葛蘭姆

金本位制(gold standard)

通貨本位為一固定的黃金量或保持為一固定的黃金量價值的貨幣制度，通貨可按本位的含金量在國內或國外自由兌換成黃金。1821年英國首先實行金本位制；到1870年代，德國、法國和美國也相繼採用金本位制，主要是因為當時在北美新發現黃金，使黃金的供應更加充足。但實行完備的金本位制的時期並不長，僅延續至第一次世界大戰爆發時為止；戰時，差不多每個國家都恢復使用不可兌換的紙幣或限制黃金出口。到1928年，實質上又恢復實行金本位制；雖然由於黃金比較稀少，多數國家採用金匯兌本位制，即這些國家可利用按穩定匯率兌換成黃金的通貨（美元和英鎊）補足其中央銀行的黃金儲備。然而在1930年代的大蕭條期間，金匯兌本位又陷於崩潰，到1937年已沒有任何國家實行完備的金本位制。1971年美國的黃金儲備日漸減少，而國際收支中逆差日漸上升，不得不在國際支付中暫停按固定匯率將美元自由兌換成黃金。從此，國際貨幣體系是以美元及其他紙幣為基礎，而黃金在世界匯兌中的官方作用就此結束。亦請參閱bimetallism、silver standard。

English version：

gold standard

Monetary system in which the standard unit of currency is a fixed quantity of gold or is freely convertible into gold at a fixed price. The gold standard was first adopted in Britain in 1821. Germany,France,and the U.S. instituted it in the 1870s,prompted by North American gold strikes that increased the supply of gold. The gold standard ended with the outbreak of World War I in 1914; it was reestablished in 1928,but because of the relative scarcity of gold,most nations adopted a gold-exchange standard,supplementing their gold reserves with currencies (U.S. dollars and British pounds) convertible into gold at a stable rate of exchange. Though the gold-exchange standard collapsed again during the Great Depression,the U.S. set a minimum dollar price for gold,an action that allowed for the restoration of an international gold standard after World War II. In 1971 dwindling gold reserves and an unfavorable balance of payments led the U.S. to suspend the free convertibility of dollars into gold,and the gold standard was abandoned. See also bimetallism,exchange rate,silver standard.