20世纪30年代大萧条中的中国宏观经济

China's Macroeconomy in the Great Depression

本文对20世纪30年代世界经济大萧条中的中国经济进行历史回顾和经济理论分析,并与西方主要金本位国家进行比较,力图还原历史的本来面目。本文的研究发现,有两个因素在大萧条时期的中国经济中起到了重要作用,一个是银本位,一个是竞争性的银行体系。银本位使中国经济萧条的进程迥然不同于西方金本位国家;不同于西方国家主要通过财政政策度过大萧条,中国由于特殊的银行体系,货币供给始终没有减少,银行危机也没有普遍发生,这是中国经济在整个大萧条中表现较好的一个重要原因。

This paper looks back China＇s economy in the depression, analyzes it using economics theory and compares it with the countries in Golden Standard, trying hard to account for historical reality. The findings of this paper as follows： two factors played important role in China＇ s economy of depression, one is Silver Standard, and the other is competitive bank system. Silver Standard caused China＇s economy being different from those Gold Standard countries. Unlike Western countries lived through the Great Depression by adopting active finance policy, China＇s money supply had not decreased in depression owing to competitive bank system, so bank crises did not swept China, which was an important reason why Chinese economy suffered little in Great Depression.