Yanis Varoufakis Brookings Institution/Flickr

希腊的双重货币

发自雅典——想象一下,如果在美国亚利桑那州的某位储户每周只允许提取少量现金,同时对加利福尼亚州另一个银行账户的汇款数量也受到了限制。这么样的资本管制如果变成现实的话,就等于判了美元这个单一货币的死刑,因为这类限制是与一个货币联盟完全不兼容的。

而当今希腊今日(以及从前的塞浦路斯)则提供了一个资本管制如何撕裂货币和扭曲商业激励的案例。这个过程很简单。一旦欧元存款被囚禁在全国银行系统内,货币基本上会一分为二:银行欧元(下文简称银行欧)和现钞,或所谓自由欧元(简称自由欧)。紧接着产生的还有出现两种货币之间的非正式汇率。

试想一位希腊储户希望将一大笔银行欧转为自由欧(比如为了支付国外医疗费用,或者偿还公司债务给一个非希腊实体)。假设此人找到了一个自由欧持有人愿意出手兑换,则会根据交易的额度,银行欧持有者的急迫程度,以及资本管制的预期持续时间而出现一个银行欧/自由欧汇率。

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