摘要
内债演变为外债，又以外债为担保发行内债，这种内外债的相互演变，是近代中国公债的特征。内外债的起因是战争耗费和战争赔款。资本帝国主义列强的侵略、掠夺和破坏。造成近代中国社会经济的严重危机，导致历届政府的财政困难到了极点，出现巨额的财政赤字，仰内外债的发行来弥补。弥补财政赤字的内外债掩盖了经济运行中的深层次矛盾．出现了债务上的恶性循环。内外债的相互演变就是这种恶性循环中的一环。
The form of internal debt developing into external debt and being issued under the guarantee of external debt is the characteristic of government bonds issuing in modern China. The mutual evolution of internal and external debt in modern China has profound political reasons. Modern China＇s internal and external debt was largely used to cover the fiscal deficit, which concealed the deep-seated contradictions in the operation of economy. To cover the deficit and foreign debt, it not only undermined the liquidity of its own, but also generated more interest payments to make the deficit larger. When debts could not be repaid before the maturity, the government had to borrow new debt to refinance old debt, which resulted in a vicious cycle of debts. The transition of internal and external debt is a link in this vicious circle.
关键词
外债
内债
近代中国
相互演变
external debt
internal debt
modern China
mutual evolution
