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1.
宋建伟 《金融博览》2021,(22):82-84
晋绥革命根据地是抗日战争爆发后中国共产党及其领导的人民武装在华北敌后创建的三大革命根据地之一. 建立之初,根据地内的金融极为混乱,主要表现在货币流通种类多,省钞通货膨胀加剧,货币市场筹码不足,市场交易很不方便.一些不法奸商趁机倒卖银元、法币,或通过扩大发行铺号票券,进行金融投机.民间高利贷活动猖獗,又进一步加剧了金融混乱局面.为支持共产党领导的新政权顺畅运作,一个由共产党领导的新型银行呼之欲出.  相似文献   

2.
上了年纪的人都不会忘记旧社会那种恶性通货膨胀、物价飞涨的悲惨景象。在蒋介石统治旧中国的二十二年中,蒋、宋、孔、陈四大家族掠夺人民财富的主要手段是滥发纸币。票面越印越大,那时伪新疆省银行发行的钞票竟有六十亿元的面额。钞票印得越多,贬值也就越快。请看伪法币一百元的变化:  相似文献   

3.
法币政策出台1935年10月,在废两改元实施了两年六个月之时,金融市场上谣言纷起,传说中国货币币值将贬值35%,中央银行、中国银行、交通银行发行的纸币将停止兑现等。流言不胫而走,金融市场上一片恐慌,投机之风盛行,标金价格飞涨,10月1日最高价和最低价分别为886.1元和879.2元,10日分别涨到920.8元和908.8元,10月31日竟达到1217  相似文献   

4.
民国时期各省地方银行纸币,是近代中国半殖民地半封建社会的产物,尤其自辛亥革命至南京国民政府实行法币政策前的一段时间里,基本上还延续着清末那种混乱复杂的局面。各省割据自立,纷纷设立各自的发钞银行,更有一些地区乱发纸币,贬值使用,使得货币流通更趋混乱与复杂。  相似文献   

5.
1934年,美国购银法案的实施等因素导致国际银价上涨,中国货币升值,白银大量外流,国内出现通货紧缩和经济衰退,迫使国民政府放弃银本位②,1935年实施法币改革。为获取足够外汇支撑法币发行,1936年中美达成《中美白银协定》,中国向美国出售白银换取美元。英美日等国针对中国货币问题展开博弈,最终法币未与英镑和美元绑定。法币改革后中国货币汇率较为稳定,经济迅速回升,整体上是成功的。但好景不长,抗战爆发后货币发行日益失控,经济陷入恶性通货膨胀。这段历史启示我们:开放经济条件下,国际因素会通过国际资本流动、汇率变动对一国经济产生较大冲击;货币制度有利有弊,其作用受形势变化的影响;货币制度固然重要,但对一国社会经济发展不是决定性的;货币汇率与经济、政治、外交等问题密切相关,是国际博弈的焦点。  相似文献   

6.
王徽 《金融研究》1985,(7):53-55
抗日战争初期,法币曾在陕甘宁边区市场上合法流通,一切交易计价和内部核算均以法币为计算单位。1941年皖南事变后,边区政府决定由陕甘宁边区银行发行货币(以下简称边币),停止法币在边区境内流通。由于对法币管理措施不当,法币内侵,占领边币市场。  相似文献   

7.
基于法国、意大利等欧元区主要国家经济增长乏力,欧元区经济通缩压力依存,允许欧元充分贬值以提振经济增长提上了欧元区政策议程。2014年以来,欧元兑人民币呈逐月贬值态势,鉴于我国与欧元区跨境贸易、投资和金融交易紧密联系,欧元贬值将对我国经济运行产生深远影响。如何应对欧元贬值对我国经济的影响,对于以经济增长结构性放缓为典型特征的经济新常态,进一步推动经济持续健康发展至关重要。一、欧元贬值的原因分析从历史的角度来看,欧元自1999年正式问世以来,曾在最初几年遭遇迅速贬值,之后汇率趋势值在波动中小幅升  相似文献   

8.
用民生建设统领经济建设,是中国共产党在陕甘宁边区执政时期领导经济建设的重要经验。本文通过边区食盐贸易、边法币斗争、农贷发放等实践,分析边区经济建设,尤其是陕甘宁边区银行保金融稳定、促经济发展的历史经验。  相似文献   

9.
抗战中的晋察冀边区印刷局   总被引:1,自引:0,他引:1  
1937年7月,日本侵略者全面发动侵华战争后,中国军队奋起抗击,开始了艰苦卓绝的抗日战争。8月22日,中国共产党领导的中国工农红军主力,改编为国民革命军第八路军。8月25日,八路军开赴抗日前线,一一五师挺进山西晋北一带,11月建立了晋察冀军区。此时的山西,市面上流通着大量日军手票、日伪蒙疆银行券以及国民党“四行”的法币,各省的地方流通券和各县自制的土票也混杂使用,货币流通十分混乱,非常不利于根据地抗日斗争的开展和边区经济的发展。  相似文献   

10.
为弥补财政赤字滥发纸币1935年国民政府实行法币政策后,法币的发行量虽逐年增加,但尚有节制,1935年年底,法币的发行额是八亿六千万元,1937年年底为十六亿四千万元,1938年年底为二十三亿一千万元。抗战中期,由于工商业较发达的沿海、  相似文献   

11.
Devaluation, Fiscal Deficits, and the Real Exchange Rate   总被引:1,自引:0,他引:1  
This article examines the use of fiscal policies to sustainthe effects of a nominal devaluation on the real exchange rate.It is shown that the magnitude of the change in the real exchangerate depends not only on the size of the devaluation and thedegree of fiscal adjustment but also on the means by which thefiscal deficit is reduced. The change in the nominal exchangerate necessary to maintain the depreciation of the real exchangerate will depend on whether the fiscal deficit is eliminatedby increasing taxes or by reducing government expenditures ontraded and nontraded goods. The required depreciation of thedomestic currency will be larger if the fiscal deficit is reducedby increasing taxes than it will be if the deficit is cut bylowering government expenditures. Further, the depreciationwould be smaller if the cuts in expenditure fell on traded ratherthan nontraded goods. This result implies that the authoritiesmust ensure consistency between exchange rate action and policiesto reduce fiscal imbalances in order to achieve a desired levelof the real exchange rate necessary to attain balance of paymentsequilibrium.  相似文献   

12.
This paper considers the three devaluation of the pound sterling in 1931, 1949 and 1967 as a window onto the recent theoretical literature of currency crises.  相似文献   

13.
Cross-listed shares may confound government efforts to control capital outflows by providing a legal means through which investors can transfer their wealth outside the country. We study the recent experience of investors who while subject to capital controls, were able to purchase cross-listed shares using local currency, convert them into dollar-denominated shares, re-sell them abroad, and deposit the dollar proceeds in foreign bank accounts. Capital controls drive a wedge between the price of local shares and their corresponding cross-listed shares. This wedge provides an implicit devaluation forecast and the market's valuation of capital control circumvention.  相似文献   

14.
It is widely documented that currency substitution (using foreign money in transactions) increases in periods of high inflation but does not decline once inflation is reduced. The paper uses survey data from Bulgaria, which experienced this phenomenon, to investigate the origins of this ratchet effect. We find that expected devaluation of the domestic currency, while relatively high, does not play a major role in sustaining the dollarization of transactions. Conversely, preferences for the use of foreign money are strongly influenced by people's perception that foreign money is already widely used in the economy.  相似文献   

15.
The first generation models of currency crises have often been criticized because they predict that, in the absence of very large triggering shocks, currency attacks should be predictable and lead to small devaluations. This paper shows that these features of first generation models are not robust to the inclusion of private information. In particular, this paper analyzes a generalization of the Krugman-Flood-Garber (KFG) model, which relaxes the assumption that all consumers are perfectly informed about the level of fundamentals. In this environment, the KFG equilibrium of zero devaluation is only one of many possible equilibria. In all the other equilibria, the lack of perfect information delays the attack on the currency past the point at which the shadow exchange rate equals the peg, giving rise to unpredictable and discrete devaluations.  相似文献   

16.
We study local stock market reaction to currency devaluation by a country's central bank. Devaluations appear to be anticipated by the local stock markets, and there are significant negative abnormal returns even one year prior to the announcement of the devaluation. A negative trend in stock returns persists for up to one quarter following the first announcement, and then becomes positive thereafter, suggesting a reversal. We explore whether changes in macroeconomic variables prior to currency devaluations are related to abnormal stock returns. We find that stock returns are significantly lower if the devaluation is larger and if the country is a developing nation. Furthermore, stock markets decline more around devaluations if reserves are lower, if the real exchange rate has depreciated over the prior years, if the capital account has declined, if the current account deficit has gone up, or if the country credit rating has deteriorated.  相似文献   

17.
This paper examines how unhedged currency exposure of firms varies with changes in currency flexibility. A sequence of four time periods with alternating high and low currency volatility in India provides a natural experiment in which changes in currency exposure of a panel of firms is measured, and the moral hazard versus incomplete markets hypotheses tested. We find that firms carried higher currency exposure in periods when the currency was less flexible. Our results support the moral hazard hypothesis: that low currency flexibility encourages firms to hold unhedged exposure in response to implicit government guarantees.  相似文献   

18.
中国人民银行资产负债结构的经济学分析   总被引:6,自引:0,他引:6  
中国人民银行资产负债表反映了我国的货币政策操作,与发达国家中央银行高政府债权比例和高通货比例的情形完全相反,高外汇资产比例与低通货比例是它的突出特征。从货币政策作用于宏观经济的收益成本来看,人行资产负债结构的变迁具有合理性。但是,货币发行以"外汇资产——人民币"为主的模式降低了人民币的信用价值。不合理的资产负债结构揭示了我国金融运行中的潜藏风险。文章提出了改善人民银行资产负债结构的有益思路。  相似文献   

19.
由于1930年代实行金本位制,各国不能采用货币政策和财政政策来刺激经济,而是往往在货币贬值、外汇管制和贸易保护三种办法中选择一种或两种,最终的结果是国际贸易大幅减少,全球经济衰退加剧。我们刚刚经历全球金融危机,如何在目前信用本位——纸币本位情形下,既严守货币纪律,又提升经济发展,是一个值得思考的问题,然而,目前的情形是发生竞争性货币贬值的危险相对较大。如何避免悲剧重演考验着各国的智慧和意志。  相似文献   

20.
Differences in economic institutions, as measured by an index of economic freedom, have been correlated to differences in cross-country investment levels, capital market development, and country-level equity index returns. Here, a country’s level of economic freedom is demonstrated to be a proxy measure for the likelihood of an idiosyncratic currency devaluation during periods of low global foreign exchange volatility. This observation makes economic freedom determinant of whether carry traders may be facing a ‘peso problem,’ giving currency speculators insights into a risk factor which the foreign exchange market may not be pricing or for which there is no historical evidence.  相似文献   

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