The Issuance and Management of Public Bonds during the Period of the Beiyang Government:Centered on the Inland Government Bond Bureau(1914-1927)
The Public Debt Bureau was established due to the issuance and management of the Beijing Gov-ernment's three-year public debt.Due to changes in government debt management affairs,they experi-enced withdrawal and reorganization.From the perspective of the design of the financial public debt management system,the establishment and operation of this institution have made some institutional innovations in the management of the late Qing government debt.It played an important role in the issu-ance and management of government debt in the early years of the Republic of China.In particular,it has achieved remarkable results in promoting the underwriting of public debt and the management of sinking funds.With the advancement of Beijing government's large-scale public debt consolidation in 1921,as tariffs became the main source of public debt issuance guarantees and debt service funds,the power to manage public debt was gradually controlled by the General Taxation Department of the Cus-toms and Excise Department,and the role played by the domestic public debt bureau Increasingly weakened..During the Beiyang warlord melee,due to the lack of government politics and fiscal credit,the role and influence of the public debt bureau on public debt management and the shaping of govern-ment debt credibility gradually declined.
Public DebtBeijing GovernmentPublic Debt BureauLiang Shiyi
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NSTL
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