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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。
The Chinese economy performed better than Western countries on the eve of the Great Depression but the role played by markets and governments remains controversial. This article takes Bank of China Shanghai Branch as the center to examine the operation of free banking system and the influence of legal currency reform on bank behavior. Under the competitive monetary system, BOC Shanghai Huhang, as the issuing bank, abides by the issuance policy of prudent issuance and adjustment according to the financial seasons. As commercial banks attach great importance to credit business, they are cautious and flexible in their lending. Crisis banks, play the role of the bank’s bank. In the period of economic stabilization, BOC Shanghai Huhang issued a financial season adjustment exchange voucher to meet the liquidity needs of the market and kept the price stability in Shanghai. On the eve of the Great Depression, in the face of the inflation in the silver market, it proactively reduced the issuance of exchange vouchers; during the silver rush period In the face of silver outflow deflation, take the initiative to increase the issuance of exchange certificates to stabilize price volatility. However, after the reform of the legal currency, the issuance of BOC Hu-Hang exchange bonds at a rigid growth rate and the expansion of credit scale led to the rapid rise of the price level. Although China’s economy regained growth in the short term, it laid down a monetary system for the hyperinflation under the national government seed. This article proves that the financial stabilizer function of the free banking system provides a historical example of China for Hayek’s monetary non-state theory.