金融创新视角下我国古代纸币运行的经验和启示｜金融人文

Core Viewpoint - The article examines the evolution of ancient Chinese paper currency from its inception to its decline, emphasizing that successful financial innovation requires a solid economic foundation, strict issuance management, and a robust technical support system, especially in the context of the digital economy [3][4]. Group 1: Historical Development of Currency - The evolution of currency follows a pattern from physical currency to metal currency, credit currency, and finally to digital currency, highlighting the deep connections between currency development and socio-economic culture [4]. - The introduction of copper coins as legal tender marked a significant shift, with the Qin Dynasty establishing a standardized weight system for currency, which later transitioned to a credit-based system under the reforms of Shang Yang [6][7]. - The Tang Dynasty saw the emergence of "flying money" as a response to trade demands, indicating a separation of the commodity and credit attributes of currency, paving the way for the development of paper money [8]. Group 2: Evolution of Paper Currency - The first paper currency, known as "jiaozi," was created during the Northern Song Dynasty due to the limitations of copper coins, marking a significant milestone in the history of currency [9][10]. - The issuance of official jiaozi by the government aimed to stabilize its value, but excessive issuance during the Northern Song led to hyperinflation and its eventual withdrawal from circulation [10]. - The Yuan Dynasty's "silver standard" and the Ming Dynasty's issuance of "baochao" faced similar challenges of over-issuance and lack of backing reserves, leading to significant devaluation and a shift in trading practices [11].