贱利抑或高利:抗战时期川省农村合作贷款利率研究

Low or High: Research on the Interest Rate of Rural Cooperative Loans during the Period of Anti-Japanese War

抗战时期,为了恢复农村经济,国民政府极力推行农村合作贷款。"国家农贷机关→合作金库→合作社→社员"的农村合作贷款模式最终形成了国家银行利率、合作金库利率和农村合作社利率的三级贷款利率体系。尽管农村合作贷款利率随着物价上涨会有所上浮,但相对于农村传统借贷而言,合作贷款不仅利率较低且利率上涨幅度也较小。尽管如此,关于农村合作贷款是贱利还是高利仍存在着较大争议。抗战时期,一些农村经济学家指出,如果考虑到农民的还贷能力以及农业的经营利润,合作贷款的实质仍然是高利贷。然而,放贷机构却认为,正是由于贷款利率太低才导致了合作金库普遍亏损,纷纷要求提高合作贷款利率。

In order to restore the rural economy, the national government implemented rural cooperative loan in the period of Anti-Japanese War. In the lending process, such loan mode as ＂national agricultural credit organs→cooperative banks→Rural Cooperatives→Cooperative members＂ formed, in that, there were three level of interest rates, including national bank lending rates, cooperative bank lending rates and cooperatives lending rates. With inflation going up, the loan interest rate of Rural Cooperative loans rose. Compared with the traditional rural loans, the interest rate of cooperative loans was lower. Nevertheless, in the period of Anti-Japanese War there were still different views on the loan rate： was it low or high？ Some Rural economic experts pointed out if the repayment capacity of farmers and agricultural operating profit taken into consideration, rural cooperative loan was still a kind of usurious loans. However, others thought that low interest rate caused all sorts of ills in the cooperative movement. Cooperative Bank also believed that it was due to the low interest rates that made cooperative banks in deficit.