摘要
唐继尧主滇时期,云南省先后发行随粮公债、护国公债、靖国公债等1700万元内债,但民众无力认购,募款寥寥。省政府遂通过省属富滇银行增发纸币提借近9000万元,并筹借随征整理金融借款,从而形成十倍于岁入的巨额债务。在公开发行的内债上,呈现出发行额大实募额小、特定发借对象且募借主体单一等特征。在非公开发行的内债上,以直属的富滇银行为工具,超发纸币并直接提借,呈现出“按需印钞,因需提借”特征,导致恶性通货膨胀,金融紊乱,民生困苦。这一时期,云南省内债规模愈趋增大,结构愈发繁杂,也从侧面反映了云南省财政从困难、恶化到濒临崩溃的嬗递过程。
During Tang Jiyao's administration of Yunnan,the province issued 17 million yuan of domestic debt,including SUILIANG bonds,HUCUO bonds and so on,but the public could not afford to subscribe,so few funds were raised.The provincial government took a shortcut by issuing additional banknotes through the provincial Fudian Bank and borrowing nearly 90 million yuan,thus creating a huge debt ten times the annual revenue.In the public issue of domestic debt,the issue amount was large and the actual amount raised was small,with specific borrowing targets and a single borrowing body.In the case of non-public domestic debt,the Fudian Bank,which was directly under the government,was used as a tool to over-issue banknotes and borrow directly,resulting in"printing money on demand and borrowing on demand",which eventually led to hyperinflation,financial chaos and hardship for the people.The increasing size and structure of Yunnan's domestic debt during this period is a reflection of how Yunnan's finances changed from difficult to deteriorating to near collapse.
作者
毕学进
马金华
Bi Xuejin;Ma Jinhua
出处
《中国经济史研究》
北大核心
2023年第1期117-137,共21页
Researches in Chinese Economic History
基金
2020年国家社科基金重点项目“近代中国政府间事权与财权划分研究”(批准号:20AJY018)
2020年中央财经大学标志性成果项目“从家国同构到国家共治:中国财税历史透视”的阶段性研究成果
2022年中央财经大学教师“思政+”专项基金(项目号:SZJ2201)
中财—中证鹏元地方财政投融资研究所的资助。
关键词
云南
内债
富滇银行
Yunnan
Domestic Debt
Fudian Bank
