近代中国财政对中央银行独立性的影响｜金融人文

Core Viewpoint - The independence of the central bank is crucial for its effective functioning, and excessive influence from government finances can lead to significant issues, as evidenced by historical precedents in modern Chinese history [3][4]. Group 1: Historical Context of Central Bank Independence - The establishment of the central bank in late Qing Dynasty was influenced by a fiscal crisis, leading to the creation of the Daqing Bank in 1905, which aimed to stabilize the financial market and manage fiscal revenues [6]. - During the Beiyang government, the central government's fiscal income heavily relied on local contributions, leading to a dependency on external and public debts, which posed risks to the central banks involved [7]. - The Nanjing National Government faced severe fiscal deficits due to military expenditures and debts, with military and debt expenses accounting for 67.6% of fiscal expenditures in 1934, prompting the need for monetary expansion [8]. Group 2: Consequences of Fiscal Dependency - The reliance on the central bank for financing government deficits led to hyperinflation, with price indices increasing approximately tenfold from 1937 to 1945, and by 1948, the price index surged by tens of thousands of times [8]. - The Nanjing National Government's central bank, established in 1928, initially had a lower issuance of currency compared to other banks, but by 1936-1937, it became the dominant issuer of currency due to the implementation of the fiat currency policy [8].