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1942年3月,为赢得共同对日作战的胜利,帮助中国缓解通货膨胀和经济危机,美国向中国提供了5亿美元财政贷款。国民政府根据各方的讨论意见以及当时国民经济的形势,利用这笔巨款发行美金储蓄券和美金公债,同时抛售黄金,举办黄金存款和法币折合黄金存款等业务,吸收市场上过剩的法币。黄金和公债政策的实施,对于回笼货币、吸收游资、收缩通货起过一定作用,但最终运作的结果却不尽人意,既未符合美援的初衷,也未能有效解决战时物价飞涨问题。
In March 1942, in order to win the common victory against Japan and help China alleviate inflation and economic crisis, the United States provided China with a financial loan of 500 million U.S. dollars. Based on the opinions of all parties and the national economy at that time, the National Government used this sum of money to issue US dollar certificates of deposit and U.S. treasury bonds. Meanwhile, the government of the People’s Republic of China sold gold and held gold deposits and legal currency equivalent to gold deposits to absorb the excess legal currency in the market. The implementation of the gold and public debt policies played a role in withdrawing currency, attracting hot money and shrinking the currency. However, the result of the final operation was unsatisfactory. It neither met the original intention of the United States aid nor was it capable of resolving the soaring price inflation in time of war.