1921年北洋政府国内公债整理述论

Rearrangement of National Debts of the Northern Warlords Government in 1921

1921年在银行界的推动下,北洋政府开展了我国近代第一次大规模的国内公债整理活动。虽然这在一定程度上维持了政府公债信用,稳定了金融市场,但是公债整理仍然成为北洋政府公债发行的分水岭,国内公债发行逐渐萎缩,导致政府无法摆脱财政危机,财政状况进一步恶化,促进了北洋政府垮台。

In 1921, driven by banks, the Northern Warlords Government carried out the first large-scale national debts rearrangement. It maintained the government＇s debt and stabilized the financial markets to some extent, but it also became the Northern Warlords Government＇s fundraising watershed. Since then, the issue of the domestic public debt has been shrinking, the government cannot get rid of the financial crisis, and the financial situation became worsened, promoting the its collapse.