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1 13ｧｮ.ｧ. ｧｦｧ筴爰ﾓ ｧｮｧｪｧｲｧｰｧ ｧｰｧｫ ｧｶｧｪｧｯｧ ｧｯｧｳｧｰｧ ｧｽｧｫ ｧｬｧｲｧｪｧｩｧｪｧｳ ｧｹｧｴｧｰ ｧ ｧ ｧｭｧｾｧｺｧｦ? 1

2 :336 ｱ2008 ｱ+338(100) E ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? / ｪ ｨｺ09ｨ : 06ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, ｪ ISBN 978ｨC5ｨC282ｨC03130ｨC0 00 ｨｺｨｪｨｨ ｨｺｨ 04ｨ ｨｪ06, ｨｺｨ ｨｺｨｨ ｨｨ ﾂｨｨｨｪ04 ｨ 0405ｨｨ ｨｪ ｨ ｨｬ ｨｬ06ｨｴｨｪ ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪｨｪ ｨｬｨｨ08ｨ, ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨｺ06ｨｰ ｨ 0405ｨ ｨｨｨｪ02ｨｨ ｨｰｨ ｨｪｨ ｨｬｨｪ02ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｬ ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｬｨ ( ｨｮ06 06 ﾂ ｨｹ 0202 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ ｨｨｨｨ) ｨｨ ｨｨ04ｨｪ ｨ ｨｪ0609ｨｰｨｹ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪｨｺｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｬ ｨｨ03ｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ080609ｨ 05ｨｨ 09ｨｨｨｰｨｮｨ 02ｨｨ06, ｨｪ02 ｨｮ09ｨｰ08ｨ ｨｪｨｨ09 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ ｨｨ ﾂｨｨｨｪ, ｨ 0903ｨｨ01 ｨｺ08ｨｨ04ｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ 0705ｨ ｨｪ02 09 ｨ 0605ｨｹ0306ｨｦ 09ｨｰ020702ｨｪｨｹ ｨｰｨｪ0609ｨｰｨｨ ｨｬ0603ｨｪ06 ｨｰｨ ｨｺ0302 ｨｮｨｰ ｨ ｨｰｨｹ, ﾂｨｰ06 ｨｪｨ ｨｮ ｨ ｨ 05ｨｹｨｪ04ｨｬ ｨｬ 0906ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｨ 04ｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｬｨｨ 07ｨ 0102ｨｪｨｨ07ｨｬｨｨ ｨｺ06ｨｰｨｨ ｨｺ 09ｨｰ0607ｨｰ ｨ ｨｮｨ ｨｨｨｪｨｪ0402 ｨｨｨｪｨｰ ｨｨ 0202ｨｪｨｰ ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨｰｨ ｨｺｨｨ01 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨｨｦ ｨｪｨ 0703 ｨｨ 00ｨｪ020709ｨｪｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨ 07 ｨｺｨ 08ｨｰｨｨｨｪｨ ｨｬｨｨ08ｨ 09 06ｨ ｨｨｨｬ06ｨｬ ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨｬ060302ｨｰ ｨｹ0204ｨｪ06 ｨｨ04ｨｬ02ｨｪｨｨｨｰｨｹ ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨｪｨｨｨｺｨ 02ｨｰ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪｨ ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨｨｬ ｨｬ0208ｨｺｨ ｨｬ 09ｨｨｨｰｨｮｨ 02ｨｨ07, ｨｺ060001ｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｨ ｨｮ06 06 ﾂ ｨｹ ｨｨ07, ｨｬ0600ｨｮｨｰ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｪ ｨｪ ｨｪ060906ｨｦ ｨｬ ｨｨ 08ｨ 0409ｨｨｨｰｨｨ07, ｨｺ06ｨｰ0608ｨ 07 06ｨｰ0902 ﾂｨ 02ｨｰ ｨｨ01 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｬ ｨｨｨｪｨｰ ｨ ｨｬ ｨｨ ｨｬ060302ｨｰ 06ｨ ﾂｨｨｨｰｨｹ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ ｨｺｨｪｨｨ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨｪ ｨ 09ｨｰ0608ｨ, ｨｺ06ｨｰ ｨｰ ｨｨ05ｨｨ09ｨｹ ｨｪ0201ｨ 09ｨｪｨｨ01 ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ, ｨ ｨｰｨ ｨｺ ｨｪ04 ｨｪ ｨｪ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｺｨｰｨｨ09 08ｨ 0409ｨｨｨｰｨｨ07 ｨｬｨｨ ｨｦ ｨｨ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ :336 ｱ2008 ｱ+338(100) ISBN 978ｨC5ｨC282ｨC03130ｨC , ｨ ｨｰ0205ｨｹ09ｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 03, 2011

3 ( ) ｨｺ06ｨｰ ｨｺｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ (ｨｺ080201ｨｨｨｰｨｪ06ｨｬ ﾂ02) ｨｪ ｨ ｨｬ ｨｪｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ ｨｬｨｪ ｨ ｨｰ ｨｪｨｨｨｨ ｨｺ06ｨｰ ｨ 02ｨｪｨｪ0609ｨｰｨｨ ｨｪｨｨ07 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ ｨｨｨｰｨｨｨｺｨ 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨｪｨｨｨｨ ｨｨ 08ｨｮｨ ｨｮ ｨｨ0701 ｨｬｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ

4 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨｴ02 08ｨ ｨｪ0604ｨ ｨ 09ｨｰｨｮｨｴｨ ｨｹ ｨ ｨｺ02ｨｨｨｦ ｨｪ ｨｨ 09ｨｰｨ ｨｨ09ｨｺｨ ｨ 08ｨ ｨｦ ｨｪｨ ｨｨ 0202 ｨ ｨｮ01ｨｮｨｴｨｮ ｨｹ ｨｴ02 08ｨ ｨｨｨｦ09ｨｺｨｨ01 08ｨｨ09ｨｺｨ ( ﾁ )

5 ｨｨ04ｨｨ09 ( ﾂ. ｨｺ1 7ｨｪ ｨｮｨｦｨｰ) ｪ 09ｨｮ01, ｨｪｨｨ02, ｨｰｨｪ04ｨｦ 07ｨｮｨｪｨｺｨｰ 00 XXI 09. ｨｬｨｨ080609ｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ 09ｨｰｨ 05ｨｺｨｨ09ｨ ｨｰｨｹ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｨｨｪ06ｨｦ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨ02ｨｦ ｨｦ ｨｨ09ｨｰ0608ｨｨｨｨ ｨ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｺ08ｨｨ04ｨｨ0906ｨｬ ｨ 05ｨｨ ｨｺ08ｨｨ04ｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪｨ ｨｰ ｨｪｨｮ01ｨｨ ｨ 0409ｨｨｨｰ ｨｮ01ｨ 0809ｨｰ09ｨ 08ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ02ｨｰ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07, ｨｰｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ0402 ｨｬ ｨｬ06ｨｴｨｨ, ｨ 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｬ 04ｨ 09ｨｰｨ 09ｨｨ05ｨ ｨｨｨｪ02ｨｨ ｨｨｨｰｨｹ 06 ｨｺ08ｨｨ04ｨｨ ｨｬ02ｨｪｨｪ06ｨｦ ｨｬ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｬｨ ｨ 09ｨｨｨｰｨｮｨ 02ｨｨ07, ｨｺｨ 04ｨ ｨｹ, ｨｪｨ ﾂｨ 05ｨ ｨｰ020702ｨｪｨｪ06 ｨｪ0608ｨｬｨ 05ｨｨ ｨ ｨｰｨｹ0907, 08ｨ 0408ｨ 04ｨｨ ｨｺ08ｨｨ04ｨｨ ｨｪ04, ｨｺ06ｨｰ060804ｨｦ ｨｰｨ ｨｺ ｨｰ0802ｨ 0609ｨ 05 ﾂ ﾂｨ ｨｦｨｪ0401 ｨｬ ｨｺｨｨ ｨｰ060806ｨｪ ｨｮ01ｨ 0809ｨｰ ｨｨ 05ｨｰ06ｨｬ ｨ 0405ｨｨ ｨｪ02 ｨｰ0605ｨｹｨｺ ｨｹ0204ｨｪ ｨ ｨｪ ｨｨ02ｨｨｨｨ 09ｨ ｨｬ , ｨｪ06 ｨｨ ｨｨｨｪ02ｨｨ ｨｰｨ ｨｪｨ ｨｬｨｪ02ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ 09ｨ 03ｨｪ02ｨｦ03ｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｦ09ｨｺ06ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ, ﾂｨｰ06 ｨｰｨ ｨｺ ｨ ｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨ ｨ ｨｰｨｺｨｨｨｬｨｨ, 0601ｨｪ ｨｬ02ｨｪｨｪ06 ｨｮ09ｨｨ05ｨｨ09 ｨｮ ｨｮ 09ｨｰ08ｨ ｨｪ ｨｰ ｨｮ ｨｨ0701 ｨ ｨｪｨｰｨｪ ｨ ｨｪｨｪ04ｨｦ ｨｨ ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬｨｨ08ｨｮ02ｨｰ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｨｨｪｨ ｨ. 7

6 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? 01ｨ 09ｨｬ02ｨｪｨｮ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｬ ｨｰ06 ﾂｨｺｨ ｨｬ ｨｬｨｨ ｨｨｨｪｨ ｨｪ ｨｨ 0202ｨｪｨｰ08ｨ ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 0708ｨｨ ｨｰ ｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨｨｪｨ ｨｪ ｨｮ ｨｨ 0202ｨｪｨｰ ｨｨｨｰｨｨｨｺ06-05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｦ09ｨｰ09ｨｨ07. 06ｨｰ06 09ｨｰｨ 09ｨｨｨｰ ｨｬ02ｨｪｨｪ04ｨｦ ｨｬｨｨ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨ 0801ｨｨｨｰ02ｨｺｨｰｨｮ0804 ｨｨ ｨｪ ｨ 09ｨｨ05 ｨｨ000804, ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ0609ｨｰｨｹ ｨｺ06ｨｰ ｨｰ0605ｨｹｨｺ06 06ｨ 0609ｨｰ080702ｨｰ ｨｰ06ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ 09 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪｨ ｨ 09ｨｪ06 ｨ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨｰ ｨ 0502ｨｬ04, ｨｺ06ｨｰ ｨｪｨ ｨｺｨ 0705ｨｨ09ｨ 05ｨｨ09ｨｹ 09 ｨｬｨｨ ｨｦ 09ｨ 0506ｨｰｨｪ06-00ｨｨｨｪｨ ｨｪ ｨｦ , ｨｪ02ｨｨ04ｨ 0203ｨｪ ｨｮｨｰ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｰ ｨｪｨｨ ｨｪｨ ｨｬｨｨ ｨｪ0604ｨｨ080609ｨ ｨｹ, ﾂｨｰ06 00ｨｬｨｨ080609ｨ 07 09ｨ 0506ｨｰｨｪｨ 07 09ｨｨ09ｨｰ02ｨｬｨ 09ｨｰ06ｨｨｨｰ ｨ 05ｨｹｨｪ06ｨｦ ｨｺｨｰｨｨ0906ｨｦ ｨｪ06ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 0506ｨｰｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｨ 06ｨｰ ｨｰ060006, ｨｪｨ 09ｨｺ0605ｨｹｨｺ06 ｨ 0102ｨｺ09ｨ ｨｰｨｪ04ｨｬｨｨ ｨｨ ｨ ｨ ｨｪｨｪ04ｨｬｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｨｨｪｨｨｨｬｨ 02ｨｬ ｨｪ0609ｨｪ04ｨｬｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｬｨｨ 03ｨ 00ｨｨ, 04ｨ 09ｨｨ09ｨｨｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｭ ｨｰ0908ｨ ｨｴ02ｨｪｨｨ07 08ｨ 0408ｨｮ03ｨｨｨｰ0205ｨｹｨｪ ｨｰ09ｨｨｨｦ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ ｨｪ0202 ｨｬ04 ｨｮｨｺｨ ｨ 05ｨｨ ｨｪｨ ｨｰ06, ﾂｨｰ06 ｨｬｨｨ ｨｦ 09ｨ 0506ｨｰｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｰ06ｨｨｨｰ ｨｦｨｰｨｨ ｨｹ0204ｨｪ ｨ 08ｨ ｨ ｨｪｨｨ07, ﾂｨｰ06ｨ 04 09ｨｪ0609ｨｹ 0708ｨｨ06ｨ ｨｰｨｨ 09ｨｨ09ｨｰ02ｨｬｨｪｨｮ06 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｨ ｨｨ04ｨ 0203ｨ ｨｰｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｨ09ｨｰ02ｨｬｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ. 02ｨｪｨ ｨｪｨ ｨｮ ﾂ0209ｨｰｨｹ ｨｰ ｨ 05ｨｨｨｨ, ｨｺ06ｨｰ ｨｪｨｨｨｺｨ 06ｨｰ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ, ｨ ｨｪｨｪ0402 ｨｨ 09 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ04ｨｬ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02ｨｬ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨ 02ｨｨｨｦ, ｨｨ ｨｨ0906ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｨ ﾂ02ｨｪｨｪ0609ｨｰｨｹ ｨ ｨ 05ｨｨ04ｨ 02ｨｨ06ｨｪｨｪ ｨ 0605ｨｹ ﾂｨｨ0905ｨ 09ｨｰ08ｨ ｨｪ ｨ 0506ｨｰｨｪ06-00ｨｨｨｪｨ ｨｪ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｬ02ｨｪｨｪ06ｨｬ ｨｬｨｨ0802 (ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｰ ｨｺ06ｨｪ02ｨ 90-01). 00.: 06ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ 09ｨｮ ｨｪｨｨｨｰ02ｨｰ ｨｨｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ : 06ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, ｨC73. 8

7 ｨｪｨｨ02 (06ｨｰ ｨ 09ｨｰ0608ｨ ) ﾂ02ｨｪｨｹ 0909ｨｺ ｪ ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｰ 0907ｨｮ09ｨｰ07 ｪ 09 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 08ｨ 0408ｨ 04ｨｨ ｨｮｨ 06ｨｺｨｨｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09, ｨｺ06ｨｰ060804ｨｦ ｨｺ0609ｨｪｨｮ ｨｪ0609ｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ, 0708ｨｨ ﾂ02ｨｬ ｨｪ02ｨｺ06ｨｰ ｨｨ04 ｨｪｨｨ01 06ｨｪ 0604ｨｪｨ ﾂｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 ｨｨ01 01ｨ 05ｨｹｨｪ02ｨｦ0302ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ. 0105ｨｮｨ ｨｨｨｪｨ 07ｨ 0102ｨｪｨｨ ｨｪ ｨｪｨｺｨ 09 ｨｰｨ ｨｺｨｨ01 09ｨｰ08ｨ ｨｪｨ 01, ｨｺｨ ｨｺ , ｨ 0405ｨ 0601ｨｪ06ｨｦ ｨｨ04 09ｨ ｨｬ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ ｨｨ09ｨｰ0608ｨｨ06 ｨｪｨ ｨ ｨｪｨｨｨｦ (08ｨｨ09. 1). 04ｨｨ ｨｨｨｪｨ ｨｬｨｨｨｺｨ ｨｨｨｪ0102ｨｺ09ｨ Dow Jones ｨC * * 0602ｨｬ ｨｨ080609ｨｰｨ ; ｨ 05ｨｹｨｪ06ｨｬ ｨｨ09 ﾂｨｨ090502ｨｪｨｨｨｨ ｨｪｨ ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ NYSE. 9

8 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨｰ ｨｺ060904, ｨｺ06ｨｰ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｬｨｨ080609ｨ 05ｨｨ09ｨｹ 09 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｨ ｨｨ09ｨｹ ｨｰ0607ｨｪｨｪ ｨｨ02ｨｨｨｰｨ ｨ ｨｰ0203ｨｪ0401 ｨ ｨ 05ｨ ｨｪ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ, ｨｨ01 ｨ ｨｰ0609, ｨｮｨｰ09ｨｰ09ｨｮ06ｨｴ02ｨｦ ｨｨｨｬ 05ｨｬｨｨ0909ｨｨｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 0506ｨｰ, ｨｪ02 06ｨ ﾂ02ｨｪｨｪ06ｨｦ ｨｪｨｨ ｨｰ06ｨｬ , ｨｪｨｨ ｨ 0102ｨｺ09ｨ ｨｰｨｪ04ｨｬｨｨ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨｨｬｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ ｨｬｨｨ (09 ｨｰ06ｨｬ ﾂｨｨ ｨｰ06-09ｨ 0506ｨｰｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ), 05ｨｨ03ｨ 05ｨｨ ｨｬｨｨ080609ｨｮ06 00ｨｨｨｪｨ ｨｪ090609ｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ ｨｪ0206ｨ ｨｨｨｬ0401 ｨｰ06 ﾂ02ｨｺ , ﾂｨｰ06 01ｨ ｨｰｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｮ ｨｨ ｨ 09ｨ 0506 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 06ｨｨ (ｨｰｨ ｨｺｨｨ02 ｨｺｨ ｨｺ ｨｰ ｨｨ01 ｨｬ020301ｨｮｨｪｨ ｨｪ04ｨｬ 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｬ, 0708ｨｨ ｨｨｨｦ ｨｺ ｨｺ08ｨ 01ｨｮ ｨｰｨｰ06ｨｪ-00ｨｮ0109ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04), 09 ｨｪ ｨｮ ｨｨ0701, 0708ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ 01, 0708ｨｨ ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ06 ﾂ02ｨｰｨｺ ｨｰ080602ｨｪｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07, ｨｺ06ｨｰ0608ｨ 07 ｨｪ02 ｨ 0405ｨ 0006ｨｰ0609ｨ ｨｺ ｨｪ060904ｨｬ 08ｨｨ09ｨｺｨ ｨｬ, ｨｮ ｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ 09ｨｰｨ ｨｪ0609ｨｨ05ｨ 09ｨｹ 0706-ｨｪｨ 09ｨｰ0607ｨｴ02ｨｬｨｮ 0802ｨ 05ｨｹｨｪ06ｨｦ, 0708ｨｨ ﾂ02ｨｬ ｨｬ 01ｨｮ010302ｨｬ ｨｪｨ 08ｨｨｨｨ 09ｨｨｨｰｨｮｨ 02ｨｨ07 ｨｬ060302ｨｰ ｨｨｨｬ02ｨｰｨｹ ｨｪ0206ｨ 08ｨ ｨｰｨｨｨｬ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ

9 ｨｪｨｨ02 (06ｨｰ ｨ 09ｨｰ0608ｨ ) 0808ｨｨ04ｨｨ09, ｨｺ06ｨｰ060804ｨｦ 09 ｨｨｨｰ ｨｨ , ｨ ｨｰ0605ｨｹ ｨｬｨ 0903ｨｰｨ ｨ 02ｨｪ, ｨ ｨｬ ｨｮ0507ｨｰ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 09ｨｰ0605ｨｹ ｨ ｨｪｨｰｨｪ04, ﾂｨｰ ｨｰ ｨｨ ｨｨｨｪ02ｨｨ ｨｰｨ 09ｨｨｨｰｨｹ ｨｬｨｪ02ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｬ ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｬｨ ( ｨｮ06 06 ﾂ ｨｹ, 0202 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ ｨｨｨｨ), ｨ ｨｬ ｨｨ09ｨ 02ｨｬ0609ｨｰｨｹ ｨｨ 03ｨｨ04ｨｪ ｨ ｨｪ0609ｨｰｨｹ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｪｨｺｨ ｨｮ ｨｺ0506 ﾂ ｨｪ ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0708ｨｨ ﾂｨｨｨｪ02ｨｪ ｨｪ ｨｪｨｨｨｬ04ｨｦ ｨｮｨｴ0208ｨ, ｨ 09ｨ ｨｬｨ 06ｨｪｨ, ｨ ｨｮ01ｨｮ ﾂｨｨ ｨｪ ｨｰ0607ｨｪｨｨｨｨ 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｰｨｹ ｨｪ02ｨｬ 09ｨｨ0102, ｨ 0405ｨ ﾂｨ 09ｨｰｨｨ ﾂｨｪ06 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨ ｨｨ05ｨｨ ｨｰｨ ｨｪｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨｺ06ｨｪｨｰ080605ｨｹ ｨｹ ｨｮ01ｨ 0809ｨｰ09ｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｮ05ｨｹｨｰｨ ｨｰ02 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ, 09ｨｪ0609ｨｹ 04ｨ 09ｨｰｨ 09ｨｨ ｨｨｨｰｨｹ 06 ｨｬ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｬｨ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ 05ｨｰ06ｨｬ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｬ ｨｨ03ｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ080609ｨ 05ｨｨ 09ｨｨｨｰｨｮｨ 02ｨｨ06 ｨｪｨ ｨｪ02ｨｺ06ｨｰ ｨｬ07, ｨｪ02 ｨｮ09ｨｰ08ｨ ｨｪｨｨ09 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ ｨｨ ﾂｨｨｨｪ, ｨ 0903ｨｨ01 ｨｺ08ｨｨ04ｨｨ09. 06ｨｬ02ｨｪｨｪ ｨｰ06ｨｬｨｮ 01ｨ ｨｨ ｨ ｨｪ ｨｪｨｨｨｨ ｨｰｨ ｨｪｨ 0804ｨｪｨｺ ｨ ｨｪ0702ｨｰ0907 ｨｪｨ ｨｪｨｨ02, ｨ ｨｰｨｪ0609ｨｰｨｹ 0009ｨｰ060806ｨｦ ｨｪ0403 ｨｺ08ｨｨ04ｨｨ09ｨ 0609ｨｰｨ 02ｨｰ ｨｺ06ｨｦ. 00 ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨｪｨｨｨｺｨ 02ｨｰ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪｨ ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨｨｬ ｨｬ0208ｨｺｨ ｨｬ 09ｨｨｨｰｨｮｨ 02ｨｨ07, ｨｺ060001ｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ ｨｬｨｨ ｨｦ 05ｨｺ06-11

10 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｨ ｨｮ06 06 ﾂ ｨｹ ｨｨ07, ｨｬ0600ｨｮｨｰ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｪ ｨｪ ｨｪ060906ｨｦ ｨｬ ｨｨ 08ｨ 0409ｨｨｨｰｨｨ07, ｨｺ06ｨｰ0608ｨ 07 06ｨｰ0902 ﾂｨ 02ｨｰ ｨｨ01 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｬ ｨｨｨｪｨｰ ｨ ｨｬ ｨｨ ｨｬ060302ｨｰ 06ｨ ﾂｨｨｨｰｨｹ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ ｨｪｨ ｨｪｨｨ ｨｪｨｪ ｨｪｨｨｨｦ ｨｰ0605ｨｹ ｨｪ06ｨｦ ｨｨ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ06ｨｦ ｨ 0502ｨｬ02 ｨｪ0206ｨ ｨｨｨｬ ｨｰｨ ｨｰｨｹ, ﾂｨｰ ｨｰ ｨｪ060906ｨｦ ｨｪｨ ｨ ｨ 02ｨｬ0401 ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ ｨｨ ﾂｨｰ ｨｨ01ｨ ｨｰｨｹ ｨｺｨｰｨｨ ｨ ｨｺ ｨｨ ﾂｨｨｨｪ04, ｨｺ06ｨｰ ｨｨ090205ｨｨ ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨｮ ｨｨ 06ｨ 0609ｨｰ08ｨｨ05ｨｨ ｨｰ02 ﾂ02ｨｪｨｨ02? 08ｨ ｨｺｨｨ02 ｨｬ ｨｪ0206ｨ ｨｨｨｬ ｨｰ0908ｨ ｨｴ02ｨｪｨｨ ｨ ｨｪ ｨ 04ｨｰｨｨｨｦ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ? ﾁｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｨ ｨｮ ﾂ02ｨｪｨｨ ｨｨ ｨｨ02ｨｨｨｦ 09 ｨｪ ｨｪｨｪ06ｨｦ ｨｨ 0601ｨｪ ｨｬ02ｨｪｨｪ ｨｺ0601ｨｨｨｪｨ ｨｬｨｨ ﾂｨｪ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 09 ｨｬｨｨ ｨ ｨｪ0706ｨｴｨｨｨｬｨｨ ｨｪ02ｨｬ ｨ 0605ｨｹ03ｨｨｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ? 05ｨｺ0605ｨｹ ｨｺｨ ｨｰｨｪ0609ｨｰｨｹ ｨｪ ｨｨｨｰｨｺｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ ｨｺｨ ｨｺ ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ ｨｦ09ｨｰ09ｨｨ02 ｨｪｨ ｨｨｨｦ09ｨｺｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ? ｨｨｨｨ ｨｪ0206ｨ ｨｨｨｬ04 ｨｪｨ ｨｪｨｨ02 ｨｨ ﾂ02ｨｰｨｺ0602, 09ｨ ｨ 05ｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｪ0602 ｨｨ ｨｹ040609ｨ ｨｪｨｨ ﾂｨ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, ｨｺ06ｨｰ ｨｰ 02ｨｦ ｨｺｨｰｨｨ09ｨｪ06 08ｨ 0409ｨｨ09ｨ ｨｰｨｹ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｬ ｨｬｨｨ ｨ ｨｪ ｨ ｨｴｨｨｨｦ ｨｺｨｮ ｨ 05ｨｹｨｪ02ｨｦ0302ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09 ｨｬｨｨ ｨｦ09ｨｰ0906, 0601ｨｪ ｨｬ02ｨｪｨｪ ｨｮ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ ｨ ｨｬｨｺｨｨ02 04ｨ 01ｨ ﾂｨｨ, ｨ 00ｨ 06ｨｴｨｨ02 ｨｮｨｺ ｨｪｨｨ ｨｨ02ｨｨｨｦ 09ｨｰ08ｨ ｨｪ04 09 ｨｺｨ ﾂ0209ｨｰ ｨｹ0204ｨｪ ｨｮ ｨｪｨｪ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 02 ﾂ0209ｨｨ01ｨｪ06, ｨｮ ｨｪ ｨｪｨｨ02 01ｨ ｨｪｨｪ06ｨｦ ｨ 0502ｨｬ ｨｨｨｰ 01ｨ 08ｨ ｨｺｨｰ ｨ 0409ｨｨｨｰｨｨ ｨｨｨｨ ｨｪｨ ｨｬｨｪ0600ｨｨ ｨｰｨｨ0502ｨｰｨｨ07. 12

11 ｨｪｨｨ02 (06ｨｰ ｨ 09ｨｰ0608ｨ ) 02ｨ ｨｪｨｪｨ 07 ｨｺｨｪｨｨ00ｨ ｨ 00ｨ 02ｨｰ , ｨｺ06ｨｰ ｨ 0506 ｨ 04 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ 0708ｨｨ ｨｪｨｨｨｨ 09ｨｰ0605ｨｹ ｨｪ0401 ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 01ｨ ﾂ. 0809ｨｰ ｨｪ ｨ 02ｨｰ ｨｨ ｨｪｨ ｨｰｨｪ02ｨｬ ｨｰ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺ06ｨｦ 08ｨ ｨ 06ｨｰ ｨｨｨｪｨ ｨｪ ｨｦ , ｨｮ ﾂｨ 09ｨｰｨｨ07 09 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ 01, 0600ｨｨ02ｨｨｨ 05ｨｹｨｪ ｨｰ0802 ﾂｨ 01, ｨｬｨｪ ﾂｨｨ090502ｨｪｨｪ ｨ 09ｨｮ030102ｨｪｨｨ0701 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 0502ｨｬ 0906 ｨｬｨｪ0600ｨｨｨｬｨｨ ｨｮｨｴｨｨｨｬｨｨ ｨｨｨｦ09ｨｺｨｨｨｬｨｨ ｨｨ ｨｬ020301ｨｮｨｪｨ ｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ09ｨｰｨ ｨｬｨｨ, ｨ ｨ ｨｪｨｺｨｨ08ｨ ｨｬｨｨ, ｨｮ ﾂ02ｨｪ04ｨｬｨｨ ｨｨ ｨｨｨｰｨｨｨｺｨ ｨｬｨｨ ｨ 00ｨ 02ｨｬｨ 07 08ｨ ｨ 06ｨｰｨ 06ｨ 06ｨ ｨｴｨ 02ｨｰ ｨｪ02ｨｺ06ｨｰ ｨｨ , ｨ ｨｪｨｪ0401 ｨ 09ｨｰ060806ｨｬ 09 08ｨ ｨｪ ｨｮｨ 05ｨｨｨｺ0609ｨ ｨｪｨｪ0401 ｨｨｨｬ ｨｺｨｪｨｨ00ｨ 01 ｪ 0000ｨ 0506ｨｰ04 09 ｨｬｨｨ ｨｦ ｨｰ (00.: 01ｨ ｨｮｨｺｨ, 1992, ), 0000ｨ 0506ｨｰｨｪ06-00ｨｨｨｪｨ ｨｪ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｬ02ｨｪｨｪ06ｨｬ ｨｬｨｨ0802: ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｰ ｨｺ06ｨｪ02ｨ (00.: 06ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, 2000, ), 0006ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ 09ｨｮ ｨｪｨｨｨｰ02ｨｰ ｨｨｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ0203 (00.: 06ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, 2005, ) ｨｪ , ｨ ｨｪｨｪ ｨｰｨｨ01 ｨｺｨｪｨｨ00ｨ 01 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｺｨｰｨｨ09 09ｨ 0506ｨｰｨｪ ｨｨ 0006ｨｪ ｨｪｨｺ0609, ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ 09ｨ 0506ｨｰｨｪ0401 ｨｺｨｮ , ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ 09 ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ02, 06ｨｺｨ 04ｨ 05ｨｨ09ｨｹ ｨｪ04ｨｬｨｨ ｨ ｨｪｨｪ06ｨｦ 08ｨ ｨ 06ｨｰ02 ｨｬ04 08ｨ 0909ｨｬ06ｨｰ08ｨｨｨｬ, ｨｺｨ ｨｺ ｨ 0405ｨｨ 0005ｨ 09ｨｪ ｨｨ ﾂｨｨｨｪ04 ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ07 ｨｰｨ ｨｺｨｨ ｨ 04ｨｰｨｨｨｦ ｨｨ ｨｨｨｬ ｨｪ ｨｪ06ｨｺ 08ｨ 0409ｨｨｨｰｨｨ07 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ. 0209ｨｪ0609ｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨ ｨｮ0102ｨｰ ｨｮ ｨｪ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｨ06 ｨｰ , ｨｺ06ｨｰ ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨｰ060006, ﾂｨｰ06ｨ 04 ｨｮ ﾂｨｨｨｰｨｹ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｨ02ｨｨｨｨ 09 ｨｬｨｨ ｨｮ ｨｨ0701, ｨｺ060001ｨ ｨｬ020301ｨｮｨｪｨ ｨｪｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 02ｨｰ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ ｨｺ060001ｨ ｨ ｨｪ ｨｬ. 13

12 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨｪｨｨｨｺｨ 06ｨｰ ｨｪ ｨｨ09ｨｺｨｨ, ｨｺ06ｨｰ ｨ ｨｬｨｨ ｨｰｨ ｨｺ0302 ｨｬ0600ｨｮｨｰ ｨｨｨｬ02ｨｰｨｹ 08ｨ 0408ｨｮ03ｨｨｨｰ0205ｨｹｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｪ0609ｨｪ ｨ 09ｨｰ0608ｨ ｨｨ ｨｪ04 ｨｰｨ ｨｺ0302 ｨｪｨ ｨ ｨｦｨｰ ｨｪｨｰ0208ｨｪ02ｨｰ ｨ ｨｮ: ｨｰ ｨ 03ｨ 02ｨｰ 0708ｨｨ04ｨｪｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｺ.05.ｨｪ ｨ ｨｪｨ ｨｦ 04ｨ 0706ｨｬ06ｨｴｨｹ 09 06ｨ 08ｨ ｨ 06ｨｰｨｺ02 08ｨｮｨｺ0607ｨｨ09ｨｨ ｨ ｨｪｨｪ06ｨｦ 08ｨ ｨ 06ｨｰ02 ｨ 09ｨｰ ｨ 03ｨ 02ｨｰ ｨｨ ﾂｨｪ0602 ｨｬｨｪ02ｨｪｨｨ02, ｨｺ06ｨｰ ｨｪ02 ｨｬ060302ｨｰ 06ｨｰ ｨｰ090507ｨｰｨｹ ｨｬｨｪ02ｨｪｨｨ02ｨｬ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｨ, ｨｺ06ｨｰ0608ｨｮ06 06ｨｪ ｨｰｨ ｨｰ.

13 ｨｪｨｰ07ｨ ｨｨ ｨｪｨｨ ｨｰ ｨｬ06ｨｬ02ｨｪｨｰｨ, ｨｺｨ ｨｺ ｨ ｨ ｨｲ ｨｪ06 06 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ0902 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨ ｨ ｨｪｨｺｨ Lehman Brothers. 00 ｨｮ ｨｨ ｨｰｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ ｨｨ ｨｺ , ｨｺ06ｨｰ ｨｪｨ ｨｺ0607ｨｨ05ｨｨ09ｨｹ 09 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, 05ｨｰ ｨ 04ｨｰｨｨ ｨｨ050609ｨｹ ｨ ｨｮ09ｨｺ060904ｨｬ ｨｺ0806 ﾂｨｺ06ｨｬ03, 01ｨ 0903ｨｨｨｬ ｨｪｨ ﾂｨ 0506 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬｨｪ06ｨｦ ｨｺ ｨｺ02ｨｨｨｨ 0804ｨｪｨｺ0609, 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ04ｨｬ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07ｨｬ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ , ｨｬ06ｨｰ08ｨｮ ｨ 0609ｨｪ ｨｬ02ｨｪｨｪ06ｨｦ 0804ｨｪ06 ﾂｨｪ06ｨｦ ｨ 0801ｨｨｨｰ02ｨｺｨｰｨｮ0804 ｨｨ 09ｨ ｨｬ06ｨｦ ｨｨ ｨｨｨｨ 0804ｨｪｨｺｨ. 02ｨ ｨｪｨｪ04ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｪｨｨｨｬ ｨｨ04 09ｨ ｨｬ ｨｰ ｨｨ 04ｨ ｨｰ0703ｨｪ ｨｪ060902ｨｦ0302ｨｦ ｨｨ09ｨｰ0608ｨｨｨｨ (08ｨｨ ). 0306ｨｰ0208ｨｨ, ｨｺ06ｨｰ ｨｪｨ ｨｺ0607ｨｨ05ｨｨ09ｨｹ ｨｮ05ｨｹｨｰｨ ｨｰ ｨ 0409ｨｨｨｰｨｨ07, ｨｰｨ ｨｺ ｨｰ 0706ｨｰ0208ｨｨ ｨｬｨｪ0600ｨｨ ｨｪｨｪ0401 ｨｺ08ｨｨ04ｨｨ (08ｨｨ09.1.2). 0506ｨ 04ｨｰｨｨ07, ｨｺ06ｨｰ ｨ 0405ｨｨ 0601ｨ 08ｨ ｨｺｨｰ0208ｨｨ040609ｨ ｨｪ ｨ ｨｰ020502ｨｬ ｨｨｨｪ090702ｨｪ06ｨｬ ｨｺｨ ｨｺ 00ｨｺ080201ｨｨｨｰｨｪ ｨｮｨｪｨ ｨｬｨｨ, ｨｨ ｨｴ ｨ ｨｰ060502ｨｰｨｨ0203, ｨｰ 0906ｨ 06ｨｦ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ 09 15

14 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? 04ｨｨ ｨｨｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｺ08ｨｨ04ｨｨ (ｨｺ0605ｨｨ ﾂ0209ｨｰ0906 ｨｺ09ｨ 08ｨｰｨ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: Global Europe Anti09ipation Bulletin, Morgan Stanley, NBER, 2008, ｨｨ ｨｰ0208ｨｨ 06ｨｰ 00ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ (ｨｬ ) * ｨ ｨｪｨｪ ｨ 05ｨｹｨｪ ｨｪｨ ｨｰ0208ｨｨ ｨｪ0200ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ , 0607ｨｮｨ 05ｨｨｨｺ0609ｨ ｨｪｨｪ04ｨｬ 09 06ｨｺｨｰ07ｨ , ｨ ｨ ｨｪｨｺ0609 ｪ ｨ ｨｪｨｪ04ｨｬ, 0607ｨｮｨ 05ｨｨｨｺ0609ｨ ｨｪｨｪ04ｨｬ 09 06ｨｺｨｰ07ｨ ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: IMF, 2008,

15 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｪｨ ｨ ｨ 02ｨｬ06ｨｦ ｨｪ060902ｨｦ0302ｨｦ ｨｨ09ｨｰ0608ｨｨｨｨ 0708ｨｨｨｬ ｨｪｨｨ ｨ 00ｨ ｨｺｨｰ , ｨｺ06ｨｰ ｨｰｨ 05ｨｨ ｨｬ0603ｨｪ04 09 ｨｮ ｨｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｺ06ｨｰ ｨｺｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ 08ｨ ｨｺ 0506ｨ ｨｪ0602 ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｪｨｨ02 01ｨ ｨｪｨｪ04ｨｦ ｨｺ08ｨｨ04ｨｨ09 ｪ 0706ｨｪ07ｨｰｨｨ02 ｨｬｨｪ060006ｨｬ0208ｨｪ ｨ 0405ｨｨ ｨｺ06ｨｪｨｺ0802ｨｰｨｪ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09ｨ, ｨｺ06ｨｰ ｨｨ080609ｨ 05ｨｨ ｨ ｨｰ0409ｨ ｨｪｨｨ02 ｨｨｨｬ02ｨｪｨｪ06 09 ｨｰ ｨｬ07, ｨｺ060001ｨ 06ｨｪ 0905ｨｮ ﾂｨｨ ｨｪｨ ｨｺ ｨｰ0806ｨｰｨ ｨｨ 09ｨｰ020702ｨｪｨｹ ｨ ｨｰｨ ｨｨ09ｨｹ ｨ ｨ ｨｮｨ ｨｨｨｪｨｪ04ｨｬｨｨ 0708ｨｨ ﾂｨｨｨｪｨ ｨｬｨｨ. 0808ｨ ｨｰｨｺ ｨｬ02 00ｨ 03ｨｪ04ｨｦ, ｨｪ06 ｨｪ ｨ 06ｨｴｨｨｨｦ 00ｨ ｨｺｨｰ0608, ｨｺ06ｨｰ060804ｨｦ ｨ 09ｨｰ090609ｨ 05 08ｨ ｨｰ0409ｨ ｨｪｨｨ06 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ ｨｮ0005ｨｮｨ ｨｨ ｨ 01, ｪ 05ｨｰ06 09ｨｨｨｰｨｮｨ 02ｨｨ07 ｨｪｨ ｨｨ0706ｨｰ02 ﾂｨｪ06ｨｬ 0804ｨｪｨｺ02, ｨｮ06 06 ﾂ ｨｹ , ｨ 0409ｨｰ0804ｨｦ ｨｰ ｨｺ06ｨｰ ｨｨ08ｨ ｨｪｨ ｨ ｨｺｨｰｨｨ09ｨｪｨｮ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪｨｮ ｨｺｨｮ. 0308ｨｨ ﾂ02ｨｬ 05ｨｰ ｨｨ ｨｨ ｨｨ ｨ ｨｪ02ｨｪｨｨｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ ｨｪｨ ｨｪｨｨ04ｨｺ06ｨｬ ｨｮ080609ｨｪ02 09 ｨｰ02 ﾂ02ｨｪｨｨ ｨｨｨｰ0205ｨｹｨｪ ｨｨ0601ｨ, ﾂｨｰ06 02ｨｴ02 ｨ 0605ｨｹ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｰ 0804ｨｪｨｺｨ ｨ 0609ｨ ｨｪｨｨ07 ｨｺ ｨ 09ｨ 02ｨｬ04ｨｬ ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｬ ｨｺ080201ｨｨｨｰｨ ｨｬ ｨｺ06 09ｨｪｨｨ04ｨｨ05ｨｨ09ｨｹ, ｨ 09 ｨ 0605ｨｹ0306ｨｦ 06ｨ ｨｲ02ｨｬ 09ｨｮｨ 09ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｨｪｨｨ04ｨｺ ｨｺｨ - ﾂ0209ｨｰ09ｨ (sub-prime), ｨｮ090205ｨｨ ﾂｨｨ09 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ 08ｨｨ09ｨｺ ｨｪ020705ｨ ｨｰ020302ｨｦ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ ｨｬ 06ｨｰｨｬ02 ﾂｨ ｨ ｨｮ08ｨｪ04ｨｦ ｨｰ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, ｨｺ06ｨｰ ﾂｨ 09ｨｰ ｨｪ ｨｬ02ｨｪｨｪ06 09ｨｺ0506 ﾂｨ 05ｨｨ ｨ 07 ｨ ｨｮｨｬｨ 00ｨｨ 08ｨ 04ｨｪ ｨｺｨ ﾂ0209ｨｰ09ｨ ｨｨ ｨｺ06ｨｰ060804ｨｬ ｨｬ 17

16 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? 0708ｨｨ0909ｨ ｨｨ09ｨ ｨｦｨｰｨｨｨｪ00 ｨ ｨｺ ｨｮ080609ｨｪ07, ﾂ02ｨｬ 0802ｨ 05ｨｹｨｪ0602 ｨｺｨ ﾂ0209ｨｰ ｨｴｨｨ01 09 ｨｪ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ ｨ 03ｨｪ06, ﾂｨｰ06 05ｨｰ06ｨｰ 0804ｨｪ06ｨｺ ｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ ｨｨ ｨｪ0206ｨ ｨｨｨｬ ｨｪ ﾂ02ｨｰｨｺ ｨｺ06ｨｪｨｰ ｨｰ060006, ｨ 0405ｨｨ ｨｨｨｪ07ｨｰ ｨｦ09ｨｰ09ｨｨ07 04ｨ ｨｨｨｪｨｰ ｨ ｨｪｨｪ ｨ ｨ ｨｨ08ｨｮ06ｨｴｨｨ01 09ｨｰ08ｨｮｨｺｨｰｨｮ08 ｨｨ ｨｮ0507ｨｰ ｨｬ, ｨｺ06ｨｰ ｨｨ ｨｺ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ06 09ｨ 03ｨｪ ｨｬ02ｨｪｨｰ ｨｪｨｺｨ, 09ｨｪｨｨ03ｨ 07 ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 ｨｺ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ ｨｨ 06ｨ ﾂｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨ 0405ｨｨ. 08ｨ ｨｺ ｨｰ09ｨｨ ｨｪｨｨｨｺ05ｨ ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609, 08ｨ ｨ 06ｨｰｨ 0903ｨｨ01 09 ｨｮｨｺｨ 04ｨ ｨｪｨｪ04ｨｬｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ (070605ｨｮ ﾂｨｨ0903ｨ 07 ｨｮ ｨｪ0602 ｨｪｨ 0409ｨ ｨｪｨｨ02 00ｨｰ02ｨｪ020906ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ0403 ｪ shadow banking system), ｨｬｨ 0903ｨｰｨ ｨ 04 ｨｺ06ｨｰ060806ｨｦ ｨ 0405ｨｨ ｨｰｨ 09ｨｨｨｬ04 09 ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ06ｨｦ, 0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 ｨｮ ｨｪｨｹ ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｬ0700 ﾂ02, ｨ 0706ｨｰ02ｨｪ02ｨｨｨ ｨｦ09ｨｰ09ｨｨ07 ｨｪｨ 0804ｨｪ06ｨｺ ｪ ｨｺ08ｨ ｨｦｨｪ ｨｺ ｨｪｨｨｨｺ03ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｺ ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨｰｨ ｨｺｨｨ01 ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨｨ090205ｨｨ ｨｺ ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ06ｨｬｨｮ ｨｮ080609ｨｪ06 ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｪｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ01 06ｨ ｨｲ02ｨｬ0609 ｨ ｨｺｨｰｨｨ090609, ｨ 09 08ｨｨ09ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ ｨｰｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨ 00ｨｺ080201ｨｨｨｰｨｪ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ ｨｰ0608ｨ 03 (deleverage) ｨｨ 06ｨ 0609ｨｰ08ｨｨ09 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｮ ｨｮ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｺ08ｨ ｨｴ02ｨｪｨｨ07 00ｨｨｨｪｨ ｨｪ ｨ 02ｨｨｨｦ ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04, ﾂｨｰ06 09 ｨｨｨｰ ｨｨ ｨｨ ｨｨｨｪｨ ｨｪ ｨｦ ｨ ｨｰ06ｨｬ ｨ 0106ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ09 ｨｨ ｨｺｨｰ0608ｨ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪ, ﾂｨｰ ｨ ｨｨｨｰｨｮｨ 02ｨｨ ｨｬ 0000ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ ｨｮ07ｨｺ06ｨｦ03. 01ｨ ｨｺ06ｨｪ0202, 09ｨ 03ｨｪ02ｨｦ03ｨｨｨｬ 00ｨ ｨｺｨｰ060806ｨｬ, ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｴｨｨｨｬ ｨｺ08ｨｨ04ｨｨ09 ｨｨ ｨ 0903ｨｨｨｬ ｨ ｨ 05ｨ ｨｨ07ｨｰｨｪ06ｨｦ ｨｮ ｨ 0409ｨｨｨｰｨｨ07, 09ｨｰｨ 05ｨｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨ06ｨｪ- 18

17 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｪ , 0708ｨｨ ｨｺ06ｨｰ ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ ｨｨ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨ 02ｨｨｨｨ, 0109ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ , ｨｮ090205ｨｨ ﾂｨｨ09ｨ 05ｨ 09ｨｹ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ 0108ｨｮ00 06ｨｰ 0108ｨｮ00ｨ. 06ｨｰｨｨ ｨｨｨｬ0205ｨｨ ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｴｨｨｨｦ ｨｺｨｰ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ ｨｨ 05ｨｰ06ｨｬ ｨｮ ｨｰ02ｨｺｨ 05ｨｨ ｨｨ04 ｨｰ ｨｰ08ｨ ｨｪ, ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨｨｨｰ0205ｨｹｨｪ ｨ 05ｨｹ0106 ｨ ｨｰｨ, 0705ｨ ｨｰ0203ｨｪ ｨ ｨ 05ｨ ｨｪ09ｨ ｨｨ ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ 09ｨ ｨｪｨｨｨｦ, ｨｮ01ｨ 0809ｨｰ09ｨ ｨｨ02ｨｨｨｰｨ ｨｬｨｨ ｨｨ ｨｺｨｨｨｬ ｨｮ080609ｨｪ02ｨｬ 0706ｨｰ0802ｨ 0502ｨｪｨｨ07. 08ｨ ｨｺ ｨｰ09ｨｨ02, 05ｨｰ06 06ｨｺｨ 04ｨ ｨｪｨｨ03ｨ ｨｰ0205ｨｹｨｪ ｨ ｨｪｨｨ02 ｨｪｨ ｨｨ ｨ 0204 ｨｰ ｨｪｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ, ｨｮｨｬ02ｨｪｨｹ03ｨｨ ｨｪ0609ｨｰｨｹ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ 01, 0904ｨｪｨｮ0301ｨ 07 ｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609 ｨｺ 0706ｨｨ09ｨｺｨｮ ｨ ｨｪ0401 ｨｨ 0601ｨｪ ｨｬ02ｨｪｨｪ06 ｨ ｨｨ09ｨｺ0609ｨ ｨｪｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ07 08ｨ 0903ｨｨ0802ｨｪｨｨ02 ｨ ｨ 05ｨ ｨｪ ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609, ﾂｨ 09ｨｰ06 09 ｨｪ ｨｺｨｨｨｬ ｨｺｨ ﾂ0209ｨｰ0906ｨｬ ｨ ｨｺｨｰｨｨ ｨｨ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ04ｨｬｨｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ ｨｬｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 (07ｨ 0909ｨｨ090609). 06ｨ ｨ, ｨｺ06ｨｰ0608ｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｬｨｨ080609ｨ 05ｨ 09ｨｹ, 0708ｨｨ ﾂ02ｨｬ ｨｬ ｨｨｨ 07ｨ 0406ｨｪ02 ｪ 06ｨｰ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ07, ｨｰ0607ｨｪｨｨ07 ｨ ｨ 05ｨ ｨｪ090609, ｨ ｨｨ04ｨｪ ｨｰ08ｨ ｨｰ0200ｨｨｨｦ 0106 ｨｬｨ ｨｺ ｨｺｨ 04ｨ ｨｰ020502ｨｦ ｪ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ090609, ｪ ｨ 0405ｨ ｨ 05ｨ ｨｨ07ｨｰｨｪ06ｨｦ 0706 ﾂ0906ｨｦ, ｨｺ06ｨｰ0608ｨ 07 ｨｮ09ｨｨ05ｨｨ05ｨ 06ｨ ｨｴｨｨｨｦ ｨｪ0200ｨ ｨｰｨｨ09ｨｪ04ｨｦ ｨｺｨｰ ｨｨ ｨ 05ｨ ｨｬ0603ｨｪ04ｨｬ 09ｨ ｨｬ04ｨｦ ｨｺ08ｨｮ07ｨｪ04ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｪｨｪ06ｨｦ ｨｨ09ｨｰ0608ｨｨｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ 06 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ ｨｪ0609ｨｪ04ｨｬｨｨ 0708ｨｨ ﾂｨｨｨｪｨ ｨｬｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨ 0405ｨｨ ｨｪ02 ｨｰ02ｨｺｨｮｨｴｨｨ02, 07ｨｮ09ｨｰｨｹ ｨｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ0402, ｨｨ0706ｨｰ02 ﾂｨｪ ｨ 0502ｨｬ04, ｨ ｨｪｨ ｨｺｨ 0705ｨｨ09ｨ 06ｨｴｨｨ ｨｨ09ｨｰ02ｨｬｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｨ ｨ 0409ｨｰ0804ｨｦ ｨｰ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｪ ｨｬ02ｨｪｨｰｨ 00ｨｨｨｪｨ ｨｪ

18 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨｪｨｺｨ ｪ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨ ｨｪ02ｨ 0102ｨｺ09ｨ ｨｰｨｪ06ｨｬ ｨｮ05ｨｨ080609ｨ ｨｪｨｨｨｨ. 0308ｨｨ ｨｰｨ ｨｺ06ｨｦ ｨｪ02ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｦ 09ｨｨ09ｨｰ02ｨｬ02 ｨｨ0706ｨｰ02 ﾂｨｪ ｨ 0502ｨｬ04 05ｨｨ03ｨｹ ｨ 09ｨｰ090609ｨ 05ｨｨ ｨｮ ｨｪｨ ｨｺ0607ｨｨ0903ｨｨ ｨｺ ｨｪｨ 08ｨｮ03ｨｮ ｨｨ 01ｨ 05ｨｨ ｨｨｨｬ07ｨｮ05ｨｹ09 ｨｺ 08ｨ 0409ｨｨｨｰｨｨ06 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪ0607ｨ ｨｺ05ｨ 01 04ｨ ｨ 06 ﾂ02ｨｦ 0008ｨｮ ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺｨ ｨｬ 0708ｨｨ ｨｨ0102ｨｪｨｰ , ｨｴ02ｨｪｨｪ04ｨｦ 08ｨ 0409ｨｨｨｰｨｨ ｨｨ09ｨ ｨｰｨｨ ｨ ｨｺｨｮｨｬ02ｨｪｨｰ, ｨｬｨｨｨｪｨｨ09ｨｰ08 00ｨｨｨｪｨ ｨｪ ｨ ｨｬｨｬ020809, 0005ｨ 09ｨ ｨｨｨｪ090702ｨｪ, ｨ ｨｰｨ ｨｺ ｨｮｨｺ ｨｨｨｰ0205ｨｨ ｨｺ06ｨｬｨｨ0909ｨｨｨｨ ｨｪｨｪ04ｨｬ ｨ ｨｮｨｬｨ 00ｨ ｨｬ ｨｨ ｨｺ06ｨｬｨｨ0909ｨｨｨｨ 0706 ｨｰ ｨｰ0609ｨ 08ｨｪ04ｨｬｨｨ 00ｨｹ06 ﾂ020809ｨ ｨｬｨｨ ｨｮｨｺｨ ｨ 05ｨｨ ｨｪｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰ ｨｺｨｮｨｬ02ｨｪｨｰｨ, ｨｪｨ 0708ｨ ｨｪｨｪ0402 ｨｪｨ ｨｺｨｮ ｨｨｨｪｨｪ0609ｨ 02ｨｨｨｦ ｨｪｨ 0804ｨｪｨｺ ｨｨ09ｨ ｨｰｨｨ ｨｰ06ｨｰ ｨｨ0601 ｨ ｨｰｨｬ02ｨｪ02ｨｪ 0708ｨｨｨｪ07ｨｰ04ｨｦ 02ｨｴ ｨｬ02ｨｪｨ ｨｨｨｺ06ｨｦ ｨｨｨｨ 04ｨ ｨｺ06ｨｪ 0105ｨ 0909ｨ -05ｨｰｨｨ00ｨ 05ｨ, ｨｺ06ｨｰ060804ｨｦ ｨｨ ｨ ｨｪｨｨ02ｨｮ ｨｬ020301ｨｮ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ06 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨ ｨｰｨｺ ｨｮ05ｨｨ08ｨｮ07 ｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ. 01ｨ 09ｨｬ02ｨｪｨｮ 02ｨｬｨｮ 0708ｨｨ ｨ ｨｺ06ｨｪ ｨｬｨｬｨ -09ｨｨ ﾂｨ -0905ｨ ｨｦ- 1 Over-the-Counter Derivatives Markets and the Commodity Exchange Act. Report of the President ｯs Working Group on Financial Markets. November,

19 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｨ, ｨｺ06ｨｰ060804ｨｦ 06ｨｰｨｬ02ｨｪ0705 ｨｬｨｪ0600ｨｨ02 ｨｨ ｨｦ09ｨｰ090609ｨ 0903ｨｨ ｨ ｨｪｨｨ- ﾂ02ｨｪｨｨｨｦ, 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 05ｨｨｨ 0208ｨ 05ｨｨ040609ｨ 09 08ｨ ｨ 06ｨｰｨｮ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ ｨｰ ｨ 0506 ｨｺ08ｨ ｨｦｨｪ02 ｨ 05ｨ ｨｨ07ｨｰｨｪ0402 ｨｮ ｨｨ ｨｰｨ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 (08ｨｨ ). 00ｨ 0903ｨｰｨ ｨ 04, ｨｺ06ｨｰ ｨｰｨｨ00 05ｨｰ06ｨｰ 0804ｨｪ06ｨｺ ｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ, ｨ ﾂ02ｨｬ ｨ ｨ 05ｨｨ 06ｨ ｨｲ02ｨｬ ｨｬｨｨ ｨｨ ｨ ｨｲ02ｨｬ ｨｪｨｺｨ ｨｨ09ｨ ｨｰｨｨ090609* (ｨｰ0805ｨｪ ) * ｨｰ0609ｨ 08ｨｪ ｨｨ09ｨ ｨｰｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: BIS ｨ 09ｨ 02ｨｬ0402 ｨｨ0706ｨｰ02 ﾂｨｪ0402 ｨｺ080201ｨｨｨｰ04, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｬｨｨ080609ｨ 05ｨｨ09ｨｹ 09 07ｨｮ0504, ｨｺ06ｨｰ ﾂｨ 09ｨｰ06 ｨｪ ｨｰｨ 09ｨ 05ｨｨ09ｨｹ ｨｪｨ ｨ ｨ 05ｨ ｨｪ09ｨ ｨ 0903ｨｨ01 ｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨ ｨ 09ｨ 05ｨｨ09ｨｹ ( ｨ 09ｨ 05ｨｨ09ｨｹ) ｨｨｨ 05ｨｹｨｪ ｨ ｨｪｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｪ SPV (special 2 00ｨｪ0600ｨｨ02 ｨｨ ｨｰ06ｨｺ ｨｮ0507ｨｰ ｨｰｨ 09ｨｨｨｰｨｹ 00ｨｨｨｪｨ ｨｪ090609ｨｮ ｨｮ ｨ ｨｰｨｺｨｨｨｦ ｨｺ06ｨｪｨｰ080605ｨｹ ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ 05ｨｨ09ｨｹ ｨｪｨ ｨｬ06ｨｴｨｪ ｨ ｨ ｨｨ080609ｨ ｨｪｨｨ02 ｨ ｨ ｨｪｨｺ0609, ｨ 0506ｨｺｨｨ08ｨｮ06ｨｴｨｨ01 ｨｰｨ ｨｺｨｨ02 04ｨ ｨｺ06ｨｪ04. 01ｨ 0708ｨｨｨｬ0208, 09ｨｬ.: A Fistful of Dollars: Lobbying and the Financial Crisis. Igan D., Mishra P., Tressel T. 10Th Jacques Polak Annual Research Conference, November 5ｨC6, The Financial Crisis and the Global Shadow Banking System. Farhi M., Cintra M.A.M. Revue de la regulation, 01 5,

20 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? purpose vehicle). 06ｨ ｨｬ ﾂ ｨｹ 06ｨｪｨｨ 0008ｨｮ0707ｨｨ080609ｨ 05ｨｨ09ｨｹ 09 ｨｪ ｨｮ0504, ｨｺ06ｨｰ ｨｨ09ｨｹ 06ｨ ﾂ02ｨｪｨｨ02ｨｬ ｨｪ ｨｬｨｨ0909ｨｨｨｦ ｨｮ ｨｰ060806ｨｪ04 SPV. 08ｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｮ09ｨｺｨ 05ｨｨ09ｨｹ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｺ06ｨｰ ｨｮ ﾂｨｨ05ｨｨ ｨｮ ｨｪ0602 ｨｪｨ 0409ｨ ｨｪｨｨ02 00ｨ ｨｮｨｬｨ 00, 06ｨ ﾂ02ｨｪｨｪ0401 ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ03 ｪ assetbacked securities (ABS) ｨｮ06ｨｴ02ｨｬ ｨ 0405ｨｨ ｨｬ0603ｨｪ ｨｮ0707ｨｨ080609ｨｺｨｨ ABS ｨｨ ｨｪｨ ｨｨ ｨｪ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ02 ｨｪ ｨｬｨｨ0909ｨｨｨｦ ｨｪ ｨ ｨｮｨｬｨ ｨｨ ﾂ02ｨｬ ｨｮ05ｨｮ ﾂ0302ｨｪｨｨ07 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨｪ060906ｨｦ ｨ ｨｮｨｬｨ 00ｨｨ ｨｨ ｨｬｨｮ 0802ｨｦｨｰｨｨｨｪ00ｨｮ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｺ06ｨｰ ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨ ﾂ02ｨｪｨｨｨｨ, ﾂｨ 09ｨｰ ｨｮ0707ｨｨ080609ｨ 05ｨｨ09ｨｹ 09 ｨ ｨｮｨｬｨ 00ｨ ｨｬｨｨ ｨ ｨｮ080609ｨｪ07 ｨｨ ｨｪｨ 0609ｨｪ ｨｪ ｨｰ ｨｮ09ｨｺｨ 05ｨｨ09ｨｹ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｺ06ｨｰ ｨｨ 0708ｨ 09ｨｨ05ｨｹｨｪ06ｨｦ 0008ｨｮ0707ｨｨ080609ｨｺ02 ｨ ｨｺｨｰｨｨ090609, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨ 05ｨｨ ｨｨｨｰ ｨｦ 0802ｨｦｨｰｨｨｨｪ ｨｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ, ｨｨｨｪ060001ｨ ｨｺ ｨｮ080609ｨｪ07 ｨｺｨ ﾂ0209ｨｰ09ｨ ｪ (08ｨｨ ). 00ｨｪ0609ｨｹ ｨｮｨｴ02ｨｪｨｪ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨ ｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ ｨｬ060005ｨｨ 04ｨ ｨｰ02ｨｬ 09ｨｪ0609ｨｹ ｨｮ0707ｨｨ ｨ ｨｰｨｹ ｨｪ ｨ ｨｺ02ｨｰ ｨｬｨｨ09-04ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨ ｨ 05ｨ ｨｪ09ｨ ｨｨ0706ｨｰ02 ﾂｨｪ ｨ 05ｨｨ00ｨ 02ｨｨｨｦ (Balance sheet of MBS) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: FCIC, April

21 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｨｨｨ ｨｪ ｨｨ09ｨ ｨｰｨｨ ｨ ｨｺｨｨ ｨ 02ｨｨｨｨ ｨｬ060005ｨｨ ｨｨ ｨｨｨｰｨｹ0907 ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ ｨｨｨｪ02ｨｨ ｨｰ ｨ ｨｹ ﾂ02ｨｪｨｨ07 ｨ 0605ｨｹ ﾂｨｨ0905ｨ ｨ ｨｮｨｬｨ ｨ ｨｰ ｨｹ ｨｪ ｨｬ02ｨｪｨｪ ｨ ｨｪｨｨ07 08ｨｨ09ｨｺ0609 ｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 06ｨ ｨｲ02ｨｬ0609 ｨｰ ｨｨ 05ｨｰ06ｨｬ, 0601ｨｪｨ ｨｺ06, ｨｺ06 ｨｮ ｨｪ ｨｹ 0706ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｰ060006, ｨｺｨ ｨｺ ｨ 05ｨｹｨｪ ｨ ｨｰ0205ｨｨ ｨ ｨｮｨｬｨ 00, ｨｺｨ ｨｺ0609ｨ 09ｨｰ020702ｨｪｨｹ ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨｨｨ 08ｨｨ09ｨｺ0609 ｨｨ ｨｺｨ ｨｺ0609 ｨｨ01 06ｨ ｨｴｨｨｨｦ 06ｨ ｨｲ02ｨｬ ｨｰ060006, 09ｨｰ020702ｨｪｨｹ 0904ｨ ｨｨｨｬ ｨｰ02ｨｪｨｨ07 09ｨｰｨ ｨｪ0609ｨｨ05ｨ 09ｨｹ ｨｺ08ｨ ｨｦｨｪ ｨｺ06ｨｦ, ｨ ｨ ｨｰ020502ｨｦ ｨ ｨｮｨｬｨ 00 04ｨ 09ｨｨ09ｨｨｨｬ04ｨｬｨｨ 06ｨｰ ｨｰ0607ｨｪｨｨ07 05ｨｬｨｨｨｰ02ｨｪｨｰ ｨｮ080609ｨｪ02ｨｦ ﾂ02ｨｪｨｪ0609ｨｰｨｨ ｨｪｨ ｨｰｨ 03ｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 01ｨ ｨｪｨｪ ｨｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｮ05ｨｹｨｰｨ ｨｰ02, 09ｨｬ0209ｨｰ06 ｨｰ ﾂｨｰ06ｨ 04 09ｨｪｨｨ04ｨｨｨｰｨｹ 08ｨｨ09ｨｺｨｨ, ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｨ09ｨ ｨｰｨｨ ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ ｨｨｨｰ ｨ 09ｨｰ090609ｨ 0506 ｨｨ01 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨ ｨｺ0302 ｨｨ04-04ｨ ｨ 0605ｨｹ ﾂｨｨ0905ｨ ｨｬ0203ｨｮｨｰ06 ﾂｨｪ ｨｪｨｹ ｨｰｨ ｨｪ0609ｨｨ050609ｨｹ ｨ ｨ ｨｰｨｪ06 ｨｪ020706ｨｪ07ｨｰｨｪ04ｨｬ, 06ｨｰｨｺｨｮ01ｨ ｨｨ ｨｺ02ｨｬ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 06ｨｺｨ 04ｨ ｨｪ06 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｦ09ｨｰ09ｨｨ02. 06ｨｰｨｨ 08ｨｨ09ｨｺｨｨ 01ｨ ｨｨ04ｨｪｨ 09ｨ 05ｨｨ ｨｰｨ 09ｨｨｨｰ0205ｨｨ ｨｮｨｴｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨｺ06ｨｰ ｨｨｨｰ ｨｰ ｨｪｨｨ01 ｨｨ ｨｰ08ｨ 01ｨ 05ｨｨ ｨｰ ｨｬ07 ｨｺｨ ｨｺ ｨｬｨｪ0600ｨｨ02 ｨｨ04 ｨｰｨ ｨｺｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨ 0405ｨｨ ｨ ｨｪ ｨｰ060006, ﾂｨｰ06ｨ 04 08ｨ ｨｨｨｰｨｹ 08ｨｨ09ｨｺ ｨｬ020301ｨｮ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬｨｨ, 06ｨｪｨｨ ﾂｨ 09ｨｰ06 ｨｨｨｬ0205ｨｨ 06ｨ 08ｨ ｨｰｨｪ04ｨｦ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨ 04ｨ ｨｰ08ｨｮ01ｨｪ0705ｨｨ 0706ｨｪｨｨｨｬｨ ｨｪｨｪ ｨｮ ﾂｨ 0701 ｨｰｨ ｨｺｨｨ02 ｨ ｨｮｨｬｨ 00ｨｨ (ABS, CDO ｨｨ 0108.) ｨｬ060005ｨｨ 09ｨｪ0609ｨｹ 0706ｨｬ02ｨｴｨ ｨｰｨｹ0907 ｨｪｨ ｨ ｨ 05ｨ ｨｪ ｨｮ06ｨｴ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 09 ｨｺｨ ﾂ0209ｨｰ ｨ ｨｨ 0708ｨｨ ﾂ02ｨｪｨｨｨｨ ｨｰ09. 23

22 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨｪｨｨ02 ｨｰ060006, ｨｨ 09 ｨｺｨ ｨｺ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨ ｨｨ09ｨｺ 09ｨｺ06ｨｪ0202ｨｪｨｰ08ｨｨ080609ｨ ｨｪ03, ｪ ﾂ0208ｨｺｨｨ09ｨ ｨｹ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 0005ｨ 0906ｨｦ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨ ｨ ｨｪｨｺｨ Morgan Stanley ｨｪｨ 0905ｨｮ03ｨ ｨｪｨｨ ｨｨ ﾂｨｨｨｪｨ 01 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ ｨｨ09ｨ ｨｰｨｨ ｨｨ010601ｨｨｨｰ0907 ｨｪｨ ｨｪｨｰｨｪ0402 ｨｨ ｨｺｨｮ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｮｨｬ02ｨｪｨｹ03ｨ 06ｨｴｨｨ02 08ｨｨ09ｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ (05ｨｰｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 ﾂｨ 09ｨｰ06 ｨ 0405ｨｨ ｨ ｨｪ04 09 ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ), ｨｺ ｨｨｨｪ ｨｰｨｬ02 ﾂｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ ｨｰ 0906ｨ 09ｨｰ0902ｨｪｨｪ06 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, ｨｺ06ｨｰ ｨ 0405ｨｨ 09ｨ 03ｨｪ04ｨｬ 00ｨ ｨｺｨｰ060806ｨｬ 08ｨ 0903ｨｨ0802ｨｪｨｨ ｨｪｨｺｨ 03ｨｨ05ｨｹ07. 02ｨ ｨｨ0706ｨｰ02ｨｺ ｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨ 04 ｨｪ ｨｪ04ｨｬ ｨｮｨｰ ｨ ｨｰｨｹ, ﾂｨｰ06 ｨｨ09ｨｺ0506 ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｦ 0804ｨｪ06ｨｺ ｨｰ ｨｪｨ ﾂｨ 05ｨ ｨｲ02ｨｬ, ｨ 04ｨ ｨｰ02ｨｬ 0907ｨ 01 ｨｨ ﾂｨｰ06 05ｨｰ ｨｨ050609ｨｹ 0005ｨ 09ｨｪ06ｨｦ 0708ｨｨ- ﾂｨｨｨｪ06ｨｦ ｨｺ08ｨｨ04ｨｨ09ｨ. 06ｨｰ ｨｪｨｨ02 ｨ ｨ 08ｨ ｨｺｨｰ0208ｨｪ ｨｬｨｪ0600ｨｨ ｨｪｨｺ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪ (08ｨｨ09 1.5). 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 06ｨｰｨｬ02 ﾂｨ 0903ｨｨｨｦ ｨｰ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨ ｨ 0906ｨ 06ｨｦ ｨｰ 06ｨ 0905ｨｮ03ｨｨ09ｨ 06ｨｴｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, ﾂｨｰ ﾂ ｨｹ ｨｮ09ｨｺ ｨｨ 01ｨｨｨｪｨ ｨｬｨｨｨｺｨｮ ｨｨ0706ｨｰ02ｨｺｨｨ. 0308ｨｨ ﾂ02ｨｬ ｨｪｨ 01ｨ ｨｪｨｪ06ｨｬ 0804ｨｪｨｺ02 06ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ 06ｨ ｨｲ02ｨｬｨｪ0402 ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｺｨ ｨｺ ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨ ｨｮｨｬｨ ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨｨ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨ ｨｮ 09 ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｬｨｨ ｨｺ080201ｨｨｨｰｨ ｨｬｨｨ 05ｨｰ06 06ｨ ｨｮ ｨｨ0506 ｨ 0409ｨｰ0804ｨｦ ｨｰ 09ｨ ｨｬ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｪｨｺｨ (08ｨｨ ｨC1.7). 5 Hearings in Financial Crisis Inquiry Commission. January Mack J.J. Written submission of Morgan Stanley t06 the FCIC. P

23 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｨ ｨｪ0102ｨｺ ｨ 05ｨｹｨｪ ｨｪ ｨｪｨ 03ｨｨ05ｨｹ , ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨｨｨ, 0808ｨ ｨｪ02ｨｨｨｨ ｨｨ ｨｨｨｨ ( = 100) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪｨ 07 09ｨｰｨ ｨｰｨｨ09ｨｰｨｨｨｺｨ, S&P. 04ｨｨ ｨ ｨｪｨｪ0609ｨｰｨｹ 0706 ｨｨ0706ｨｰ02ｨｺ02 (% ｨｺ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BIS, May ｨｨ ｨｮｨｬｨ 00ｨｨ, 06ｨ ﾂ02ｨｪｨｪ ｨｨ05ｨｨｨｴｨｪ06ｨｦ ｨｨ0706ｨｰ02ｨｺ06ｨｦ ( , % ｨｺ ) 02ｨｰｨｬ02 ﾂｨ ｨｪｨｨ0302ｨｪｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ ｨｨ 06ｨ ﾂ02ｨｪｨｨ02 ｨｮ ｨｨｨｦ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ ｨｨ090205ｨｨ ｨｺ ｨ 0409ｨｰ0806ｨｬｨｮ ｨｰｨｮ ｨｨ0706ｨｰ02 ﾂｨｪ06ｨｦ 04ｨ ｨｪｨｪ0609ｨｰｨｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ ｨ ｨｴｨｨｨｦ 06ｨ ｨｲ02ｨｬ ｨ 25

24 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨ ) ｨｰ 06ｨ ｨｲ02ｨｬｨ ｨｨ0706ｨｰ02 ﾂｨｪ ｨ 0106ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ09 ( = 100) ｨ ) 06ｨ ｨｲ02ｨｬ ｨｨ0706ｨｰ02 ﾂｨｪ ｨ 0106ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ09 (ｨｰ0805ｨｪ ) 04ｨｨ ｨｨｨｪｨ ｨｬｨｨｨｺｨ ｨｨ0706ｨｰ02 ﾂｨｪ ｨ ｨｰ080602ｨｪ ｨ ｨｪｨｪ04ｨｬ FRS ｨｰ, ｨｰ090609ｨ 0903ｨｨ02 ｨｺ08ｨｨ04ｨｨ09ｨｮ, ｨ ﾂ02ｨｬ ｨｪｨ 60% ｨｨ ｨｰｨｨ00 ｨｺ ｨ ﾂｨｰｨｨ 10 ｨｰ0805ｨｪ (75% ). 0209ｨｪ0609ｨｪ04ｨｬ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ ｨｰｨ ｨｬ0401 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ ｨ 0405ｨｨ ｨｨｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨｪ0402 ｨ 0002ｨｪｨｰ09ｨｰ09ｨ (Fannie Mae, Freddie Mac), 0106ｨｰ07 ｨｪｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ ｨｨ ｨｪｨ ﾂｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｰｨ ｨｺ ｨｨ010601ｨｨ05ｨ 09ｨｹ 0706 ﾂｨｰｨｨ ｨｨｨｪｨ 06ｨ ｨｴ ｨ ｨｲ02ｨｬｨ ｨ ｨｪｨｪ ｨｰ ｨｪ ｨｬ02ｨｪｨｪ ｨｨ ｨｨ05ｨ ｨｨ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ07 08ｨ 0405ｨｨ ﾂｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨ ｨｰ02 06ｨ ｨｲ02ｨｬ ｨｬｨｨ0909ｨｨｨｨ. 01ｨ ｨｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ06 05ｨｰｨｨ ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨｪｨ 0601ｨｪ06ｨｬ ｨｨ04 09ｨ ｨｬ ｨｬｨｺｨｨ ｨｪｨｺ0609 ｪ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｬ. 0308ｨｨ 05ｨｰ06ｨｬ 0202ｨｪｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ, 06ｨ ﾂ02ｨｪｨｪ ｨ ｨｬｨｨ ｨ ｨｪｨｨ04ｨｺ ｨｺｨ ﾂ0209ｨｰ09ｨ (sub-prime debt), ｨｨ ｨ 06ｨｴｨｨｨｬｨｨ ｨｰ02ｨｬ07ｨ ｨｬｨｨ (ｨｨ ｨ ｨｴ02ｨｬ 06ｨ ｨｲ02ｨｬ02 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨ ｨｮｨｬｨ ｨ 09 6% ﾂｨｰｨｨ 26

25 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｨ ｨｰ02 ﾂｨｪ0402 ｨｺ080201ｨｨｨｰ04: 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨ ｨｹ02ｨ ｨｬ* (ｨｬ , %) * 02ｨ ｨｪｨｪ ｨｰ0607ｨｪｨｨ06 04ｨ IV ｨｺ09. ｨｺｨ ｨ, ｪ 04ｨ IIIｨｺ ｨｰ06 ﾂｨｪｨｨｨｺ: Sheila C. Blair on The Causes and Current State of the Financial Crisis before the Financial Crisis Inquiry Commission, January % , ｨ 06ｨ ｨｴｨ 07 09ｨｮｨｬｨｬｨ 09 ｨｪｨ ﾂｨ ｨｨ05ｨ 800 ｨｬ ｨｪｨ ﾂｨ 05ｨｹｨｪ06 ｨｪｨｨ04ｨｺｨｨ02 ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 ｨｺ 04ｨ 02ｨｬｨｴｨｨｨｺｨ ｨｬ ｨｪ ｨｰｨ ｨｨ09ｨｹ ｨ 0605ｨｹ0306ｨｦ ｨ 0502ｨｬ06ｨｦ, ｨｰｨ ｨｺ ｨｺｨ ｨｺ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ ｨ 09ｨ 02ｨｬ0401 ｨｺ080201ｨｨｨｰ ｨ 08ｨ ｨｪｨｰｨｨ080609ｨ 05ｨ 09ｨｹ ｨｪｨ ｨ 05ｨｹｨｪ06ｨｬ ｨｮ080609ｨｪ02, ｨｪ06 04ｨ ｨｰ02ｨｬ, ｨｪｨ ﾂｨｨｨｪｨ , 06ｨ ｨｲ02ｨｬ04 00ｨ 08ｨ ｨｪｨｰｨｨｨｦ ｨｺ ｨｺ08ｨ ｨｰｨｨ05ｨｨ09ｨｹ (08ｨｨ ). 05ｨ ｨｬｨｨ ｨ ｨｪｨｪ0402 ｨｨ0706ｨｰ02 ﾂｨｪ0402 ｨｺ080201ｨｨｨｰ ｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ ｨｨｨｬ0205ｨｨ ｨｺｨｨｨｦ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｹ ｨｺ

26 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? 04ｨｨ : ｨｮ09ｨｺ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ* (ｨｬ ) * CDO ｪ collateralized debt obligations, ABS ｪ asset-backed securities, CMBS ｪ commercial mortgage-backed securities, RMBS ｪ residential mortgage-backed securities. 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Written testimony before the Financial Crisis Inquiry Commission, Jan. 13, ｨｨ : ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｨｺｨ ﾂ0209ｨｰ09ｨ subprime 09 06ｨ ｨｴ02ｨｬ 06ｨ ｨｲ02ｨｬ02 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ0609 (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Exhibits Hearing on WS and the Financial Crisis: the role of investment banks. April

27 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｨ : 0804ｨｪ06ｨｺ 09ｨｮｨ 09ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ0401 ｨｺ080201ｨｨｨｰ0609 (ｨｬ ) ｨｰ080602ｨｪ ｨ ｨｪｨｪ04ｨｬ Mortgage Finance. 01ｨｨｨｰ04/04ｨ (LTV ｪ loan-to-value), ﾂｨ 09ｨｰ ｨｰｨｨ00ｨ 06ｨｴｨｨｨｦ 75ｨC80% (08ｨｨ ) ｨｪ06 ｨ ｨｰ0209ｨｰ0902ｨｪｨｪ ｨｨｨｰｨｹ, ﾂｨｰ ｨ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｪｨｨ0302ｨｪｨｨ02 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 03ｨｨ05ｨｹ07 06ｨ 0609ｨｰ08ｨｨｨｰ ｨ 0502ｨｬｨｮ 06ｨ ﾂ02ｨｪｨｨ07 04ｨｨ ｨ ﾂ02ｨｪｨｪ0609ｨｰｨｹ 03ｨｨ05ｨｨｨｴｨｪ0401 ｨｺ080201ｨｨｨｰ ｨ ｨｬ (LTV, %) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, April

28 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ09. ﾁｨｰ06 01ｨ 05ｨｹ0302? ｨ ｨｪｨｪ0401 ｨｺ080201ｨｨｨｰ0609, ｨ 09 ｨｨ01 ｨｮ ｨｨ07 ｨ ｨｰｨｺｨｨｨｬｨｨ. 06ｨｰ06 ｨｬ ｨｮ090205ｨｨ ﾂｨｨｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｰｨ ｪ ｨｬｨｨ ｨｰ09ｨｨ07ｨｬｨｨ ｪ ｨｺｨ ｨｺ ｨｪｨ ｨｺ ｨ ｨｰｨｨ09ｨｪ06ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨｪｨ 0706ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺ06ｨｬ ｨｮ080609ｨｪ02 ｪ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 ｨｪ ｨｨ09ｨ ｨｪｨｨｨｦ ｨｨ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺ ｨ. 06ｨｰ06 09 ｨｨｨｰ ｨｨ , ｨ ｨｹ0204ｨｪ ﾂｨｪ ｨ 0502ｨｬ04 ｨｪｨ ｨｨ0706ｨｰ02 ﾂｨｪ06ｨｬ 0804ｨｪｨｺ02. 02ｨ 0302 ｨｺ060001ｨ 0609ｨｰ0806ｨｰｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪ0209ｨｺ0605ｨｹｨｺ ｨ 05ｨ, ｨｪｨｺｨ ｨｬ ｨｹ0109ｨｰｨ ｨｦｨｪｨ (ｨｺ06ｨｰ060804ｨｦ ｨ ｨｰ02ｨｪ0102ｨｪｨｰ06ｨｬ ｨｪｨ ｨｰ 0005ｨ ｨｪｨ ｨｮ 09 ｨｺｨ ｨｪ01ｨｨ01ｨ ｨｰｨｮ0806ｨｦ ｨｪｨ ｨｪｨｺ02), 06ｨｺ ｨｰ0802ｨｰｨｨ ｨｬ0609, 06ｨ 0802ｨｬ02ｨｪ02ｨｪｨｪ0401 ｨｨ0706ｨｰ02ｨｺ06ｨｦ, ｨｨｨｬ0206ｨｰ 08ｨ 04ｨｬ ｨ, ｨｺ06ｨｰ060804ｨｦ ｨ 02ｨｰ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 04ｨ ｨ (0106ｨｬｨ ). 0308ｨｨ 05ｨｰ06ｨｬ ｨｨｨｪ ｨｮ ﾂｨ ｨｰｨｪ060302ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ04/04ｨ ｨ 02ｨｰ 130% 6, ﾂｨｰ ｨ 02ｨｰ ｨｹ0204ｨｪ ｨｺｨｨ ｨｪ ｨｺ0609 ｨｺ08ｨｨ04ｨｨ09ｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ, ｨ 02ｨｪｨｪ ｨｨ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｪ04 ｨ ｨｮ01ｨｮｨｰ 09ｨｪｨｨ03ｨ ｨｰｨｹ ｨｨｨｰｨｮｨ 02ｨｨ ｨｪ0705ｨ 09ｨｹ ｨｨ ｨｰ02ｨｬ, ﾂｨｰ06 ｨｺ080201ｨｨｨｰ04 ﾂｨ 09ｨｰ ｨ 09ｨ 05ｨｨ09ｨｹ ｨｨ04 08ｨ 09 ﾂ02ｨｰｨ ｨｰｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ 0202ｨｪ ｨｪｨ ｨｪ020109ｨｨ03ｨｨｨｬ0609ｨｰｨｹ, ｨｰ06ｨｬｨｮ ｨｰ09ｨ 01ｨ 09ｨ 05ｨｨ09ｨｹ 00ｨｪｨ ｨｪｨｨ0203 (ｨｺ060001ｨ 08ｨ 04ｨｬ ｨ 09ｨ 02ｨｬ0401 ｨｺ080201ｨｨｨｰ0609 ｨ 0405ｨｨ ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ06 06ｨ ﾂ02ｨｪ04 04ｨ ｨ ｨｬｨｨ), ｨｨ, ｨｮ05ｨｹｨｰｨ ｨｰ02, 06ｨ ｨｲ02ｨｬ04 ｨｺ080201ｨｨｨｰ ｨｰｨ 05ｨｨ 06ｨｰ080409ｨ ｨｰｨｹ ｨｰ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 04ｨ ｨ ｨｨ ｨ ｨｪ ｨｰｨ 0609ｨｮｨｴ0209ｨｰ09ｨｨ05ｨｨ09ｨｹ ｨｨ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 03ｨｨ05ｨｹ ｨ ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ ｨｨ01ｨ ｨｪｨｨ07ｨｬｨｨ, ｨｰ06 06ｨ ｨｲ02ｨｬ 04ｨ ｨｨ ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｨ ｨ ｨｲ02ｨｬ06ｨｬ ｨ ｨｪｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｨｨ 05ｨｰ ｨｨ0506 ｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ , 0708ｨｨ ﾂ02ｨｬ 09 06ｨｰ010205ｨｹｨｪ ｨｮ ﾂｨ 0701, 01ｨ ｨ WSJ, August 7,