关键词: 中国货币金融制度, 演进谜团, 王亚南与彭信威, 理论解读

Abstract: Since the mid 20th century,WANG Ya-nan and PENG Xin-wei have provided valuable insights into the evolution of China's monetary and financial system and its operation.According to WANG's observation,China's monetary standard bears the feature of dual-structure;the money system is based on credit;and the evolution of monetary and financial system is characterized by game equilibrium.He explores in particular the chaotic phenomenon of the various forms of currency circulating simultaneously,and draws the conclusion that such a phenomenon results from the desire for interests and reflects the interests structure highlighted by frequently changing money value(silver value).To WANG,the reason for the low monetization in modern history does not lie in the inertia of the indigenous mechanism but in the distortion of the exogenous system.By contrast,PENG is more empirical and institution-minded in his analysis of the evolution.He discovers that the intertemporal copper money unit had the same weight.Moreover,he builds up an interesting inherent connection among the slow development of the banking system,the paper money and the copper standard.From the logic derived from purchasing power,PENG tentatively offers a valid explanation of two long-standing myths: the national preference of wealth storage and the stagnation of the monetary theory.

Key words: China’s monetary and financial institution, the myth of evolution, WANG Ya-nan vs PENG Xin-wei, theoretical explanation