Fudian Bank and the Issuance of Domestic Debt by the Yunnan Provincial Government during Tang Jiyao's Era
The Fudian Bank was a financial institution established by the Yunnan government after its independence in 1912.It was established,funded,managed,and operated by the government and held the authority to issue currency,functioning as a state-owned bank.At the same time,Fudian Bank also offered deposit,loan,and remittance services,making it a commercial bank with dual attributes of"state-owned and commercial".This dual identity made it a crucial financial vehicle for Yunnan under Tang Jiyao's administration to issue substantial domestic debt.For publicly issued domestic debt,Fudian Bank leveraged its commercial advantages and official backing to act as a"domestic debt promoter",bridging the government's information asymmetry with the financial market.For non-publicly issued domestic debt,the bank played the role of a"currency provider",utilizing commercial operations to lend the absorbed social deposits to the government through internal loans.When the provincial treasury was depleted,Fudian Bank used its government-granted currency issuance authority to overissue paper money,effectively becoming the government's"cash dispenser".This approach somewhat alleviated Yunnan's fiscal difficulties but also triggered hyperinflation,leading to financial and fiscal disorder.
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维普
