A Study on the National Government's Public Debt Suspension Incident in 1932

• 영문명: 1932 年国民政府公债停付风波研究
• 발행기관: ACADEMIC FRONTIERS PUBLISHING GROUP(AFP)
• 저자명: MO Yi
• 간행물 정보: 『Journal of Sinological Studies(JSS)』Vol.2 No.9, 44~54쪽, 전체 11쪽
• 주제분류: 인문학 > 역사학
• 파일형태: PDF
• 발행일자: 2025.09.30

국문 초록

This study aims to break through the superficial understanding of the 1932 public debt crisis as a “simple fiscal crisis”, explore the power logic behind the crisis, and enrich the understanding of the operation mechanism of the early regime of the Nanjing Nationalist Government. By analyzing historical documents and case studies, relevant government archives, bank records and factional historical materials are sorted out to restore the context of the first financial crisis after the establishment of the Nanjing Nationalist Government. The research found that the direct cause of the turmoil was that the Sun Ke government's fiscal revenue was insufficient to cover its expenses and it lacked assistance from Shanghai capitalists. Its measure of suspending the payment of principal and interest on public bonds triggered confrontation. However, Sun Ke's government, as a compromise product of the Ningyue faction, did not receive support from Chiang Kai-shek and Hu Hanmin. Chiang Kai-shek even used various means to obstruct governance in an attempt to bring down the government. In conclusion, the 1932 public debt crisis was essentially a power struggle among internal factions within the Kuomintang. The fragile nature of the Sun Ke government and the factional games led the evolution of the crisis. This discovery is of great significance for understanding the regime characteristics of the early Nanjing Nationalist Government, where “factions took precedence over governance”, and recognizing the fragility of its regime foundation.

영문 초록

本研究旨在突破对1932 年公债风波“单纯财政危机”的表层认知，挖掘危机背后权力逻辑，丰富对南京国民政府初期政权运行机制的理解。通过历史文献分析法与个案研究法，梳理相关政府档案、银行记录及派系史料，还原此次南京国民政府建政后首次金融危机的脉络。研究发现，风波直接诱因是孙科政府财政入不敷出且缺乏上海资本家援助，其停付公债本息举措引发对抗；但孙科政府作为宁粤派系妥协产物，未获蒋介石、胡汉民支持，蒋介石更以多种手段阻挠施政以拖垮该政府。综上，1932 年公债风波本质是国民党内部派系权力之争，孙科政府的脆弱属性与派系博弈主导危机演变，这一发现对理解南京国民政府初期“派系优先于治理” 的政权特点、认识其政权基础脆弱性具有重要意义。

목차

1 “唯一”的财政来源

2 公债风波的发生与孙科政府的财政危机

3 蒋介石下野期间的种种布置

4 派系斗争泥淖中的孙科政府

5 结语

参考文献

키워드

Public debt crisis Factional disputes The Nationalist Government 公债风波 派系纷争 国民政府