抗战初期大后方通货膨胀新论

New exploration to the inflation in areas under KMT during the early stage of Anti-Japan War

抗战初期大后方通货膨胀程度比较轻微的原因在于:国民政府为弥补赤字而增发货币,未使得大后方市场流通货币量急剧增加;这一时期信贷的扩张和政府投资的增加,没有引起急剧的通货膨胀;粮食价格平稳,稳定了大后方物价的总体水平,也使得法币较受民众信任;抗战初期,国民政府尚未确立以通货膨胀政策作为解决战时经济问题的指导思想。

The reasons why the inflation was comparatively slight lied in various aspects in the areas under KMT in the early stage of the Anti-Japan war. Firstly, the currency increased by the Nationalist Government to compensate deficits didn't make a rapid growth of the currency in the market.Secondly, the expansion of credits and the growth of governmental investment didn't cause sharp inflation. Thirdly, the stabal grain price stabilized the general level of the commodity prices and also gained people's trust in the paper money issued by the government. Lastly, at that time the Nationalist Government hadn't established a guiding idea to solve economic problems at wartime by way of inflation.