일제 말(1937～45) 조선 내 민간인을 대상으로 한 戰時公債의 발행 실태

Abstract

This paper examined the war bonds issuance for civilians in Joseon after the Sino-Japanese war. The war bonds were issued for two purposes: to curb inflation and to fund the war expenses. Two points were explained in the body. First, the paper classified the war government bonds issued in Joseon into government bonds and war bonds and explained the ways of operation in terms of types. The government bonds were always paired in coupon bond and discount bond. The former was mostly for the rich while the latter was for the economically less privileged. The war bonds also had two types: savings bonds and bokuk bonds, both of which granted premiums to buyers by drawing lots in order to increase their sales. Second, this paper scrutinized the trends of issuance by looking into the amounts of war bonds issuance each round. Among the entire war government bonds issued in Korea, government bonds and savings bonds accounted for 80 percent. The timing of issuance was centered throughout 1941 and 1943. In particular, the war government bonds was mostly issued in the bonus period when cash flow was abundant on the market. In terms of nationality, Japanese residents in Korea bought the bonds three times to seven times more than Koreans did. This might imply that the Japanese residents in Korea burdened more yet given that the economic power of the Japaneses was higher than the Koreans per household, Koreans had to buy even more war bonds beyond their purchasing power.