富滇银行与唐继尧时期云南省政府内债的发借  

Fudian Bank and the Issuance of Domestic Debt by the Yunnan Provincial Government during Tang Jiyao’s Era

作　　者：马金华 毕学进 MA Jinhua;BI Xuejin

机构地区：[1]中央财经大学财政税务学院 [2]华中师范大学马克思主义学院

出　　处：《宁波大学学报（人文科学版）》2024年第6期64-76,共13页Journal of Ningbo University：Liberal Arts Edition

基　　金：国家社会科学基金重点项目“近代中国政府间事权与财权划分研究”(20AJY018)。

摘　　要：富滇银行是1912年云南独立后官方成立的金融机构,由“官”提设、由“官”出资、由“官”管理、由“官”经营,还拥有货币发行权,是一家官业银行。同时,富滇银行还具备存款、贷款、汇兑等商业功能,又是一家商业银行,具备“亦官亦商”的二重身份属性,这成为唐继尧主政云南省时巨额内债发借的关键金融载体。从公开发行的内债而言,富滇银行基于其商业优势,加上官方背景的加持,承担了“内债劝募者”角色,弥合了政府对金融市场的信息不对称。从非公开发借的内债而言,该银行又扮演了“货币提供者”角色,即通过商业化运作,将吸纳的社会性存款以内部拆借的方式借于政府,当银库提借一空之时,富滇银行又通过云南省官方赋予的货币发行权进行纸币超发,成为该省政府源源不断的“提款机”。这种做法在一定程度上缓解了云南省的财政困难,但也引发恶性通货膨胀,造成财政金融紊乱。The Fudian Bank was a financial institution established by the Yunnan government after its independence in 1912.It was established,funded,managed,and operated by the government and held the authority to issue currency,functioning as a state-owned bank.At the same time,Fudian Bank also offered deposit,loan,and remittance services,making it a commercial bank with dual attributes of“state-owned and commercial”.This dual identity made it a crucial financial vehicle for Yunnan under Tang Jiyao’s administration to issue substantial domestic debt.For publicly issued domestic debt,Fudian Bank leveraged its commercial advantages and official backing to act as a“domestic debt promoter”,bridging the government’s information asymmetry with the financial market.For non-publicly issued domestic debt,the bank played the role of a“currency provider”,utilizing commercial operations to lend the absorbed social deposits to the government through internal loans.When the provincial treasury was depleted,Fudian Bank used its government-granted currency issuance authority to overissue paper money,effectively becoming the government’s“cash dispenser”.This approach somewhat alleviated Yunnan’s fiscal difficulties but also triggered hyperinflation,leading to financial and fiscal disorder.

关 键 词：富滇银行 内债 云南省 恶性通货膨胀 

分 类 号：K092[历史地理—历史学]