real-bills doctrine

简明释义

实质票据学说

英英释义

例句

1.The central bank's adherence to the real-bills doctrine 真实票据理论 ensures that only short-term, self-liquidating loans are issued.

中央银行遵循真实票据理论 real-bills doctrine，确保只发放短期自我清算贷款。

2.Many economists believe that the real-bills doctrine 真实票据理论 provides a framework for sustainable monetary policy.

许多经济学家认为，真实票据理论 real-bills doctrine 为可持续货币政策提供了框架。

3.In times of economic uncertainty, many policymakers reconsider the relevance of the real-bills doctrine 真实票据理论.

在经济不确定时期，许多政策制定者重新考虑真实票据理论 real-bills doctrine 的相关性。

4.The real-bills doctrine 真实票据理论 emphasizes the importance of backing currency with tangible assets.

真实票据理论 real-bills doctrine 强调用有形资产支持货币的重要性。

5.Critics argue that the real-bills doctrine 真实票据理论 can lead to inflation if not managed properly.

批评者认为，如果管理不当，真实票据理论 real-bills doctrine 可能导致通货膨胀。

作文

The concept of the real-bills doctrine plays a significant role in the understanding of monetary policy and banking practices. Essentially, the real-bills doctrine posits that banks should only issue money or credit in exchange for short-term loans that are backed by tangible assets or real bills of exchange. This principle is rooted in the belief that money should be directly tied to productive economic activity, ensuring that the money supply is stable and reflective of actual goods and services in the economy.Historically, the real-bills doctrine emerged in the 18th century as a response to the challenges posed by inflation and speculative bubbles. Economists like Adam Smith and later, the Currency School in Britain, advocated for this doctrine as a way to maintain a sound currency. By restricting the issuance of money to only those transactions that are backed by real, productive assets, it was thought that banks could avoid the pitfalls of overextension and the resulting financial crises.In practical terms, the real-bills doctrine suggests that banks should evaluate the quality of the collateral they accept before issuing loans. This means that a bank would only provide credit against bills that represent actual sales of goods that are expected to be paid for in the near future. For example, if a manufacturer produces goods and sells them on credit, the bill of exchange serves as evidence of that transaction. A bank could then issue loans based on these bills, thereby ensuring that the money created is linked to real economic activity.One of the primary advantages of the real-bills doctrine is that it helps to prevent excessive credit expansion. By limiting the amount of money that can be created based on speculative or non-productive assets, the doctrine aims to create a more stable financial environment. This stability is crucial for fostering trust in the banking system and maintaining consumer confidence in the currency.However, critics of the real-bills doctrine argue that it can be too restrictive, particularly during times of economic downturn. They contend that strict adherence to this doctrine may hinder the ability of banks to respond to liquidity needs and support economic growth. In situations where businesses require immediate funding to navigate crises, such as during a recession, the limitations imposed by the real-bills doctrine may exacerbate economic challenges.Moreover, modern banking systems have evolved significantly since the inception of the real-bills doctrine. With the advent of complex financial instruments and globalized markets, the straightforward application of this doctrine may not be feasible. Banks today often engage in various forms of lending that do not strictly adhere to the principles of the real-bills doctrine, including long-term loans and mortgage-backed securities. This evolution raises questions about whether the doctrine remains relevant in contemporary finance.In conclusion, the real-bills doctrine offers valuable insights into the relationship between banking practices and economic stability. While it emphasizes the importance of linking money creation to real economic activities, its practical application is fraught with challenges in today's dynamic financial landscape. As we continue to navigate the complexities of modern economics, the lessons from the real-bills doctrine remind us of the need for a balanced approach to monetary policy that fosters both stability and growth.

“真实票据理论”这一概念在理解货币政策和银行实践中起着重要的作用。基本上，“真实票据理论”认为，银行只应在短期贷款背后有实物资产或真实票据的情况下发行货币或信贷。这个原则源于对货币应直接与生产性经济活动挂钩的信念，从而确保货币供应稳定，并反映经济中的实际商品和服务。历史上，“真实票据理论”在18世纪出现，作为对通货膨胀和投机泡沫所带来的挑战的回应。亚当·斯密等经济学家，以及后来的英国货币学派，倡导这一理论，以维护健全的货币。通过限制货币的发行仅限于那些有真实、生产性资产支持的交易，理论认为，银行可以避免过度扩张及其导致的金融危机。在实际操作中，“真实票据理论”建议银行在发放贷款之前评估其接受的抵押品的质量。这意味着银行只会根据代表实际商品销售且预计在不久的将来会被支付的票据提供信贷。例如，如果制造商生产商品并以信用形式出售，则汇票就是该交易的证据。银行可以基于这些票据发放贷款，从而确保创造的货币与实际经济活动相联系。“真实票据理论”的主要优点之一是它有助于防止过度信贷扩张。通过限制基于投机或非生产性资产创造的货币数量，该理论旨在创造一个更稳定的金融环境。这种稳定性对于促进公众对银行系统的信任以及维护消费者对货币的信心至关重要。然而，“真实票据理论”的批评者认为，这种理论可能过于严格，特别是在经济低迷时期。他们认为，严格遵守这一理论可能会妨碍银行应对流动性需求和支持经济增长的能力。在企业需要立即资金以应对危机的情况下，例如在经济衰退期间，“真实票据理论”施加的限制可能会加剧经济挑战。此外，现代银行系统自“真实票据理论”提出以来已经发生了显著的变化。随着复杂金融工具和全球化市场的出现，这一理论的简单应用可能不再可行。如今，银行常常参与各种形式的贷款，这些贷款并不严格遵循“真实票据理论”的原则，包括长期贷款和抵押贷款支持证券。这一演变引发了关于该理论在当代金融中是否仍然相关的问题。总之，“真实票据理论”提供了有关银行实践与经济稳定之间关系的宝贵见解。尽管它强调了将货币创造与真实经济活动联系起来的重要性，但在当今动态金融环境中的实际应用却面临诸多挑战。在我们继续应对现代经济的复杂性时，“真实票据理论”所传达的教训提醒我们，在货币政策中需要一种既能促进稳定又能促进增长的平衡方法。