢是沒有意義的。如果銀行要發(fā)行信用媒介，他們必須將市場(chǎng)利率降低到自然利率以下。
Businesses seek loans from the banks because they desire capital; they simply want capital in the form of money, so that they can conveniently acquire the physical capital goods that they ultimately desire for their operations. Of course, the mere issuance of fiduciary media does not increase the amount of tractors, fertilizer, or power tools. The only way the banks can provide these goods to their clients is through redistribution of purchasing power away from members of the community who do not receive the influx of the newly created money.
企業(yè)從銀行尋求貸款是因?yàn)樗麄兛释Y本。他們只是想要貨幣形式的資本，這樣他們就可以方便地獲得他們最終運(yùn)營(yíng)所需要的實(shí)物資本商品。當(dāng)然，僅發(fā)行信用媒介并不能增加拖拉機(jī)、化肥或電動(dòng)工具的數(shù)量。銀行能夠向客戶提供這些商品的唯一方法是通過重新分配購買力，使購買力從沒有獲得新增貨幣的社區(qū)成員那里轉(zhuǎn)移到自己客戶手中。
章節(jié)大綱
一、信用媒介對(duì)狹義貨幣需求的影響
In one sense, the employment of the precious metals (or any other useful commodity) to enlarge the stock of money is wasteful. If labor and other resources are used to extract more gold from mines, and this additional gold goes not into industrial or commercial uses (such as for dental fillings or jewelry), but instead increases the cash balances of people in the community, then from a social point of view the labor and other resources have been wasted. Increasing the quantity of money may redistribute existing wealth to make some individuals richer, but only at the expense of making others (who are last to receive the new money) poorer. The community as a whole doesn’t achieve a higher standard of living, simply because people hold more gold or silver in their cash balances. The quantity of “real output” (pounds of steak, barrels of crude oil, etc.) produced per person doesn’t rise, but merely the prices of these items quoted in gold or silver.
從某種意義上說，使用貴金屬（或任何其它有用的商品）來擴(kuò)大貨幣儲(chǔ)備是浪費(fèi)的。如果將勞動(dòng)力和其它資源用于從礦山中提取更多的黃金，而這些額外的黃金未被用于工業(yè)或商業(yè)用途（例如牙科填充物或珠寶），而是增加社會(huì)中人們的現(xiàn)金余額，那么從社會(huì)的角度來看，勞動(dòng)力和其它資源已被浪費(fèi)。貨幣數(shù)量的增加可能會(huì)重新分配現(xiàn)有財(cái)富，使某些人變得更富裕，但其代價(jià)是讓其他人（最后獲得新貨幣的人）更貧困。社區(qū)作為一個(gè)整體無法獲得更高的生活水平，只是因?yàn)槿藗冊(cè)诂F(xiàn)金余額中擁有更多的黃金或白銀。每個(gè)人的“實(shí)際產(chǎn)出”數(shù)量（牛排磅數(shù)，原油桶數(shù)等）并沒有增加，上漲的僅僅是這些物品以黃金或白銀進(jìn)行的報(bào)價(jià)。
The development of fiduciary media reduces the demand to hold money in the narrower sense. In a community using gold as commodity money, a person who holds (airtight and instantly redeemable) claims to gold, which are accepted in commerce by everyone in the community, doesn’t need to carry as much actual gold on a day-to-day basis. In this sense the widespread use of fiduciary media “economizes” on the amount of metal that must be allocated into the function of serving as the medium of exchange; more gold is freed up to be used in jewelry or industrial applications.
信用媒介的發(fā)展減少了狹義貨幣的持有需求。在使用黃金作為商品貨幣的社區(qū)中，持有（無風(fēng)險(xiǎn)且可立即贖回）黃金債權(quán)的人無需每天攜帶那么多實(shí)際黃金，因?yàn)辄S金債權(quán)在交易中也被社區(qū)成員接受。從這個(gè)意義上說，信用媒介的廣泛使用“節(jié)約”了必須分配給交換媒介的金屬的數(shù)量，釋放出更多的黃金以用于珠寶或工業(yè)應(yīng)用。
Were it not for the simultaneous development of fiduciary media, the intensification of the division of labor as the world became one giant integrated market would have led to a sharp increase in the objective exchange value of money. In other words, as more people around the world became part of the global market which used gold as the international money, more people would have tried to obtain gold as part of their cash holdings. If actual gold had to satisfy this huge growth in demand, prices (quoted in gold) would have fallen and the owners of gold mines would have intensified their extraction efforts. But the simultaneous development of fiduciary media counterbalanced this tendency, so that the purchasing power of a unit of gold did not rise as much as it otherwise would have.
如果沒有信用媒介的同步發(fā)展，隨著世界成為一個(gè)巨大的綜合市場(chǎng)，勞動(dòng)分工的加劇將導(dǎo)致貨幣的客觀交換價(jià)值急劇上升。換言之，隨著全球越來越多的人成為以黃金作為國(guó)際貨幣的全球市場(chǎng)的一部分，更多的人會(huì)試圖獲得黃金作為他們持有現(xiàn)金的一部分。如果實(shí)物黃金必須滿足這種巨大的需求增長(zhǎng)，那么物價(jià)（以黃金報(bào)價(jià)）就會(huì)下降，金礦的所有者將加大開采力度。但是，信用媒介的同步發(fā)展抵消了這種趨勢(shì)，因此，每單位黃金的購買力上漲沒有像原本會(huì)發(fā)生的那么多。
二、貨幣需求的變動(dòng)
Some of the fluctuations in the demand for money are quite predictable. An increase in population and the spread of the money economy increase the demand for money. The demand for money changes during boom and bust periods. And even in a typical year, there are cyclical patterns based on agriculture and the payment of workers.
貨幣需求的一些波動(dòng)是可以預(yù)見的。人口的增加和貨幣經(jīng)濟(jì)的擴(kuò)張?jiān)黾恿藢?duì)貨幣的需求。在繁榮和蕭條時(shí)期，對(duì)貨幣的需求會(huì)發(fā)生變化。即使在典型一年中，也存在基于農(nóng)業(yè)和工人報(bào)酬的周期性模式。
三、相互抵消制度的彈性
Some writers argue that the payment system in an advanced market economy is “elastic” and responds to the “needs of commerce,” rather than the actual stock of money in the narrower sense. The quantity of money is said to have little influence on the objective exchange value of money, because (say) an increase in the demand for money will automatically be counterbalanced by other forces. These claims are often difficult to evaluate because they fail to make the crucial distinction between the extension of the clearing system, versus the increased use of fiduciary media. Although the extension of the clearing system does reduce the demand for money in the broader sense, there is no reason that its development should be related to the demand for money. It is an independent phenomenon that may either strengthen or counterbalance changes in the demand for money originating from other causes.
一些作者認(rèn)為，不像狹義貨幣的實(shí)際存量，先進(jìn)市場(chǎng)經(jīng)濟(jì)中的支付系統(tǒng)是“彈性的”，并且是對(duì)“商業(yè)需求”的響應(yīng)。有觀點(diǎn)認(rèn)為貨幣數(shù)量對(duì)貨幣客觀交換價(jià)值的影響很小，因?yàn)椋ɡ纾┴泿判枨蟮脑鲩L(zhǎng)將自動(dòng)被其他力量抵消。這些主張往往難以評(píng)估，因?yàn)樗鼈儫o法在清算系統(tǒng)的擴(kuò)張與信用媒介使用的增加之間做出關(guān)鍵區(qū)分。盡管清算系統(tǒng)的擴(kuò)張確實(shí)減少了對(duì)廣義貨幣的需求，但沒有理由認(rèn)為清算系統(tǒng)的發(fā)展應(yīng)該與貨幣需求有關(guān)。它是一個(gè)獨(dú)立的現(xiàn)象，可能會(huì)增強(qiáng)或抵消其它原因引起的貨幣需求變化。
四、以票據(jù)（特別是商業(yè)票據(jù)）為基礎(chǔ)的信用流通的彈性
Many writers (such as those of the Banking School) argue that the banks do not have the power to independently increase the quantity of fiduciary media. If business needs require more transactions, then somehow or other, business will get it—either from banks issuing more fiduciary media, or from businesses developing techniques to economize on the use of money. On the other hand (so the argument continues), if the banks try to issue more fiduciary media than the business community desires, these excess notes will come flowing back to the banks.
許多作者（例如銀行學(xué)派的作者）認(rèn)為，銀行沒有權(quán)力獨(dú)立地增加信用媒介的數(shù)量。如果商業(yè)需要實(shí)現(xiàn)更多的交易，那么無論以何種方式，要么從發(fā)行更多信用媒介的銀行那里，要么從開發(fā)節(jié)省貨幣使用技術(shù)的企業(yè)那里，這種商業(yè)目標(biāo)終將實(shí)現(xiàn)。另一方面（爭(zhēng)論還在繼續(xù)），如果銀行試圖發(fā)行超出商業(yè)界期待的信用媒介，這些多余的票據(jù)將倒流回到銀行。
What these writers fail to understand is that the demand for loans depends on the rate of interest. It makes no sense to speak of how much money the banks’ customers wish to borrow, without specifying a rate of interest. If the banks want to issue fiduciary media, they must lower the market rate below the natural rate of interest.
這些作者無法理解的是，貸款需求取決于利率。在沒有指定特定利率的情況下談?wù)撱y行客戶希望借多少錢是沒有意義的。如果銀行想要發(fā)行信用媒介，他們必須將市場(chǎng)利率降低到自然利率以下。
五、僅以票據(jù)作為信用媒介準(zhǔn)備的意義
The German Bank Act of 1875 followed the famous Peel’s Act in imposing requirements on the cover that banks could accept when issuing new loans in excess of their gold deposits. The requirement was significant not because it somehow tied the expansion of credit to the desire of the community for more money. Rather, it was significant because it placed an obstacle in the issuance of fiduciary media, keeping the quantity of money in the broader sense lower than it otherwise would have been.
1875年的《德國(guó)銀行法》遵循了著名的《皮爾法案》，對(duì)銀行在發(fā)行超出其黃金存款的新貸款時(shí)可以接受的擔(dān)保做出了要求。這一要求之所以重要，并不是因?yàn)樗阅撤N方式將信貸的擴(kuò)張與社會(huì)對(duì)更多貨幣的渴望聯(lián)系在一起，而是因?yàn)樗o信用媒介的發(fā)行設(shè)置了障礙，使廣義貨幣的數(shù)量低于原本應(yīng)有的水平。
六、銀行信貸請(qǐng)求的周期性增減
Businesses seek loans from the banks because they desire capital; they simply want capital in the form of money, so that they can conveniently acquire the physical capital goods that they ultimately desire for their operations. Of course, the mere issuance of fiduciary media does not increase the amount of tractors, fertilizer, or power tools. The only way the banks can provide these goods to their clients is through redistribution of purchasing power away from members of the community who do not receive the influx of the newly created money.
企業(yè)從銀行尋求貸款是因?yàn)樗麄兛释Y本。他們只是想要貨幣形式的資本，這樣他們就可以方便地獲得他們最終運(yùn)營(yíng)所需要的實(shí)物資本商品。當(dāng)然，僅發(fā)行信用媒介并不能增加拖拉機(jī)、化肥或電動(dòng)工具的數(shù)量。銀行能夠向客戶提供這些商品的唯一方法是通過重新分配購買力，使購買力從沒有獲得新增貨幣的社區(qū)成員那里轉(zhuǎn)移到自己客戶手中。
七、信用媒介對(duì)貨幣客觀交換價(jià)值變動(dòng)的影響
As with the extension of clearing operations, there is no reason that the expansion or contraction of fiduciary media should mirror changes in the demand to hold money; there is no “automatic” mechanism by which the objective exchange value of money is stabilized. Thus the insights of the quantity theory are upheld.
與清算業(yè)務(wù)的擴(kuò)展一樣，沒有理由認(rèn)為信用媒介的擴(kuò)張或收縮應(yīng)該反映持有貨幣需求的變化。沒有“自動(dòng)”機(jī)制可以穩(wěn)定貨幣的客觀交換價(jià)值。這支持了數(shù)量論的觀點(diǎn)。
技術(shù)說明
An example will clarify the terminology and arguments running throughout this and earlier chapters. Suppose a man asks his bartender if he can “run a tab,” meaning that he will obtain drinks in the present but will pay money for them later (perhaps at the end of the month). The bartender agrees, saying the man can have up to $100 in drinks without having to pay for them upfront. By doing so, the bartender has extended credit to the man. However, the quantity of money in the man’s possession hasn’t increased, because the man doesn’t have any transferrable claim (issued by the bartender) that others in the community would accept. In contrast, if the man goes to his local bank and applies for a $100 loan (to be paid back at the end of the month), then in this case too the man receives an extension of credit, but he also receives an addition to his cash balances. Whether the bank loan consists of a new checking account (with $100 as the initial balance), actual money, or notes issued by the bank, these would all be classified as money in the broader sense. The man could use them to buy anything he wanted, including drinks at the bar. Finally, to see the limited role of clearing systems, revert to the original assumption, where the man’s credit consists of a “tab” issued by the bartender with a limit of $100. If the man wanted to use this credit not to buy alcoholic drinks, but rather to buy (say) a pair of shoes, he would have to find a shoe seller who also wanted to buy drinks from the particular bar in question. Then it might be possible to arrange a deal whereby the man acquires the shoes, in exchange for telling the bartender to put the shoe seller’s drinks on his own tab (rather than charging the shoe seller for them).
一個(gè)示例將闡明貫穿本章和前幾章的術(shù)語和論點(diǎn)。假設(shè)一個(gè)男人問他的酒保是否可以“賒賬”，這意味著他可以立即獲得酒水，但以后付錢（也許在月底）。酒保表示同意，稱該男子最多可以喝100美元的酒水，而無需先付錢。通過這種方式，酒保向該男子擴(kuò)展了信用。但是，該男子擁有的貨幣數(shù)量沒有增加，因?yàn)樵撃凶硬]有任何其他社區(qū)成員愿意接受的（由酒保簽發(fā)的）可轉(zhuǎn)讓的債權(quán)。相反的，如果該名男子去他當(dāng)?shù)氐你y行申請(qǐng)一筆100美元的貸款（本月底償還），那么在這種情況下，該名男子也將獲得信貸延期，但他還會(huì)獲得額外的現(xiàn)金余額。無論銀行貸款是由新的支票帳戶（初始余額為100美元）、實(shí)際貨幣還是銀行發(fā)行的票據(jù)組成，它們都將被分類為廣義貨幣。該男子可以用它們來購買他想要的任何東西，包括在酒吧喝酒。最后，要理解清算系統(tǒng)的作用局限，請(qǐng)回到最初的假設(shè)，即該男子的信貸來自酒保簽發(fā)的“賒賬”，限額為100美元。如果該男子想用這筆信貸購買的不是酒水，而是（比如說）一雙鞋，那么他就必須找到一個(gè)鞋商，這個(gè)鞋商正在考慮從這間酒吧購買酒水。然后，也許可以安排一筆交易，讓該男子獲得鞋子，以換取酒保將鞋商的酒水掛在該男子的賬上（而不是向鞋商收費(fèi)）。Mises concludes his discussion of section 4 on page 312 by saying, “[A]ll of this is true only under the assumption that all banks issue fiduciary media according to uniform principles, or that there is only one bank that issues fiduciary media.” In the section, Mises had criticized the writers of the Banking School who argued that the banks couldn’t get the community to accept extra issues of fiduciary media, if the community didn’t want to hold them. Mises objected that the demand for the additional loans could be influenced by the rate of interest the banks charged, and hence the Banking School’s views were mistaken. So long as they are willing to sufficiently lower the rate of interest below the natural rate, the banks can convince the community to accept any amount of new fiduciary media. However, Mises does not mean that an individual bank has no checks on its issue. If any single bank unilaterally lowers its interest rate and issues more fiduciary media (compared to the policies of its competitors), then eventually those notes will fall into the hands of people who are not clients of the expanding bank. When these people deposit the bank’s newly issued notes with their own banks (which are competitors), these notes will be presented for redemption in money in the narrower sense. Thus the lone bank engaged in an expansionary policy will soon see its reserves of money proper dwindle, and will have to abandon its experiment. Yet this mechanism is not what the Banking School theorists had in mind when they said banks couldn’t issue more notes than the needs of the community warranted.
米塞斯在（英文版）第312頁結(jié)束對(duì)第4節(jié)的討論時(shí)說：“只有在假設(shè)所有銀行都按照統(tǒng)一原則發(fā)行信用媒介，或者只有一家銀行發(fā)行信用媒介的情況下，這一切才是正確的?！痹诒竟?jié)，米塞斯批評(píng)了銀行學(xué)派的作者，他們認(rèn)為，如果社區(qū)不想持有額外的信用媒介，銀行就無法讓社區(qū)接受這些信用媒介。米塞斯反對(duì)說，銀行收取的利率會(huì)影響對(duì)額外信貸的需求，因此銀行學(xué)派的觀點(diǎn)是錯(cuò)誤的。只要銀行愿意將利率降至自然利率以下，它們就可以說服社會(huì)接受任何數(shù)量的新的信用媒介。然而，米塞斯的意思并不是說一家銀行不需要控制它的發(fā)行。如果任何一家銀行單方面降低利率并（與競(jìng)爭(zhēng)對(duì)手的政策相比）發(fā)行更多的信用媒介，那么這些票據(jù)最終將落入這家銀行客戶之外的人的手中。當(dāng)這些人將這家銀行新發(fā)行的票據(jù)存入自己的銀行（即競(jìng)爭(zhēng)對(duì)手）時(shí)，這些票據(jù)將通過狹義貨幣贖回。因此，實(shí)行擴(kuò)張性政策的唯一一家銀行很快將看到其貨幣儲(chǔ)備相應(yīng)減少，并將不得不放棄其試驗(yàn)。然而，當(dāng)銀行學(xué)派理論家們說銀行不能發(fā)行超過社會(huì)需要的票據(jù)時(shí)，他們并沒有想到這種機(jī)制。
新術(shù)語
Banking School: An English school of thought which argued that the banks were incapable of independently altering the rate of interest or the purchasing power of money, because the market would use clearing operations, bills of exchange, and other techniques to receive the credit it demanded for business purposes.
銀行學(xué)派：英國(guó)的一個(gè)學(xué)派，認(rèn)為銀行不能獨(dú)立地改變利率或貨幣購買力，因?yàn)槭袌?chǎng)將使用清算操作、匯票和其他技術(shù)來獲得它為商業(yè)目的所需求的信貸。Currency School: An English school of thought which argued that the banks caused economic crises through the expansion and contraction of credit. However, the Currency School thought the suppression of the issue of fiduciary media in the form of banknotes (which was codified in Peel’s Act) would solve the problem, because its members erroneously excluded demand (or current account) deposits from their analysis.
貨幣學(xué)派：英國(guó)的一個(gè)學(xué)派，認(rèn)為銀行通過信貸的擴(kuò)張和收縮而引起經(jīng)濟(jì)危機(jī)。然而，貨幣學(xué)派認(rèn)為，抑制以鈔票形式存在的信用媒介（已編入《皮爾法案》）將解決問題，因?yàn)槠涑蓡T錯(cuò)誤地將活期（或經(jīng)常賬戶）存款排除在他們的分析之外。(Wicksellian) natural rate of interest: Developed by economist Knut Wicksell, the hypothetical rate of interest that would occur if goods were traded directly against each other without the use of money.
威克塞爾（Wicksellian）自然利率：由經(jīng)濟(jì)學(xué)家Knut Wicksell提出，如果商品在不使用貨幣的情況下相互直接交易，就會(huì)產(chǎn)生的假設(shè)利率。Peel’s Act [Bank Charter Act 1844]: An important legislative act that took the power of issuing new notes away from private banks and vested it completely with the Bank of England, which itself was required to maintain 100 percent metallic backing for any new notes that it issued. However, the Act crucially did not impose such a restriction on the extension of deposits, meaning that private banks could create more fiduciary media by granting loans (not backed by gold) to their customers.
皮爾法案（Peel’s Act）[1844年銀行憲章法案]：一項(xiàng)重要的立法法案，它將發(fā)行新紙鈔的權(quán)力從私人銀行手中奪走，并將其完全賦予英格蘭銀行，英格蘭銀行本身被要求對(duì)其發(fā)行的任何新紙鈔保持100%的金屬支持。然而，該法案沒有對(duì)保證金的擴(kuò)張施加這樣的限制，這意味著私人銀行可以通過向客戶發(fā)放貸款（而不是黃金作為擔(dān)保）來創(chuàng)建更多的信用媒介。Cover (of note issue): Assets backing the issue of new banknotes. Depending on the regulations, a bank might issue fiduciary media not backed by money itself, but backed by another asset such as a commodity bill.
（發(fā)行紙鈔的）準(zhǔn)備：支持發(fā)行新紙鈔的資產(chǎn)。根據(jù)規(guī)定，銀行可能會(huì)發(fā)行不是由貨幣本身擔(dān)保，而是以其它資產(chǎn)（例如商業(yè)票據(jù)）為擔(dān)保的信用媒介。Working capital: Current assets minus current liabilities. More generally, a measure of a firm’s ability to quickly turn some of its assets into cash in order to finance an expansion.
營(yíng)運(yùn)資本：流動(dòng)資產(chǎn)減去流動(dòng)負(fù)債。一般來說，這是衡量一家公司迅速將其部分資產(chǎn)轉(zhuǎn)化為現(xiàn)金以資助其擴(kuò)張的能力。Fixed capital: Assets embodied in durable investments such as factories and specialized equipment that will be used over a long period.
固定資本：體現(xiàn)在長(zhǎng)期投資中的資產(chǎn)，例如將長(zhǎng)期使用的工廠和專用設(shè)備。
研究問題
What was Adam Smith’s analogy to explain the drawback of using the precious metals as money? (p. 298)
亞當(dāng)·斯密（Adam Smith）用什么類比來解釋使用貴金屬作為貨幣的弊端？ （英文版第298頁）If fiat or credit money is employed, does it still make sense to use fiduciary media to economize on the use of money in the narrower sense? (pp. 299–300)
如果使用的是法幣或信用貨幣，那么使用信用媒介來節(jié)省狹義貨幣的使用是否仍有意義？（英文版第299-300頁）Why would population growth influence the demand to hold money? (pp. 300–01)
為什么人口增長(zhǎng)會(huì)影響持有貨幣的需求？（英文版第300-301頁）Explain: “The demand for money and money substitutes that is expressed on the loan market is in the last resort a demand for capital goods or, when consumption credit is involved, for consumption goods.” (p. 307)
解釋：“貸款市場(chǎng)上對(duì)貨幣和貨幣替代品的需求最終體現(xiàn)的是對(duì)資本品的需求，或者在涉及消費(fèi)信貸時(shí)，是對(duì)消費(fèi)品的需求?！保ㄓ⑽陌娴?07頁）Who bears the “cost of creating capital for borrowers of loans granted in fiduciary media”? (p. 314)
誰承擔(dān)“為通過信用媒介實(shí)現(xiàn)借貸的借款人創(chuàng)造資本的成本”？（英文版第314頁）
