关键词: 财政压力 , 货币财政化;货币超发 , 宝钞贬值;宝钞制度崩坏

Abstract: This paper followed the analysis framework of“financial pressuresgovernment conduct”to dissect the institutional roots of the collapse of the Ming Notes The collapse of the Ming Notes was rooted in system design flaws as the center of finance This system was designed to meet government expenditure requirements and to avoid financial crisis Other words, the financial pressures of the Ming led to system design flaws as the center of finance, currency overissuing Finally, the collapse of Ming Notes system resulted in the Ming Notes to be out of circulation Financial pressure was the norm in ancient and modern government Financial pressure did not necessarily lead to the government to take predatory monetary policy In the UK, the financial pressure of the King led to the Great Charter and the outbreak of the “glorious revolution” to limit the royal power In the Ming dynasty, this problem was thoughtprovoking why not go onto the road of institutional change under financial pressure 

Key words: financial pressure , currency as the center of finance , currency overissue , depreciation of the Ming Notes , collapse of the Ming Notes system