论近代中国内外债的相互演变

内债演变为外债,又以外债为担保发行内债,这种内外债的相互演变是近代中国公债的一大特征。内外债的起因是战争耗费和战争赔款。列强的侵略、掠夺和破坏造成近代中国社会经济的严重危机,导致历届政府的财政困难达到极点,出现巨额的财政赤字,不得不仰内外债的发行来弥补。而弥补财政赤字的内外债掩盖了经济运行中的深层次矛盾,导致了债务上的恶性循环。内外债的相互演变就是这种恶性循环中的一环。

A Discussion on the Transition of Internal and External Debts in Modern China

The development of internal debt into external debt andits issue under the guarantee of external debt is a major characteristic of government bonds issuedin Modern China .Thecause of internal and external debts is the costs and reparations of war . The modern capital imperialist aggression ,plunder and destruction resultedin a serious crisisin modernChina's economy ,leading to the financial difficulties of successive governments to the extreme .Internal and external debts were largely used to cover the huge fiscal deficit ,which concealed the deep-rooted contradictions in the operation of economy and resultedin a vicious cycleof debts .The transition of internal and external debts is a link in this vicious circle .