Research On The Institution Of Sinking Fund In The Republic Of China 1914-1936

Institutional changes determine the way society evolves in human history and are the key to understanding historical changes.Based on the theory of institutional change in the theory of new institutional economic history,this paper tries to comprehensively and systematically analyze the system of debt repayment of the Republic of China,clearly outline the historical trajectory of its development,and make an objective and scientific evaluation in order to obtain some lessons.Do our utmost to solve our current debt problems.This paper firstly uses the failure of the government to issue public debts in the late Qing Dynasty as an entry point.It sorts out the background,personnel structure and basic functions of the debt repayment fund system in the Republic of China in chronological order.It finds that modern Chinese government bonds have never been guaranteed to relatively fixed guarantees.Establish a stable public debt fund to establish a system of repayment of debts,from the fund system controlled by outsiders to the winding road of the people themselves.The second part explores the establishment of the debt repayment fund system and the reasons for its changes by using the supply and demand analysis framework of institutional change theory,the government compulsory institutional change,and the path dependence theory.The public hopes that by not borrowing foreign debts to get rid of the ideology of the powers of the powers,the establishment of the fund-raising fund will be promoted.The government will continue to improve the relevant systems and laws through compulsory institutional changes,but since the government is both a participant and a regulator,the government's behavior is not Constrained,which led to the public debt consolidation case.Using the path dependence theory to analyze the three public debt consolidation cases,it is found that the public debt fund system is in an inefficient state for a long time.The third part divides the efficiency of the debt repayment fund system into internal efficiency and external efficiency.The fund repayment fund organization can do its best,but it cannot avoid the occurrence of public debt consolidation,showing the inherent efficiency and low external efficiency.Finally,using the econometric model to explore the correlation between fund balance,silver demolition and public debt price index,and combined with historical data analysis,it is concluded that the debt repayment fund system maintains government credit to a certain extent,but in the case of unable to constrain government behavior,more Showing inefficiency.Through the study of the system of repayment of debts in the Republic of China,this paper believes that the establishment of a method of credit enhancement by sinking funds is still alive today.In particular,after the local government bond issuance system is re-established,it is possible to try to establish a national local government bond guarantee fund.When the local government bond defaults,it will be appropriately rescued.