【作者】 代春霞；

【导师】 张东刚；

【作者基本信息】 南开大学 ， 经济史， 2012， 博士

【摘要】 1929年发端于美国的经济危机迅速波及了世界各国，作为世界经济体系中的一部分，中国也未能避免1929年世界经济危机所带来的严重性后果。当时中国是一个以白银作为一国货币体系基础的国家，大萧条期间国际银价的剧烈波动严重破坏了中国的货币体系，并且动摇了中国的经济。在这一过程中，作为最重要的现代金融机构—中资银行业，更是和货币供给直接相关，自然也不可避免地受到冲击。1929-1931年，由于国际银价下跌，白银大量流入中国，银行存银激增，资本充裕，信贷扩张，中资银行业出现了繁荣的局面。1931年后随着世界各国相继放弃金本位、贬值本币来应对危机，国际银价上涨，白银开始外流，但由于农村经济的破产，农村和城市之间贸易的不平衡，白银从农村大量流向城市，城市中资银行业的白银储备量继续上涨，这虽然进一步加重了农村的萧条，但却在某种程度上缓和了银价上涨对中资银行业的不利影响。随着1934年美国“白银法案”的实施，国际银价进一步暴涨，大量白银流出中国，中国陷入了严重的通货紧缩之中，很多银行发生了白银挤兑现象，银行银根紧缩，资金极端匮乏，金融危机爆发。为了应对危机，政府、银行业同业组织和中资银行业自身都采取了相应的措施。面对陷入困境的中资银行业，政府通过一系列的改组措施以便为银行业注入资金，以缓解银行业的危机。为了从根本上克服危机，稳定金融，政府改革了中国的货币体系，控制通货。1935年的币制改革改变了中资银行业的发展情景，币制改革后，货币供应量稳步增加，中资银行业快速发展，但同时国民政府也收回了商业银行的纸币发行权，政府对银行业的控制加强了。同时，在国内工商业衰败的情形下，中资银行业也适时改变了自身的投资和放款。一方面，在高收益的刺激下，中资银行业将大量的资金投向政府债券和房地产，并从中获得了丰厚的利润；另一方面，尽管由于工业萧条的影响，银行的贷款一时无法收回，银行业受到了牵连和损失，但中资银行业还是加大了对企业尤其是工业企业的放款和投资，二者的联系加强了。在银行资金的支持下，大多数企业的经营状况开始好转，而银行在获得收益的同时，其自身的资金安全也获得了一定的保障。另外，在应对危机的过程中，银行业同业公会的作用也不可忽视，它一方面组织银行业积极进行自救，另一方面代表银行业寻求政府救济。银行业同业公会在挽救市面、应对经济萧条的过程中也做出了自己的努力，发挥了重大作用。大萧条对中资银行业的影响是深远的。大萧条过后，中资银行业的发展进入了一个新的阶段，在整个金融体系中取得了主导性的地位，但同时国家资本在全国中资银行业中也占据了绝对的支配地位，国家银行和金融垄断资本形成。大萧条时期中资银行应对萧条的措施及经验，值得我们学习和借鉴，这些或许能为当今中国经济的发展提供一些参考。更多还原

【Abstract】 The economic crisis originated in the United States in1929quickly spread tocountries around the world. As part of the world economic system, China has alsofailed to avoid the severe consequences of the world economic crisis in1929. At thattime, China’s monetary system was based on silver. During the Great Depression thevolatility of the international price of silver severely undermined China’s monetarysystem, and shook China’s economy. In this process, as the most important modernfinancial institutions, Chinese-funded banking, was directly related to the moneysupply, and will be inevitably affected naturally.During1929-1931, due to the falling international price of silver, silver largelyflowed into China. Bank deposits surged, capital was adequate, credit expanded, andthe Chinese-funded banks appeared prosperity. After1931as countries have toabandon the gold standard to deal with the crisis, the international price of silver rose,and silver began to drain from the countries. But with the bankruptcy of the ruraleconomy and the trade imbalance between country and city, silver shifted fromcountry to city, and the silver reserves of the city Chinese-funded banking continuedto rise, which further aggravated the depression of the country, but to some extentwhich eased the adverse effects of the rising of silver price to Chinese-fundedbanking. With the implementation of the Silver Act in U.S. in1934, the internationalprice of silver rose further, and large amounts of silver flowed out of China. Chinafell into serious deflation. Many banks appeared the running of silver. The monetaryof banks tightened. The funds were extremely deficient. And financial crisis brokeout.In response to the depression, the government, the banking trade organizationsand domestic banking took corresponding measures. Facing the banking in trouble,the government carried out a series of restructuring measures in order to inject thecapital to the banking and to ease the banking crisis. To overcome the crisisfundamentally and stabilize the finance, the government reformed China’s currency system to control inflation. The currency reform in1935changed the scene ofChinese-funded banking. After the currency reform, money supply increased steadilyand the Chinese-funded banking developed rapidly. But at the same time the Nanjingnational government withdrew the commercial banks’ distribution rights of notes,and the government strengthened the control of the banking.Meanwhile, in the case of domestic commercial and industrial decline, theChinese-funded banking also timely changed the investment and lending. On the onehand, under the stimulation of high-yield, the Chinese-funded banking invested a lotof money to government bonds and real estate, and gained a huge profit. On theother hand, despite of the effects of the industrial depression, banks’ loan wastemporarily unable to recover, and the banking suffered from involvement and losses.But the Chinese-funded banks increased the loans and investments to enterprises,especially industrial enterprises, and strengthened the links between them. In supportof the bank funds, most of the business situation of enterprises began to improve.And banks not only gained benefit, but also the safety of its own funds obtained acertain degree of protection. In addition, in response to the crisis, the role of theBanking Trade Association can not be ignored. On the one hand it organized thebanking to actively help themselves, on the other hand it represented the banking toseek the assistance of the government. The Banking Trade Association also madetheir own efforts and played an important role in the process of saving the marketand coping with the recession.The Great Depression had a far-reaching impact on Chinese-funded banks.After the Great Depression, the development of Chinese-funded banking entered anew phase, which obtained a dominant position in the whole financial system. But atthe same time the state capital also occupied the absolute dominance innation-owned banking, and the National Bank and financial monopoly capitalformed. We should learn the measures and experience that Chinese-funded bankingdealt with the recession in the Great Depression, which might be able to providesome references for China’s economic development today.更多还原