民初内债的举借及其后果

The Consequence of Domestic Bonds Issuing in 1914,1915 and the Experiences and Lessons

民初财政困难,北洋政府从舆论宣传、发行机构、管理制度、债信维持等方面着手,再加上一战爆发对经济的刺激,成功发行了民三、民四公债,开辟了公债发行的新纪元。但就其后果而言,恶化了财政基础、增加了人民负担、丧失了国家利权,影响所及又不仅仅是公债问题。

In the beginning of the Republic of China,the national finance was difficult.The government paid attention to publicity,issuer,management and support for debt.Moreover,the outbreak of World War I stimulated the economy.The government successfully issued the domestic bonds in 1914 and 1915,opened up a new era on the bond issuing.But the consequences include worsening the financial basis,increasing people＇s burden and losing the national power.So the impacts are not merely the question of public bond.