1.3 The Evolution of Payment System 支付体系的演进

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问题讨论：

1. Full-bodied or Commodity Money  足值货币

A commodity that becomes a medium of exchange is called a commodity money or money in kind, when its value in the non-money use is equal to its value as money. It is the oldest money, mainly used in a barter economy.

Shortcomings: some of them were large in size and indivisible; others were not stable in value, which hinders them from functioning as standard of value and store of value.

In practice, over the past 4,000 years, the predominant commodity money has been precious metals, mostly silver and gold, also called full-bodied money.

一种成为交换媒介的商品，当它在非货币用途中的价值与其作为货币的价值相等时，就称为商品货币或实物货币。它是最古老的货币，主要用于物物交换经济。

缺点: 有些尺寸大、不可分割; 另一些价值不稳定，阻碍了它们作为价值标准和价值储存手段的作用。

实际上，在过去4000年里，主要的商品货币是贵金属，主要是白银和黄金，也被称为“足值货币”。

2. Representative Full-bodied Money 代用足值货币

Societies have become more affluent and more dependent on exchange with increasing specialization and division of labor.As the trends accelerated during the industrial revolution, which began in theeighteenth century, the exclusive use of coins as media of exchange became increasingly inconvenient. The weight and size of coins made them cumbersome to transport, store, and use in transactions involving large amount of money. For convenience, coins were supplemented with paper currencies. Paper money that attests to an ownership claim on a commodity such as gold or silver is referred to as representative full-bodied money.

随着专业化和劳动分工的增加，社会变得更加富裕和更加依赖交换。随着这一趋势在18世纪开始的工业革命中加速发展，硬币作为唯一的交换媒介变得越来越不方便。硬币的重量和大小使得它们在涉及大笔金钱的交易中运输、存储和使用都很麻烦。为了方便起见，硬币由纸币来替代。证明对某种商品(如黄金或白银)拥有所有权的纸币被称为具有代表性的货币。

3. Credit or Fiat Money 信用货币

Credit money is a kind of credit certificate that serves as means of exchange and means of payment incirculation and does not consist of or represent a specific valuable commodity.

Credit money is created through credit process. The value of credit money depends on its general acceptance based onthe credit of its issuer. Credit money has two features: first, it has no relation with precious metals; second, it is based on the credit of national government and banks.

信用货币是在流通中作为交换和支付手段的一种信用凭证，它不包含或代表某种特定的有价值的商品。

信用货币是通过信用过程产生的。信用货币的价值取决于它的发行人信用的普遍接受程度。信用货币有两个特点:一、它与贵金属无关;二，它以国家政府和银行的信用为基础。

知识拓展：

信用货币(credit money)是由国家法律规定的，强制流通不以任何贵金属为基础的独立发挥货币职能的货币。目前世界各国发行的货币，基本都属于信用货币。信用货币是由银行提供的信用流通工具。其本身价值远远低于其货币价值，而且与代用货币不同，它与贵金属完全脱钩，不再直接代表任何贵金属。在20世纪30年代，发生了世界性的经济危机，引起经济的恐慌和金融混乱，迫使主要资本主义国家先后脱离金本位和银本位，国家所发行的纸币不能再兑换金属货币，因此，信用货币便应运而生。当今世界各国几乎都采用这一货币形态。

4. Electronic Money 电子货币

视频网址：https://baike.baidu.com/item/电子货币/82066?fr=aladdin

It refers to depository money that isstored and processed through computer system or electronic payment system.

Electronic money takes many different forms. One is various stored value cards that contain a magnetic strip recording currency value of the card, such as credit cards, smart cards and cards used for taking buses or subways. Another is funds held in online accounts that can be transferred over the Internet through electronic funds transfer system(EFTS).

它是指通过计算机系统或电子支付系统进行存储和处理的存款货币。

电子货币有许多不同的形式。一种是各种储值卡，如信用卡、智能卡和用于乘坐公共汽车或地铁的卡，它们含有记录卡货币价值的磁条。另一种是在线账户中的资金，可以通过互联网上的电子资金转移系统(EFTS)进行转移。

Advantages: It’s faster and more convenient than traditional one and has greatly enhanced the efficiency of payment mechanism in economy.

Disadvantages: firstly, security andprivacy are two obvious issues; secondly, electronic money is not legal tender,not all merchants accept all forms of electronic money; finally, the counterparty’s credibility needn’t verifying when using cash, but this is notthe case in using electronic money.

Anyhow electronic money is still credit money.

优点:比传统支付方式更快、更方便，在经济上大大提高了支付机制的效率。

缺点:首先，安全和隐私是两个明显的问题;其次，电子货币不是法定货币，不是所有的商家都接受各种形式的电子货币;最后，在使用现金时不需要验证交易对手的信誉，但在使用电子货币时则不需要。

无论如何，电子货币还是信用货币。

5. The Extension of Modern Money 现代货币的延伸

In an economy exist various kinds of money, not only currency. Money supply refers to the collection of all kinds of money in an economy.

在经济中存在着各种各样的货币，而不仅仅是货币（纸币和硬币）。货币供给是指一个经济体中各种货币的集合。

The general measures of money supply

1)The narrow measure of money supply: M0  and M1

M0 is the currency or cash in circulationincluding bank notes and coins.

M1  comprisesthose assets which are themselves acceptable in exchange and normally held withthe intention of spending them in the immediate future.

M1=M0+Dd,

M1 measures transaction balances, and Dd stands for demand deposits.

2) The broader measure of money supply: M2 and M3

M2=M1+Ds +D1

It includes all of M1 plus savings deposits and time deposits at banks. They are highly liquid financial assets.

M3=M2+short-termgovernment securities +commercial papers +life insurance policies

M3  isthe broadest measure of money that is available to the public. It contains avariety of liquid assets based on M2, all of which represent stored purchasing power of their owners and are thus potentially related to economic activities.

Checkpoint:

Rank the following assets in terms of their liquidity, from least to most liquid: cash, savings deposits, a checkable deposit. Explain your rank order.