近代中国政府三次债务整理案的比较研究  

A Comparative Study of the Three Debt Consolidation Cases in Modern China

作　　者：马长伟[1] 姚会元[1] 

机构地区：[1]中南财经政法大学经济学院,湖北武汉430073

出　　处：《江西财经大学学报》2014年第2期87-96,共10页Journal of Jiangxi University of Finance and Economics

摘　　要：1912-1936年,民国政府的内债政策出现了"路径依赖",连续出现内债违约,并于1921年、1932年、1936年相继进行了内债整理。三次整理方案各有不同,但总体来看既有理性的一面,又有非理性的一面。理性的表现是稳固债信,收回权益,减轻财政负担;非理性的一面是对持券人利益的掠夺,对商业银行的控制加强,对社会资源抽取能力的强化。历次内债整理之后,银行业逐渐远离了政府公债,走向了支持工商业发展的道路,政府的债信也逐步丧失,最终通过外部因素打破了原有的路径依赖。近代中国政府的债务整理案为当今中国解决债务问题提供了教训与借鉴。During the period of 1912-1936, the domestic debt policy of the Republic of China ap- peared to be ＂path dependence＂ , and continuous defaults in the internal debts were found, there- fore, three debt consolidations were carried out in 1921, 1932 and 1936. The schemes of the three debt consolidation cases are not just the same, on the whole, they have both rational and non rational sides. The rational side is revealed by such measures as stabilizing credit, taking back the fights and relieving the financial burden; the irrational side was looting the bondholders＇ benefit, strengthening the control of commercial banks, and reinforcing the extracting ability to social resources. After these debt consolidations, the banking industry began gradually to keep away from government bonds and turn to support the development of the industry and commerce. The government＇s credit was also loosing, finally the original ＂path dependence＂ was broken by external factors. These debt consoli-dation cases can provide lessons and reference to the solution of China＇s current debt problems.

关 键 词：内国公债 内债整理 民国时期 

分 类 号：F129[经济管理—世界经济]