| 单词 | money |
| 释义 | money 1) A medium of exchange and store of value. This may consist of physical objects, that is notes and coin; or of book or computer entries, that is bank deposits. Money was originally a physical substance such as gold or silver, which was valued for its own sake before it came to be used as coinage. Coins and notes are now usually tokens, whose intrinsic value is below their face value; fiat money is money whose value derives from a decision, or fiat, of the state. In many monetary systems one can distinguish between ‘base money’, or ‘high-powered money’, issued by the central bank or the government, and ordinary money, issued by other banks, which are required to hold as reserves base money equal to some fraction of their total deposits. Real money balances are the quantity of money divided by some suitable price index, such as the GDP deflator, to find its real purchasing power. The demand for money is the amount people want to hold. The income elasticity of demand for money is the ratio of a proportional change in the demand for money to a proportional increase in incomes. The interest elasticity of demand for money is the ratio of a proportional change in the demand for money to a proportional change in interest rates. The demand for money is also affected by expectations of inflation, which affect its usefulness as a store of value, and by institutional changes, such as the rise of the credit card over recent decades. The quantity theory of money is a formula relating the quantity of money, the price level, and real activity. The supply of money is the amount the banking system is willing to provide. There are several alternative definitions of the money supply, M0, M1, etc. (for details of these see their separate entries.) Monetarism is the belief that money is of primary importance in determining what happens to the economy. 2) A verbal shorthand for ‘monetary policy’. Thus cheap money means that loans are cheap and easily available; tight money or dear money mean that loans are expensive and hard to obtain. The money market is the system of institutions through which short-term loans are obtained. 3) A synonym for wealth in general. Easy money is earnings which are quick though not necessarily legal; money-grubbing is attaching undue priority to getting rich; ‘love of money is the root of all evil’ stigmatizes covetousness rather than the currency. ‘Value for money’ is simply a claim to efficiency, and ‘The Money Programme’ on UK TV deals with economic affairs in general. See also: broad money, call money, cheap money, dear money, fiat money, flight from money, high-powered money, inside money, interest-elasticity of the demand for money, international money, marginal utility of money, neutrality of money, outside money, quantity of money, quantity theory of money, and token money |
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