📚 Money and banking | 货币与银行
Money is central to any modern economy. It is the lubricant that allows exchange to happen smoothly, and banking institutions sit at the heart of this system by safeguarding funds, granting credit, and transmitting monetary policy. In the Cambridge IGCSE Economics syllabus, understanding what money is, the roles of central and commercial banks, and how the banking system influences the wider economy is essential.
货币是任何现代经济的核心。它是让交换顺利进行的润滑剂，而银行机构通过保管资金、提供信贷以及传导货币政策居于这一体系的核心。在剑桥 IGCSE 经济课程中，理解货币是什么、中央银行和商业银行的角色以及银行体系如何影响更广泛的经济至关重要。
1. The Functions of Money | 货币的功能
Money serves four key functions in an economy. First, it acts as a medium of exchange, meaning it is widely accepted as payment for goods and services, eliminating the need for a double coincidence of wants that barter requires. Second, money is a unit of account, providing a common measure for stating prices and recording debts. Third, it serves as a store of value, allowing individuals to save purchasing power over time, although inflation can erode that value. Fourth, money functions as a standard of deferred payment, enabling borrowing and lending because debts can be expressed and repaid in money terms.
货币在经济中发挥四个关键功能。第一，它充当交换媒介，意味着它被广泛接受为商品和服务的支付手段，消除了物物交换所需的双重需求巧合。第二，货币是记账单位，为标明价格和记录债务提供了共同的衡量标准。第三，它充当价值储藏手段，让个人能够将购买力储存在时间中，尽管通货膨胀可能侵蚀该价值。第四，货币作为延期支付标准，使借贷成为可能，因为债务可以用货币来表述和偿还。
Without these functions, specialisation and trade would be severely limited. The acceptability of money relies on confidence; people must trust that others will accept it in future transactions. This is why hyperinflation or a loss of confidence destroys money's usefulness.
没有这些功能，专业化和贸易将受到极大限制。货币的可接受性依赖于信心；人们必须相信他人在未来的交易中也会接受它。这就是为什么恶性通胀或信心丧失会破坏货币的有用性。
2. Characteristics of Good Money | 良好货币的特征
For money to perform its functions effectively, it needs to possess certain characteristics. It must be generally acceptable, meaning that people throughout the economy are willing to take it in exchange. It should be portable so that it can be carried easily. It needs to be durable, able to withstand being passed from hand to hand without wearing out quickly. Good money is also divisible into smaller units so that transactions of different sizes can be carried out. It should be homogeneous, meaning one unit is identical to another of the same denomination. Additionally, it must be difficult to counterfeit, maintaining trust. A stable value is also desirable so that it can act as a reliable store of value.
为了让货币有效履行其功能，它需要具备某些特征。它必须具有普遍可接受性，即整个经济中的人们愿意用它来交换。它应当便于携带，以便轻松移动。它需要耐用，能够承受反复易手而不迅速磨损。良好的货币还是可分割的，能分成较小单位，以便进行不同规模的交易。它应当同质，即一个单位与另一个相同面额的单位完全一样。此外，它必须难以伪造，以维持信任。价值稳定也是可取的，这样才能充当可靠的价值储藏手段。
Modern fiat money, such as banknotes and coins, and especially electronic money, meet most of these characteristics better than the commodities once used as money, like shells, salt or gold. However, inflation can weaken the characteristic of stable value.
现代法定货币，如纸币和硬币，特别是电子货币，比过去用作货币的商品（如贝壳、盐或黄金）更好地满足了这些特征。然而，通货膨胀可能削弱价值稳定的特征。
3. The Development of Money | 货币的发展
Money has evolved from self‑sufficient barter systems to today's digital currencies. In early societies, people exchanged goods directly, but this required a double coincidence of wants. Commodity money emerged, using items like cattle, grain or precious metals that had intrinsic value. Eventually, metallic money in the form of standardised coins took over, followed by representative money such as gold certificates. Today, most countries use fiat money, which has no intrinsic value and is declared legal tender by government decree. The modern system also includes bank deposits and digital money stored on cards and phones.
货币从自给自足的物物交换体系演变为今天的数字货币。在早期社会，人们直接交换物品，但这需要需求的双重巧合。随后出现了实物货币，使用具有内在价值的物品，如牛、谷物或贵金属。最终，以标准化硬币形式的金属货币取代了它们，接着是代表货币，如黄金凭证。今天，大多数国家使用法定货币，它没有内在价值，而是由政府法令宣布为法定货币。现代体系还包括银行存款和储存在卡和手机上的电子货币。
Understanding this evolution helps students appreciate why confidence and legal frameworks are now more important than the material from which money is made.
理解这种演变有助于学生理解为什么信心和法律框架现在比货币的材质更重要。
4. Central Banks and Their Roles | 中央银行及其角色
A central bank, such as the Bank of England or the Federal Reserve in the United States, is the key monetary authority in an economy. Its primary roles include issuing banknotes and coins, acting as a banker to the government and to commercial banks, managing the nation's foreign reserves, and overseeing the stability of the financial system. Crucially, the central bank is responsible for conducting monetary policy, mainly by setting the benchmark interest rate to control inflation and support economic growth.
中央银行，如英格兰银行或美国的美联储，是经济中的关键货币当局。其主要角色包括发行纸币和硬币、充当政府和商业银行的银行家、管理国家外汇储备以及监督金融体系的稳定。至关重要的是，中央银行负责实施货币政策，主要是通过设定基准利率来控制通胀并支持经济增长。
The central bank also acts as a lender of last resort, providing emergency liquidity to commercial banks that face short‑term funding difficulties, thereby preventing bank runs and systemic crises. It does not deal directly with the general public except in matters like issuing currency.
中央银行还充当最后贷款人，为面临短期资金困难的商业银行提供紧急流动性，从而防止银行挤兑和系统性危机。它除发行货币等事务外，不与公众直接打交道。
5. Commercial Banks and Their Functions | 商业银行及其职能
Commercial banks, such as HSBC or Barclays, offer a range of services to individuals and businesses. Their core function is accepting deposits, which can be placed in current accounts for daily use or in savings and time deposit accounts that earn interest. They also make loans and overdrafts, thereby channelling funds from savers to borrowers. This intermediation is critical for investment and consumption in the economy.
商业银行，如汇丰银行或巴克莱银行，向个人和企业提供一系列服务。其核心职能是接受存款，存款可存入用于日常使用的活期账户，或存入赚取利息的储蓄和定期存款账户。它们还发放贷款和透支，从而将资金从储蓄者引导到借款者。这种中介对经济中的投资和消费至关重要。
Additionally, commercial banks provide payment services such as debit cards, credit cards, direct debits, and electronic transfers. Many also offer foreign exchange services, safe deposit boxes, and financial advice. By managing the payments system, they reduce transaction costs and help the economy function smoothly.
此外，商业银行提供支付服务，如借记卡、信用卡、直接借记和电子转账。许多银行还提供外汇服务、保管箱和金融建议。通过管理支付系统，它们降低了交易成本，并帮助经济顺畅运行。
6. How Banks Create Credit | 银行如何创造信用
An important aspect of banking is the ability of commercial banks to create credit — effectively creating money in the form of bank deposits through the process of lending. When a bank grants a loan, it credits the borrower's account with a deposit, increasing the money supply. This process is based on fractional reserve banking: banks are required to hold only a fraction of their deposit liabilities as reserves. The rest can be lent out, and when those loans are deposited in other banks, further lending can occur.
银行业的一个重要方面是商业银行创造信用的能力——通过贷款过程以银行存款的形式有效创造货币。当银行发放贷款时，它会在借款人账户中记入一笔存款，从而增加货币供应。这一过程基于部分准备金银行制度：银行只需持有其存款负债的一部分作为准备金。其余部分可以贷出，当这些贷款存入其他银行时，可以发生进一步的放贷。
The credit multiplier (or money multiplier) shows the maximum amount of deposits the banking system can create from an initial deposit. The formula is 1 divided by the reserve requirement ratio. For instance, if the reserve ratio is 10%, the multiplier is 10, meaning an initial £1,000 deposit could ultimately lead to £10,000 of total deposits under simplified assumptions.
信贷乘数（或货币乘数）显示了银行体系从初始存款中可以创造的最大存款量。公式为 1 除以准备金率。例如，如果准备金率为 10%，乘数为 10，意味着在简化假设下，初始 1,000 英镑存款最终可能导致总额 10,000 英镑的存款。
7. The Money Supply and Its Measures | 货币供应及其度量
The money supply refers to the total amount of money in circulation in an economy at a given time. It is usually classified into narrow and broad measures. Narrow money (often called M₀ or MB) includes currency in circulation and banks' reserves held at the central bank. Broad money (such as M₁, M₂ or M₃, depending on the country) includes narrow money plus various types of bank deposits.
货币供应是指在给定时间内经济中流通的货币总量。它通常分为狭义和广义指标。狭义货币（通常称为 M₀ 或基础货币）包括流通中现金和银行在中央银行的准备金。广义货币（如 M₁、M₂ 或 M₃，视国家而定）包括狭义货币加上各种类型的银行存款。
Changes in the money supply can influence inflation, output and employment. Central banks monitor various measures to gauge the amount of liquidity in the economy and the potential for inflationary pressures.
货币供应的变化能够影响通货膨胀、产出和就业。中央银行监测各种指标来评估经济中的流动性以及通胀压力的可能性。
8. Monetary Policy Tools | 货币政策工具
Central banks use several tools to influence the money supply and interest rates. The most common tool is the policy interest rate, the rate at which the central bank lends to commercial banks. Changes in this rate feed through to the rates that commercial banks charge their customers, affecting borrowing and spending decisions.
中央银行使用几种工具来影响货币供应和利率。最常见的工具是政策利率，即中央银行向商业银行放贷的利率。该利率的变化会传导至商业银行向其客户收取的利率，从而影响借贷和支出决策。
Another tool is open market operations, where the central bank buys or sells government bonds to adjust the amount of reserves in the banking system. Buying bonds increases reserves and the money supply; selling bonds does the opposite. Central banks also set reserve requirements, the minimum percentage of deposits that commercial banks must keep as reserves. Higher reserve requirements reduce the ability of banks to create credit. In recent years, quantitative easing has also been used, which involves creating money electronically to purchase assets and inject liquidity.
另一个工具是公开市场操作，中央银行通过买卖政府债券来调整银行体系的准备金数量。购买债券会增加准备金和货币供应；出售债券则相反。中央银行还设定准备金要求，即商业银行必须保留为准备金的最低存款百分比。提高准备金要求会降低银行创造信用的能力。近年来，还使用了量化宽松，即通过电子方式创造货币以购买资产并注入流动性。
9. Interest Rates and Economic Activity | 利率与经济活动
Interest rates are the cost of borrowing and the reward for saving. When the central bank lowers the policy rate, commercial banks tend to reduce their own lending and savings rates. This makes borrowing cheaper and saving less attractive, encouraging consumption and investment. As a result, aggregate demand increases, which can boost economic growth and employment but may also cause inflation if the economy is near full capacity.
利率是借款的成本和储蓄的回报。当中央银行降低政策利率时，商业银行往往会降低自身的贷款和储蓄利率。这使得借款更便宜，储蓄吸引力下降，从而鼓励消费和投资。结果是总需求增加，这可以促进经济增长和就业，但如果经济接近充分产能，也可能导致通货膨胀。
Conversely, raising interest rates makes borrowing more expensive and saving more rewarding, cooling down an overheating economy and reducing inflationary pressures. The transmission mechanism works through consumer spending, business investment, and the exchange rate, which affects net exports.
相反，提高利率会使借款更贵，储蓄回报更高，从而为过热的经济降温，减轻通胀压力。传导机制通过消费者支出、企业投资以及影响净出口的汇率发挥作用。
10. The Banking System and Financial Stability | 银行体系与金融稳定
A sound banking system is vital for economic stability. Banks must manage risks carefully, including credit risk, liquidity risk, and operational risk. In many countries, central banks and separate regulatory bodies impose capital adequacy requirements (such as requiring banks to hold a certain level of equity capital) and conduct stress tests to ensure banks can withstand economic shocks. Deposit insurance schemes protect small depositors and prevent bank runs by guaranteeing a certain amount of deposits.
健全的银行体系对经济稳定至关重要。银行必须谨慎管理风险，包括信用风险、流动性风险和操作风险。在许多国家，中央银行和独立的监管机构施加资本充足率要求（如要求银行持有一定水平的股本），并进行压力测试以确保银行能够承受经济冲击。存款保险计划通过为一定金额的存款提供担保来保护小储户并防止银行挤兑。
The global financial crisis of 2007–2008 showed how weaknesses in banking can trigger severe recessions. Since then, macro‑prudential policies have been strengthened to monitor the whole financial system rather than just individual banks.
2007–2008 年的全球金融危机表明，银行业的弱点如何引发严重衰退。自那以来，宏观审慎政策得到加强，旨在监控整个金融体系，而不仅仅是单个银行。
Published by TutorHao | Economics Revision Series | aleveler.com
更多咨询请联系16621398022（同微信）
或截图后用「扫一扫 → 相册」选择本图