劣幣驅逐良幣
bad money drives out of good money
亦稱格萊興法則。例如,假定金銀之法定比價為1:15,若市場比價為1:15.5,則表示金定幣值過低,或銀幣定值過高。在這種情形下,定值過低的金幣乃成為良幣而退藏。譬如人民持一單位金幣依自由熔燬權,要求兌換為金塊,在自由市場上,依市場比價易得15.5單位之銀塊;然後,再依自由鑄造權,將銀塊鑄得15.5單位之銀幣,又將此項銀幣依法定比價易得1.03的金幣。再重複進行,金銀屢易,利益無窮。即在鑄造與熔燬過程中,造成金幣漸減及銀幣日增的格萊興法則作用的跡象,形成劣幣(銀幣)驅逐良幣(金幣)而且更重要的是,自由市場上的黃金增多及白銀減少同時發生,這種供需量的相對改變,及使金銀的市場比價朝法定比價變動,直到市場比價為1:15為止。
Also known Gleichenberg law. For example, suppose gold and silver legal parity of 1:15, if the market price ratio is 1: 15.5, then the gold currency set too low, or silver overvalued. In this case, gold is undervalued become good money retreat possession. For example, people holding a unit of gold by freedom meltdown right to be exchanged for the gold in the free market, according to market parity easy to get silver pieces 15.5 Units; Then, according to the free coinage right, silver pieces to cast silver 15.5 Units, and this will be easy to get silver coins according to legal parity of 1.03. Be repeated, repeated Yi gold and silver, endless benefits. That is in meltdown and casting process, resulting in decreasing signs of gold and silver's growing role Gleichenberg law, the formation of bad money (silver) drives out good money (gold) and, more importantly, the increase in gold on the free market and silver simultaneously reducing the relative amount of supply and demand to change this, and make gold and silver markets towards parity parity statutory changes, until the market until the price ratio of 1:15.