北洋政府時期 公債問題에 대한 一考察

Abstract

The Chinese government had continuously issued the domestic bonds during Baiyang government times. But compared to Nanking government times, Beiyang government couldn’t help but issue only a small amount of domestic bonds. The several financial factors which Beiyang government was oblige to issue only a small amount of domestic bonds are as follows: First, Beiyang government was absolutely lack of the funds that could be mortgaged for the issue of domestic bonds. The Beiyang government often appropriated the salt tax and tariff, even if mortgaged by foreign banks for the introduction of foreign debts, to the funds for the issue of domestic bonds. Second, banking industry was immatured. The development of banking industry was very important in issuing the domestic bonds because they had to be purchased by commercial banks. Compared to Nanking government, the development of commercial banks during Beiyang government times was still in its infancy, which mede it difficult for government bonds to be sufficiently absorbed by them. Third, different from Nanking government, Beiyang government couldn’t sufficiently enough control the Chinese financial market, as a result of that Beiyang government couldn’t issue a large amount of government bonds. Finally, Chinese government had continuously introduced a large amount of foreign debts since the end of Ch’ing dynasty, which caused Beiyang government to be difficult to issue a large amount of domestic bonds.