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本文试就学界研究较少的有关 192 7- 1937年南京国民政府内债发行、运作及投向的社会经济效应作一分析。认为 :巨额内债的发行 ,对南京国民政府的生存、统一和稳定是至关重要的 ;而在国民政府国家资本发展的过程中 ,它起到了奠基和筹资的双重功效 ,这对于 1936年以后中国经济形势的全面好转并顺利地转入抗战阶段 ,是有积极意义的 ,但这种效用是有限的。内债收入中相当大的部分被用于内战、剿共的军费开支上 ,造成了极大的资源浪费 ;而因内债发行不当派生出的一系列社会经济问题 ,如银行信贷资金的财政化现象所造成的资本“挤出效应” ;财政与金融的“相依为命”引发通胀的可能等 ,最终成为经济发展的桎梏。
This paper attempts to analyze the socio-economic effects of the issuance, operation and orientation of the domestic debt of the Nanking National Government from 192 to 1937 with little research in academia. He believes that the issuance of huge domestic debts is crucial to the survival, unification and stability of the Nanjing National Government. In the course of the national capital development of the National Government, it played the dual role of foundation laying and fund-raising. As for the post-1936 China The overall improvement of the economic situation and its smooth transition to the war stage have positive meanings, but such effects are limited. A considerable part of the domestic debt income is used for civil war and the suppression of the Communist Party’s military expenditures, resulting in a great waste of resources; and due to improper distribution of domestic debt derived from a series of social and economic issues, such as the bank’s financial capital of the phenomenon of credit Caused by the capital “crowding-out effect”; fiscal and financial “dependent” cause the possibility of inflation, and eventually become a monopoly of economic development.