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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,

29 1300ｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ08ｨｨ04ｨｨ ｨｺｨｮ06 ｨｺｨ ｨｰ ｨｨ06 (prime), 0706 ｨｺ06ｨｰ060806ｨｦ ｨｬ0603ｨｪ ｨｮ- ﾂｨ ｨｰｨｹ ｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ01ｨ ｨｪｨｨｨｨ ｨｮ ｨｪｨｨ ｨｮ ｨｺ080201ｨｨｨｰ04 ｨｰｨ ｨｺ0302 ﾂｨ 09ｨｰ06 ｨ 08ｨ 05ｨｨ09ｨｹ ｨ 09ｨ 06ｨｴｨｨｨｬ 09ｨｰｨ 09ｨｺｨ ｨｬ. 0201ｨｪｨ ｨｺ06 ｨｺ060001ｨ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ 09ｨｰｨ 05ｨｨ ｨ ｨｰｨｹ0907, ｨ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 03ｨｨ05ｨｹ07 ｨｪｨ 06ｨ ｨｰ 09ｨｪｨｨ03ｨ ｨｰｨｹ0907, ｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｪｨｨｨｺ05ｨ ｨ 0502ｨｬｨ ｨ 0302ｨｪｨｨ02ｨｬ ｨｰ0401 ｨｺ080201ｨｨｨｰ0609 (08ｨｨ ) ｨｹｨｺ06 04ｨ ｪ 09 I ｨｺ I ｨｺ ｪ ｨｨｨｪ0102ｨｺ09 S&P/Case Shiller, 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ06ｨｴｨｨｨｦ 03ｨｨ05ｨｨｨｴｨｪ04ｨｦ 0804ｨｪ06ｨｺ , 0706ｨｺｨ 04ｨ 05 09ｨ ｨｬ0602 ｨ 0605ｨｹ ｨｪｨｨ0302ｨｪｨｨ02 04ｨ ｨｰ, ｨｰｨ 09ｨｨ09-04ｨｨ ｨｪ0102ｨｺ09 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 03ｨｨ05ｨｹ (S&P/Case-Shiller) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: S&P. 04ｨｨ : ﾂｨｪ ｨｰｨ 09ｨｺｨｨ ( ｨｰ) 0706 ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｬ ｨｺ080201ｨｨｨｰｨ ｨｬ ｨC * (%) * ｪ ｨ ｨｨｨｪｨ ｨｰ080602ｨｪ mortgage-x.com. 31

30 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 : ｨｺ0605ｨｨ- ﾂ0209ｨｰ ﾂ02ｨｪｨｪ0401 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ( ﾂｨｺｨ 90 01ｨｪ02ｨｦ ｨｨ ｨ , ｨｰ0409.) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Zandi M. Written testimony before the Financial Crisis Inquiry Commission, Jan. 13, ｨｨ ﾁｨｨ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09* (ｨｰ0409.) * ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 08ｨ 0405ｨｨ ﾂｨｪ04ｨｬｨｨ 09ｨｨ01ｨ ｨｬｨｨ ｨ ｨｮｨｬｨ 00 ( ｨｮ08), 06ｨ 0609ｨｪ ｨ 06ｨｴｨｨ01 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ0906 ( ｪ business bankruptcy filings; ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07 ｪ bankruptcy orders; ｨｪｨｨ07 ｪ business failures). 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BIS, ﾂｨｰｨｨ 15%, ﾂｨｰ ｨｰ0209ｨｰ0902ｨｪｨｪ06 06ｨ 0609ｨｰ08ｨｨ ｨ 0502ｨｬｨｮ ｨｪ020705ｨ ｨｰ020302ｨｦ ｨｨ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09. 08ｨ ｨｺ ｨｰ09ｨｨ02, ｨｮ09ｨｨ05ｨｨ050609ｨｹ 0904ｨ ｨｨｨｬｨｪ0602 ｨｪ ｨｨ02 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ, ｨｪｨ 08ｨｮ03ｨｨ05ｨ 09ｨｹ ｨｪ0608ｨｬｨ 05ｨｹｨｪｨ 07 ｨｺ080201ｨｨｨｰｨｪｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ. 00 ｨｮ ｨｨ0701, ｨｺ060001ｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨ ｨ ｨ 0405ｨ ｨ ｨｰ05ｨｨ09ｨ ｨｺ 08ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨ06 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｮｨｺｨ 04ｨ ｨｪｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｪｨ ｨｨ0706ｨｰ02 ﾂｨｪ06ｨｬ 0804ｨｪｨｺ ｨｨ05ｨｨ09ｨｹ ｨｰ0605 ﾂｨｺ06ｨｬ ｨｺ ｨ 05ｨｹｨｪ02ｨｦ0302ｨｬｨｮ 08ｨ 0409ｨｨｨｰｨｨ06. 32

31 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02ｨｬ0907, 0601ｨｪｨ ｨｺ06, ｨｺ 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｨ06 ｨｰ06ｨｦ 06ｨ ｨｴ02ｨｦ , 09 ｨｺ06ｨｰ060806ｨｦ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ ｨｰ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨ ｨ 0409ｨｰ0804ｨｬ ｨｰ06ｨｬ 05ｨｰ ｨｪｨｺｨ ｨｨ ｨｰ06ｨｬ ｨｰ0201 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ, ｨｺ06ｨｰ ｨ 0405ｨｨ ｨ ｨｪ04 09 ｨｰｨ ｨｺｨｨｨｬｨｨ ｨ 02ｨｨ07ｨｬｨｨ, 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ ｨｨ 05ｨｰ06ｨｬ ｨｰ ｨ ｨｺｨｰｨｨ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨｨ 0106ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ09 (08ｨｨ ). 04ｨｨ ｨｰ 00ｨｨｨｪｨ ｨｪ ｨ ｨｺｨｰｨｨ ( = 100) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ US Fed, Flow of Funds 04ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｺ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ02, ﾂ02ｨｬ ｨｮ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ0401 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨｨｨｪｨ ｨｪ ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬ, ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺｨ ｨｬ, ｨｪ01ｨ ｨｬ, 0006ｨｪ01ｨ ｨｬ 0102ｨｪ0203ｨｪ ｨｪｨｺｨ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｪｨｨ ﾂ0209ｨｰ ｨｬ02ｨｪｨｹ03ｨｨｨｬｨｨ ｨｨ ｨｺｨ ｨｬｨｨ, ﾂ02ｨｬ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪｨ 07 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨ 07 ｨ ｨ ｨｪｨｺ060909ｨｺｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨ 02ｨｨｨｨ, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ02 ｨｺ08ｨｮ000606ｨ ｨｰ 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｬ020301ｨｮ ｨｪｨ ｨｪｨｨ02ｨｬ ｨｨ 33

32 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 ｨｨ04ｨｪ020906ｨｬ ｨｺｨ ｨｺ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ ｨｬｨｨ ｨｰ ｨｪ06ｨｦ 09ｨｰ060806ｨｪ04, ｨｨ ｨｪｨｨ02 05ｨｰｨｨ ｨｰ ｨｨ01 ｨｺ06ｨｪ02 ﾂｨｪ ｨｮ ﾂｨ ｨｰ020502ｨｦ ｪ 04ｨ 02ｨｬｨｴｨｨｨｺ0609 ｨｨ ｨｨｨｪ090209ｨｰ ｨｮ0006ｨｦ 09ｨｰ060806ｨｪ04, 09ｨｰｨ 05ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨ ｨｰ02ｨｺｨ ｨｰｨｹ 09 05ｨｰｨｮ 0007ｨ 08ｨ ｨｹｨｪｨｮ0603 ｨ ｨ ｨｪｨｺ060909ｨｺｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ, ｨｺ06ｨｰ0608ｨ ｨｮ ﾂｨｨ05ｨ 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 ｨｨ ﾂ02ｨｬ, ｨｨ 02ｨｴ ｨｪｨ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪｨｮ06 ｨ ｨ ｨｪｨｺ060909ｨｺｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ 0708ｨｨ010601ｨｨ050609ｨｹ 06ｨｺ % ｨ ｨｺｨｰｨｨ ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ, ｨｰ06 ｨｺ 2000-ｨｬ ｨ ｨｬ ｨｨ ｨｺ08ｨ ｨｰｨｨ05ｨ 09ｨｹ 0106 ｨｬ02ｨｪ %, 0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 04ｨｪｨ ﾂ02ｨｪｨｨ ｨｮ00ｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ (08ｨｨ ｨC1.20). 04ｨｨ : ｨ ｨｺｨｰｨｨ ｨ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609 (ｨｰ0805ｨｪ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: FCIC, May, ｨｨ 05ｨｰ06ｨｬ ｨｪｨｨ02 ｨｪ ｨｨ000806ｨｺ0609 ｨｨ ｨ ｨｺｨｰｨｨ09ｨｪ0602 ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｪｨ 0804ｨｪｨｺ02 ｨｮ ｨｨ ｨｨ05ｨｨ 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 0708ｨｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｬ 08ｨ 0903ｨｨ0802ｨｪｨｨｨｨ ｨｬ020309ｨｰ08ｨ ｨｪ ｨｦ ｨｨ 0904ｨ ｨｨｨｬ0604ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰ02ｨｦ, ﾂｨｰ06 ｨｨｨｬ ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｴｨｨｨｦ ｨｰ08ｨ ｨｪ09ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｦ ｨ ｨｺｨｰ. 34

33 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 ｨｺｨｰｨｨ ｨ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609 (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed, Flow of Funds 04ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨ ｨｨｨｪｨｰ0208ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨ 0102ｨｪｨｨ07 00ｨｨｨｪｨ ｨｪ ｨ ｨｺｨｰｨｨ ｨｬｨｨ08ｨ 0708ｨｨｨ 05ｨｨ04ｨｨ05ｨ 09ｨｹ ｨｺ 70 ｨｰ0805ｨｪ (ｨｨ05ｨｨ % 06ｨ ｨｴ ｨ ｨｲ02ｨｬｨ ｨ ｨｺｨｰｨｨ090609) (08ｨｨ ). 04ｨｨ ｨ ｨ 05ｨｹｨｪｨ 07 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 00ｨｨｨｪｨ ｨｪ ｨ ｨｺｨｰｨｨ090609, 0708ｨｨｨｪｨ ｨ ｨｴｨｨ01 ｨｨｨｪ0609ｨｰ08ｨ ｨｪ02ｨ ｨｬ (060202ｨｪｨｺｨ, ｨｰ0805ｨｪ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: World Economic Forum, The Future of the Global Financial System

34 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? 0201ｨｪ ｨｬ02ｨｪｨｪ06 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｨ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨ 02ｨｨｨｨ ｨ ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ0609, ﾂｨｰ ｨｺ ｨ 0906ｨ 06ｨｦ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02 06ｨ ｨｲ02ｨｬｨ ｨｨ01 ｨｰ0802ｨ 0609ｨ ｨｪｨｨｨｦ ｨｺ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ ｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ, ｨ 07 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｨ01 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 0108ｨｮ00 06ｨｰ 0108ｨｮ00ｨ (08ｨｨ ). 04ｨｨ ｨ 0609ｨ ｨｪｨｨ07 ｨ ｨ ｨｪｨｺ0609 ｨｺ 0609ｨｰｨ 05ｨｹｨｪ06ｨｬｨｮ ｨｬｨｨ08ｨｮ (ｨｰ0805ｨｪ ) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ BIS ｨｬ 09ｨｮｨｬｨｬｨ 08ｨｪ06ｨｬ 06ｨ ｨｲ02ｨｬ02 ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 ｨｺ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ ｨｨ 06ｨｰ ｨｮ080609ｨｪ07 ｨｪｨｨ % ｨｬｨｨ ｨｪｨ ﾂｨ ｨ ﾂ02ｨｬ 80% ｨｬｨｨ ｨｺ (08ｨｨ ). 0308ｨｨ ｨ ｨｪｨ 05ｨｨ0402 ｨｺｨ ｨｪｨ ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨ 03ｨｪ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ, ﾂｨｰ ｨｨ0202ｨｪｨｰ0806ｨｬ ｨ 0405ｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ. 08ｨ ｨｺ ｨｰ09ｨｨ02, ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ02 09ｨｰ020702ｨｪｨｹ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 0108ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ 06ｨｰ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｬ, ｨ ｨｰｨ ｨｺ ｨ ｨｲ02ｨｬ04 ｨｰ0802ｨ 0609ｨ ｨｪｨｨｨｦ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｰｨｪ060302ｨｪｨｨｨｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 36

35 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0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ0402 ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 (% ｨｺ ｨｬｨｨ ｨｬｨｮ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BIS, March ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｰ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09, ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ ｨｺｨｮ07ｨ 05ｨｨ ｨｺ ｨ ｨｰｨｨ09ｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 ｨｨ ｨ ｨｮｨｬｨ 00ｨｨ ｨ 0002ｨｪｨｰ09ｨｰ09 (06ｨ ｨｲ02ｨｬ04 05ｨｰｨｨ ｨｰ ｨｦ ｨ 05ｨｨ 4 ｨｰ0805ｨｪ ). 02ｨ ｨｲ02ｨｬ04 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ABS ｨｮ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨ ｨｰ020502ｨｦ ｨ 05ｨｨ 2,5 ｨｰ0805ｨｪ , ﾂｨｰ06, ｨｪｨｺｨ ｨｬ , ｨｰｨ ｨｺ % ｨｨ01 06ｨ ｨｴ ｨ ｨｲ02ｨｬｨ ｨｨ ｨ % ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｰ0802ｨ 0609ｨ ｨｪｨｨｨｦ ｨｺ ﾂ0209ｨｨ01ｨｪ06, ｨｰｨ ｨｺｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｬｨｪ060006ｨｬ ｨ 05ｨ ｨ ｨ 0409ｨｰ0804ｨｬ ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨ 09 ｨｬｨｨ ｨ 01 G-20, ｨ ｨｪｨｪ ｨｨ0601 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｨ050609ｨｹ, ﾂｨｰ06 00ｨｨ ｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ 04ｨ ｨｺ0506 ﾂｨ 06ｨｰ ｨ ｨｨ0806ｨｺ06ｨｬ 08ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨｨｨ 0306ｨｺ0609, 0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ ｨｰ09ｨｨ07 ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ ｨ ｨｹ0204ｨｪ04ｨｬｨｨ FRS, January G-20 Study Group on Global credit Market Disruptions, Paper Prepared by Australia, 30 October P

36 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 ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 09ｨｪ0203ｨｪ02ｨｦ 04ｨ ｨｪｨｪ0609ｨｰｨｨ (ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed, Jan ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ ｨ ｨｨ07ｨｰｨｪｨｮ ｨｮ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ 06ｨ 09ｨｰｨ ｨｪ0609ｨｺｨｨ ｨ 09ｨ 0506 ｨｰｨ ｨｺ0302 ｨｪｨ 05ｨｨ ﾂｨｨ02 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｺ06ｨｰ0608ｨｮ06 ｨｬ0603ｨｪ06 ｨｪｨ 0409ｨ ｨｰｨｹ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ090403, ｨｺ06ｨｰ ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｰ 09 ｨｬｨｨ ｨｰ02 ﾂ02ｨｪｨｨ ｨｨｨｰ0205ｨｹｨｪ ｨｨ0601ｨ ｨｬ02ｨｪｨｨ ｨｬｨｪｨｨｨｬ 06ｨｰ010205ｨｹｨｪ ｨｬ02ｨｪｨｰ04 05ｨｰ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨｴ ｨｨ0601ｨ , ｨｺ06ｨｰ ｨｮ ﾂｨｨ05ｨｨ ｨｪｨ 0409ｨ ｨｪｨｨ ｨｦｨｪ ｨｨ02ｨｨｨｰ ｪ 00twin deficits03 ｨｨ 0706ｨｺｨ ｨ 05ｨｨ ｨｪｨ 05ｨｨ ﾂｨｨ ｨｨ02ｨｨｨｰ0609 ｨ ｨｰｨ ｨｨ ｨｰ (0705ｨ ｨｰ0203ｨｪ060006) ｨ ｨ 05ｨ ｨｪ09ｨ ｨｬ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｪ ｨｰｨｨ0502ｨｰｨｨ02 08ｨ 0409ｨｨ09ｨ 06ｨｰ ｨｰｨ ｨｰ06 ﾂｨｪ ｨｺｨ 04ｨｮ02ｨｬ06, ｨｨ ｨｰ08ｨ ｨｪ 0706ｨｺｨ ｨ 02ｨｰ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ ｨｨ02ｨｨｨｰ, ｨｰ060001ｨ ｨｺｨ ｨｺ ｨｨ 09 06ｨｰ010205ｨｹｨｪ ｨｨ ｨｪｨｨ07 ｨｨ 05ｨ 07ｨ 01ｨｪｨ ｨ ｨｨｨｬ0206ｨｰ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ ｨ 05ｨｹ0106 ｨｰ02ｨｺｨｮｨｴ ﾂ02ｨｰｨ (08ｨｨ ). 0201ｨｪ ｨｬ02ｨｪｨｪ ｨｰｨｨｨｬ ｨｮ ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ09ｨ 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ 06ｨｰｨｬ02 ﾂｨ 02ｨｰ ｨｨ02ｨｨｨｰ ｨ ｨｰｨ, ﾂｨｰ06 02ｨｴ02 ｨ 0605ｨｹ ｨ 0609ｨｰ080702ｨｰ ｨ 0502ｨｬｨｮ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ02ｨｨｨｰ

37 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02ｨｨｨｰ 09 ﾂ02ｨｰｨ ｨｰ02ｨｺｨｮｨｴｨｨ ｨ 02ｨｨｨｦ (ｨｬ ) * ｨｨ08, 0608ｨ ｨｪ, 08ｨｮ0902ｨｦｨｰ, 0002ｨｺ09ｨｨｨｺｨ, 01ｨｨ000208ｨｨ07, ｨｨ07, ｨｨ07, ｨ 09ｨｨ07, , 0002ｨｪ0209ｨｮ0505ｨ. ** 00ｨｺ0506 ﾂｨ ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, Bank of England. 05ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ ｨｨ02ｨｨｨｰ ｨｪｨｨ01 09ｨｰ08ｨ ｨｪｨ 01 ｨｨ ｨｨ02ｨｨｨｰ ｨｮ00ｨｨ01 08ｨ 0409ｨｨ09ｨ ｨｹ ｨ ｨｨｨｬ ｨｨ 09 ｨｨ04ｨ 04ｨｰｨｺ06ｨｬ 0706ｨｰ0802ｨ 0502ｨｪｨｨ07 ｨｪｨ 01 09ｨ ｨｪｨｨ07ｨｬｨｨ ｨｨ05ｨｨ 09ｨ ｨｪｨｨｨｦ ｨｪｨ ｨｰ0802ｨ 0502ｨｪｨｨ02ｨｬ (ｨｰｨ ｨ ). 08ｨ ｨｺ ｨｰ09ｨｨ02, ｨｰ08ｨ ｨｪ ｨｨ ｨｨ04ｨ 04ｨｰ06ｨｺ ｨ 0601ｨｪ ｨｨｨｪｨ ｨｪ ｨｮ , 09 ｨｰ ｨｬ07 ｨｺｨ ｨｺ 0108ｨｮ00ｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｪ04 ｨ 0405ｨｨ ｨｨ040409ｨｺｨｨ09ｨ ｨｰｨｹ 07ｨｮｨｰｨｨ 0708ｨｨ ﾂ02ｨｪｨｨ ｨｰ09, ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｨ02ｨｨｨｰ0609 (08ｨｨ ) ｨｨ07 ｨｪｨ ｨｨｨｰ ﾂｨｨ ｨｰ08ｨ ｨｪ, ｨｮ ｨｪｨｹ 09ｨ ｨｪｨｨｨｦ , ﾂ02ｨｬ ｨｮ ｨｪｨｹ ｨｪｨ ｨｺ ｨｪｨｨｨｦ, ﾂｨｰ ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ ｨ 02ｨｰ 0202 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｨ02ｨｨｨｰｨｪ ｨｰ08ｨ ｨｪ: ｨｬ04 04ｨｪｨ 02ｨｬ, ﾂｨｰ06 ｨｪｨ 0708ｨ ｨｺｨｰｨｨｨｺ02 ﾂｨ 09ｨｰｨｹ ｨｪｨ 03ｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｮ (ｨｪｨ ｨｴｨｨ ｨｺｨ ｨｺ ｨｨｨ 05ｨｨ04ｨｨ- 39

38 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 ｨｪｨｨ07 06ｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ04 20,0 18,8 20,6 20, ,4 11,9 19,1 17, ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07 15,4 15,1 17,4 16, ｨｪｨｨ07 26,9 26,7 24,8 23, ｨｬｨ ｨｪｨｨ07 19,5 25,7 19,5 19,3 04ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ04 26,6 36,6 25,1 31,8 08ｨｨｨｰｨ ｨｦ 38,4 49,2 36,3 42,6 06ｨｪ01ｨｨ07 23,5 32,5 22,8 34, ｨｨ07 32,5 31,5 16,8 21,0 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BIS, ｨ ｨｪｨｪ ｨｪ01ｨ 01 ｪ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨ06ｨｪｨｪ06ｨｬ ｨｨ 0108., ｪ ｨｰｨ ｨｺ ｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ ｨ 01) 09ｨｺ05ｨ ｨ 05ｨ 09ｨｹ 09 ｨｺｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｺｨｨ02 06ｨ 05ｨｨ00ｨ 02ｨｨｨｨ ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ, ｨ 09ｨｰ09ｨｮ07 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ06 ｨｨ ｨｨ02ｨｨｨｰ0609 (08ｨｨ ). 0209ｨｪ0609ｨｪ04ｨｬ ｨｪｨｨｨｺ06ｨｬ, ｨｺｨ ｨｺ ｨｨ ｨｰｨｪ06, ｨｰ , ﾂｨｰ ｨ 02ｨｰ ｨｪｨｨ ｨｪｨｨ ｨ 0502ｨｬ04 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｺ08ｨ ｨｦｨｪ02 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04ｨｬ. 0308ｨｨｨｰ02ｨｺｨ 06ｨｴｨｨ ｨｰ06ｨｦ ｨｨ ｨｮ ｨｨ ｨｮ01ｨ 0809ｨｰ09 09 ｨｨ04ｨ 04ｨｰｨｺ06ｨｬ ｨｪｨ ｨｺ ｨｪｨｨ ｨｨ ﾂ ｨｺｨ ｨ 06ｨｰ 0706ｨｪｨｨ03ｨ ｨｰ0205ｨｹｨｪ ｨｦ09ｨｰ09ｨｨ02 ｨｪｨ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ (ｨｺ06ｨｰ , ｨｺｨ ｨｺ ｨｬ ｨｬｨｪｨｨｨｬ, ｨｬ 0609ｨｰｨ 06ｨｰ ｨｪｨ ｨｰｨ ｨｰ06 ﾂｨｪ06 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02 ｨｮ ｨ 0502ｨｰ). 06ｨｰ06 ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ ｨｪ0609ｨｰｨｹ ｨ 02ｨｨｨｦ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｨ- 40

39 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 04ｨｪｨｨ02ｨ ｨｬ020301ｨｮ 09ｨ ｨｪｨｨ07ｨｬｨｨ ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ07ｨｬｨｨ (% ｨｺ ) * 0608ｨ ｨｪ, 08ｨｮ0902ｨｦｨｰ, 09ｨｨ09ｨｨ07, 02ｨｬｨ ｨｪ, 08ｨ ｨｰｨ 08, ｨ 09ｨｨ07, 0702ｨｬ02ｨｪ ｨｰ080602ｨｪ ｨ ｨｪｨｪ04ｨｬ BIS, ｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｺ06ｨｰ ｨｪｨｮ030102ｨｪ04, , 06ｨ 08ｨ ｨｴｨ ｨｰｨｹ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ｨ ｨｨ09ｨｺ0609ｨ ｨｪｨｪ0402 ｨｨ, ｨｺｨ ｨｺ ｨｰ09ｨｨ02, ｨ ｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨ ｨｰ , ｨｨ ｨｹ040609ｨ ｨｰｨｹ 0804 ﾂｨ 00ｨｨ, ｨｪ ｨ 0901ｨ ｨｪｨｪ06 08ｨ 0401ｨｮ09ｨ 06ｨｴｨｨ02 ｨｨ01 ｨ ｨ 05ｨ ｨｪ0904, ﾂｨｰ06 ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ ｨｺ080201ｨｨｨｰｨｪ ﾂ06 (leverage), ｨ 07 ｨｨ01 ｨｬ02ｨｪ0202 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｬｨｨ ｨｨ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 07 08ｨｨ09ｨｺ 0903ｨ ｨｰｨｨ ｨｬ. 00ｨ 03ｨｪ06 ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ ｨｰｨ ｨｺ0302 ｨｰ06 06ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ0906, ﾂｨｰ ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ 06ｨｰｨｬ02 ﾂｨ 02ｨｰ0907 ｨｪｨ ｨｮ 09 ｨｬｨ 09-41

40 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 ) ｨｨ01ｨ ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨ ) ｨｰ08ｨ ｨｪｨ ｨｬ 04ｨｨ ｨ ｨｪｨｨ02 09ｨ 0506ｨｰｨｪ0401 ｨ ｨｺｨｰｨｨ ｨ ｨｪｨｺｨ ｨｨｨｨ 0706 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬ ｨｨ ｨｰ08ｨ ｨｪｨ ｨｬ (ｨｪｨ , %) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: , ｨｰｨ ｨ ｨｪ04ｨｬ 08ｨ 04ｨｬ020806ｨｬ ｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨｨ ﾂｨ 09ｨｰｨｪ ｨｺｨｰ ｨｨ ﾂ02ｨｬ ｨ 04ｨｬ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ (08ｨｨ ) ｨｮ02ｨｰ ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ, ﾂｨｰ ｨ 0502ｨｬ04 08ｨ 0401ｨｮ09ｨ ｨｪｨｨ07 ｨ ｨ 05ｨ ｨｪ090609, 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ ｨｨｨｪ02ｨｨ0702 ｨｪ020708ｨ 09ｨｨ05ｨｹｨｪ ｨｪｨｨ02 ｨｪｨ 0804ｨｪｨｺ02, ｨ 0405ｨｨ 09ｨ 03ｨｪ04ｨｬｨｨ 0708ｨｨ ﾂｨｨｨｪｨ ｨｬｨｨ, 06ｨ 0609ｨｰ08ｨｨ0903ｨｨｨｬｨｨ ｨｺ08ｨｨ04ｨｨ ｨｬ, ｨ 09ｨｪ ｨｨ02ｨｨｨ 05ｨｹｨｪ04ｨｬ 04ｨ ｨｺ0506 ﾂ02ｨｪｨｨ07ｨｬ, 0009ｨｮｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ04ｨｦ 00ｨ ｨｺｨｰ ｨ 05 09ｨ 03ｨｪｨｮ ｨｹ 09 ｨｺ08ｨｨ04ｨｨ ｨｪｨｺｨ ｨｬ FCIC, 0000ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬ0603ｨｪ06 ｨ ｨｨ04ｨ 0203ｨ ｨｰｨｹ. 0808ｨｨ04ｨｨ09 ｨ ｨｮ05ｨｹｨｰｨ ｨｰ06ｨｬ 0102ｨｦ09ｨｰ09ｨｨ07 ｨｰｨ ｨｺ 0302 ｨｺｨ ｨｺ ｨｨ ｨ ｨｦ09ｨｰ09ｨｨ ｨｦ ｨｮｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ ｨ 0502ｨｬ04 ｨｮ09ｨｨ05ｨｨ05ｨｨ ｨｺｨｰ 0102ｨｦ09ｨｰ09ｨｨ07 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ ｨｨ ﾂｨｨｨｪ, ｨｺ06ｨｰ ｨｪ02ｨｬｨｮ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪ ｨｪ04, ｨｪ ｨｰｨｺｨｨ 09ｨｬ0700 ﾂｨｨｨｰｨｹ ｨｨ ｨｰ0806ｨｰｨｮ 0708ｨｨ090205ｨｨ ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨｪ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｨ09ｨｺ ｨｰ ｨ 02ｨｰ 09ｨｨｨｰｨｮｨ 02ｨｨ06 ｨｺ08ｨ ｨｦｨｪ02 9 Financial Crisis Inquiry Report. Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the US. Jan

41 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 ｨｰｨｪ060302ｨｪｨｨ ｨ ｨｺ (%) * ｨｮ ﾂ02ｨｰｨ ABS. 05 ｨｮ ﾂ02ｨｰ06ｨｬ ABS 06ｨｰｨｪ060302ｨｪｨｨ02 06ｨ ｨｴ ｨ ｨｺ ｨｰｨ 09ｨｨｨｰ 350ｨC360%. 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ , 00ｨｨｨｪ00ｨｨｨｪｨ, ｨ 05ｨｹｨｪ ｨｺｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ09ｨ ｨｨｨｨ, ｨｰｨ ｨｰｨ ; Haver Analytics; McKinsey Global Institute. ｨｪ02ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｦ ｨｺｨ ｨｺ ﾂｨｪ06ｨｬ, ｨｰｨ ｨｺ ｨｨ 09 ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ06ｨｬ 0705ｨ ｨｪ02, ｨ ｨｪ ｨｨ09ｨｺ ｨｪ ｨ 0609ｨｰ0802ｨｪｨｨｨｦ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ. 07ｨｬ02ｨｪｨｹ0302ｨｪｨｨ02 ｨｺ080201ｨｨｨｰｨｪ ﾂｨ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609 ﾂ080209ｨ ｨｰ06 08ｨｨ09ｨｺｨ ｨｬｨｨ 06ｨ 08ｨｮ0302ｨｪｨｨ07 ｨｨ01 ｨ ｨ 05ｨ ｨｪ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 01ｨ. 43

42 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? ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨｰｨ ｨｺ0302 ｨ 0605ｨｹ03ｨ ｨｰｨｪ0609ｨｰｨｹ ｨｰ060006, ﾂｨｰ06 09 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｬｨ 0903ｨｰｨ ｨ ｨ ｨ 0502ｨｬ ｨｪｨｨ ｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨｨｨ ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨｮ ﾂｨ 09ｨｰｨｪ ｨｺｨｰ0608ｨ ｨｪ02ｨｨ04ｨ 0203ｨｪ06 ｨ ｨｮ0102ｨｰ ｨｨ ｨｨｨｰｨｹ 04ｨ 09 ﾂ02ｨｰ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｦ ｨｪｨ 0008ｨｮ04ｨｺｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ. 0208ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, ﾂｨ 09ｨｰｨｪ04ｨｦ ｨｬ060302ｨｰ ｨｰ08ｨ ｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｮｨ 05ｨｨ ﾂｨｪ04ｨｦ (090205ｨｨ ﾂｨｨｨｪｨ ｨｺ06ｨｰ ｨｨ ｨｰｨ ｨｺ ｨｺ08ｨ ｨｦｨｪ ｨｺｨ ), ﾂｨｰ06 ｨ ｨｮ0102ｨｰ ｨ ｨｪ07ｨｰｨｹ 0609ｨｰ0806ｨｰｨｮ ｨ 0502ｨｬ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨ ｨｴｨ 07 05ｨｰｨｨ ｨ 0502ｨｬ ﾂｨｪ04ｨｦ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｨ09ｨｺ

43 ｨｪｨ 09ｨｰ0608ｨ 03ｨｨ09ｨ 06ｨｴｨｨ ｨｮ ﾂｨ ｨｨ, ｨｺ06ｨｰ ｨｨ05ｨｨ 06 ｨｪｨ ｨｺｨ 0705ｨｨ09ｨ 06ｨｴｨｨ ｨｨ09ｨｺｨ 01, ｨｬ0603ｨｪ06 ｨ ｨｰｨｬ02ｨｰｨｨｨｰｨｹ 02ｨｴ ｨｰ06ｨｬ , ｨｺ060001ｨ ｨｺ08ｨｮ07ｨｪ ｨｮｨ 09ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ0402 ｨｺ080201ｨｨｨｰ New Century ｨｨ NovaStar 06ｨ ｨｲ0709ｨｨ05ｨｨ ｨｨ ｨ 0502ｨｬｨ ｨ ｨｰ02ｨｬ ｨｪｨｨｨｺ05ｨｨ ｨｪ0609ｨｰｨｨ 09 ｨ ｨｪ0005ｨｨｨｦ09ｨｺｨｨｨｬ ｨ ｨ ｨｪｨｺ06ｨｬ Northern Rock, ﾂｨｰ ｨｰ0802ｨ 0609ｨ 0506 ｨｬ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺ06ｨｦ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨｨｨ. 0201ｨｪｨ ｨｺ06 05ｨｰ06 ｨ 0405ｨｨ 09ｨｺ ｨ ｨｮ ﾂｨ ｨｨ ｨｮ09ｨｰ07 ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0502ｨｬ ｨｨ06ｨ ｨｨ ｨｮ ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｰ06ｨｬ ｨ ｨｺ02ｨｨｨｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨ 0002ｨｪｨｰ09ｨｰ09 Fannie Mae ｨｨ Freddie Mac, ｨｺ06ｨｰ ｨｰ ｨｪ060906ｨｦ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｪｨｺｨ , ｨｰ0605ｨｹｨｺ06 04ｨ ｨｪ0209ｨｺ0605ｨｹｨｺ06 01ｨｪ02ｨｦ ｨｬ06ｨｪ09ｨｰ08ｨｨ080609ｨ 05ｨｨ 09ｨｪｨｨ0302ｨｪｨｨ02 ｨ ﾂ02ｨｬ ｨｪｨ 30%. 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨｪｨ 05ｨｰｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 (ｨ 06ｨｪｨｨ ｨｨ09ｨ 06ｨｰ ｨｮ01ｨ 0809ｨｰ0906ｨｬ) 0708ｨｨ010601ｨｨｨｰ ｨｺ ｨｰ0805ｨｪ 45

44 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0706ｨｰ02 ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｪ ｨｰ ﾂｨｰｨｨ 50% ｨｨ0706ｨｰ02 ﾂｨｪ ｨｪｨｺｨ , ｪ 0908ｨ 04ｨｮ 0302 ｨ ｨｰｨ ｨｪ ｨ 06ｨｺｨ 04ｨ ｨｪｨｨｨｨ ｨｨｨｬ ﾂ ﾂｨ ｨｦｨｪ0401 ｨｬ ｨｬ06ｨｴｨｨ ｨｺ0605ｨｹｨｺｨｮ 07ｨ 0102ｨｪｨｨ ｨｨ050609ｨｹ ｨｨ 01ｨ 05ｨｹ0302, ｨｪｨｰ07ｨ ｨｨｨｪ00ｨｨｨｪ ｨｨ ｨｰｨｮ07ｨｨ05ｨｨ ｨ ｨｬｨｬ06ｨｦ ｨｬ ｨｮ09ｨｰｨ ｨｪ ｨｪｨｨ ｨｺ06ｨｪｨｰ ｨｪｨ 01 05ｨｰｨｨｨｬｨｨ ｨ 0002ｨｪｨｰ09ｨｰ09ｨ ｨｬｨｨ. 06ｨｰ ｨ 0506 ｨｨ01 01ｨ 05ｨｹｨｪ02ｨｦ ｨ 0102ｨｪｨｨ02 ｪ ｨｪｨ ｨ ﾂ02ｨｬ 80% ｨｬ 04ｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｬ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ04ｨｬ ｨ ｨ ｨｪｨｺ06ｨｬ Bear Stearns, ｨｺ06ｨｰ060804ｨｦ ｨｪ02 09ｨｬ ｨｦｨｰｨｨ ｨｨ04 ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｪｨｨ07 ｨｨ ｨ 0405 ｨｺｨｮ070502ｨｪ ｨｺ08ｨｮ07ｨｪ04ｨｬ ｨ ｨ ｨｪｨｺ06ｨｬ JPMorgan Chase 0708ｨｨ ｨｦ09ｨｰ09ｨｨｨｨ , ｨｪｨ ﾂｨ 05ｨｨ09ｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 0502ｨｬ04 ｨｮ 0108ｨｮ ｨｺ08ｨｮ07ｨｪ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨ ｨ ｨｪｨｺｨ Lehman Brothers, ﾂｨｹｨｨ ｨ ｨｺ02ｨｨｨｨ 04ｨ 0601ｨｨｨｪ 0102ｨｪｨｹ 09ｨｪｨｨ04ｨｨ05ｨｨ09ｨｹ 0706 ﾂｨｰｨｨ ｨｪｨ 50%, 0904ｨｪｨｮ01ｨｨ09 ｨ ｨ ｨｪｨｺ 04ｨ 0709ｨｨｨｰｨｹ 0902ｨ ｨｨｨｰ ｨ ｨ ｨｪｨｺ0806ｨｰ06ｨｬ. 06ｨ ｨｺ ｨｪｨｰ07ｨ ｨ ｨｲ0709ｨｨ ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｬ ｨｪｨｨｨｨ 0601ｨｨｨｪ ｨｨ04 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺ0609 Merrill Lynch, ﾂｨｰ06 09 ｨｨｨｰ ｨｨ ｨｺ ｨｺｨｮ07ｨｺ ｨｰ060806ｨｪ04 Bank of America ｨ 0502ｨｬｨ ｨｺｨｨｨｪｨｮ05ｨ 09ｨｹ ｨｪｨ 09ｨｰ08ｨ ｨｮ ｨｮ ｪ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｬｨｨ ｨ 0502ｨｬｨ ｨｬｨｨ 0909ｨｰｨ 05ｨ 0601ｨｪｨ ｨｨ04 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 09ｨｰ08ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｪ AIG, ｨｺ06ｨｰ060806ｨｦ ｨ ｨ ｨｪ ｨｺ080201ｨｨｨｰ ｨｰ060806ｨｪ ｨｪｨ 09ｨｮｨｬｨｬｨｮ 85 ｨｬ , ﾂｨｰ06, ｨｰ02ｨｬ ｨｪ02 ｨｬ02ｨｪ0202 ｨｪ ｨｰｨ ｨｪ0609ｨｨ ｨ 0102ｨｪｨｨ07 ｨ ｨｺ02ｨｨｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｺ06ｨｰ ｨｪｨ ｨｮ06ｨｴｨｨｨｦ 0102ｨｪｨｹ ｨｮ07ｨ 05ｨｨ 0706 ﾂｨｰｨｨ ｨｪｨ 70%. 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨｺ080201ｨｨｨｰ ｨ ｨ ｨｪ ｨ ﾂ02ｨｪｨｨ ﾂｨｰｨｨ 80% ｨ ｨｺ02ｨｨｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, 0802 ﾂｨｹ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｨ0102ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪｨｮ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｹ ｨｪｨｨ02 05ｨｰ ｨｰｨ 07ｨ ｨｺ08ｨｨ04ｨｨ09ｨ 0109ｨ 0609ｨｰｨ 0903ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺｨ ｪ Morgan Stanley ｨｨ Goldman Sachs ｪ ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｺｨ ｨｺ ｨ ｨ ｨｪｨｺ

45 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 09ｨｺｨｨ ｨｨｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｮｨｰ08ｨ ｨｰｨｨ09 09ｨｰｨ ｨｰｨｮ09 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ0609 (06 ﾂ02ｨｬ ｨ ｨ ｨｲ ｨｪ ｨｪｨｰ07ｨ ). 0203ｨｨ01ｨ 02ｨｰ0907, ﾂｨｰ06 05ｨｰ06 08ｨ 0903ｨｨ08ｨｨｨｰ ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨ ﾂ02ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｮ , 09 ｨｰ06ｨｬ ﾂｨｨ ﾂ ｨｮ ﾂ02ｨｪｨｨ ｨｰｨｮ07ｨ ｨｺ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ (0001ｨｨ09ｨｺ06ｨｪｨｰｨｪ ｨｺｨｪ0603 ｨｨ 0108.), ｨ ｨｰｨ ｨｺ ｨｨｨｰ ｨ ｨｨ0806ｨｺ06 08ｨ ｨ 06ｨｰｨ ｨｰｨｹ ｨｰ09ｨ ｨｬｨｨ 00ｨｨ04ｨｨ ﾂ0209ｨｺｨｨ01 05ｨｨ02 (0106ｨｰ07 ｨｪ02ｨｺ06ｨｰ060804ｨｦ 06ｨ ｨｲ02ｨｬ ｨｨｨｰｨｪ ｨ 02ｨｨｨｦ 0609ｨｮｨｴ0209ｨｰ ｨｨ 0106 ｨｮｨｺｨ 04ｨ ｨｪｨｪ0401 ｨｬ0208). 06ｨｰ ｨｪｨ ﾂｨ 0506, ﾂｨｰ06 09ｨｨ09ｨｰ02ｨｬｨ ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺ ｨｺ08ｨ ｨｰｨｨ05ｨ 09ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ ｨｬ ｨｪ02ｨｬ 09ｨｨ ｨｨ 05ｨｰ06ｨｬ, 0601ｨｪｨ ｨｺ06, 0601ｨｪ ｨｬ02ｨｪｨｪ06 ｨｪ02 ｨｨ09ｨｺ0506 ﾂ02ｨｪｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ﾂｨ 00ｨ 08ｨｨ09ｨｺ0609, ｨｺ060001ｨ 00ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 09ｨｪ0609ｨｹ 0802ｨ ｨｪｨｨｨｬｨｨ08ｨｮ02ｨｰ ｨ 0801ｨｨｨｰ02ｨｺｨｰｨｮ08ｨｮ, ｨｺ06ｨｰ0608ｨ 07 09ｨｮｨｴ0209ｨｰ090609ｨ 05ｨ ｨｨｨｺ06ｨｦ ｨｨｨｨ ｨｨ ｨｺ06ｨｰ0608ｨ ｨｮ09ｨｺｨ 05ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ07 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ06ｨｦ ｨｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ 09 08ｨ ｨｬｨｺｨ ｨｪ06ｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｺ0605ｨｹｨｺｨｮ ｨ ｨｪ ｨｬ02ｨｴ02ｨｪｨｨ ｨ 09ｨ 0506 ｨ 0605ｨｹ03ｨｨ02 08ｨｨ09ｨｺｨｨ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨ04ｨｨ ﾂ0209ｨｺｨｨ01 05ｨｨ02, ｨ ｨｺ08ｨｨ04ｨｨ0906ｨｬ 1929ｨC ｨ ｨｨｨｪ07ｨｰ 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 08ｨ ｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｺ06ｨｬｨｬ0208- ﾂ0209ｨｺｨｨ01 ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｬ06ｨｰ0807 ｨｪｨ ｨｮ06ｨｴｨｮ06 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨ ｨｪｨｨ07, ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 09ｨｮｨｴ0209ｨｰ090609ｨ 05ｨｨ ｨｰｨｹ 0106 ｨｺ06ｨｪ02ｨ , ｨｨ 05ｨｨ03ｨｹ 04ｨ ｨｰ02ｨｬ 09 ｨｪ02ｨｺ06ｨｰ060804ｨｬｨｨ ｨｨ04ｨｲ07ｨｰｨｨ07ｨｬｨｨ (06ｨ ｨｮ ｨｪｨｪ04ｨｬｨｨ ｨ ｨｪ0706ｨｴｨｨｨｬ ｨｦ09ｨｰ09ｨｨ02ｨｬ ｨ ｨｪｨｪ ｨｰｨｨｨｬ 04ｨ ｨｺ06ｨｪ06ｨｬ 0108ｨｮ00ｨｨ01 04ｨ ｨｺ06ｨｪ0601ｨ ｨｰ0205ｨｹｨｪ0401 ｨ ｨｺｨｰ0609) 09ｨｬ0209ｨｰ06 ｨｪ ｨ ｨｨｨｪ07ｨｰ 04ｨ ｨｺ06ｨｪ Gramm-Leach-Bliley, ｨｺ06ｨｰ060804ｨｦ 08ｨ 0903ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｬ02ｨｴ02ｨｪｨｨ07 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060909ｨｺｨｨ ｨ 02ｨｨｨｦ. 47

46 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? 0308ｨｨ 05ｨｰ06ｨｬ ｨｪ02 ｨｨ09ｨｺ0506 ﾂ02ｨｪｨ ｨｰｨｪ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｨ09ｨｺ ｨｹ0204ｨｪ ｨ 0502ｨｬ ｨｪｨｨｨｺ05ｨｨ ｨｪｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｬ ｨｨ ｨｦ09ｨｺｨｨ ｨｪｨｺｨ , ｨｺ060001ｨ ｨ ｨ ｨｪｨｺｨｨ ｨｺ ｨｺ08ｨ ｨｰｨｨ05ｨｨ ｨｰｨ ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ0609 ｨｨ04-04ｨ ｨｬ0603ｨｪ0401 ｨｪ ｨ ｨｰ ｨｪｨ ｨｨ ﾂｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ 06ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01 (09 ｨｰ06ｨｬ ﾂｨｨ ｨｨｨｨ). 08ｨ ｨｺ ｨ ｨｨ ｨｨｨｰ 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｬｨｪ0600ｨｨ02 ｨ ｨ ｨｪｨｺｨｨ 09ｨｰｨ 05ｨｨ 06ｨｰ01ｨ 09ｨ ｨｰｨｹ ﾂｨｰ02ｨｪｨｨ02 ｨｪｨ 05ｨｨ ﾂｨｪ04ｨｬ ｨｮ0809ｨ ｨｬ, ｨｺ06ｨｰ ｨｪ04 ｨ 0405ｨｨ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨ 0004ｨ ﾂｨｪ0609ｨｰｨｨ03, ﾂｨｰ06 02ｨｴ02 ｨ 0605ｨｹ ｨ 0609ｨｰ08ｨｨ0506 ｨｪ020109ｨ ｨｰｨｺｨｮ ｨ 0601ｨｪ ｨｰ09 ｨｪｨ 0804ｨｪｨｺ ｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨｪｨ ﾂｨ 05ｨｨ09ｨｹ ｨ 0502ｨｬ04 ｨｮ ｨｦ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609. Fortis, Hypo Real Estate, Bradford&Bingley ｨｨ ｨｪ02ｨｺ06ｨｰ ｨｮ00ｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨｨｨ, 0902ｨｪｨｨ0506ｨｺ09ｨ, ｨｬｨ ｨｪｨｨｨｨ 05ｨｨｨ 06 ｨ 0405ｨｨ 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04, 05ｨｨｨ ｨｮ ﾂｨｨ05ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪｨｮ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪｨｮ ｨｬ06ｨｴｨｹ ｨ ｨｺｨｰｨｨ09ｨｨ04ｨ 02ｨｨｨｨ ｨｬ0203ｨ ｨ ｨｪｨｺ060909ｨｺ ｨｪｨｺｨ ｨｮ ｨｮｨｴｨｨ ｨｦ09ｨｺｨｨ01 09ｨｰ08ｨ ｨｪ ｨ ｨｪ ,8 ｨｰ0805ｨｪ ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, ｨｪｨ 05ｨｨ ｨ ｨｺ ｨｪｨｨ02 09ｨｰｨ ｨｦ 06 ﾂ0209ｨｨ01ｨｪ06ｨｦ 02ｨｴ02 09 ｨｪｨ ﾂｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ, ｨｮｨｴ02ｨｦ ｨｺ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06ｨｬｨｮ ｨｮ ｨｺ ｨ ｨｰｨｨ09ｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｮ06 06 ﾂ ｨｹ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨｨ, ｨｺｨ ｨｺ ｨｰ09ｨｨ02, ｨｬ ｨｬｨｨ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ. 0308ｨｨ 05ｨｰ06ｨｬ 06 ﾂ0209ｨｨ01ｨｪ06 ｨｰｨ ｨｺ ｨｺ0602 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ ｨｬ02ｨｪｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｪ ｨｺｨ ｨｺ ｨｪｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨｪｨ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ06ｨｬ ｨｮ080609ｨｪ02 (ｨｺｨ ｨｺ 05ｨｰ06 ｨｨｨｬ0202ｨｰ ｨｬ0209ｨｰ ｨｮ ﾂｨ 02 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 09ｨｮ ｨｪｨｪ ｨｪ010609). 01ｨ ｨｰｨｺｨｮ 01ｨｪ ｨｰｨ 05ｨｨ ｨｺｨｰｨｨ09ｨｪ ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ07 ｨｪ060906ｨｦ 48

47 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ ｨｨｨｨ 09ｨｰｨ ｨｮｨｺ05ｨ 01ｨ ｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｬｨ, ｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｨ ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ, ｨ ｨｪｨｪ04ｨｦ ｨｺ08ｨｨ04ｨｨ0906ｨｬ, ｨｪ02ｨｨ04ｨ ｨｪ, 09ｨｰｨ ｨ 02ｨｪｨｪ06 06 ﾂ0209ｨｨ01ｨｪ06, ｨｺ060001ｨ ｨｪｨ ﾂｨ 05ｨｨ ｨｰｨｹ0907 ｨ ｨ ｨｪ ｨ ｨｪｨｪ ｨｰ020702ｨｪｨｨ 07ｨ 0102ｨｪｨｨ07 06ｨｰ010205ｨｹｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ (08ｨｨ ). 05ｨｰｨ ｨｪ06, ﾂｨｰ06, , ｨｨｨｪ090209ｨｰ ｨｪｨ 09ｨｰｨ ｨｬ ｨｺｨｮ07ｨ ｨｰｨｹ, 0706ｨｰ06ｨｬｨｮ ﾂｨｰ06 ｨｰｨ ｨｺ ｨ ｨｺｨｰｨｨ0904 ｨｪ02 09ｨｰ06ｨｨ05ｨｨ ｨｪｨｨｨｺ060001ｨ ｨｰ , ｨｮ ｨ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｬ, ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ 0705ｨ ｨｪ02 ｪ 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 ｨｮｨｰ ｨ ｨｰｨｹ, ﾂｨｰ06 ｨｪｨ ｨ 02ｨｰ ｨ ｨ 05ｨｹｨｪ04ｨｦ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｨ 04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 09ｨｰｨ ｨｰｨｹ ｨｬ ｨｨｨｪ06ｨｦ ｨｰ06ｨｦ ｨｨ ｨｪ0206ｨ ｨｨｨｬ06 ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｦ ｨｨｨｰｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰｨｺｨｨ 01ｨｪ ｨｨ ｨｴ020006, ｨｺ06ｨｰ0608ｨ 07 ｨｬ060302ｨｰ ｨ 00ｨ ｨｰｨｹ ｨｨ ｨｬ0201ｨ - 49

48 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 ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ ｨ ｨｪｨｺ ｨｰ06 ﾂｨｪｨｨｨｺ: 01ｨ ｨｪｨｪ0402 moneycentral.msn.com ｨｪｨｨ04ｨｬ ｨ ｨ 05ｨｹｨｪ06ｨｦ ﾂｨｨ09ｨｰｨｺ02 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｴｨ 01ｨｺｨｨ03, 0706 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ06 ｨ ｨ 05ｨ ｨｪ09ｨ 09ｨｨ ｨｪ0401 ｨｨ ｨｪ020709ｨｪ ｨｪｨｰ ｨｨ0504, ｨｬ ｨｮ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ( ｨｪｨ ﾂｨ 05ｨ ) ｨｺｨ 08ｨｰ04 ｨｬｨｨ08ｨ. 50

49 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 06, ｨｪｨ ｨｺ06ｨｪ0202, 02ｨｴ ｨｨｨｪ ｨ ｨｺｨｰ (06ｨｪ ｨｪ0609ｨｨｨｰ ｨｺｨ ｨｺ ｨｰ0201ｨｪｨｨ ﾂ0209ｨｺｨｨｨｦ, ｨｰｨ ｨｺ ｨｨ 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208) ｨｨ05 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｨ ｨｪ02 ｨ ｨｮ0102ｨｰ 06ｨ ﾂ02ｨｪ06 ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02 ｨ ｨ 05ｨ ｨｪ090609, ｨｰ06 ｨｪ02ｨｨ04ｨ 0203ｨｪ04 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ0402 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｨ 07ｨ 08ｨ 05ｨｨ ﾂ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04. 00ｨ 0903ｨｰｨ ｨ ｨ ｨｰｨｨ07 ｨ ｨ 05ｨ ｨｪ ｨｨ ｨｬ0603ｨｪ0602 ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ02 ｨｺ080201ｨｨｨｰｨｪ ﾂｨ (deleveraging) 0708ｨｨ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ ｨｰ060802, ｨｪｨ ｨｨ090302ｨｬ ｨｨｨ 07ｨ 0406ｨｪ02 06ｨｰ 10 ( ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609) ｨｨ ｨ ( ｨ ｨｨ01 ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｪ010609), ｨ 05ｨｨ 06ｨ ﾂ02ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ06 04ｨ 01ｨ ﾂ02ｨｦ ｨｨ09ｨ ｨｪｨｨ07 ｨｺｨ ｨｺ ｨｰ010205ｨｹｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ, ｨｰｨ ｨｺ ｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (ｨｺ080201ｨｨｨｰｨｪ06ｨｬ ﾂ02) 05ｨｰ0802ｨｬ0502ｨｪｨｨ02 ｨｺ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｪ0609ｨｰｨｨ 06ｨｰ ｨｨｨｬ ｨ 02ｨｨｨｦ 0904ｨｪｨｮ0301ｨ 0506 ｨｬｨｪ0600ｨｨ02 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ06 ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨｰｨｹ 08ｨ 04ｨｬ ｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 09 08ｨ ｨｬｨｺｨ ｨｪｨｨ01 ｨｨ ｨｰ ｨ ｨｲ02ｨｬ ｨ 09ｨｰ0902ｨｪｨｪ ｨｰ09 (ｨｺｨ 07ｨｨｨｰｨ 05ｨ ) ｨ ｨｨｨｬ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｪ01ｨｨ080609ｨ ｨｪｨｨ02, ｨｰ0802ｨ ｨｮ06ｨｴ ｨｺｨｮ07ｨｺｨｨ ｨｪ ｨ ｨｺｨｰｨｨ090609, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 0609ｨｮｨｴ0209ｨｰ ｨｹ ｨｰ0906ｨｬ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｪ0203ｨｪ ｨｪｨｺｨ, ｨｺ06ｨｰ ｨｨ 0708ｨｨ090502ｨｺｨ ｨｰｨｹ ｨｪｨｮ03ｨｪ ｨｰ09ｨ. 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 01ｨ ｨｪｨｪ04ｨｦ , , ｨｪ0609ｨｨ05 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, ｨ ｨｰ , ｨｺ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ04ｨｬ ｨｨ ｨｪ ｨ 0901ｨ ｨｪｨｪ04ｨｬ ｨｺ0609ｨ ｨｬ 09 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0609, 05ｨｰ ｨｪｨｨ02 09 ｨｪ02ｨｬｨ 0506ｨｦ 09ｨｰ020702ｨｪｨｨ 06ｨ 0609ｨｰ08ｨｨ ｨ 0409ｨｨｨｰｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬ, ｨ 0405ｨｨ ﾂｨｪ04ｨｬ 0008ｨｮ0707ｨ ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨ 04ｨｬ0208 leverage, 0706ｨｺｨ ｨ 06ｨｴｨｨｨｦ 06ｨｰｨｪ060302ｨｪｨｨ02 ｨ ｨｺｨｰｨｨ ｨｺ ｨｺｨ 07ｨｨｨｰｨ 05ｨｮ, ｨ ｨｪ02ｨｬ 7ｨC10 08ｨ ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ 09ｨｨ ｨ 02ｨｨｨｦ ｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ (ｨｮ 51

50 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 ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺ ｨｪ ﾂｨ 09ｨｰ ｨｨｨ 05ｨｨ03ｨ ｨｺ 20, ｨ ｨｨｨｪ060001ｨ ｨｨ ｨｺ 30) ｨｨ 05ｨｰ06ｨｬ, ｨｨ 0708ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ02 04ｨ ｨ ｨ 05ｨ ｨｪ ｨ 02ｨｨｨｨ, ｨｰ ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ09ｨ 00ｨｨｨｪｨ ｨｪ ｨｮ ﾂ ｨｪｨｨｨｦ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｨ ｨ ｨ 0405ｨｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨ 0605ｨｹ0302, ｨｰｨｨ00ｨ ｨｪ02ｨｺ06ｨｰ ｨｮ ﾂｨ 0701 ｨｮ080609ｨｪ07 50ｨC70 08ｨ 04 (08ｨｨ ). 0308ｨｨ ﾂ02ｨｬ 06ｨ ｨｲ02ｨｬ04 04ｨ ｨ ｨ 05ｨ ｨｪ ｨ 02ｨｨｨｦ ｨｦ ｨ 05ｨｨ 06ｨ ｨｲ02ｨｬ04 09ｨ ｨｬ ｨ ｨ 05ｨ ｨｪ09ｨ. 06ｨ ｨｺ, ｨｪｨｺｨ ｨｬ, 04ｨ ｨ ｨ 05ｨ ｨｪ ｨ 02ｨｨｨｨ Citigroup ｨｰｨｨ00ｨ - 04ｨｨ ｨｨｨｰｨｪ ﾂ06 (leverage) ｨｮｨｴｨｨ01 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ ｨｺ06ｨｪ (08ｨ 04) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: FCIC, Jan ｨ ｨｺ ｨｪｨｨ02 01ｨ 02ｨｰ0907, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 09 ｨｬｨ ｨｰ0208ｨｨｨ 05ｨ ｨｮ03ｨ ｨｪｨｨｨｦ 0706 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨｮ Lehman Brothers US Bankruptsy Court, NY, March 11, ｨｪ060001ｨ 01ｨ 02ｨｰ0907 ｨｨｨｪ ｨｪｨｨ02 ｨｺ080201ｨｨｨｰｨｪ ﾂｨ, ｨｺ06ｨｰ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ0907 ｨｺｨ ｨｺ ｨｰｨｪ060302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ 05/ｨ ｨｺｨｰｨｨ0904, ﾂｨｰ ｨ 02ｨｰ ｨ ｨｪｨ ｨｨ ﾂｨｪ04ｨｬ ｨｪ0608ｨｬｨ ｨｰｨｨ09ｨｮ 011, ｨｨ ｨｹ04ｨｮ02ｨｬ06ｨｬｨｮ ｨｨｨｦ09ｨｺ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 0708ｨ ｨｺｨｰｨｨｨｺ02 ｨｨ 0607ｨｨ08ｨ 06ｨｴ02ｨｬｨｮ0907 ｨｪｨ ｨ ｨ ｨｹ09ｨｺｨｨ ｨｨｨｪ02ｨｨ0704 (09ｨｬ., 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 04ｨ ｨｺ06ｨｪ04 06ｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｬ02 HR 4173). 52

51 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 05ｨｨ 06ｨｺ ｨｰ0805ｨｪ , ｨｰ060001ｨ ｨｺｨ ｨｺ ｨｨ ﾂｨｨｨｪｨ 09ｨ ｨｬ ｨ ｨ 05ｨ ｨｪ09ｨ ｨｰｨ ｨ 05ｨｨ03ｨｹ 1,8 ｨｰ0805ｨｪ ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨ 0002ｨｪｨｰ09ｨｰ09 Fannie Mae ｨｨ Freddie Mac ｨ ｨｨ080609ｨ ｨｪｨｪｨ ｨｨ ﾂｨｨｨｪｨ ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨｰｨ ｨ 0708ｨｨｨｬ0208ｨｪ06 75 (FCIC, Jan. 2011) ｨｬ, ｨ 0405ｨｨ ﾂｨｪ ｨｮ ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨｹ 04ｨ ｨ ｨ 05ｨ ｨｪ ｨ 02ｨｨｨｦ ｨ 0405ｨ 08ｨ 0405ｨｨ ﾂｨｪ06ｨｦ, 0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 ｨｮ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609, ｨｨ09ｨ 06ｨｴｨｨ01 ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｦ 0804ｨｪ06ｨｺ, 06ｨｪｨ ｨ 0405ｨ ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ06ｨｦ (08ｨｨ ). 04ｨｨ ｨｨｨｰｨｪ ﾂ06 08ｨ 0405ｨｨ ﾂｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｨｨｺ ( , 08ｨ 04) * ｨｪ ｨｪｨｪｨ 07 5 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ 0806ｨｺ ｨｨ : Bear Stearns, Goldman Sachs, Lehman Brothers, Merill Lynch, Morgan Stanley. 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: FDIC; SEC; McKinsey. 01ｨ 0905ｨｮ03ｨ ｨｪｨｨ ｨｬｨｨ0909ｨｨｨｨ ｨ 0502ｨｬｨ ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ ﾂｨｨｨｪｨ 01 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ0102ｨｪｨｰ Bank of America ｨ ｨｨ0906 ｨｮｨｺｨ ｨ 05 ｨｪｨ ｨｰ06, ﾂｨｰ06 ｨ ｨｪ020706ｨｪ07ｨｰｨｪ06, ﾂ02ｨｬｨｮ 0804ｨｪｨｺｨｨ ｨｨ ｨｮ0507ｨｰ ｨｬ060005ｨｨ ｨｰ ｨｰｨｹ , ｨｰｨｨ00ｨ 0903ｨｨｨｦ 40 ｨｺ 1 ｨｨ05ｨｨ 01ｨ ｨｺ 1 09 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺｨ IMF. 4 Moynihan B.T. Chief Executive Officer and President, Bank of America. Testimony to FCIC, Washington, D.C. January P

52 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 ｨｨｨ ｨ 0409ｨｰ0804ｨｦ ｨｰ ｨｺ080201ｨｨｨｰｨｪ ﾂｨ 0708ｨｨ ｨｪｨ 09ｨｰ0608ｨｮ ｨｨｨｪｨｮ , ｨｺ060001ｨ ｨｪｨ ﾂｨ 05ｨｨ ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｰ ｨ ｨｰｨｹ ｨｨ ｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 (08ｨｨ ). 02ｨｰｨｬ02ｨｰｨｨｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06 06 ﾂ02ｨｪｨｹ ｨ 0409ｨｰ ｨｰ06ｨｰ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｹ ｨｮ090205ｨｨ- ﾂｨｨ09ｨ ｨｮ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609. ｨ ) 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 01ｨｨ ｨ ) ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｨ ｨｨ ｨｨｨｰｨｪ ﾂ06 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ 09ｨｪ0203ｨｪｨｨ01 01ｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: Federal Reserve Bank of New York, Staff Report, March ｨｪｨｺｨ ｨｬ , 0004ｨ ｨｬ02ｨｰｨｪ04ｨｦ ｨｰ ｨ 06ｨ 04 ﾂｨｪ ｨｰ09ｨｮ02ｨｰ 00ｨｨｨｪｨ ｨｪ ｨｬｨｮ ｨｺ08ｨｨ04ｨｨ09ｨｮ ｨｨ 05ｨｰ06ｨｬ 08ｨｨ09ｨｺｨｨ ｨｨ ｨｺ ｨ ｨ 05ｨ ｨｪ09ｨ 01, ｨｺ06ｨｰ ｨｪｨｨｨｺｨ 05ｨｨ 0706 ｨｬ ｨｰｨ 0804ｨｪｨｺｨ, ｨｮ0507ｨｰ ｨ 0405ｨｨ 09 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ 06 ﾂ0209ｨｨ01ｨｪ ｨｪ06ｨｬ ｨｨ ｨｨ01 5 Federal Reserve Bank of New York, Staff Reports, Jan P

53 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ ｨｰｨｮ070502ｨｪｨｨｨｦ 02ｨｴ ｨｪ, ｨｺ06ｨｰ0608ｨ ｨ 09ｨｹ ｨ ｨｰ020502ｨｬ 0806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 (Commodity Futures Trading Commission), ｨｮｨｺｨ ｨ 05ｨ ｨｪｨ ｨｪｨｨｨｺ03ｨｨ02 ｨｰ060001ｨ 08ｨｨ09ｨｺｨｨ ｨｨ ｨ 0502ｨｬｨ ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ LTCM (Long-term capital management), 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨ 08ｨ ｨ 06ｨｰ ｨｨ 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. 07ｨｺｨ ｨ ｨｹ, ﾂｨｰ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｪｨｺｨ ｨ ｨｰｨ ｨｺ060906, ﾂｨｰ ｨｨ0506 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 0708ｨｨ ﾂｨｹ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ 04ｨｬ ｨｬ , ﾂｨｰ ｨ ｨｺｨ 07ｨｨｨｰｨ ｨ 04! ｨ ｨｰ02ｨｬ ｨｮ ﾂ02ｨｪｨｪ ｨｰ09ｨ ｨ 0405ｨｨ ｨｨ ｨｹ040609ｨ ｨｪ ｨｰｨｺ0804ｨｰｨｨ ｨｨ02ｨｨｨｦ ｨｨ09ｨ ｨｰｨｨ09ｨｪ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬ ｨｪｨ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪｨｮ06 09ｨｮｨｬｨｬｨｮ 1,25 ｨｰ0805ｨｪ , ﾂｨｰ ｨ ｨ 04ｨｬ0208 ｨｺｨ 07ｨｨｨｰｨ 05ｨ (!) 08ｨ ｨｪｨ ｨｨ ﾂｨｪｨ 07 ｨｺｨ 08ｨｰｨｨｨｪｨ 06ｨｰｨｬ02 ﾂｨ 05ｨ 09ｨｹ ｨｨ ｨｮ00ｨｨ ｨ ｨｪｨｺｨ ｨｬ, 09ｨｰ08ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, 0609ｨｮｨｴ0209ｨｰ ｨｴｨｨ02 09ｨｰ08ｨ ｨ ｨｪｨｨ ｨｪｨｪ ｨｨ09ｨｺ ｨ ｨｬｨｺｨ ｨｪｨｪ ｨ 02ｨｨｨｦ (ｨｪｨ 0708ｨｨｨｬ0208, 09ｨｰ08ｨ ｨ ｨｪｨｨ02 06ｨｰ ｨｰｨ ｨｪｨｪ06ｨｦ ｨ ｨｮｨｬｨ 0002), ｨｨｨｬ0205ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05, ｨｺ06ｨｰ060804ｨｦ ｨ ﾂｨｰｨｨ ｨ 04 ｨｬ02ｨｪｨｹ ｨ ｨｲ02ｨｬ ｨｰ08ｨ 01ｨｮ02ｨｬ0401 ｨ ｨｺｨｰｨｨ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 05ｨｰ06 ｨｨ04ｨｪｨ ﾂｨ 05ｨｹｨｪ06 04ｨ ｨｺ05ｨ ｨ ｨｨ09ｨｺ ｨｰｨ 6 Born B. Regulatory Responses to risks in the OTC derivatives market. November P

54 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? ｨｮ ｨ ｨｬ ｨｰ08ｨ ｨｴｨｨｨｺｨ ｨｮ ﾂｨ 02 ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ ｨｹ040609ｨ ｨｪｨｨ ｨ ｨｨｨｬ0202ｨｰ ｨｨ 02ｨｴ ｨｨｨｪ 09ｨ 03ｨｪ04ｨｦ ｨ ｨｺｨｰ ｨｮ0302 ｨｪ ｨｰ06 ｨｰ0201ｨｪｨｨ ﾂ0209ｨｺ060006, ｨｪ06 09ｨｨ09ｨｰ02ｨｬｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ, 0708ｨｨ01ｨ 09ｨ 07 05ｨｰ06ｨｦ ｨ 0502ｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｨ 01ｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｦ ｨ ｨｺｨｰ ﾂｨｹ ｨｨ0102ｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｨ ｨｰｨ ｨｺｨｨ ｨｰｨｪ060302ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ0401 ｨｨ 0708ｨｨ ﾂ02ｨｪｨｪ ｨｮ ｨ 0605ｨｹ03ｨ 07 ﾂｨ 09ｨｰｨｹ 0804ｨｪｨｺｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｰｨ ｨｪｨ ｨｺ06ｨｪｨｰ080605ｨｹ ｨｮ04ｨｺ06ｨｦ 0008ｨｮ070706ｨｦ 05ｨｨ02, ｨｨ08ｨｮ06ｨｴｨｨ01 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｪ02ｨ 0605ｨｹ03ｨｨｨｬｨｨ ｨｰ09ｨ ｨｬｨｨ. 01ｨ 0905ｨｮ03ｨ ｨｪｨｨ0701, ｨｪｨｪ ｨｬｨｨ0909ｨｨ02ｨｦ ｨ 0502ｨｬｨ ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ (FCIC), ﾂ0208ｨｺｨｨ09ｨ ｨｹ, ﾂｨｰ ｨｨ ｨｰｨ ｨｺｨｨ ｨ ｨｪ04 ｨｪｨ ｨ ｨｺｨｰｨｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｬ0600ｨｮｨｰ ｨｰｨｹ ｨｨ03ｨｹ ｨｪ02ｨ 0605ｨｹ0306ｨｦ 0008ｨｮ070706ｨｦ ｨｨｨｪ090209ｨｰ , ｨｺ06ｨｰ0608ｨ ｨｰ0607ｨｪｨｨｨｨ ｨｰｨ 09ｨｨｨｰｨｹ ｨｦ ｨｺ06ｨｪｨｰ080605ｨｹ ｨｬｨｪ0402 ｨ ｨｺｨｰｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｮ ｨｨ ｨ 0502ｨｬｨ 08ｨ 0903ｨｨ0802ｨｪｨｨ07 ｨ ｨｺｨｰｨｨ ｨｬ02ｨｪ0702ｨｰ0907 ｨｪｨ ｨｰｨｨ ｨｪｨｮ06, 0708ｨｨ ｨｺ06ｨｰ060806ｨｦ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨ ｨｮ0102ｨｰ ｨｰｨ ｨｺ ｨｨ ｨｨｨｰｨｹ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨｨｬ ｨｺ ｨｨ02ｨｨ02ｨｪｨｰ06ｨｬ 0903ｨ ｨｰｨｨ07 ｪ ｨｮ09ｨｨ05ｨｨ09ｨ 07 06ｨ ｨｴｨｨｨｦ ｨｺｨｰ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07 (ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ04ｨｦ deleverage). 7 IMF. 8 FCIC hearings,

55 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ ｨｨ 05ｨｰ06ｨｬ ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ ｨ 04ｨｬ ｨ ｨｰｨｨ07 ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨｰｨ 09ｨｨ ｨｪ02ｨｬ 2ｨC2,5 08ｨ 04ｨ, ｨｰ ｨ 0806ｨｺ020809ｨｺｨｨ01 ｨｨ 01ｨｨ ｨｺｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｪ 06ｨｺ ｨ ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ ｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 04ｨ 09 ﾂ02ｨｰ ｨｺ080201ｨｨｨｰｨｪ ﾂｨ (leverage) ｨｰｨｪ060302ｨｪｨｨ02 ｨｬ020301ｨｮ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ ｨｨ ｨｺｨ 07ｨｨｨｰｨ 0506ｨｬ ｨｬ060302ｨｰ, ｨｺｨ ｨｺ ｨｮ ｨｨ050609ｨｹ, ｨｰｨ ｨｰｨｹ 30ｨC50 08ｨ 04 (ｨｨ ) ｨ ｨｰ0205ｨｹｨｪ06, 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨ ｨｮ0102ｨｰ ｨｰｨ ｨｺ ｨｨ ｨｨｨｰｨｹ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨｨｬ ｨｺ ｨｨ02ｨｨ02ｨｪｨｰ06ｨｬ 0903ｨ ｨｰｨｨ07, ﾂｨｰ06 05ｨｨ03ｨｹ ｨｮ09ｨｨ05ｨｨｨｰ 06ｨ ｨｴｨｨｨｦ ｨｺｨｰ 0202 ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07. 06ｨｰ06ｨｰ ｨｺｨｰ ｨｬ060302ｨｰ 06ｨｺｨ 04ｨ ｨｰｨｹ ｨｴ02 04ｨ ｨｬ02ｨｰｨｪ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ04-04ｨ 0102ｨｦ09ｨｰ09ｨｨ07 ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ ｨｰ0608ｨ 0708ｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨｨｨ ｨ ｨ , ｨｨ ﾂｨｪ ｨｪ0200 (high-powered money) ｨｨ ｨｨ ｨ ｨｴ02ｨｪｨｨｨｨ ｨｰ ｨｨ ｨｨｨｰｨｪ ﾂ06 10 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ (08ｨ 04) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Federal Reserve Bank of Kansas City. 04ｨｨ ｨｨｨｰｨｪ ﾂ06 ｨ 0806ｨｺ ｨｨ 01ｨｨ (08ｨ 04) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Federal Reserve Bank of Kansas City.

56 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? 0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨｨｦ ｨ ｨ ｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｨ ﾂｨｨｨｪｨ ｨｺ ｨｨ02ｨｨ02ｨｪｨｰｨ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ 02ｨｨｨｨ 08ｨ 0405ｨｨ ﾂｨ 02ｨｰ ｨｰ08ｨ ｨｪｨ ｨｬ ｨｨ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｰｨｨ00ｨ 02ｨｰ 0902ｨｦ ﾂｨ ｨｨｨｬ0208ｨｪ06 8ｨC ｨｨ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨｨｨ ｨｨ05ｨｨ ｨｨ04ｨｲ07ｨｰｨｨｨｨ ｨｰ09 ｨ ｨｮ0102ｨｰ 06ｨｰｨｬ02 ﾂｨ ｨｰｨｹ ｨｺｨｰ 0102ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ ｨｰ0608ｨ, ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｴｨｨｨｦ 06ｨ ｨｴ ｨ ｨｰｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｺ06ｨｪｨｺ0802ｨｰｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ 05ｨｰ06ｨｰ ｨｺｨｰ ｨｨ ｨｬ ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｬ0206ｨｰ ｨｨ00ｨｨｨｺｨｮ ｨｨ 0802 ﾂｨｹ ｨｨ0102ｨｰ 06ｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ06ｨｬ ｨ ｨ ｨｪｨｺ02, ｨｰ ｨ ｨｺｨｰｨｨｨｺｨ ｨｮ ﾂ02ｨｰｨ 0706ｨｰ0208ｨｹ ｨｨ ｨｨ ｨｨｨｪ02ｨｨ07ｨ mark-to-market ( ｨｪｨｺｨ ｨｪｨ 0609ｨｪ0609ｨ ｨｪｨｨｨｨ ｨｰ02ｨｺｨｮｨｴ ｨｮ080609ｨｪ ｨｪ) ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｨ01 06ｨｰ08ｨ 0302ｨｪｨｨ07 09 ｨ ｨ 05ｨ ｨｪ0902 ｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨ07 ｨ ｨｺｨｰｨｨ ｨｨ 05ｨｰ06ｨｬ ｨｰ0802ｨ ｨｮ02ｨｬｨ ｨｺ ｨｺｨｰｨｨ080609ｨｺｨｨ ｨ ｨ 05ｨ ｨｪ09ｨ ｨ 03ｨ ｨ ｨｺｨｰｨｨ ｨｰ 01ｨ 05ｨｹｨｪ02ｨｦ ｨｪｨｨ0302ｨｪｨｨ02 ｨｨ ｨｪ04 ｨｨ 09ｨｪ0609ｨｹ ｨｮ090205ｨｨ ﾂｨｨｨｰ 08ｨ 04ｨｬ ｨｰ0208ｨｹ ｨｨ 0907ｨｨ09ｨ ｨｪｨｨｨｦ (ｨｰ ｨｪｨｨｨｺｨｪ02ｨｰ ｨｺｨｰ 09ｨ ｨｬ06ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｴ02ｨｦ0907 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ, ｨ 0009ｨｪ0203ｨｪ ｨｺ06ｨｬｨ 03). ﾁｨｰ06ｨ 04 ｨｨ04ｨ 0203ｨ ｨｰｨｹ ｨ ｨｪ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｪ ｨｺ ｨｨ010601ｨｨｨｰ ｨｨｨ 0200ｨ ｨｰｨｹ ｨｺ ｨｰｨ ｨｺｨｨｨｬ 08ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ04ｨｬ ｨｬ0208ｨ ｨｬ, ｨｺｨ ｨｺ ｨ 03ｨ 00ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ ｨ ｨｪｨｺｨ 03 (0905ｨｮ ﾂｨ ｨｦ 09 Bear Stearns). 05 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ06 06ｨ ﾂ02ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ0609 ｨ ｨ ｨｪ06 ｨｨ ｨｪｨｨ02 06ｨ ｨｨ ｨｮ09ｨｺ02 ｨｺ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ (0001ｨｨ09ｨｺ06ｨｪｨｰｨｪ ｨｺｨｪ0603). 0806ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ (ｨｮ ｨｺ06ｨｰ ｨ 04ｨｬ0208 ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨｪ02ｨｬ ｨｰｨ ｨｰ 06ｨｺ ｨC15), ｨｨｨｬ0206ｨｰ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨ 0605ｨｹ03ｨｨｨｦ 04ｨ 07ｨ ｨｬ02ｨｪｨｨ ｨｮｨｺ ｨｪｨｨ07 ｨ ｨ 05ｨ ｨｪ09ｨ ｨｨ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｺ0605ｨｹｨｺｨｮ 06ｨｪｨｨ 0609ｨｮｨｴ0209ｨｰ ｨｰ 0907ｨｨ09ｨ ｨｪｨｨ07 ｨｰ0605ｨｹｨｺ ｨｮ ﾂｨ 02 ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ ｨｰｨ (ｨｪｨ 0708ｨｨｨｬ0208, ｨｪ ｨ ｨｰｨ 0706 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬ ｨｺ080201ｨｨｨｰｨ ｨｬ), ｨ 0106 ｨｰ ｨ ｨｮ01ｨｮｨｰ 06ｨｰ08ｨ 03ｨ ｨｰｨｹ ｨ ｨｺｨｰｨｨ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ

57 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 ｨｪｨｨｨｬｨ 07, ﾂｨｰ06 09 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ 09 ﾂ02ｨｰ02 ｨｨｨｬ ｨ 09ｨｪ ｨｨ0102ｨｰ ｨｨｨ 06 ｨｮｨｬ02ｨｪｨｹ03ｨ ｨｰｨｹ ｨｺｨ 07ｨｨｨｰｨ 05, 05ｨｨｨ ｨｨｨｰｨｹ 05ｨｬｨｨ0909ｨｨ06 ｨ ｨｺ02ｨｨｨｦ, 05ｨｨｨ ｨ 09ｨ ｨｰｨｹ ｨ ｨｺｨｰｨｨ0904 ( ﾂｨｰ06 ｨｪ ｨｰ06 09 ｨｮ ｨｨ ｨ 01ｨ 06ｨｴ ｨｪｨｺｨ ), ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ 09ｨｰｨ 08ｨ 06ｨｰ0907 ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ06 08ｨ 0903ｨｨ08ｨｨｨｰｨｹ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 0708ｨｨ ﾂ02ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 0201ｨｪ ｨｬ02ｨｪｨｪ06 06ｨｪｨｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｨ04ｨｬ02ｨｪ0706ｨｰ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺ080201ｨｨｨｰ0609 ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｪｨ 0804ｨｪｨｺｨ 01 ｨｰ0802ｨｰｨｹｨｨ01 09ｨｰ08ｨ ｨｪ ｨｨｨｪ00ｨ ｨ ｨ ｨｪｨｺｨｨ 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ ｨｪｨ ﾂｨｨｨｪｨ 06ｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｺ08ｨ ｨｴｨ ｨｰｨｹ ｨｹ 09 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨｨｬｨｨ ｨｪｨｺｨ ｨｬｨｨ, 04ｨ ｨｺ080409ｨ 07 ｨｺ080201ｨｨｨｰｨｪ ｨｨｨｪｨｨｨｨ ｨｨ ｨ ｨｰ08ｨｨｨｨ08ｨｮ ｨｰ09ｨ ｨｪｨ 05ｨｨ04 05ｨｰ06ｨｦ ｨ 0502ｨｬ04 05ｨｺ ｨｰｨ ｨｬｨｨ G ｨｨ05 ｨｨｨｬ ｨ ｨｰｨｹ ｨｰ06ｨｬ, ﾂｨｰ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ02 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ0609 ｨｪｨ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｪｨｺｨ 01, ｨ 02ｨｪｨｪ ｨｨ 09ｨ ｨｰｨｨｨｪ09ｨｺ06ｨｦ 08ｨｬ0208ｨｨｨｺ02, ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ 0706ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ04ｨｦ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ 04ｨ 08ｨ 0302ｨｪｨｨ07 (contagion) ｨｨ ｨｨｨｪｨ ｨｪ ｨｰ ｨ. 00ｨ ｨｰ0208ｨｨｨｪ09ｨｺｨｨｨｦ ｨ ｨ ｨｪｨｺ ｨｬ060302ｨｰ ｨ ｨｪｨｨ ﾂｨｨｨｰｨｹ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ ｨｨ01 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ 02ｨｨ0701 ｨｨ05ｨｨ ｨ ｨｰ08ｨｨｨｨ080609ｨ ｨｰｨｹ ｨｺｨ 07ｨｨｨｰｨ ｨ ｨｺ0302 ｨｮｨｺｨ ｨ 02ｨｰ0907 ｨｪｨ ｨｪ0609ｨｰｨｨ ｨｺ06ｨｪｨｰ ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨ 02ｨｰ ｨｰ06ｨｬ, ﾂｨｰ06 00ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｨ080609ｨ ｨｪｨｨ07 ｨｨｨｬｨｨ ｨｨ01 ｨ ｨ 05ｨ ｨｪ ｨｨｨｪｨｨｨｬｨ 06ｨｴｨｨ01 09ｨｰ08ｨ ｨｪｨ 01 ｨｬ060302ｨｰ ｨｨｨｬ02ｨｰｨｹ ｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｺｨｰ ｨ ｨｪ ｨｰｨｮ07ｨｪ0609ｨｰｨｨ ｨｺ080201ｨｨｨｰ ｨｰ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ O. Blanchard. The crisis: Basic Mechanisms, and Appropriate Policies. IMF. April P G-20 Study Group on Global credit Market Disruptions, Paper Prepared by Australia. October 30, P ｨ ｨｬ

58 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? 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｰ060006, ﾂｨｰ06 09 ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ ｨｰ08ｨ ｨｪ ｨｰｨｬ02 ﾂｨ 02ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ (08ｨｨ ), ｨ 0502ｨｬｨ ｨｰ0802ｨ ｨｮ02ｨｰ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ00ｨ. 04ｨｨ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ (II ｨｺ , % ｨｺ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, April ｨｮ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ, ﾂｨｰ ｨｨ01ｨ 0903ｨｨ ｨｮｨ 04ｨｰｨｺｨｨ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨ 0405ｨｨ ﾂｨ 09ｨｰ06 04ｨ ｨｪｨｨ0302ｨｪ04, ｨ 0802ｨ 05ｨｹｨｪ ｨｰ0208ｨｨ, ｨｪｨｺｨ ｨｬ, ｨｬ060005ｨｨ ｨ 04ｨｰｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨ 0605ｨｹ ｨｰ010205ｨｹｨｪ04ｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ ｨｨ01 ｨｪｨ ｨｺ ｨｪｨｪ0402 ｨｮｨ 04ｨｰｨｺｨｨ ﾂｨ 09ｨｰ ｨｰｨｨ00ｨ 06ｨｰ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｨ ﾂｨｨｨｪ (08ｨｨ ), ｨｨ ｨｨ ｨｨ01 ｨｺｨ 07ｨｨｨｰｨ 0504 ｨｪ ｨ 09ｨｰｨｮｨｰ, ｨｰ06 ｨ ｨ 05ｨ ｨｪ0904 ｨｰｨ ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨｬ0600ｨｮｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ ｨｰｨｹ

59 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ ｨ ｨｪｨｺｨｨ 0203ｨｨ01ｨ 02ｨｬ ｨｰ0208ｨｨ ｨ 09ｨｪ06 06ｨｰ ﾂ02ｨｰｨｪ0609ｨｰｨｨ 09ｨ ｨｬｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨｰ0208ｨｨ ｨ 09ｨｪ ｨｪｨｺｨ ｨｬ 09ｨｪ0203ｨｪｨｨ01 05ｨｺ ｨｰ0609 SCAP Citigroup Citadel Goldman Sachs Bank of America 47,7 104,1 83,8 148,4ｨC 203,7 Citigroup 47,8 79,4 ｨｪ ,6ｨC 137,4 JP Morgan 44,8 79,3 111,9 113,6ｨC 154,4 Wells Fargo 35,1 74,3 51,5 124,9ｨC 173,4 0609ｨｰ06 ﾂｨｪｨｨｨｺ: NBER, Nov ,4 71,0 73,6 77,3 04ｨｨ ｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ0402 ｨｪｨ ｨｺ ｨｪｨｪ0402 ｨｮｨ 04ｨｰｨｺｨｨ ｨ ｨ ｨｪｨｺ0609 (% 06ｨｰ ｨ ｨｺｨｰｨｨ090609, ｨｪｨｪ ｨｮ080609ｨｪ06 08ｨｨ09ｨｺｨ, ｪｨｪｨ ﾂｨ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: The Economist. Jan,

60 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 ｨｬｨｪ0600ｨｨ ｨｰｨｺｨｨ ｨｪｨｨｨｰｨｹ ｨｺｨｰｨｨ ｨ 0409ｨｨｨｰｨｨ ｨ 04ｨｰｨｨｨｦ ｨｪｨ ｨ ｨ 05ｨｹｨｪ06ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ02 06ｨｺｨ 04ｨ 05ｨｨ09ｨｹ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ 0204ｨｮ ｨｪ04ｨｬｨｨ ｨｰｨｮ07ｨ 07 ｨｪｨ 0905ｨｮ03ｨ ｨｪｨｨ ｨｪ ｨ 0502ｨｬｨ ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｨｨｪ090702ｨｪ 0708ｨｨ04ｨｪｨ 05, ﾂｨｰ06 ｨｪｨ ｨｬｨｪ0600ｨｨ ｨｴｨｨ ｨｰ09ｨｨ02 ｨｺ08ｨｨ04ｨｨ09ｨ 0708ｨｨ ｨｹ ｨｪｨｮｨｰｨｹ ｨｮ0006ｨｬｨｮ ｨｨ ｨｪｨｨｨｰｨｹ ｨｨ ｨｨ ﾂ02ｨｬ (09 ｨｺｨ ﾂ0209ｨｰ ｨ ｨ 0901ｨ ｨｪｨｨ07) ｨｨｨｬ ｨｮｨｺｨ ｨ ｨｹ, ﾂｨｰ ｨｨ 05ｨｰ06ｨｬ ｨ 0405ｨｨ ｨ ｨｪ04 ｨｬ06ｨｴｨｪ0402 ｨｬ ｨｨ, ｨｺ06ｨｰ ｨｪｨ 04ｨｪｨ ﾂｨ 05ｨｨ09ｨｹ ｨｰ060006, ﾂｨｰ06ｨ ｨｺｨ ｨ ｨｰｨｹ ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ ｨ ｨｪ ｨ 04ｨｰｨｨｨｦ, ｨｨ ｨ 09ｨｰ ｨｪ02ｨｺ06ｨｰ ｨｨ04 ｨｪｨｨ01 01ｨ ｨｮ ﾂｨｨ05ｨｨ 0106ｨ ｨｺｨｨ ｨｬｨｨｨｨ. 0602ｨｬ ｨｪ02 ｨｬ02ｨｪ0202 ｨｬ ｨｨ ｨｰｨ ｨｺ ｨ 0409ｨｨｨｰｨｨ ｨ 04ｨｰｨｨｨｦ ｨｪ ｨｨ010205ｨｨ ｨｨｨｪｨｰ ｨｺｨｰｨｮｨ 05ｨｹｨｪ ｨ ｨｪｨｨ02 06ｨ 08ｨｮ03ｨｨ050609ｨｹ ｭ ｨｺ0605ｨｹｨｺｨｮ ｨｬ ｨｨ 0609ｨｪ ｨ 05ｨｨ09ｨｹ ｨｪｨ 01ｨ ｨｪｨｪ ｨｪｨｨ ｨｰ ｪ ｨｨ0601ｨ 05ｨｦ000608ｨｨｨｨ ｨ 01ｨ 01ｨｨｨｬ 09 05ｨｰ06ｨｦ ｨｨ 02ｨｴ02 ｨｪ0209ｨｺ0605ｨｹｨｺ ｨ 0708ｨｨｨｬ0208, ﾂ ｨｪｨｮ03ｨｪ04 ｨｬ ｨｨ, ｨｺ06ｨｰ ｨｪ ｨｪ0706ｨｰ ｨｰ ｨｪ0609ｨｪ ｨｦ, ｨｪｨｨ07 ｨｺ06ｨｰ ｨｪｨｨ ｨ 0405ｨｨ ｨ ｨｪ04? 0806ｨｪ02 ﾂｨｪ06, ｨｰ ｨｹ ｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ06 ｨｬ ｨｨ ｨｪｨｺｨ ｨｬ 08ｨｨ09ｨｺ0609 ｨ 0405ｨｨ ｨ 0609ｨｪ0609ｨ ｨｪ04, ｨｺ0605ｨｹｨｺｨｮ ｨｰｨ ｨｺｨｨ ｨｪ ｨｨ09ｨｰ02ｨｬ04 ｨｪ02 ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ 0706ｨｪ07ｨｰ ｨｰｨ (06ｨ 05ｨｰ06ｨｬ ｨｨ05, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｪ06ｨ ｨｺｨｨｨｦ 05ｨ ｨｮ0802ｨ ｨｰ ). 0202ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06, 09 09ｨｰ0605ｨｹ ｨ 0409ｨｰ0806 ｨｬ02ｨｪ0706ｨｴｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ 01 ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ 01 08ｨ 0406ｨ 08ｨ ｨｰｨｹ ｨｪ ｨ ｨｪｨｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｨ03ｨｹ ｨ ｨ ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ09ｨｰ08ｨ A.Greenspan. Statement during Committee Hearings on the Financial Crisis and the Role of Federal Regulators, US House of Representatives. Oct. 23,

61 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 02ｨｨ02ｨｦ ｨｪｨ ｨ ｨ 02ｨｬ0401 ｨｰ0802ｨｪ (0106ｨｰ07 ｨｨ 06ｨ 05ｨｨ ﾂ02ｨｪｨｪ ｨｪｨ ｨｮｨｺ0606ｨ 08ｨ 04ｨｪ0402 ｨｨ ｨｦ ｨｰ08ｨｮ01ｨｪ060706ｨｪｨｨｨｬｨ 02ｨｬ ｨ 0302 ｨｪｨ 05ｨｺ ｨｰｨｪ06ｨｬ ｨｮ080609ｨｪ02 ｨｬ ｨｹｨｪ ｨｰ080602ｨｪｨｨ07), ｨｪｨ ｨｪ0602, ｨｪ02 ｨｰ06, ﾂｨｰ06 ｨｰ0802ｨ ｨｮ02ｨｰ ｨｬ02ｨｪｨｪ04ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬ 09ｨｨ09ｨｰ02ｨｬｨ ｨｬ ｨｪ06ｨｺ ｨｺｨｰｨｨ09 08ｨ 0409ｨｨｨｰｨｨ07. 02ｨ ｨｨ ｨｬ 05ｨｰｨｨ ｨｪ02 ｨｰ0802ｨ ｨｮ06ｨｰ 0005ｨｮｨ 06ｨｺ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06ｨｦ 09ｨｮｨｰｨｨ ｨｨ ｨｴｨｨ ｨ 04ｨｰｨｨｨｦ ｪ ｨｨ 0802ｨ 05ｨｹｨｪ ｨ ｨｺｨｰ04 ｨｰ06ｨｬｨｮ ｨｪｨ ｨｪ ｨｰ ｨｪｨｨ ｨｰ06, ﾂｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ07 ｨｪ02ｨ 05ｨ ｨｨ07ｨｰｨｪ ｨｪｨ 08ｨｨ0209 ｨｪ02 ｨ 0405ｨ 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨ 09 ｨｺｨ ﾂ0209ｨｰ ｨｹ0204ｨｪ06ｨｦ ｨ 05ｨｹｨｰ0208ｨｪｨ ｨｰｨｨ0904, ｨｨｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨ 07 ｨｪｨ ｨｮｨｺｨ ｨｨ ｨ ｨｨ04ｨｪ0209 ｨｮｨｰ08ｨ ﾂｨｨ09ｨ 06ｨｰ ｨ ｨｪ0609ｨｰｨｹ 0802ｨ 05ｨｹｨｪ ｨｪｨｨｨｰｨｹ 09ｨｮｨｴｨｪ0609ｨｰｨｹ ｨｨ ｨｴ ｨｨ ﾂｨｰ ｨ ｨ 05ｨｹｨｪ0402 ｨｺ ｨ ｨｰｨｨ09ｨｪ0402 ｨｨｨｪｨｰ (ｨｨ ｨ ｨｪｨｪ ｨｰｨｨｨｬ 04ｨ 01ｨ ﾂｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨ 0405ｨｨ) ｨｪ ｨｰ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨ ｨｪｨｪ0401 ｨｨ ｨｬ02ｨｪ ｨｪ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ06ｨｬ 0705ｨ ｨｪ02 ｨ ｨｨ04ｨｪ020909ｨｰ08ｨ ｨｰ0200ｨｨｨｦ ｨｨ 05ｨｰ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06 ｨｰｨ ｨｺ, ｨｰ06 ｨｨ 0601ｨｪ06, ｨｨ 0108ｨｮ ｨｨｨｰ ｨｮ0108ｨｮ ﾂｨ 06ｨｴ02, ｨｺ0605ｨｹｨｺｨｮ ｨ 00ｨ 02ｨｰ ｨｮ ｨｨ03ｨｺ06ｨｬ 00ｨ 05ｨｨ040608ｨｮｨｺｨｨｨｦ ｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609 (0106ｨｰ07 09 ｨｬｨｪ ﾂｨｨ090502ｨｪｨｪ ｨｨｨｬ0208ｨ 01 ｨｨｨｬ02ｨｪｨｪ06 05ｨｰ06 ﾂｨ 09ｨｰ06 ｨｨ ｨｨ ｨｨｨｰ) ｨｴ ｨｨｨｪ ｪ ｨｪ02 ｨｬ02ｨｪ0202 ｨｮ0108ｨｮ ﾂｨ 06ｨｴｨｨｨｦ ｪ ｨ ｨｺ ｨｨｨｪ02ｨｨ0702 ｨｺｨ ﾂ0209ｨｰ ｨｨ ｨｪｨｨ ｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｪｨ 0008ｨ ｨｬ02ｨｪｨｪ06ｨｬ ｨｬｨｨ0802? ｨｮ- ﾂｨ 02ｨｰ0907, ﾂｨｰ06 ｨｪｨ 0008ｨ ｨｮ ﾂｨ 06ｨｰ ｨ 09ｨｰ ｨｪ ｨ ｨｪ0401 ｨｬ ｨｦ, ｨ 05ｨｺ ｨｰｨｪ ｨｨ 0802ｨ 05ｨｹｨｪ ｨｪｨｨｨｰｨｹ ｨｨ01 ｨｺｨ ﾂ0209ｨｰ0906 ｨｪ ｨｰ0607ｨｪｨｨｨｨ, ｨｨ 0709ｨｪ0609ｨｰｨｹ ｨｪｨ - 63

62 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? 09ｨｰｨｮ07ｨ 02ｨｰ 05ｨｨ03ｨｹ ｨｰ060001ｨ, ｨｺ060001ｨ 09ｨ ｨｬｨ 0003ｨｨ09ｨ ｨ ｨｺｨｰｨｨｨｺｨ ｨ 0909ｨｰｨ ｨｰ ｨｨｨｬ ｨｬ0209ｨｰｨ ｨｬ ｨｮ ｨｪｨｪ ｨｪ01ｨ ｨ 04ｨｮ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰ09 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨ ｨ 08ｨ ｨｴ02ｨｪ06 ｨｪｨ ｨｰ09ｨ 09ｨｮ ｨｪｨｪ ｨｪ ｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｨ04 ｨｰｨ ｨｺｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰｨ 05ｨｨ ｨｨ0008ｨ ｨｰｨｹ 04ｨ ｨｬ02ｨｰｨｪｨｮ ｨｹ 09 ｨｺｨ 07ｨｨｨｰｨ ｨｮｨｴｨｨ01 ｨ ｨ ｨｪｨｺ0609 (08ｨｨ ) ｨｺｨｰｨｨ09ｨ ｨ ｨｪｨｨ07 09ｨｮ ｨｪｨｪ ｨｪ01ｨ ｨｨ050609ｨｹ ｨｨ ｨｨ04ｨｨｨｰｨ ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨ ｨｺ09ｨｮ (ｨｨ06ｨｪｨｹ ), ｨｺ ｨｪｨｪ ｨｰ ｨ 07, ﾂｨｰ ｨｨ04ｨｪｨｮｨｰ08ｨｨ ｨｪｨ 09ｨｨｨｰｨｮｨ 02ｨｨ06 ｨｪｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨｪ02 09ｨｪｨｮ03ｨ 05 ｨｮ ｨｪｨｪ0609ｨｰｨｨ ｨｨ 04ｨ 09ｨｰｨ ｨ ｨｰｨｹ 0706ｨｨ09ｨｺ ｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰ ｨｪｨ ｨｺ06 ｨｪｨ ｨｮ ｨｨ04ｨｪｨ ｨｪｨｨ02ｨｬ 0005ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨ 08ｨ 04ｨｪ0609ｨｰｨｨ03 ｨｰｨ ｨｺ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 09ｨｰｨ 05ｨｨ ｨｺｨ ｨ ｨｰｨｹ0907 ｨ ｨｺ06ｨｦ09ｨｰ09ｨ ｨｨｨｰｨｨ ﾂ0209ｨｺ ｨｦ09ｨｰ09ｨ, ｨｺ0605ｨｹｨｺｨｮ 00ｨｨｨｪｨ ｨｪ090609ｨ ｨ ｨｦ 09ｨｮｨｰｨｨ ｨｨｨｬ0202ｨｰ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺ ｨｪｨ ﾂ02ｨｪｨｨ02. 64

63 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 04ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 09ｨｮ ｨｪｨｪ ｨｪ ｨ ｨｺ02ｨｨ0701 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｪ I ｨｺ (%, ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ECB, July ｨｰ06ｨｬｨｮ ｨｨ ｨｮｨｺｨ 04ｨ ｨｪｨｪｨ 07 ｨｰ02ｨｪ0102ｨｪ02ｨｨ ｨｨｨｰ ｨｨ 01ｨ 05ｨｹ ｨ 0409ｨｨ09ｨ ｨｰｨｹ0907, ｨｰ ｨ ｨｨｨｬ06ｨｬ ｨ ｨｮ01ｨｮｨｴ02ｨｬ 05ｨｰ06 ｨｬ ｨ ｨｨ090209ｨｰｨｨ ｨｺ 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, ｨｪ060907ｨｴｨｨｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, ｨｬｨｨ08ｨｮ06ｨｴｨｨｨｦ ｨｪ0609ｨｮ06 ｨｺ ｨ ｨｰｨｨ09ｨｪｨｮ06 ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ06 ｨｺｨ 08ｨｰｨｮ ｨｬｨｨ08ｨ (ｨｮ09ｨｨ05ｨｨ09ｨ 07 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 ｨｮ ｨｰｨｬ02 ﾂｨ 06ｨｴｨｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ｨｪｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｨ0504, ｨｪｨｨ ｨｨ 09ｨｰ08ｨ ｨｪ ｨｨ 0108.) ｨｮ0302 ｨｪｨ ｨ ｨ 02ｨｬ ｨｺｨｰ0608ｨ 05ｨｹｨｪ ｨｰ09ｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｺ060001ｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ｨｺ08ｨ ｨｰｨｨ05ｨｨ ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ ｨｪ02ｨｬ ｨｺｨ ﾂ0209ｨｰ ｨ 0502ｨｬ ｨｨ09ｨｺｨ ｨｪ ｨｨｨｪ090209ｨｰ ｨｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｪ01ｨｨ080609ｨ ｨｪｨｨ07 ｨ ｨｮ01ｨｮｨｰ ｨｨｨｬ02ｨｰｨｹ ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺ0602 ｨｨ04ｨｬ020802ｨｪｨｨ02. 00ｨｪ0600ｨｨ ｨｮｨｴｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨ ｨ ｨｪｨｺｨｨ, ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨ ｨｰｨｮ07ｨ 0903ｨｨ02 09ｨ 03ｨｪ02ｨｦ03ｨｨｨｬ ｨｬ02ｨｪｨｰ06ｨｬ ｨｪｨ 02ｨｨ06ｨｪｨ 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 ｨｰｨ ｨｨ ｨｪ0609ｨｮ 05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09ｨｰ02ｨｬ04, ｨｮ0302 ｨｬ0600ｨｮｨｰ 0608ｨｨ02ｨｪ- 65

64 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? ｨｰｨｨ080609ｨ ｨｰｨｹ0907 ｨｪｨ ｨｨｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ04, 06ｨｰ08ｨ 03ｨ 06ｨｴｨｨ ｨｨ02ｨｨ06 ｨｪ ｨ 08ｨｮｨ 0203ｨｪ0401 ｨ ｨｺ02ｨｨ06ｨｪ ｨｨ ﾂ02ｨｬ ﾂｨ 09ｨｰ06 05ｨｰ06 ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｨ04 09ｨｰ08ｨ ｨｪ, ﾂｨｹｨｨ ｨｨ0806ｨｺ06ｨｬｨｮ ｨｨｨｰｨｨ ﾂ0209ｨｺ06ｨｬｨｮ ｨｺｨｰ08ｨｮ ｨｬ ｨｬ0600ｨｮｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 06ｨｰ05ｨｨ ﾂｨ ｨｰｨｹ ｨｰ ｨｨｨｪｨｨｨｬｨ 06ｨｴ02ｨｦ 09ｨｰ060806ｨｪ04 (05ｨｨｨ ｨｮ ｨｬ0600ｨｮｨｰ 0708ｨｨｨｰ02ｨｺｨ ｨｰｨｹ ｨ ｨｴ02 ｨｨ04 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｪ02ｨｨ0102ｨｪｨｰｨｨ00ｨｨ02ｨｨ080609ｨ ｨｪｨｪ ｨｨ ｨｪｨｨ0703), ｨｨ 09 ﾂ02ｨｬ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ 09ｨｮ ｨｪｨｪ ｨｪ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0908ｨ 04ｨｮ ｨ 05ｨ ｨｪｨ 09ｨｰ ｨｪｨｪ0609ｨｰｨｹ ｨｨ 0708ｨｨ090502ｨｺ05ｨ ｨｺ 0902ｨ ｨｪｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｮ0507ｨｰ ｨｨ ｨ ｨｪｨ 05ｨｨ0402 ｨｪ04ｨｪ0203ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬ04 07ｨｨ09ｨ 05ｨｨ: ｨｨ05ｨｮ 0609ｨｰ0806ｨｰ04 ｨｪ04ｨｪ0203ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ 0909ｨｰｨ 02ｨｰ ｨ ｨｬ06ｨｬ ｨｨ09ｨ ｨｪｨｨｨｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04, ｨ ｨｪｨｨ07 ｨｺ06ｨｰ060806ｨｦ ｨｬ06ｨ ｨｨ05ｨｨ04ｨｮ02ｨｰ0907 ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ ｨｬ0603ｨｪ04ｨｦ ｨｪｨ ｨ 0608 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 (ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ 09ｨｪｨｨ0302ｨｪｨｨ02 ｨｺｨ ﾂ0209ｨｰ09ｨ 0708ｨｨｨｰ02ｨｺｨ 06ｨｴ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｮ ﾂ02ｨｰ06ｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 06ｨ 0802ｨｬ02ｨｪ02ｨｪｨｨｨｦ). 0308ｨｨ 05ｨｰ06ｨｬ 0202 ｨｺ06ｨｪｨｰ080605ｨｹ ｨｨ ｨｺ06ｨｪ090605ｨｨ01ｨ 02ｨｨ07 09 ｨｪ ｨｮ ｨｨ ｨｰ0802ｨ ｨｮ06ｨｰ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ 0903ｨｨ0802ｨｪｨｨ07 ｨｨ ｨｮ030209ｨｰ06 ﾂ02ｨｪｨｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ ｨｰ ｨｰ0907 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ06, , ｨｨ090708ｨ ｨｪｨｨ07 ｨｪｨ 08ｨｮ0302ｨｪｨｨｨｦ ｨｨ ｨｺ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ02; ｨｰ , ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ00ｨ ｨ 0502ｨｬ, ｨ ｨｪｨｪ ｨｮ09ｨｨ0502ｨｪｨｨ02ｨｬ ｨｨ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨ ｨｺｨｰ0608ｨ ( ｨｬｨｨ 0904ｨｰ02ｨｺｨ 06ｨｴｨｨｨｬｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ); 09-ｨｰ0802ｨｰｨｹｨｨ01, ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨ ｨｹｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｨｨｪ ｨｨ ｨｪｨ 08ｨ 09ｨｰｨ 06ｨｴ02ｨｦ ｨｬ02ｨｪｨｰｨ 02ｨｨｨｨ 09ｨ ｨｬ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨ04ｨｨ : 00ｨｬ06ｨｬ02ｨｪｨｰ ｨｨ09ｨｰｨｨｨｪ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｨ // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨC13. 66

65 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 02ｨｰｨｬ02ｨｰｨｨｨｬ, ﾂｨｰ ｨｺｨ 07 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 (ｨｺｨ ｨｺ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 ｨ ｨｺｨｰｨｨ090609, ｨｰｨ ｨｺ ｨｨ ｨ ｨｪ ｨｨ ﾂ02ｨｪｨｨ ｨｰ09), ｨｺ06ｨｰ0608ｨ 07 06ｨｰｨｬ02 ﾂｨ 02ｨｰ0907 ｨｪｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ02, ｨ 05ｨ ｨｪｨｨｨｺ03ｨｨ ｨ 0502ｨｬ04 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｬｨｨ ｨｦ 09ｨｮｨｰｨｨ ｨ ) ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ ｨｨｨｰ0609 ｨ ) ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ07 ｨ ｨｺｨｰｨｨ ｨｨ ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ ｨｨｨｰ0609 ｨｨ ｨ ｨｺｨｰｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ (%) * 8095 ｨ ｨ ｨｪｨｺ ｨｰ06 ﾂｨｪｨｨｨｺ: FCIC, Jan ｨ ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ0906 ｨｨ04 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ ｨ ｨｪｨｺ ｨｨ010601ｨｨ050609ｨｹ ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ0602 ｨｨ ｨｹ040609ｨ ｨｪｨｨ 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 ｨ 0405ｨｨ 0601ｨｪｨｨｨｬ ｨｨ04 00ｨｮ09ｨｺ0608ｨｨｨｰ020502ｨｦ03 ｨｺ08ｨｨ04ｨｨ09ｨ (08ｨｨ ). 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ0602 ｨｨ ｨｹ040609ｨ ｨｪｨｨ

66 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 ｨｪ02ｨ ｨｨ ｨｨ09ｨ ｨｰｨｨ0904 ｨｮ ｨ ｨ ｨ ｨｪｨｺ0609 (ｨｺ06ｨｪ0202 ｨｬｨ 08ｨｰｨ , ｨｰ0805ｨｪ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, March ｨｨ09ｨ ｨｰｨｨ ｨｺ08ｨｮ07ｨｪ04ｨｬｨｨ ｨｨ000806ｨｺｨ ｨｬｨｨ, 0106ｨｬｨｨｨｪｨｨ08ｨｮ06ｨｴｨｨｨｬｨｨ ｨｪｨ 0804ｨｪｨｺ02, ｨ 0506 ｨｰ ｨ 0502ｨｬ04, ｨｺ06ｨｰ ｨｪｨｨｨｺ05ｨｨ 09 01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, 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｬｨｨ, ｨｮ09ｨｨ05ｨｨ09 06ｨ ｨｴｨｨｨｦ ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｺｨｰ ｨ 0502ｨｬｨ 09 01ｨ ｨｪｨｪ06ｨｬ 0905ｨｮ ﾂｨ 02 ｨｮ09ｨｮ00ｨｮｨ ｨ 09ｨｹ ｨｰ02ｨｬ, ﾂｨｰ06, 08ｨ 04ｨｬ02ｨｴｨ 07 ｨ ｨｺｨｰｨｨ0904 ｨｪｨ 0105ｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｺ, ｨｨ ｨｪ01ｨｨ080609ｨ ｨｪｨｨ ｨｮｨｴ0209ｨｰ ｨｹ ｨｪｨ ｨｺ060806ｨｰｨｺ06ｨｦ, ﾂｨ 09ｨｰ ｨｪ0601ｨｪ0209ｨｪ06ｨｦ 0609ｨｪ ｨｰ06 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0604ｨｪｨ ﾂｨ 0506, ﾂｨｰ ｨ ｨｨ09ｨｺｨｨ, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｪｨｨｨｺｨｪｨｮｨｰｨｹ ｨｪｨ 0804ｨｪｨｺ02, ｨｰｨｮｨｰ ｨｰ08ｨ 0407ｨｰ0907 ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｪｨｨｨｨ ｨ ｨ ｨｪｨｺ0609, 06ｨ 0609ｨｰ08ｨｨ ｨｪｨｨ ｨ 0502ｨｬｨｮ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ 05ｨｰ06ｨｬ ｨｮｨｴｨｨ02 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｨ ｨｹ040609ｨ 05ｨｨ ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨ ﾂ02ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ 00ｨｨｨｺｨ 09ｨｨ01ｨｪ06, 09ｨｺ0605ｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ ｨ 0405ｨ ｨｺ (ｨｺｨ ｨｺ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07) 09 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ 01 ｨ ｨ ｨｪｨｺ

67 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 04ｨｨ : ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07** 09 ｨ ｨｺｨｰｨｨ09ｨ 01 00ｨｨｨｪｨ ｨｪ ｨｪｨｨｨｺ0609 ( , %) * ｨｪ ｨｪｨｪｨ 07 5 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ 0806ｨｺ ｨｨ : Bear Stearns, Goldman Sachs, Lehman Brothers, Merill Lynch, Morgan Stanley. ** 00ｨｺ0506 ﾂｨ , ｨｰ09ｨ, 0708ｨｨ ﾂ02ｨｪｨｪ ｨｪ0203ｨｪ ｨｪｨｺｨ, 0108ｨｮ00ｨｨ02 ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨ ｨｨｨｬ09ｨｰ090609ｨ ｨｪｨｨ07, ｨｰ02ｨｺｨｮｨｴｨｮ ｨｨ02ｨｨ ﾂｨｪ06ｨｬｨｮ ｨｮ. 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: FDIC; SEC; McKinsey. 0306ｨｬｨｨｨｬ06 08ｨ ｨｪｨｨ ｨｺｨ ｨｬ ｨｬ020301ｨｮ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ ｨｨ 07ｨ 0909ｨｨ09ｨ ｨｬｨｨ ｨｨ ｨ 0605ｨｹ0306ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ06 06ｨｰ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｮ0006ｨｦ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ06ｨｦ ｨ 02ｨｪｨｪ0609ｨｰｨｹ ｨ ｨｪ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨ ｨｰ06, ﾂｨｰ ｨ 02ｨｨｨｨ ﾂｨ 09ｨｰ06 06ｨ ﾂｨｨ09ｨ 05ｨｨ09ｨｹ 0108ｨｮ00ｨｨｨｬｨｨ ｨｰ060800ｨｮ02ｨｬ04ｨｬｨｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ. 0201ｨｪｨ ｨｺ06 05ｨｰ ｨｪｨ ﾂｨ 0506, ﾂｨｰ ｨｨ 0804ｨｪ06ｨｺ ｨｰ ｨｨ02 ｨｺ 01ｨ ｨｪｨｪ04ｨｬ ｨ ｨｺｨｰｨｨ09ｨ ｨｬ, 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｺ08ｨ ｨｴｨ ｨｹ, 04ｨ ｨｨ ｨｪ04 ｨ 0405ｨｨ 04ｨ ｨｬ02ｨｪ07ｨｰｨｹ0907 ｨｪｨ ｨ ｨｪｨ ｨｪ0402, ｨ 09ｨ ｨｬｨｨ ｨ ｨｺｨｰｨｨ0904 (ｨｺ ｨｺ06ｨｰ060804ｨｬ ｨ ｨｰ020807ｨｪ ｨｨ02) ｨｪｨｮ03ｨｪ06 ｨ ｨ 09ｨ ｨｰｨｹ (0708ｨｨ ﾂ02ｨｬ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｬ 01ｨｨ09ｨｺ06ｨｪｨｰ06ｨｬ, 0604ｨｪｨ - ﾂｨ 06ｨｴｨｨｨｬ ｨｰ ｨｮｨ 04ｨｰｨｺ0609) ｨｰ06ｨｦ ｨｨ ｨｪｨｨｨｺｨ 05ｨｨ ｨ 0502ｨｬ ｨｪ020902ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨ (margin calls). 69

68 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 ｨｺ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: World Economic Forum, ｨｰ06 ｨ ｨｰ02ｨｬ ｨ ｨｴｨｮｨｰｨｨｨｬ06, ｨｺ060001ｨ 0706 ｨｬｨｪ0600ｨｨｨｬ ｨｨ ｨｹ04ｨｮ02ｨｬ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬ 0804ｨｪ06ｨｺ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 05ｨｨｨ ｨｰｨ 05, 05ｨｨｨ ｨｺ08ｨ ｨｰｨｨ ｨｬｨｨｨｪｨｨｨｬｨｮｨｬｨ. 04ｨｨ : ｨｮ09ｨｺ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ (ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: FCIC, Jan

69 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 07ｨｺｨ 0302ｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06 ｨｬｨｪ0600ｨｨ02 ｨｨ04 ｨｮ0706ｨｬ07ｨｪｨｮｨｰ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｺ05ｨ 0909ｨｨ00ｨｨ02ｨｨ08ｨｮ06ｨｰ ｨ ｨ 05ｨ ｨｪ0902 ｨｺｨ ｨｺ 00ｨｰ060800ｨｮ02ｨｬ0402 ｨ ｨｺｨｰｨｨ090403, ｨ ｨｰｨ ｨｺ0302 ｨｺｨ ｨｺ ｨｮ00ｨｨ ｨｪｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ03. 01ｨ 05ｨｰｨｨ 0008ｨｮ ｨｨ010601ｨｨｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ ｨ ｨｺｨｰｨｨ ｨｺｨ ｨｺ ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺ0609, ｨｰｨ ｨｺ ｨｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 (ｨｰｨ ｨ ) ｨｪ ｨｨｨｬ ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨ ｨ 05ｨ ｨｪ ｨｨ ｨｮｨｬｨ 00ｨｨ, 06ｨ ﾂ02ｨｪｨｪ0402 ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ (ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Fed of New York, Apr ｨｨ ｨ ｨｲ02ｨｬ ｨｮ09ｨｺｨ 0202ｨｪｨｪ0401 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 (ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BIS,

70 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? ｨｨｨｪ090209ｨｰｨ ｨ ｨｪｨｺ0609 ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ ｨ 06ｨｰ ｨｪ02ｨｺ06ｨｰ ｨｰｨ ｨｪｨｨ ｨ 08ｨ ｨｺｨｰ ｨ 02ｨｨｨｦ ｨｨ ｨ 02ｨｪｨｪ0609ｨｰ0701 ｨｨ ｨｪ06 ﾂｨｪ06ｨｦ 09ｨｰ08ｨ ｨｰ0200ｨｨｨｨ ｨｮ07ｨｪ0402 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ00ｨｨ 0808ｨｮ07ｨｪ0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ｨｮ02ｨｬ0402 ｨ ｨｺｨｰｨｨ ｨｮ00ｨｨ ｨｪｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ 12, ｨｮ02ｨｬ0402 ｨ ｨｺｨｰｨｨ ,7 02ｨ ﾂ02ｨｪｨｪ ｨ 0302ｨｪｨｨ07 33,3 39, ｨｨｨｰ04 47,3 0202ｨ ｨｨｨｰ060809ｨｺｨ 07 04ｨ ｨｪｨｪ0609ｨｰｨｹ ｨ 0302ｨｪｨｨ ,4 0002ｨｪｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ, ｨｮ ﾂ02ｨｪｨｪ ｨ ﾂ02ｨｪｨｨ02 12,2 2, ﾂｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｮ00ｨｨ02 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 3, ﾂｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 12,2 0208ｨｮ00ｨｨ02 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 9,9 2,3 08ｨｺｨｰｨｨ ｨｺｨｰｨｨ * ｨｪ ｨｪｨｪ ｨｺｨ 04ｨ ｨｰ0205ｨｨ ｨｪｨ ｨｺ06ｨｪ ｨC ｨｮ07ｨｪ0402 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ00ｨｨ ｪ ｨ ｨ ｨｪｨｺｨｨ 09 ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ ｨ ｨｬ (27 ｨ ｨ ｨｪｨｺ0609). 0808ｨｮ07ｨｪ0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ｪ Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, Bear Stearns. 0609ｨｰ06 ﾂｨｪｨｨｨｺ: NBER, Nov

71 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 06ｨｪｨｰ ｨｪ06 ｨｰｨ ｨｺ0302 ｨ ｨ ｨｪ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ 09ｨｨｨｰｨｮｨ 02ｨｨ06 09 ｨ ｨ 05ｨ ｨｪ09ｨ ｨｬｨｨ 0109ｨｮ01 ｨｪｨ ｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨ ｨ ｨｪｨｺ0609 ｪ Bear Stearns ｨｨ Lehman Brothers. 02ｨ ｨｬ 09ｨ ｨｬ06ｨｬ 06ｨ ｨｴ02ｨｬ 09ｨｨ0102 ｨｨ01 ｨ ｨ 05ｨ ｨｪ ｨｺｨ ｨ 05ｨｨ ｨｪ02ｨｺ06ｨｰ ｨ 0905ｨｮ03ｨｨ09ｨ 06ｨｴｨｨ02 09ｨｪｨｨｨｬｨ ｨｪｨｨ ｨ 02ｨｪｨｪ0609ｨｰｨｨ ｨｮ02ｨｰ ｨｮｨｺｨ 04ｨ ｨｰｨｹ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｪｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨｮ ｨ 0909ｨｨ09ｨ 01 ｨｺ080201ｨｨｨｰ060809ｨｺ06ｨｦ 04ｨ ｨｪｨｪ0609ｨｰｨｨ. 05ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ 0708ｨｨ 05ｨｰ06ｨｬ 0708ｨｨ010601ｨｨｨｰ0907 ｨｪｨ ｨｨｨｰ04 ｨｺ05ｨｨ02ｨｪｨｰ ｨｪ ｨｰｨｨ ｨｨｨｰ04, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｪ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07, ｨ 0706ｨｰ06ｨｬｨｮ ｨｰ 0906ｨ 06ｨｦ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪｨｮ06 ﾂｨ 09ｨｰｨｹ 0708ｨｨ ﾂ02ｨｪｨｪ ｨｮ ｨｨ ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ ｨｪ04 00ｨｪｨ ｨ 0200ｨ ｨｬ ｨｺ05ｨｨ02ｨｪｨｰ ｨｨ ｨ 0409ｨｰ0806ｨｬｨｮ 09ｨｪ07ｨｰｨｨ ｨｬ02 ｨｰ060006, ｨ 0605ｨｹ03ｨｮ ｨ 0909ｨｨ09ｨ 01 04ｨ ｨｪｨｨｨｬｨ 06ｨｰ 0006ｨ ﾂ02ｨｪｨｪ ｨ ｨｦｨｬ0403, ｨｺｨｮ01ｨ 09ｨｺ0506 ﾂｨ 06ｨｰ ｨｰ09ｨ, 0708ｨｨ ﾂ02ｨｪｨｪ0402 ﾂ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ , ｨｺ06ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｰ0907 ｨｺ060806ｨｰｨｺｨｨｨｬｨｨ ( ﾂｨ 09ｨｰ ｨｪｨ ｨｦｨｰ03). 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, 09 ｨｮ ﾂ02ｨｰ06ｨｬ 00ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ 07ｨ 0909ｨｨ ｨ ｨ 05ｨ ｨｪ09ｨ ｨｨｨｬ0202ｨｰ ｨｺ060806ｨｰｨｺｨｮ ｨｬ02ｨｪｨｪｨｮ ｨｪ0609ｨｮ, ｨｮ090205ｨｨ- ﾂｨｨ09ｨ ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 06ｨｰ ｨｺ060502ｨ ｨ ｨｪｨｨｨｦ 0804ｨｪｨｺｨ. 07ｨｺｨ 0302ｨｬ ｨｰｨ ｨｺ0302 ｨｪｨ ｨｪ02ｨ 0605ｨｹ03ｨｨ02 06ｨ ｨｲ02ｨｬ04 ｨｪｨ 05ｨｨ ﾂｨｪ ｨｪ0200 (060906ｨ 02ｨｪｨｪ ｨｮ ﾂｨ Lehman Brothers) 09 ｨ ｨｺｨｰｨｨ09ｨ 01, ﾂｨｰ06 04ｨ ｨｰ08ｨｮ01ｨｪ ｨ ｨｪｨｨ02 06ｨ ｨｴ02ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ. 02ｨｰ ﾂｨ 09ｨｰｨｨ ｨｪ0206ｨ ｨｨｨｬｨｮ06 ｨｪｨ 05ｨｨ ﾂｨｪ0609ｨｰｨｹ ｨｬ0603ｨｪ06 ｨ ｨ 04 06ｨ ﾂｨｨｨｰｨｹ ｨ 0302ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, ｨｪｨ ｨｴｨｨ ｨ ｨｺｨｰｨｨ09ｨ 01, 0601ｨｪｨ ｨｺ ｨｮ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ, ﾂｨｰ06 09 ｨｮ ｨｨ0701 ｨｺ060505ｨ 0709ｨ 0804ｨｪｨｺｨ ｨｰｨ ｨｺｨｨ ｨ 03ｨｨ 04ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪ04 ｨｨ ﾂｨ 09ｨｰ ｨｪ ｨｪｨｨｨｰ0205ｨｹｨｪ04ｨｬｨｨ 01ｨｨ09ｨｺ06ｨｪｨｰｨ ｨｬｨｨ ｨｰｨｮ ｨｺｨ ｨｰ ｨｨ06 ｨｬ0600ｨｮｨｰ 09ｨｺ0506 ﾂｨ ｨｰｨｹ0907 ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ0402 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 0006ｨｪ01ｨｨ080609ｨ ｨｪｨｨ07 SPE, ｨ ｨｪｨｪ ｨ ｨ ｨｪｨｺ06ｨｬ, ｨ 02ｨｨｨｨ ｨｺ06ｨｰ ｨｪ04 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨ ｨｴ02ｨｬ ｨ ｨ 05ｨ ｨｪ0902 ｨｪｨ ｨｺ06ｨｪ090605ｨｨ01ｨｨ080609ｨ ｨｪｨｪ06ｨｦ 0609ｨｪ

72 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 ｨｺｨｰｨｨ0904 ｨｨ 07ｨ 0909ｨｨ0904 Bear Stearns ｨｨ Lehman Brothers (ｨｺ06ｨｪ , 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ, %) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Federal Reserve Bank of New York, ｨｰ ﾂｨｰ06ｨ 04 ｨｨ04ｨ 0203ｨ ｨｰｨｹ 0706ｨｰ0208ｨｹ 06ｨｰ ｨ 03 ｨｨ ｨｪ02 06ｨｺｨ 04ｨ ｨｰｨｹ 0708ｨｨ 05ｨｰ06ｨｬ ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｨ07ｨｪｨｨ07 ｨｪｨ , ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｨｨ 05ｨｹｨｪ ｨｬ ｨｨ , ｨｺ06ｨｰ ｨｨ ｨｰ08ｨ ｨｺｨｰ0609ｨ ｨｰｨｹ ｨ 02ｨｨｨｨ ｨｨ ﾂ02ｨｪｨｨ06 74

73 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ ｨｰ09 ｨｺｨ ｨｺ ｨ 03ｨｮ ｨ ｨｺｨｰｨｨ ｨｨ ｨｪｨｨ02 ｨｨ01 ｨｪｨ ｨｪ0206ｨ ｨｨｨｬ ｨｬ07 ｨｨ04 ｨ ｨ 05ｨ ｨｪ09ｨ ｨｰ09ｨｨｨｨ, ｨｺ060001ｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ0602 ｨｪｨ ｨｪｨｨ02 ｨｮ09ｨｨ05ｨｨ050609ｨｹ, 05ｨｰ ｨｰ0605ｨｺｨｪｨｮ0506 ｨｬｨｪ0600ｨｨ02 ｨ ｨ ｨｪｨｺｨｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｮ090205ｨｨ- ﾂｨｨｨｰｨｹ ｨｪｨ 05ｨｨ ﾂｨｪ ｨｰ ｨｨ01 ｨ ｨｺｨｰｨｨ09ｨ 01, ｨｺ06ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｨ05ｨｨ ｨｪｨｨ02 04ｨｪｨ ﾂ02ｨｪｨｨ07 04ｨ 0105ｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｨ0601 (08ｨｨ ｨC2.19). 04ｨｨ ｨｪｨ 05ｨｨ ﾂｨｪ ｨｰ09 09 ｨ ｨｺｨｰｨｨ09ｨ 01 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 (%) 04ｨｨ ｨ 05ｨｨ ﾂｨｪ ｨｰ09ｨ * ｨｮ ｨ ｨ ｨｪｨｺ0609 (ｨｰ0805ｨｪ ) * 00ｨｺ0506 ﾂｨ 07: ｨｪｨ 05ｨｨ ﾂｨｪ ｨ ｨｪｨｨ05ｨｨｨｴｨ 01; ｨｪｨ 05ｨｨ ﾂｨｪ ｨｨｨｪｨｺｨ 0909ｨ 02ｨｨｨｨ; 0609ｨｰｨ ｨｰｨｺｨｨ, ｨｪｨ ｨｴｨｨ ｨｮ00ｨｨ ｨｨｨｰｨｪ0401 ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰｨ 01; ｨｪｨ 05ｨｨ ﾂｨｪ0402, ｨｪｨ ｨｴｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed. 01ｨ ｨｬｨ ｨｺ0806ｨｮ080609ｨｪ02 05ｨｰ ｨｨ ｨｺ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06ｨｬｨｮ ｨｰｨｮ 05ｨｨｨｺ09ｨｨ01ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｪ0203ｨｪ ｨｪｨｺｨ (08ｨｨ ). 00ｨ 0903ｨｰｨ ｨ ｨｪ ｨ 0102ｨｪｨｨ02 ｨｨ05ｨｨ 01ｨ ｨｰｨ ｨｪ0609ｨｺｨ 0804ｨｪｨｺ0609 (ｨｺｨ ｨｺ ｨｮ ｨｨ050609ｨｹ) ｨ 05ｨｨ ｨｰ ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｰ0208ｨｹ ｨｨ 15 Report of A.R. Valukas, examiner. March 11, In re Lehman Brothers Holdings Inc., et al. US Bankruptcy Court Southern District of New York. 75

74 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 ｨｰｨｪ060302ｨｪｨｨ02 ｨ ｨｺｨｰｨｨ ｨｪ0203ｨｪ ｨｪｨｺｨ ｨｺ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0804ｨｪｨｺｨ 0202ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 (2005ｨC , %) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Fidelity Investments, ｨｬ ｨｮ01ｨｮ0103ｨｨ05ｨｨ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｨ ｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ. 05ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨ 06ｨ ｨｲ02ｨｬ ｨｬｨｨ08ｨｮ02ｨｬ , ｨｮｨｬ02ｨｪｨｹ03ｨｨ05ｨｨ09ｨｹ 0708ｨｨｨ 0405ｨｹ ｨｨ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｨ ｨｪ0609ｨｰｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ｨ ｨｺｨｰｨｨ (08ｨｨ , ｨｰｨ ｨ ) ｨｮ05ｨｹｨｰｨ ｨｰ02, 01ｨ 0302 ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｮｨｬ02ｨｪｨｹ03ｨ 06ｨｴｨｨ ｨ 04ｨｬ ｨ ｨ 05ｨ ｨｪ ｨｬｨｪ0600ｨｨ01 ｨ ｨ ｨｪｨｺ0609 (08ｨｨ ), 07ｨ 0102ｨｪｨｨ07 ｨｺ06ｨｰｨｨ ｨｺ ｨｨ01 ｨ ｨｺ02ｨｨｨｦ ｨ 0405ｨｨ 09ｨｰ0605ｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04 (ｨｬ04 05ｨｰ06 ｨｮ0302 ｨｪｨ ｨ ｨ 05ｨｨ ｨｪｨ ｨｪｨｪ ｨ ｨｰ04 ｪ 06 ﾂ02ｨｬ ｨｨ050609ｨｹ ), ﾂｨｰ06 ｨｨ ｨｪ06 ﾂｨｪｨ 07 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨ07 09ｨｰｨ 05ｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｪｨｨ0302 ｨ ｨ 05ｨ ｨｪ ｨｪｨ ﾂ02ｨｪｨｨｨｦ ｨｺｨ 07ｨｨｨｰｨ 05ｨ 16 (ｨｰｨ ｨ ). 16 Book value of common shareholders equity. 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｰ060006, ﾂｨｰ06 ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ ｨｰ0208ｨｨ ｨ ｨ ｨｪｨｺ0609 ﾂｨ 09ｨｰ06 ｨｬ060005ｨｨ ｨ 04ｨｰｨｹ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｨ080609ｨ ｨｪ04 ｨｨ 08ｨ 04ｨｬ04ｨｰ04 09 ｨ ｨ 05ｨ ｨｪ0902, 06ｨｺｨ ｨ 0709ｨｹ ｨｮ05ｨｹｨｰｨ ｨｰ02 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｬ02ｨｪｨｹ0302, ﾂ02ｨｬ 0802ｨ 05ｨｹｨｪ ｨｰ0208ｨｨ, ｨｺ06ｨｰ ｨ ｨｺ0506 ﾂ02ｨｪ04 09 ｨ ｨ 05ｨ ｨｪ0902, ｨｺ06ｨｪ02 ﾂｨｪ ｨｰｨｪ060302ｨｪｨｨ ｨｪ06 ﾂｨｪ0401 ｨｨ ｨ ｨ 05ｨ ｨｪ ｨｪｨ ﾂ02ｨｪｨｨｨｦ 09 ｨｨｨｰ ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ ｨｪ0209ｨｺ0605ｨｹｨｺ06 09ｨｺ ｨｺｨｰｨｨ080609ｨ ｨｪ ｨｰ060806ｨｪｨｮ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｰｨｪ060302ｨｪｨｨｨｦ market/book. 76

75 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ02 04ｨｨ ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ｨ ｨｺｨｰｨｨ ｨ ｨ ｨｪｨｺｨ 01 (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: The Banker, ｨｨｨ 0405ｨｹ 0106 ｨｪｨ ｨ ｨｪｨｨ ｨ ｨｪ02ｨｨ07 (5)* 0,73 0,05 0,05 0, ｨｬｨ ｨｪｨｨ07 (6)* 0,43 ｨC0,41 0,05 0,19 06ｨｰｨ 05ｨｨ07 (5)* 1,05 0,29 0,25 0, ｨｪｨｨ07 (13)* 0,46 0,12 0,04 0, ｨｦ02ｨ 08ｨｨ07 (6)* 0,8 ｨC1,94 0 0, ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07 (9)* 0,9 ｨC0,1 0,25 0, (9)* 1,71 0,36 0,19 1,11 * 00 09ｨｺ06ｨ ｨｺｨ 01 ｨｮｨｺｨ 04ｨ ｨｪ06 ｨｺ0605ｨｨ ﾂ0209ｨｰ ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｰ06 ﾂｨｪｨｨｨｺ: BIS,

76 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 ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 ｨ ｨ 05ｨ ｨｪ ｨ ｨ ｨｪｨｺ0609 (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed National Information Center ｨｪ0609ｨｪ0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ 0808ｨｮ07ｨｪ02ｨｦ03ｨｨ02 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ00ｨｨ ,24 2, ,53 1, ,86 0, ｨｰ06 ﾂｨｪｨｨｨｺ: NBER, Nov ｨｮ ﾂ02ｨｰ06ｨｬ 0709ｨｪ0401 ｨｨ 09ｨｺ0804ｨｰ0401 ｨｮ , ｨ ｨｴｨｨ ｨ ｨ 05ｨ ｨｪ09ｨ ｨｮｨｴｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609, 08ｨ 04ｨｬ ｨｰ0208ｨｹ, ｨｺ06ｨｰ ｨｮ ｨ 00ｨｨｨｺ09ｨｨ080609ｨ ｨｪ04 09 ｨｪ02ｨｺ06ｨｰ ｨｰ08ｨ ｨｪｨ 01, 02ｨｴ02 ｨｪ ｨｰｨｨ0005ｨｨ ｨｮ ﾂｨ ｨ ｨｨｨｪ04 06ｨｰ ｨｰ ｨｮ080609ｨｪ07, ｨｺ06ｨｰ060804ｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ ｨｨ01ｨ 02ｨｰ0907 (08ｨｨ ). 78

77 1308ｨ ｨｺｨｨ02 ｨｮ ｨ 0405ｨｨ 09 ｨ ｨ 05ｨ ｨｪ09ｨ 01 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｺｨ ｨｺ 08ｨ 0409ｨｨ09ｨ ｨｺ08ｨｨ04ｨｨ09 ｨｪｨ ｨｬｨｨｨｺ0806ｨｮ080609ｨｪ ｨｨ ｨ 05ｨｹｨｪ0402 ｨｨ 0603ｨｨ01ｨ 02ｨｬ ｨｨ09ｨ ｨｪｨｨ07 ｨ ｨ ｨｪｨｺ0609 (ｨｨ06ｨｪｨｹ , ｨｬ ) * 00ｨｺ0506 ﾂｨ ｨｰ08ｨ 05ｨｨ06, 0106ｨｪｨｺ06ｨｪ00, ｨｪｨｨ06, ｨ ｨｪ01ｨｨ06, 05ｨｨｨｪ00ｨ 07ｨｮ ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, Oct ｨｰ ｨｪｨ ﾂｨ 02ｨｰ, ﾂｨｰ06 01ｨ ｨｨ 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｬ ｨｪ02 ｨ ｨｮ0102ｨｰ ｨｪ07ｨｰｨｹ0907, ｨｰ06 ｨｰ0605ｨｹｨｺ ｨｺｨ ｨｪｨ 05ｨ ｨｬ ｨｰｨ 0706ｨｰ0208ｨｹ ｨ 0502ｨｬ04 00ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ ｨ ｨｮ01ｨｮｨｰ 0609ｨｰｨ 09ｨ ｨｰｨｹ ｨｪ04ｨｬｨｨ

78 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 0302 ｨ ｨｮ01ｨｮｨｰ 06ｨｰｨｬ02 ﾂｨ ｨｰｨｹ ｨ ｨ ｨ 05ｨｹｨｪ0402 ｨｮ01ｨｮ010302ｨｪｨｨ07 (08ｨ 0405ｨｨ ﾂｨｪ ｨｪｨ 08ｨｨｨｨ 09ｨｰ060806ｨｦ ｨｪ04, ｨｪｨｨｨｺｨｪ060902ｨｪｨｨ02 ｨｪ ﾂｨ ｨｨ09ｨｺ0609 ｨｨ ｨｰ.01.), ｨｰ ｨｪｨｨ02 ｨｬ060302ｨｰ ｨｰｨｹ 02ｨｴ02 ｨ ｨ ｨｰｨｺｨｨｨｬ. 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｰ06ｨｦ ｨｨ, ｨｺ06ｨｰ0608ｨｮ06 ｨｨ0008ｨ 06ｨｰ 00ｨｨｨｪｨ ｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ ｨ 07ｨ 01ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01, ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 04ｨｬ ｨｨ ｨｰ0208ｨｹ ｨｨｨｬ02ｨｪｨｪ06 ｨｪｨ 05ｨｰ06ｨｰ 0902ｨｺｨｰ0608 ｨ ｨ 08ｨ ｨｴ02ｨｪ ｨｰ020702ｨｪｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｮ0507ｨｰ ｨ ｨｪ02 06ｨｺｨ 04ｨ ｨｪｨｨ ｨｬ06ｨｴｨｨ.

79 ｨ 0903ｨｰｨ ｨ ｨｪ0609ｨｰｨｹ ｨｨ 0609ｨｰ0806ｨｰｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨ 05ｨｨ ｨｪ0206ｨ ｨｨｨｬ04ｨｬ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 03ｨｨ0806ｨｺ ｨｪｨ ｨ 0608ｨ ｨｬ ｨｪｨｨ06. 06ｨｰｨｨ ｨｬ ｨｺ060502ｨ ｨ 05ｨｨ09ｨｹ 06ｨｰ ﾂｨｨ09ｨｰ ｨｪ06 ﾂｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 (ｨｰｨ ｨｺｨｨ01 ｨｺｨ ｨｺ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ) 0106 ｨ ｨｰｨｺｨｨ01 ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ ｨｰｨｨ09ｨｪ ﾂｨ ｪ ｨｬ06ｨｦ ｨ ｨｰｨｪ06ｨｦ ｨｺｨｨ ｨｨ05ｨｨ 01ｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺ06ｨｦ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨｨｨ. 02 ﾂ0209ｨｨ0102ｨｪ ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ ｨｨ0206ｨｬ 09ｨｰ0605ｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｮ0507ｨｰ ｨｨ ｨｮ0507ｨｰ ｨｪ0609ｨｪ ｨｰ08ｨ ｨｪ ｨｨ ｨｪｨ 09ｨｮ00ｨｮｨ ｨ 00ｨｬｨ ｨｰｨｨ ﾂｨｪ ｨ 0608ｨｹｨ ｨｺ08ｨｨ04ｨｨ0906ｨｬ. 01ｨ 09ｨｰ060806ｨｦ 0705ｨ ｨｪ 06ｨｰ060305ｨｨ ｨｨ ｨｨ ﾂ0209ｨｺｨｨ ｨｰｨｮ05ｨ ｨｰ ｨｪ0209ｨｬ0203ｨ ｨｰ0205ｨｹ09ｨｰ ｨｮ01ｨ 0809ｨｰ09ｨ 03, 06 00ｨｪ ｨｮ09ｨｰｨｨｨｬ0609ｨｰｨｨ 05ｨｬｨｨ0909ｨｨｨｨ03, ｨｺ08ｨ ｨｴ02ｨｪｨｨｨｨ 08ｨ ｨ ｨｰｨ 03 ｨｨ ｨｬｨｪ ｨｮ , ﾂｨｰ06 08ｨ ｨｪ ｨｰｨ ｨｹ ｨｺｨ ｨｺ ｨｪ ｨｺｨ 02ｨｬ0402 ｨ ｨｺ09ｨｨ06ｨｬ04, 09 ｨｮ ｨｨ0701 ｨｪ ｨｨ09ｨｺ0609 ｨ ｨ ｨｬ02ｨｪ02ｨｪ06 08ｨ 04ｨｮｨｬｨｪ04ｨｬ 0708ｨ ｨｺｨｰｨｨ02ｨｨ04ｨｬ06ｨｬ, 0609ｨｪ0609ｨ ｨｪｨｪ04ｨｬ ｨｪｨ ｨ 0906ｨｬ 09ｨｬ ｨ ﾂｨ ｨ ｨｰｨｹ0907 ｨｰ06, ﾂｨｰ06 ｨｰ0802ｨ 0609ｨ 05ｨ ｨｨ00ｨｨｨｺｨ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ. 81

80 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? 00ｨ 0903ｨｰｨ ｨ 04 06ｨｺｨ 04ｨ ｨｪｨｪ06ｨｦ ｨｺｨｨ 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ 06ｨｰ 08ｨ 04ｨｬ ｨｬ06ｨｴｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｬ ｨｺ08ｨｨ04ｨｨ0904 (08ｨｨ ). 04ｨｨ ｨ ｨｪ0203ｨｪ ｨ 09ｨｰ02ｨｦ ｨｪｨ ｨｪｨｨ02 ｨｺ08ｨｨ04ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ01 09ｨｨ09ｨｰ02ｨｬ (% ｨｺ ) * 0005ｨｨ09ｨ ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 0706ｨｺｨｮ07ｨｺｨ (ｨｨ05ｨｨ 06ｨ ｨｬ02ｨｪ) ｨ ｨｺｨｰｨｨ090609, 00ｨ 08ｨ ｨｪｨｰｨｨｨｨ, ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, Oct. 2008, June ｨｪｨｰ ｨｪ06 06ｨｰｨｬ02ｨｰｨｨｨｰｨｹ, ﾂｨｰ06 09ｨ ｨｬｨ ｨｬｨ ｨｺｨｨ ｨ 0405ｨ ｨｰ0209ｨｪ ｨ ｨｪｨ ｨ 02ｨｪｨｪ0609ｨｰ07ｨｬｨｨ 00ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ01 09ｨｰ08ｨ ｨｪｨ ｨｰ ｨｮ01ｨ 0809ｨｰ09ｨ 01, ｨ ｨｪｨ ﾂｨｨｨｬｨｮ ｨｹ ｨｨ0008ｨ 06ｨｰ 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, ｨｺｨ ｨｺ ｨｰ09ｨｨ02, ｨｺ080201ｨｨｨｰ04, ｨｨｨｰ04 ｨｨ ｨｰ.01.) ｨ 09ｨｪ02ｨｪｨｨ06 09 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ 0006ｨｪ ｨｨ ｨｪｨｺｨ ｨｺｨ ｨｺ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ 0708ｨｨ090502ｨｺｨ 02ｨｬ ｨｰ09, ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｬ06ｨｴｨｨ 09 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｰｨ ｨｺ ｨｮ06 06 ﾂ ｨｹ ｨ 0405ｨｨ ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｪ04 ｨｪｨ ｨ ｨ ｨｪｨｺｨｨ (09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｪ02) , ｨｪｨ ｨｰｨｨ09, 0609ｨｪ0609ｨｪ06ｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨ ｨ ｨｪ ｨｪｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｪｨｺｨ 0202ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 (08ｨｨ ). 82

81 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 04ｨｨ ｨ 02ｨｪｨｪ0609ｨｰｨｨ 0804ｨｪｨｺ ｨｨｨｺｨｰｨｮ06ｨｰ ｨｨ00ｨｨ ﾂ0209ｨｺｨｨ02 ｨｬ ｨｺｨｨ 0609ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed, ECB, , ｨｪ ｨ 01 05ｨｰ020702ｨｪｨｹ 08ｨｨ09ｨｺ0609 ｨ 0405ｨ 09ｨｰ0605ｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ, ﾂｨｰ06 04ｨ 09ｨｰｨ 09ｨｨ05ｨ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｨ04ｨｬ02ｨｪｨｨｨｰｨｹ 08ｨ ｨｬｨｺｨｨ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ (08ｨｨ ). 01ｨ 08ｨ ｨｪｨｪｨｨ01 05ｨｰｨ 07ｨ 01 ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｺｨ ｨｺ 09ｨｪｨｨ0302ｨｪｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ, ｨｰｨ ｨｺ ｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ04ｨｦ 0708ｨｨｨｰ06ｨｺ 05ｨｨｨｺ09ｨｨ01-83

82 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 ｨｺ06ｨｰ ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ * ｨｮ ﾂ02ｨｰｨ 09ｨｮｨ ｨｨｨｪｨｨ080609ｨ ｨｪｨｪ0401 ｨｺ080201ｨｨｨｰ ｨ 0208ｨ ｨ ｨｪｨｺｨｮ. ** 00ｨｺ0506 ﾂｨ ｨｺ , 0708ｨ 09ｨ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ ｨｺ080201ｨｨｨｰｨｪ04ｨｬ ｨ ｨｬ. 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: ; US Fed; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ US Fed ｨｨ Bureau of Economic Analysis. ｨｪ0609ｨｰｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｬ ｨｺｨ ｨｪｨ 05ｨ ｨｬ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨ 05ｨｰ06ｨｬ ｨｬｨ 0903ｨｰｨ ｨ ｨｬ ｨｰｨ 05 ｨｪｨ ｨｺ ｨ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｬ, ﾂ02ｨｬ 04ｨ ｨｬｨｪ0600ｨｨ02 ｨｪｨ ｨ ｨ 02ｨｬ ｨｬ. 0308ｨｨ 05ｨｰ06ｨｬ ｨ 06 06ｨ 08ｨ ｨｴｨ 02ｨｰ ｨｪｨ 0902ｨ 07 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, 09 ｨｺｨ ｨｺ06ｨｦ ｨ 0409ｨｰ0806ｨｰ06ｨｦ ｨｨ ｨｨｨｰ0205ｨｹｨｪ0609ｨｰｨｹ06 ｨｬｨｪ0600ｨｨ02 09ｨｰ08ｨ ｨｪ ｨｰ0902ｨｰ ｨｪｨ ｨｺ08ｨｨ04ｨｨ09 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0601ｨｪ06ｨｬ06ｨｬ02ｨｪｨｰｨｪ ｨｬ02ｨｪ0705ｨｨ ｨｨ 0106 ｨｰ ｨｬｨｪ ｨｰｨｪｨｨ ｨｨ 0102ｨｺ05ｨ 08ｨｨ08ｨｮ02ｨｬ ｨｺ06ｨｬ02ｨｪ01ｨ 02ｨｨｨｨ. 01ｨ ｨ ｨｪ02ｨｬ 05ｨｰｨ 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0208, ｨｺ060001ｨ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ ｨｮｨｴｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 ( ｨｮ06 06 ﾂ ｨｹ ) 09ｨｰｨ 05ｨｨ ｨｰｨｨ00ｨ ｨｰｨｹ ｨｪｨｨ04ｨｺｨｨ01 ｨｮ080609ｨｪ02ｨｦ, 0005ｨ 09ｨｪ04ｨｬ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｬ 0804 ﾂｨ 0006ｨｬ ｨｮ0507ｨｰ ｨｰｨ - 84

83 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 05ｨ ｨｨｨｰｨｨｨｺｨ ｨｺ0605ｨｨ ﾂ0209ｨｰ0902ｨｪｨｪ ｨ ｨ 0502ｨｪｨｨｨｦ, ｨｺ06ｨｰ0608ｨ 07 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0604ｨｪｨ ﾂｨ 05ｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｨ09ｨ ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｨ 06ｨ ﾂ02ｨｪｨｨ02 ｨｨ01 01ｨ 05ｨｹｨｪ02ｨｦ ｨｪｨ ｨｪｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｨ 05ｨｰ06ｨｬ ｨｮ0302 ｨｨｨｬ0206ｨｰ ｨｨｨｬ020804, ｨｺ060001ｨ 09 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｬ06ｨｦ ｨｺｨ ｨｺ ｨｮ03ｨｺｨ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ03, 0708ｨｨ ｨｪｨｨ04ｨｺ06ｨｬ ｨｮ080609ｨｪ02 09ｨｰｨ 0906ｨｺ 01ｨ 05ｨｹｨｪ02ｨｦ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 0708ｨｨ090601ｨｨｨｰ ｨｺ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ04ｨｬ ｨｪｨｰｨｪ04ｨｬ 09ｨｰｨ 09ｨｺｨ ｨｬ (ｨｺｨ ｨｺ 05ｨｰ06 ｨｨｨｬ ｨｬ0209ｨｰ06, ｨｪｨ 0708ｨｨｨｬ0208, ｨｨｨｨ, 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ ｨｺ06ｨｰ060806ｨｦ ｨｮ09ｨｰｨ ｨｪ0609ｨｨ05 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ ｨｰｨ 09ｨｺｨｨ ｨｨｨｰｨ ｨｬ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ ) ｨｰ09ｨｨ ｨｨｨｬ0401 ｨｬ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨ ｨ ｨ 05ｨ ｨｪ ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪ (08ｨｨ ). 04ｨｨ ｨ 05ｨ ｨｪ ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ0609 ( = 100) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｰｨｬ02ｨｰｨｨｨｬ ｨｰｨ ｨｺ ｨｪｨｨｨｺｨ 06ｨｴｨｨ02 ｨｪ ｨｨ04ｨｬ020802ｨｪｨｨ07 09ｨ ｨｬ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｰｨ ｨｪｨｨ ｨｰ09 ｨｺ06ｨｪｨｺ0802ｨｰｨｪ04ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬ ｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬ ｪ ﾂｨｰ06 85

84 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? ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｨ ｨｨ ｨｨ0601 ｨｺ08ｨｨ04ｨｨ09ｨ ｪ ｨｮｨｰｨｨ ｨｰ 0906ｨ 06ｨｦ ｨｬ02ｨｪｨｰ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｰ06ｨｦ ｨｨ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 09 ｨｮ090704ｨｺ02 09 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｬｨｨ ｨｬ0208ｨ ｨｬｨｨ 09 08ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 04ｨ 09ｨｰｨ 09ｨｨ ｨｪ06ｨｦ ｨｬ ｨｨｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨ ｨｪ0203ｨｪ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨｺ06ｨｰ0608ｨ ｨｪｨ ﾂｨ 02ｨｰ 0802ｨ 05ｨｨ04ｨ 02ｨｨ ｨｪ0203ｨｪ ｨｮ090704ｨｺ ｨｬ ｨｪｨｪ04ｨｬｨｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨ ｨｬｨｨ ｪ ｨｰ08ｨ ｨｬｨｨ ｨｨ ｨｺ ｨ ｨｰｨｨ09ｨｪ04ｨｬｨｨ ｨｬ02ｨｪｨｰｨ ｨｬｨｨ. 0308ｨｨ ﾂ02ｨｬ ｨｺ08ｨｨ04ｨｨ09 ｨｨ04ｨｬ02ｨｪｨｨ ｨｬｨｪ0600ｨｨ01 ｨｨ09ｨｺ06ｨｪｨｪ ｨｰ060806ｨｪｨｪｨｨｨｺ ｨ 0601ｨｪ ｨｪｨｺｨ, ｨｰｨ ｨｺｨｨ01, ｨｪｨ 0708ｨｨｨｬ0208, ｨｺｨ ｨｺ ｨｨｨｰ ( ｨｬ ｨ ｨｰ0205ｨｹ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ ｨｺ06ｨｬｨｨ0909ｨｨｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｪ ｨｪｨｺｨ ｪ SEC), ｨｺ06ｨｰ ｨｰｨ 05ｨｨ ｨｨｨｰｨｹ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｬｨｪ02ｨｪｨｨ ｨ ｨｰ ｨｰｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｰｨｪｨｨｨｺ ｨｨ ｨｨ0102ｨｪｨｰ ｨｺｨｨｨｪｨ (05ｨｰ06ｨｰ ｨｰ 06ｨｪ 04ｨ ｨｪｨｨｨｬｨ ｨｨ0601, ｨｺ060001ｨ ｨｨ0102ｨｪｨｰ06ｨｬ ｨ ｨｮ03-09ｨｰｨ 0803ｨｨｨｦ), ｨｦ00ｨ ｨｪ ｨｨ ｨｮ03-09ｨｰｨ 0803ｨｨｨｦ 09ｨｰｨ 08ｨ 05ｨｨ09ｨｹ ｨｮ09ｨｰ08ｨ ｨｪｨｨｨｰｨｹ ｨｬ ｨｪｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ, ｨ 04 06ｨｪｨｨ 0202 ｨｪ02 ｨｪｨ ｨｨ05ｨｨ ｭ 0906ｨｰ07 ｨｪ02ｨｺ06ｨｰ060804ｨｦ ｨｮ ｨｪｨｹ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 0708ｨｨ09ｨｮｨｰ09ｨｰ090609ｨ ｨｮｨｴｨｨ01 ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 02ｨｨ ｨ, 07ｨｮ09ｨｰｨｹ ｨｨ ｨｪｨ ｨｪｨｨ04ｨｺ06ｨｬ ｨｮ080609ｨｪ02, ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 02ｨｨ07 02ｨ ｨ ｨｬ04 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ06 08ｨ 0903ｨｨ08ｨｨ05ｨ ｨ 04ｨｬ ｨｨ 06ｨ ｨｲ02ｨｬ ｨｬ ｨｪｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｬ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｨ ｨｨ ｨｬ ｨｪｨｨ04ｨ 02ｨｨｨｨ 09ｨｰ08ｨ ｨｪ04 ｨｰｨ ｨｺ0302 ｨｪｨ ｨｬｨｮ ｨ ｨｪ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ06ｨｦ. 1 Economist. Aug. 7ｨC P

85 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｨ 05ｨｰ06ｨｬ ｨｪ0206ｨ ｨｨｨｬ ｨｬｨｪｨｨｨｰｨｹ, ﾂｨｰ ｨｰ0607ｨｪｨｨ ｨｬ ｨｪｨｪ0609ｨｰｨｨ 0906 ｨｬｨｪ060006ｨｬ ｨｰ ｨｨ ｨｪｨｨ02 09ｨｰ08ｨ ｨｪ ｨｬ ｨｨｨｨ ｨｪ0206ｨ ｨｨｨｬ ｨｨ09ｨ ｨｰｨｹ ｨ 0409ｨｰ080608ｨ 0409ｨｨ09ｨ 06ｨｴｨｮ ｨｬｨｨ080609ｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ06 ｨｨ ｨｬ ｨｪｨｪｨｮ ｨｮ ｨｰ06ｨｦ ｨｨ ｨ ｨｺ0202ｨｪｨｰ ｨｪ ｨ ｨｰｨｹ0907 ｨｪｨ 08ｨ 0409ｨｨｨｰｨｨｨｨ ｨｨｨｪｨｪ0609ｨ 02ｨｨ06ｨｪｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｨ ｨｰ ｨｮｨｺ02ｨｨｨｨ, ｨｰ0802ｨ ｨｮ06ｨｴ02ｨｦ ｨｺ06ｨｺ09ｨ 05ｨｨ00ｨｨ02ｨｨ080609ｨ ｨｪｨｪ ｨｰ08ｨｮ01ｨ ｨｨ 0609ｨｪ ｨ 06ｨｴ02ｨｦ0907 ｨｪｨ 05ｨｪ ｨｨ ｨｬｨ ｨｰ0208ｨｨｨ ｨ ｨ 06ｨｴｨｨ01 ｨｰ0201ｨｪ ｨｨ ｨｮ ｨｪ06, ｨｨｨｺ06 04ｨｪｨ ﾂ02ｨｪｨｨ ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨ ｨｪ0609ｨｰｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ 09ｨｰ08ｨｮｨｺｨｰｨｮ08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 ｨｪｨ 09ｨｰｨ ｨｪ0609ｨｨｨｰｨｹ0907 ｨ ｨｨ09ｨｪ06ｨｦ 04ｨ 09 ﾂ02ｨｰ ｨｪｨｨ ｨｨ ｨｪｨ ｨｮｨｺ0602ｨｬｨｺｨｨ01 ｨｨ ｨｺ06ｨｰ0201ｨｪ ｨｨ ﾂｨｪ ｨｨ ｨｰ09, 06ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴ02ｨｦ ｨｬ ｨｪｨｪ0609ｨｰｨｨ ｨｬ ｨｺ ｨ ｨ 06ｨｰｨｺ ｨｬ02ｨｪｨｪ06ｨｦ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ02 ｨｬ0600ｨｮｨｰ ｨ ｨｪｨｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｨ03ｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ02ｨｬ ｨｪ02ｨｺ ｨｪｨ ｨ 0608ｨ ｨｺ ｨｺｨｰｨｨ09ｨｪ ｨｺｨｰ0609 (ｨｺｨ ｨｺ 05ｨｰ ｨｰｨ ｨｹ ｨ ｨｰｨｹ, ｨｪｨ 0708ｨｨｨｬ0208, 00ｨｨｨｪ05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨｨｨ ｨｨｨｪ ). 05ｨｨ09ｨｰ02ｨｬｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨｨ06 06ｨｰ05ｨｨ ﾂｨ 02ｨｰ ｨｰ 0708ｨｨ0608ｨｨｨｰ02ｨｰ0609 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨｨ05ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ0609, ｨｮ ｨｺ06ｨｰ ｨｬｨ ｨｺ09ｨｨｨｬｨｨ04ｨ 02ｨｨ ｨｨｨ 0405ｨｨ ｨｰ ｨｪ06ｨｦ ｨｨ ｨ 09ｨｪ ｨ 01ｨ ﾂ. 05ｨ 01ｨ ﾂｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ060907ｨｰ ｨ ｨ ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨｨｦ03 01ｨ 08ｨ ｨｺｨｰ ｨｬ02ｨｪｨｪ06 06ｨｪｨ 0708ｨｨ0409ｨ ｨｪｨ 06ｨ ﾂｨｨ09ｨ ｨｰｨｹ 08ｨ 04ｨｮｨｬｨｪ04ｨｦ ｨ ｨ 05ｨ ｨｪ09 ｨｬ020301ｨｮ ｨｺ ｨｺｨｰｨｨ09ｨｪ04ｨｬｨｨ 06ｨｰ08ｨ ｨｬｨｨ, ｨｺ06ｨｬ06ｨｰｨｨ09ｨ ｨｬｨｨ03 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨｨ ｨｬ02ｨｪ ｨｺｨｰｨｨ09ｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ, ｨ 0204 ｨｺ06ｨｰ ｨｨ ｨｰ08ｨ 0905ｨｨ ｨｪ02 09ｨｬ0600ｨｮｨｰ ｨｪ0609ｨｰｨｹ06 08ｨ 09ｨｺ0804ｨｰｨｹ ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ. 87

86 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? ｨｰ060006, ｨｪｨ ｨｪｨ , 09 08ｨ ｨｬｨｺｨ 01 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｮ02ｨｰ ｨｬｨｨ080609ｨ ｨｰｨｹ 00ｨｪ0209ｨｮｨｴｨｨ02 ｨｺ06ｨｪ09ｨｰ08ｨｮｨｺ02ｨｨｨｨ03, ｨｪ0206ｨ ｨｨｨｬ ｨｪ0608ｨｬｨ 05ｨｹｨｪ ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ ｨ 06ｨｦ 05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 ｨｹｨｺ ｨｨ ｨｪｨｨｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｬ0603ｨｪｨ 0802ｨ 05ｨｨ04ｨ 02ｨｨ ﾂｨｪ0401 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ ｨｬｨｬ, ｨｰ0802ｨ ｨｮ06ｨｴｨｨ01 ｨ 0605ｨｹ03ｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ, 06ｨｰ01ｨ ﾂｨ 06ｨｰ ｨｺ06ｨｰ ｨｬ060302ｨｰ ｨｪｨ 09ｨｰｨｮ07ｨｨｨｰｨｹ ﾂ ｨC ｨｰ (ｨｰｨ ｨｺｨｨ01, ｨｺｨ ｨｺ ｨｪｨｨ02 ｨｺ0609ｨｬ0609ｨ ｨｨ05ｨｨ 08ｨ 0408ｨ ｨ 06ｨｰｨｺｨ ｨｪ ｨｪ0401 ｨｰ0201ｨｪ ｨｨｨｦ). 0308ｨｨ ﾂ02ｨｬ ｨｹ 09ｨ 03ｨｪ04 ｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ02, ｨｨ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ02 ｨ ｨｺｨｰ04 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 06ｨ ﾂ02ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨ ｨ 09ｨｪ0609ｨｰｨｨ 09ｨｰ08ｨ ｨｪ04 ｨｨ ｨ ｨｪ02ｨｪｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｮ ｨｪｨｨｨｰ02ｨｰｨ. 00 ｨｰｨ ｨｺ06ｨｬ 08ｨ 0409ｨｨｨｰｨｨｨｨ, 06 ﾂ0209ｨｨ01ｨｪ06, ｨｪ ｨ 04ｨｰｨｹ 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ ｨｨ ﾂｨ 09ｨｰｨｪ04ｨｦ 0902ｨｺｨｰ ｨ 0903ｨｰｨ ｨ 04 ｨｨ ｨｺｨｨ ｨｪ02ｨｪｨｨ ｨｪｨｨｨｺｨ 06ｨｴｨｨ ｨｪ07 04ｨ 01ｨ ﾂ ﾂｨ 09ｨｰ ｨ 06ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ 01ｨ 0302 ｨｺ08ｨｮ07ｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ. 0201ｨｪｨ ｨｺ06 ｨｪｨｨ ｨｮ ｨｺ ｨｪ ｨｪｨｨｨｺｨ 02ｨｰ 0906ｨｬｨｪ02ｨｪｨｨ07, ﾂｨｰ ﾂｨｪ ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ0402 ｨｰ , 08ｨ 0409ｨｨｨｰｨ 07 ｨｪｨ ｨｮ ﾂｨｪｨ 07 ｨ ｨ 04ｨ, ｨｪｨ 05ｨｨ ﾂｨｨ02 ｨｪｨ ｨｮｨｺ0602ｨｬｨｺｨｨ01 08ｨ 0408ｨ ｨ 06ｨｰ06ｨｺ ｨｮｨｺ ｨｰ ｨｨ02ｨｨｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ ｨｨ04ｨｪ0209ｨ 09 09ｨｰ08ｨ ｨｪ02 ｨｨ 04ｨ 08ｨｮｨ ｨｬ ｨｨ ｨｰ 0802ｨ 05ｨｨ040609ｨ ｨｰｨｹ ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ, 0609ｨｪ0609ｨ ｨｪｨｪ0402 ｨｪｨ ｨｰ0201ｨｪ ｨｨ0701 ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 04ｨｪｨ ｨｪｨｨｨｦ. 0202ｨｦ09ｨｰ09ｨｨ ｨｪ06 ﾂｨｪ ｨｨ ｨｬ 0708ｨｨ09ｨｮｨｴ ｨ ｨｨｨｺ05ｨ 01ｨｪ06ｨｦ, ｨｺ060806ｨｰｨｺｨｨｨｦ ｨｬ02ｨｪｨｪ06ｨｦ ｨｨ0406ｨｪｨｰ, ｨｨ ｨｬｨｪ0600ｨｨ02 ｨｨ04 09ｨ 03ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 0609ｨｰｨ 06ｨｰ ｨ 08ｨ ｨｬｨｺｨ ｨｬｨｨ ｨｰ02ｨｺｨｮｨｴｨｨ01 ｨｨｨｪｨｰ ｨ ｨｨ04ｨｪ0209ｨ ｨｰ06ｨｬｨｮ ｨｰ0802ｨ ｨｮ02ｨｰ ｨｨ09ｨｰ02ｨｬｨ ｨｬ ｨｬ ｨｨ ｨｺ ｨｪｨｪ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ01 ｨｪ0206ｨ ｨｨｨｬ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｬ ｨｪｨｪ ｨ 0409ｨｨｨｰｨｨ07 ｨｨ ｨ 09ｨｰ09ｨｮ06ｨｴｨｨ01 ｨｮｨｺ ｨｪｨｨ06 09ｨｪｨｮｨｰ08ｨｨ- ｨｨ 09ｨｪ0203ｨｪ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｪｨｨ07 09ｨｰ08ｨ ｨｪ04. 02ｨｪｨ ｨｪｨ 88

87 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｪ ｨ ｨｰｨｹ0907 ｨｪｨ ｨｺ08ｨｨｨｰ0208ｨｨ0701, ｨ 09ｨｪ06 ｨｺ06ｨｰ060804ｨｬ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ02 ｨｪｨ 0708ｨ ｨｪｨｨ ｨｦ09ｨｰ0902ｨｪｨｪ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｨ05ｨｨ 06ｨｰ08ｨ 0905ｨｨ ｨｬ 09ｨｰｨ ｨｪｨｮｨｰ ｨｬ02ｨｰ06ｨｬ ﾂ ｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｰｨ ｨｺ060904ｨｬ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｬ0600ｨｮｨｰ 06ｨｰｨｪ0609ｨｨｨｰｨｹ ｨｺｨ 04ｨ ｨｰ0205ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, 0708ｨｨ ﾂ02ｨｬ ｨｮ ﾂｨｨｨｰ0409ｨ 06ｨｴｨｨ02 ｨｪ02 ｨｰ0605ｨｹｨｺ06 09ｨｺ05ｨ 01 09ｨ ｨｬ06ｨｦ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｬ06ｨｦ 06ｨｰ08ｨ 0905ｨｨ, ｨｪ06 ｨｨ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ ｨｰｨｨ09ｨｪ04ｨｦ ｨｺｨｰ, ｨｺ060001ｨ 08ｨ 0409ｨｨｨｰｨｨ ｨｪ06ｨｦ 06ｨｰ08ｨ 0905ｨｨ 0708ｨｨ090601ｨｨｨｰ ｨｺ ｨｰｨｮ 09ｨｬ0203ｨｪ ｨｨ ｨｰ ｨｹ ｨｪｨ ﾂ02ｨｪｨｨ02 ｨｨｨｬ0202ｨｰ ｨｨ 00ｨ ｨｺｨｰ0608 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 04ｨ ｨｪ07ｨｰ0609ｨｰｨｨ. 0306ｨｬｨｨｨｬ06 ﾂｨｨ09ｨｰ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｺ08ｨｨｨｰ0208ｨｨ ｨ 03ｨｪｨｮ ｨｹ ｨｨ0008ｨ 06ｨｰ 00ｨ ｨｺｨｰ ｨｨｨ 05ｨｹｨｪ06ｨｦ 04ｨｪｨ ﾂｨｨｨｬ0609ｨｰｨｨ, 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨ02, 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ02 ｨｨ ｨｨｨｪ ｨ 08ｨ ｨｬ02ｨｰ ｨ 06 06ｨｰｨｬ02ｨｰｨｨｨｬ ｨｰ020808ｨｨｨｰ0608ｨｨｨ 05ｨｹｨｪ04ｨｦ ｨ ｨｺｨｰ ｨｬ ｨｪｨｪ ｨ 0409ｨｨｨｰｨｨ ｨ ﾂ02ｨｪｨｨ ｨ 0605ｨｹ0302ｨｦ ｨｰ08ｨ ｨｪ09ｨｰ0902ｨｪｨｪ06ｨｦ 08ｨ 09ｨｪ06ｨｬ0208ｨｪ0609ｨｰｨｨ ｨｪ0206ｨ ｨｨｨｬ06 ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 03ｨｨ0806ｨｺ ｨｪｨ ｨ 0608ｨ 0804 ﾂｨ , ｨｰｨ ｨｴｨｨ01 08ｨ 04ｨｪ0402 ｨｪｨ 0708ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ , 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｨ ｨｹ04ｨｮ02ｨｰ ｨ ｨｺ06ｨｪ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ070103, 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ06ｨｴｨｨｨｦ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｪｨ ｨｬ0209ｨｰｨｪ06ｨｬ ｨｮ080609ｨｪ02 ｨｨ 08ｨ 0409ｨｨｨｰｨｨ02 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨ ｨｬｨｬ, 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ06ｨｴｨｨ ｨｪ ｨｺ06ｨｦ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ ｨｪｨｰ080605ｨｹ 04ｨ 0802ｨ 05ｨｨ04ｨ 02ｨｨ02ｨｦ 01ｨ ｨｪｨｪ ｨ ｨｺ06ｨｪｨ 0609ｨｮｨｴ0209ｨｰ ｨｰ , 00ｨｨｨｪ00ｨｨｨｪ, 0108ｨｮ00ｨｨ ｨｬ09ｨｰ09ｨ. 0906ｨｰ ｨｬｨ 05ｨｹｨｪ06 07ｨ 08ｨ ｨｬ02ｨｰ0804, ｨｬｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨ ｨｪ060902, ｨｪ060907ｨｰ 0802ｨｺ06ｨｬ02ｨｪ01ｨ ｨｰ0205ｨｹｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 0804ｨｪｨｺｨ 09ｨｰｨ 08ｨ 06ｨｰ0907 ｨｨ01 09ｨｰ ｨ ｨ ｨｰｨｹ, ｨｺ0605ｨｹｨｺｨｮ ｨｰｨｨ09ｨｪ06ｨｬ 0905ｨｮ ﾂｨ 02 05ｨｰ06 ｨ ｨｮ0102ｨｰ 0708ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｨ 0904ｨｪ020902ｨｪｨｨｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｪｨｨｨｦ ｨｰ060006, 09 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ ｨｪ02ｨｪｨｨ07 ｨｪｨ 0409ｨ ｨｪｨｪ ｨ ｨｺ06ｨｪｨ ｨｪｨ ｨｪｨｨ01 08ｨ ｨｰ08ｨ ｨｪ0702ｨｰ ｨｦ09ｨｰ09ｨｨ02 ｨｨｨｪ0401 ｨ ｨｺｨｰ ｨ ｨｺ, 0601ｨｪｨｨｨｬ ｨｨ04 04ｨ ｨｺ06ｨｪ0609 ｪ 0105ｨ 0909ｨ ｨC05ｨｰｨｨ00ｨ 05ｨ, 0708ｨｨｨｪ07ｨｰｨｨ02 ｨｺ06ｨｰ ｨ ｨ ｨｮ- 89

88 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 02ｨｴ ｨｰ09ｨｨ07ｨｬｨｨ ｨｨｨｺ06ｨｦ ｨｨｨｨ, ｨｪｨ ｨｺ05ｨ ｨ 05ｨｨ09ｨｹ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 ｨｪｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ. 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｰ060006, ﾂｨｰ ｨｬ02ｨｪｨｪｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｪ02 ｨｰ0802ｨ 0609ｨ 05ｨ 09ｨｰ0605ｨｹ 08ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07, 06ｨｪ ｨ ｨｰｨｬ02ｨｪ02ｨｪ ｨｨ 09ｨｬ0209ｨｰ06 ｨｪ ｨ ｨｨｨｪ07ｨｰ ｨ ｨｨｨ 0208ｨ 05ｨｹｨｪ04ｨｦ 04ｨ ｨｺ06ｨｪ ｨｬｨ ｨC09ｨｨ ﾂｨ ｨC0905ｨ ｨｦ05ｨｨ. 0308ｨｨ ﾂ02ｨｬ ｨｦ ｨｪ ｨｪｨｨｨｦ ｨｪ02 08ｨ ｨｰ08ｨ ｨｪ0702ｨｰ0907 ｨｪｨ ｨｪｨ 08ｨｮ03ｨｨｨｰ020502ｨｦ 0005ｨ ｨｺ06ｨｪｨ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ ｨ 09ｨｪｨｨ09ｨ ｨｪｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｨ06ｨｪ ｨ ｨｨｨｬ ｨｪｨｨｨｺｨｪ060902ｨｪｨｨ02 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ ｨｮ00ｨｨ02 03ｨｰｨ ｨｰ ｨｬ ｨ ｨｪｨｨ ﾂｨｨ09ｨ ｨｹ ｨｹｨｺ ｨ ｨｨｨｪ07ｨｰ 0708ｨｨｨｪ02ｨｨ ｨ ｨｨｨｬｨｪ0609ｨｰｨｨ 0708ｨｨ ｨｰｨ ｨｺ06ｨｬ ｨｰｨｮ0702, ｨｨ 05ｨｨ03ｨｹ ｨｺ ｨｪｨ ﾂｨ 05ｨｮ ｨ ｨｪｨ ｨ ｨｺｨｰｨｨｨｺｨ ｨｮ ﾂｨｨ05ｨ ｨｬ0209ｨｰｨｪ ｨ ｨｰ08ｨ ｨｪ02ｨｪｨｨ02 ｨｨ ｨ 0405ｨ 06ｨ 06ｨ ｨｴ02ｨｪｨ 09 04ｨ ｨｺ06ｨｪ02 04ｨｨ0005ｨｨ-01ｨｨ05ｨ ｨｪ0201ｨ 09ｨｪ ｨｬ02ｨｪｨｨ 0609ｨｰｨ 09ｨ 05ｨｨ09ｨｹ 09 09ｨｨ0502 ｨｪ0608ｨｬｨ ｨｰｨｨ0904, 0905ｨｨ070903ｨｨ02 ｨｪｨ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ (0708ｨ 09ｨｨ0506 Q ｨｨ 0108.), ｨｺ06ｨｰ ｨｮ09ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 05ｨｨ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｰ060506ｨｺ ｨｪｨｰｨ ｨｮ ｨ 02ｨｨｨｦ, ﾂｨｰ06 ｨｮ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｮ ﾂ02ｨｪｨｹ ｨｪｨ 0708ｨ ｨｪｨｪ06 ｨｨ ｨ ｨｺｨｰｨｨ09ｨｪ ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨ ｨｨｨｰｨｨｨｺｨ ｨｪｨｨｨｨ, ﾂｨｰ ｨ ｨｬ0603ｨｪ04ｨｬ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ0602 ｨｮｨｺ ｨｪｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪｨ ｨｮｨｴｨｨ ｨｨ02ｨｨｨｨ 09 ｨｬｨｨ0802 ｪ ｨｪｨｨ02, ｨｮ ﾂｨｨ ｨｪｨ 0409ｨ ｨｪｨｨ ｨｪ09ｨｺ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ0602 ﾂｨｮ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｪｨｨ07 ｨｨ04 09ｨｰ08ｨ ｨｪ ｨ 0408ｨｮ0302ｨｪｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ, ｨｪ02 ｨｨｨｬ ｨｨ 05ｨｰ06ｨｬ ｨｰｨ ｨｺ ｨ ｨｲ02ｨｬｨ 0708ｨｨ080601ｨｪ ｨｮ , ｨｺ06ｨｰ060804ｨｬ 08ｨ ｨ 00ｨ 06ｨｰ ｨｬｨｪ0600ｨｨ ｨｮｨｴｨｨ02 09ｨｰ08ｨ ｨｪ04, ｨ ｨｰｨｨ05ｨ 09ｨｹ ｨｰ0608ｨｮ ｨｬ06ｨｴｨｨ ｨｬ ｨｪｨｪ06 08ｨ 0409ｨｨｨｰｨｮ06 09ｨｰ08ｨ ｨｪｨｮ, 09 ｨｮ ｨｬ ｨｺ06ｨｪｨｺｨｮ08ｨｨ08ｨｮ06ｨｴｨｮ ｨ 04ｨｬｨｨ 08ｨ 0409ｨｨｨｰ04ｨｬｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｬｨｨ. 90

89 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨ 08ｨ ｨｰｨｨｨｬ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ｨ 02ｨｪｨｪ0609ｨｰ02ｨｦ , ｨｺ06ｨｰ ｨｰｨ ｨｬ 0708ｨ ｨｺｨｰｨｨｨｺ0609ｨ 05ｨｨ09ｨｹ. 0102ｨｬｨｪ ｨ ｨｰ ｨｪｨｨｨｨ ｨｪｨｺｨ ｨｬ 09ｨ ｨｪｨｺｨ ｨｪｨｨｨｨ, 0009ｨｬ0209ｨｰ ｨｪｨ ﾂｨｨ09ｨｰ ｨｪ06 ﾂｨｪ ｨｨ ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ ｨｨ0506 ｨ ｨｺｨｰｨｨ09ｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ, ｨｪ0707 ｨｨ ｨｦ09ｨｰ09ｨｨ ｨｨ 0706ｨｬ06ｨｴｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｮ09ｨｰｨ ｨｪ ｨｪｨｨ07 ﾂ02ｨｰｨｺｨｨ ｨｨ02ｨｪｨｰｨｨ ｨ ｨｰ080602ｨｪｨ 09ｨｨ09ｨｰ02ｨｬｨ, ｨｺ06ｨｰ0608ｨ 07 06ｨ ﾂｨｨ09ｨ 05ｨ 0109ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ02 06ｨｰ08ｨ 0905ｨｨ ｨｪｨ 0609ｨｪ ｨｨ02ｨｬ0502ｨｬ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609 ｨｮ080609ｨｪ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ (09 ｨｰ06ｨｬ ﾂｨｨ ｨｮｨｰ02ｨｬ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 ｨｪ ｨ 0901ｨ ｨｪｨｪ06ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ 0708ｨｨ ｨｪｨｨｨｨ ｨｪｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ). 0308ｨｨ 05ｨｰ06ｨｬ 09ｨ ｨｬｨｨ ｨ ｨ ｨｪｨｺｨｨ ｨ 0405ｨｨ ｨｮ0707ｨｨ080609ｨ ｨｪ ｨ 0405ｨｨ ﾂｨｪ04ｨｬ ｨｺ08ｨｨｨｰ0208ｨｨ07ｨｬ, 0609ｨｮｨｴ0209ｨｰ ｨｮ06 06 ﾂ ｨｹ ｨｰ ｨ 02ｨｨｨｨ, ｨｺ06ｨｰ ﾂｨｨｨｰｨ 05ｨｨ09ｨｹ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨｪ04ｨｬｨｨ ｨｺｨ ｨｦ 0008ｨｮ ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ 06ｨ ﾂｨｨ09ｨ 05ｨｨ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ 09ｨ 03ｨｪ ｨｰ08ｨ ｨｦ. 09ｨ ｨｪｨｺｨｨ, ｨｨｨ 05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨ ﾂｨｪ06ｨｬ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨｨｨ, ｨｨ09ｨｹ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ 0105ｨｨｨｪｨｪ ｨｮ , 2 Bank of Japan, Dec P

90 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? ｨｮｨｬ02ｨｪｨｹ03ｨ ｨｰ0802ｨ ｨｪ0609ｨｰｨｹ ｨｮ09ｨｺｨ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ ｨｰｨｨ ｨｦ ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｨ ｨｺ080201ｨｨｨｰｨｪ ｨ ｨｺ0202ｨｪｨｰｨｨ080609ｨ 05ｨｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ｨｬｨ ｨｨ ｨｪｨｨ ｨｨ07ｨｰｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｪｨｨｨｺ05ｨ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｺ06ｨｪｨｰ080605ｨｨ08ｨｮ02ｨｬｨ 07 00ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ, 09 ｨｺ06ｨｰ060806ｨｦ 0005ｨ 09ｨｪｨｮ ｨｹ ｨｨ0008ｨ 05ｨｨ 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 ｨｺ06ｨｰ0608ｨ ｨｨ09ｨ 05ｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ, 06ｨ ﾂｨｨ09ｨ ｨｰｨｮ070502ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ( ﾂ ｨｺ080201ｨｨｨｰ04 ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ) 09 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ 09ｨ 03ｨｪ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨｰ08ｨ 0905ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｰ06ｨｺ ｨｪｨｨｨｨ ｨｰｨｹ ｨｨｨｪ ｨｦ09ｨｰ090609ｨ 0506 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨ 09ｨｨ , ｨｨ090409ｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ 0804ｨｪｨｺｨ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｪ09ｨｨ06ｨｪｨｪ04ｨｬ 0006ｨｪ01ｨ ｨｬ ｨｨ 0108ｨｮ00ｨｨｨｬ ｨｺ08ｨｮ07ｨｪ04ｨｬ ｨｨｨｪ090209ｨｰ0608ｨ ｨｬ, 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｰ ｨｺｨｰｨｨ09ｨｪ ｨｨｨｰ ｨｨｨｰｨｨｨｺｨ ｨｮ ｨｪｨｨ07 ｨｺ080201ｨｨｨｰｨｪ ｨｮ ｨｰｨ 09ｨｺｨｨ 0002ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ 09 ｨｺ06ｨｪ ｨｨｨ 05ｨｨ03ｨ 05ｨｨ09ｨｹ ｨｺ ｨｪｨｮ ｨｬ 04ｨｪｨ ﾂ02ｨｪｨｨ07ｨｬ. 0308ｨｨｨｬ02ｨｪ0706ｨｰ ｨ 0405ｨｨ ﾂｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ02 ｨｪ0608ｨｬｨ ｨｰｨｨ ｨｪｨ 0708ｨ ｨｪｨｨ ｨｮ ｨｪ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨｨ04-04ｨ 08ｨｮｨ 0203ｨ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨ 02ｨｨｨｨ. 0309ｨｰ0209ｨｰ0902ｨｪｨｪ06, ｨｪｨｺｨ ｨｨ ｨｮ0507ｨｰ ｨ 03ｨｪ06 09ｨｪｨｨｨｬｨ ｨｰ0205ｨｹｨｪ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｪ09ｨｺｨｨｨｦ ｨｰ, ｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ , ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｨ 0804 ﾂｨ 00ｨｨ, ｨｪｨ ｨｺ06ｨｰ ｨ ｨｮ ｨｨ ｨｪｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 0502ｨｬ ｨｨ ｨｺ06ｨｰ ｨ ｨｮ ｨｨ05ｨｨ 09ｨｰ0605ｨｹ 08ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ ｨ 03ｨｪ02ｨｦ ｨｬ0209ｨｰ ｨｪ09ｨｺｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 01 04ｨ ｨｪｨｨｨｬｨ 05ｨ ｨｨｨｬ02ｨｪｨｪ ｨｬ ｨｪｨｪｨ ｨｨｨｰｨｨｨｺｨ 09 ｨ ｨｺ0202ｨｪ- 3 02ｨ ｨｪｨｪ04ｨｦ ｨｰ0802ｨ ｨｮ02ｨｰ 06ｨｰ010205ｨｹｨｪ ｨｨ ｨ ｨｪｨｨ07, ｨｰ06ｨｬｨｮ 09 08ｨ ｨｬｨｺｨ 01 ｨｪｨ 0302ｨｦ 08ｨ ｨ 06ｨｰ04 ｨｬ04 04ｨ ｨｰ0806ｨｪ02ｨｬ 05ｨｨ03ｨｹ ｨｪ02ｨｺ06ｨｰ ｨ 03ｨｪ0402 ｨ ｨｺｨｰ04. 92

91 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｰ06ｨｬ ｨｪｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ ｨ 08ｨ ｨ ｨｪｨｨ07, ｨ ｨｪｨｨ02 ｨｮ ｨｨｨｦ ｨｺｨ 07ｨｨｨｰｨ 0506ｨｪｨ ｨｺ ｨｪｨｨ07 ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ. 08ｨｺｨｰｨｨ09ｨｪ06 ｨｨ ｨｹ040609ｨ ｨ 08ｨｮｨ 0203ｨｪ04ｨｦ ｨｰ0201ｨｪ ｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ ｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｮ ｨｹ ｨｪｨｨ ｨｬ ｨｪｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ0609, 08ｨ 0409ｨｨｨｰｨｨ02 ｨｺ06ｨｰ ｨ ｨｪｨ ｨｨｨ ｨ 03ｨｪ ｨｮｨｺ ｨｪｨｨ07 ｨｨ 08ｨ 0409ｨｨｨｰｨｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｨ ｨｺ08ｨｨｨｰ0208ｨｨ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 05ｨｨ09ｨｹ ｨｰｨ ｨｺｨｨ02, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｺｨ ｨｺ ｨｺｨｮｨｬｨｮ0507ｨｰｨｨ09ｨｪ04ｨｦ ｨｺｨｰ ｨｪｨ ｨｪｨｪ ｨｰ08ｨ 0905ｨｨ, ｨｺｨｨ02 ｨｰ02ｨｬ ｨｨ ｨｨｨｰ0205ｨｹｨｪ0609ｨｰｨｨ, 08ｨ 0903ｨｨ0802ｨｪｨｨ02 04ｨ ｨｪ07ｨｰ0609ｨｰｨｨ, ｨｺｨ ｨ 09ｨｰｨｨ ﾂｨｪ0609ｨｰｨｹ ｨ ｨｪｨ ｨｨ ｨｮｨｺ02ｨｨ ｨｮ (ｨｰ ｨｹ ｨｬ020301ｨｮ ｨｰ06ｨｬ, ｨｪｨ 0708ｨｨｨｬ0208, 0706ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺｨｨ ｨｨ ｨｬ ｨｪｨ ｨｪｨｪｨｮ ｨｮｨｺ02ｨｨ06). 07 ﾂｨｨｨｰ0409ｨ 05ｨｨ09ｨｹ 00ｨ ｨｺｨｰ ｨｨｨｬ070608ｨｰ0604ｨ ｨｬ02ｨｴ02ｨｪｨｨ07, 08ｨ 0409ｨｨｨｰｨｨ07 05ｨｺ ｨｰｨ, ｨｪｨｨ07 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨ ｨｪ0609ｨｰｨｨ ｨｨ ｨｪ02ｨｺ06ｨｰ ｨｮ00ｨｨ02. 02ｨ ｨｴｨ ｨｨｨｺｨ ｨｨ ｨｹ04ｨｮ02ｨｬ ｨｪ ｨ 05ｨ 09ｨｹ ｨｪｨ 0706ｨｪｨｨｨｬｨ ｨｪｨｨｨｨ ｨｰ060006, ﾂｨｰ ｨｮ ｨｪ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｪｨｪ06ｨｦ 06ｨｰ08ｨ 0905ｨｨ (ｨｨ05ｨｨ ｨｨ ｨｰ09ｨ ) ｨｪ0206ｨ ｨｨｨｬ06 ｨｮ090704ｨ ｨｰｨｹ ｨｰｨ ｨｺ06ｨｦ 06ｨｰ08ｨ 0905ｨｹ06 (070806ｨｨ ｨｰ0906ｨｬ), ｨｺ06ｨｰ0608ｨ 07 ｨｰ0209ｨｪ ｨ ｨｨｨｬ ｨ ｨｪｨ 09 ｨｪ02ｨｦ 09 ｨｬ020306ｨｰ08ｨ ｨｬ ｨ ｨ 05ｨ ｨｪ ｨｮ05ｨｹｨｰｨ ｨｰ02, 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ07 06ｨ 02, ｨｬ0603ｨｪ06 ｨ ｨ ｨｨｨｰｨｹ ｨｺｨｰｨ ｨ ｨｨｨｬ ｨｰｨ 05ｨｺｨｨ09ｨ ｨｪｨｨ ｨｬ, ﾂｨｰ02ｨｪｨｨ02 06ｨｰ01ｨ 09ｨ ｨｹ 06ｨｰ010205ｨｹｨｪ04ｨｬ ｨｨ ｨｰ09ｨ ｨｬ, ｨｨ05ｨｨ 09ｨｮｨ 06ｨｰ08ｨ ｨｬ, ｨ ｨｪ02 06ｨｰ08ｨ 0905ｨｨ ｨｬ. 06ｨｰ ｨ 00ｨ ｨｪｨｨ02 ｨｰ0605ｨｹｨｺ06 06ｨｰ010205ｨｹｨｪ0401, ｨｪｨ ｨｨｨ ｨ 03ｨｪ ｨｨ ｨｰ ｨｨ 05ｨｰ06ｨｬ ｨ ｨ ｨｪｨｨ07 ｨ 0405ｨｨ ｨ ｨ 06ｨｰｨ ｨｪ04 ｨｺ08ｨｨｨｰ0208ｨｨｨｨ 06ｨｰｨ 0608ｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨｪ , ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 ｨｺ06ｨｰ060804ｨｬｨｨ ｨｺ ｨｪｨｪ04ｨｬ ｨｨ ｨｰ09ｨ ｨｬ ｨ 0405ｨｨ 06ｨｰｨｪ020902ｨｪ04: 93

92 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? 1)070806ｨｨ ｨｰ09ｨ, 06ｨｰｨｪ060907ｨｴｨｨ ｨｺ ｨ ｨ ｨｬ 06ｨｰ08ｨ ｨｬ ｨｨ ｨｴｨｨ ｨｮ04ｨｺｨｨｨｬ ｨｬ0209ｨｰ06ｨｬ ｨｬ ｨｪｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ0802; 2) ｨｨ ｨｰ09ｨ, ｨｨ0008ｨ 06ｨｴｨｨ02 ｨｺ0506 ﾂ0209ｨｮ ｨｹ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ07 05ｨｺ ｨｰｨ, ｨ ｨｰｨ ｨｺ ｨｪ0706ｨｴｨｨ02 00ｨｮｨｪｨｺ02ｨｨ06 ｨｨｨｬ070608ｨｰ0604ｨ ｨｬ02ｨｴ02ｨｪｨｨ ｨｬ02 ｨｰ060006, ｨｰｨ ｨｺｨｨ ｨｪ04 ｨ 0405ｨｨ 09ｨｪ0609ｨｨｨｰｨｹ ｨ 0605ｨｹ0306ｨｦ 09ｨｺ05ｨ ｨ 0409ｨｨｨｰｨｨ ｨｮ00ｨｨ01 06ｨｰ08ｨ ｨｦ; 3)070806ｨｨ ｨｰ09ｨ, 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ07 ｨｺ06ｨｰ ｨｺｨ ｨ 02ｨｰ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｺｨｰ ｨｪｨ 08ｨ 0903ｨｨ0802ｨｪｨｨ ｨｨ ｨｰ09ｨ ｨｨ05ｨｨ 09ｨｪｨｨ0302ｨｪｨｨ02 ｨｨ ｨｺ ｨｨ ｨｰ09ｨ ; 4) ｨｺ ｨｪ ｨｨ ｨｰ09ｨ ｨｺ06ｨｦ 05ｨｺ ｨｰｨｪ06ｨｦ ｨｺ0906ｨｰ06ｨｦ, 09ｨｪ ｨｪｨｨ02 ｨｪ ｨ 0608ｨｮ010609ｨ ｨｪｨｨ07 ｨｪｨ ｨｺ06ｨｰ ｨ ｨｪ06 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨｨｰｨｹ ｨｬ020301ｨｮｨｪｨ ｨｪｨｮ06 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨ ｨｪ0609ｨｰｨｹ ｨｨ ｨｮｨｺ02ｨｨｨｨ; 5) ｨｨ ｨｰ09ｨ, ﾂｨｪｨ 07 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ07 ｨｨ ｨｬ ｨｪｨｨ04ｨ 02ｨｨ07 ｨｺ06ｨｰ ｨｪ0206ｨ ｨｨｨｬｨ ｨ 0409ｨｨｨｰｨｨ ｨｬ ｨｪｨｪ0609ｨｰｨｨ ｨｬ; 6) ｨｨ ｨｰ09ｨ, 09 ｨｺ06ｨｰ ｨ 0605ｨｹ03ｨ 07 ﾂｨ 09ｨｰｨｹ 06ｨ 0608ｨｮ010609ｨ ｨｪｨｨ07 ｨｰ0802ｨ ｨｮ02ｨｰ ｨｪ02ｨｬ ｨｪｨｪ06ｨｦ ｨｬ ｨｪｨｨ04ｨ 02ｨｨｨｨ; 7) ｨｨ ｨｰ09ｨ, 06ｨ 05ｨ 01ｨ 06ｨｴｨｨ02 ｨ 0605ｨｹ03ｨｨｨｬｨｨ 0706ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ04ｨｬｨｨ ｨｬ0603ｨｪ0609ｨｰ07ｨｬｨｨ ｨｬ ｨｪｨｨ04ｨ 02ｨｨｨｨ ｨ 0608ｨｮ010609ｨ ｨｪｨｨ ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ ｨｨｨｰ ｨｪｨ 0609ｨｪ ｨｰｨｨ01 ｨｺ08ｨｨｨｰ0208ｨｨ0209 ｨ ｨｰ06ｨ 08ｨ ｨｪ ｨｨ01ｨ ｨｨ ｨｰ09 ｨｨ 09ｨｮｨ 06ｨｰ08ｨ ｨｦ ｨｨ 05ｨｰ06ｨｬ ｨｨ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ04ｨｦ 06ｨｰｨ ｨｨ07ｨｰｨｨｨｦ ｪ 06ｨ ｨｲ02ｨｺｨｰ ｨｨｨｰｨｨｨｺｨｨ, 06ｨ ﾂｨｨ09ｨ 05ｨ 09ｨｹ ｨｺ06ｨｬ070502ｨｺ09ｨｪ0609ｨｰｨｹ , ｨ 00ｨ 06ｨｴｨ 07 ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ ｨｰ09 ｨｨ ｨｮ (0708ｨｨ ﾂ02ｨｬ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪｨ ｨｨ07ｨｰｨｨ Japan External Trade Organization, 2007; ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ; ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 0606ｨｺｨｨ06,

93 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨｨ ｨｰ09, ｨｪ06 ｨｨ 09 09ｨｬ0203ｨｪ ｨ 01); 0601ｨｪ ｨｬ02ｨｪｨｪ ｨ 0102ｨｦ09ｨｰ090609ｨ ｨｪｨｨ02 08ｨ 0405ｨｨ ﾂｨｪ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ01 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, ｨ ｨｰｨ ｨｺ0302 ｨｪｨ 05ｨ 03ｨｨ09ｨ ｨｪｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ ｨｰ0607ｨｪｨｪ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ00ｨ ｨｬ02ｨｪｨｪ06ｨｦ ｨｺ ｨｺｨｰｨｨ080609ｨｺｨｨ ｨｰｨ ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ. 01ｨ ｨｨｨ ｨｪ ｨｪｨｨ02 ｨｮｨｺｨ 04ｨ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 01ｨ 02ｨｰ ｨｨｨ 05ｨｹｨｪ06ｨｬ ｨｨ0401ｨ ｨｪｨｨｨｨ 00ｨｨｨｪｨｨ09ｨｰ020809ｨｰ09ｨ 09ｨｪ0203ｨｪ02ｨｦ ｨｰ ｨｨ ｨｨ ｨｬ ｨｪｨｪ0609ｨｰｨｨ ｨｪｨｨｨｨ ｨ 07 ｨｺｨｪｨｨ00ｨ ｨｨｨｰｨｨｨｺ02 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｬ ｨｪｨｪ0609ｨｰｨｨ03 ( ) ｨ ｨｪｨｨ ｨｨｨｰ0907 ｨｺ ﾂ02ｨｰ040802ｨｬ 0609ｨｪ0609ｨｪ04ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ: 1) 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ ｨｨ07ｨｰｨｨｨｦ, ｨｰ.02. ｨ 01ｨ 07ｨｰｨ 02ｨｨ07 ｨｪ060906ｨｦ ｨｨ ｨｰ0902ｨｪｨｪ06ｨｦ ｨｰ0201ｨｪｨｨｨｺｨｨ, ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 09 ｨｪ ｨ 0608ｨｮ010609ｨ ｨｪｨｨ02 ｨｨ ｨｨ ｨｰ0902ｨｪｨｪ0402 ｨｬ06ｨｴｨｪ0609ｨｰｨｨ, ｨｺ06ｨｪｨｰ080605ｨｹ 04ｨ ｨｺｨ ﾂ0209ｨｰ0906ｨｬ, 09ｨｪｨｨ0302ｨｪｨｨ02 ｨｨ ｨｺ, 09ｨｪ ｨｪｨｨ02 ｨｪ ｨｬ02ｨｰ ｨｮ0708ｨ ｨｪｨｨ07 ｨｨ ｨｪ09ｨｰ090609ｨ ｨｪｨｨ02 ｨｮ0708ｨ ｨｪ ﾂ0209ｨｺ ｨｺ06ｨｪｨｰ ; 2) 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ ｨｨｨｪｨｨｨｬｨ ｨｰ0205ｨｹ09ｨｺ06ｨｦ , 09ｨｺ0506 ﾂｨ 07 08ｨ 04ｨｬ02ｨｴ02ｨｪｨｨ ｨｬ ｨｪｨｪ ｨｨ07ｨｰｨｨｨｦ, 06ｨ ｨｮ09ｨｰ0806ｨｦ09ｨｰ ｨｬ0205ｨｹｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｺ0609, , 00ｨ 0406ｨｨ ｨｺｨｰ080609ｨｪｨ ｨ 0302ｨｪｨｨ07, ｨｺ06ｨｬｨｬｨｮｨｪｨｨｨｺｨ 02ｨｨ06ｨｪｨｪ06ｨｦ ｨｨ ｨｰ08ｨ ｨｪ ｨｰｨｪ06ｨｦ ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804; 3) 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ07 06ｨｰ08ｨ ｨｦ ｨｬ ｨｪｨｪ0609ｨｰｨｨ, 0604ｨｪｨ ﾂｨ 06ｨｴｨ ｨ ｨｪｨｨ02 ｨｮ ｨｨｨｦ ｨｨ07ｨｰｨｨｨｦ 06ｨｰ08ｨ 0905ｨｨ, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ ｨ ｨｨ09ｨｮ06 ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨ06 ｨｨ05ｨｨ 0904ｨ ｨｨｨｬｨｪ ｨｰ08ｨｮ01ｨｪｨｨ ﾂ0209ｨｰ ｨ ｨｬｨｺｨ 01 ｨｺｨ 08ｨｰ ｨ ｨｪ ｨ 0302ｨｪｨｨｨｦ; 4) 08ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ ｨｬ ｨｪｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｬ ｨｰｨｨ0302ｨｪｨｨ07 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｰｨ ｨｪ01ｨ 08ｨｰ0609 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨ ｨｪ0609ｨｰｨｨ. 95

94 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? ｨｰ ﾂｨｰ06ｨ 04 06ｨ ﾂｨｨｨｰｨｹ 0802ｨ 05ｨｹｨｪ ｨｪ02ｨｪｨｨ ｨｰｨ ｨｪｨｪ ｨ 01ｨ ﾂ, 03ｨｨ0806ｨｺ06 ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ 08ｨ 0405ｨｨ ﾂｨｪ ﾂｨ 00ｨｨ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｺｨｨ ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07. 06ｨ ｨｺ, 0708ｨｨｨｬ02ｨｪ0705ｨ 09ｨｹ 09ｨｨ09ｨｰ02ｨｬｨ 0202ｨｪ ｨｮｨ 09ｨｨ01ｨｨｨｦ, ｨｺ06ｨｰ ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｮ06 06 ﾂ ｨｹ 0708ｨｨｨｬ02ｨｪｨｨｨｰ0205ｨｹｨｪ06 ｨｺ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨｪ04ｨｬ ｨｨ ｨｰ09ｨ ｨｬ. 0306ｨｬｨｨｨｬ ｨｬ ｨｮｨ 09ｨｨ01ｨｨｨｦ ｨｨ04 ｨ ｨｰｨ 0708ｨｨｨｬ02ｨｪ0705ｨｨ09ｨｹ 05ｨｹ0006ｨｰｨｪ0402 ｨｺ080201ｨｨｨｰ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ ﾂ ｨｹ, ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ ｨ 0405ｨｨ ｨｰｨ ｨｺ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 06ｨ 0704ｨ ｨｪ ｨｰｨ ｨｰｨｹ ｨｺ080201ｨｨｨｰ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ04ｨｬ 06ｨｰ08ｨ ｨｬ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪｨｨ0302ｨｪｨｨ07 08ｨｨ09ｨｺ0609 ｨｰｨ ｨｺ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ07 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ ｨｰｨ ｨｨ09ｨｹ 00ｨ 08ｨ ｨｪｨｰｨｨｨｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ, ｨ ｨｰｨ ｨｺ ｨｨｨｪｨｨｨｬｨ 05ｨｨ09ｨｹ 0902ｨｺ ｨｮ ﾂ02ｨｰｨ. 0306ｨｬｨｨｨｬ06 05ｨｰ ｨ ｨｪｨｺ ｨｪｨｨｨｨ ｨｨ ｨｹ040609ｨ ｨｬ0602 ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ ｨｪ09ｨｺｨｨ01 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 (ｨｰ0605ｨｹｨｺ ｨ 04ｨｬ ｨ ｨｦｨｬ ｨｰｨ 09ｨｨ05 06ｨｺ ｨｬ ｨｨ02ｨｪ) ｨｨ 0708ｨ ｨｺｨｰｨｨｨｺｨｮ ｨｮ ｨｪｨｨ07 ｨｺ080201ｨｨｨｰ0609 ﾂ ｨｪｨｨ0302ｨｪｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ. 06ｨｰｨｨ ｨｨ0806ｨｺ ｨｨｨｬ02ｨｪ0706ｨｰ ｨｮｨｴｨｨｨｬｨｨ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ, ｨｰｨ ｨｺｨｨｨｬｨｨ ｨｺｨ ｨｺ , ｨｪｨｨ07, ｨｨ 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨｨ 05ｨｰ06ｨｬ 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 ｨｪｨ 05ｨ 00ｨ 05ｨｨ09ｨｹ ｨｪ0608ｨｬｨ ｨｰｨｨ0904 ｨｨ 05ｨｨｨｬｨｨｨｰ ｨ ｨｲ02ｨｬｨ ｨｬ ｨｨ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ ｨｰｨ ｨｬ0401 ｨｨｨｬ ｨｰ09 (09 ｨｰ06ｨｬ ﾂｨｨ ｨ 0604ｨｪｨ ﾂｨ ﾂ02ｨｪｨｹ ﾂｨｰｨｨｨｰ0205ｨｹｨｪ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ ｨｪ0609ｨｹ 09 ｨｮ090704ｨｺ02 09 ｨｪｨ ｨｬ02 ﾂ02ｨｪｨｪ04ｨｬｨｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨ ｨｬｨｨ) ｨｮ ﾂｨ 02 ｨｪｨ 08ｨｮ0302ｨｪｨｨｨｦ ｨ ｨ ｨｪｨｺｨｨ 05ｨｨ03ｨ 05ｨｨ09ｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｹ ｨｨ ｨｪｨ ｨｪｨｨ01 ｨｮ ｨｨ ｨｮ ﾂｨ ｨｰｨｹ ｨｰｨ ｨｺｨｨ ｨｮ ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ ｨｪ02ｨｺ06ｨｰ060804ｨｬ 09ｨｨ01ｨ ｨｬ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨ ｨｨｨｺｨ 0708ｨｨｨｬ02ｨｪ0702ｨｰ ｨｨ (!), 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 05ｨ ｨｺ06ｨｪ06ｨｬ 06ｨ 06ｨ ｨｴｨｨｨｪｨｪ ｨｨｨｪ

95 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 09ｨｰｨｨ02ｨｨ0701 ｪ 00Community Reinvestment Act03, ｨｺ06ｨｰ060804ｨｦ ｨｬ04 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 05ｨｨ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨｨ07ｨｰｨｨ ｨｮ ﾂｨ 05ｨｨ 08ｨ ｨｪｨｨ ｨｮ09ｨｺｨ ｨｰｨｹ 0902ｨｺ , ｨｺ06ｨｰ ｨｬ060005ｨｨ ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ0907 ｨｨ05ｨｨ ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨ ｨｺ0302 ｨｰｨ ｨｺｨｨ02 ｨ ｨｮｨｬｨ 00ｨｨ ｨｬ060005ｨｨ ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｮ ﾂ02ｨｪｨｨ07 04ｨ ｨｨｨｬ09ｨｰ090609ｨ ｨｪｨｨｨｦ ｨｪｨ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨ ｨｹ0006ｨｰｨｪ0401 ｨｮ ｨｨ ｨｨ07ｨｰｨｨ07ｨｬ, 04ｨ ｨｪ07ｨｰ04ｨｬ 09 05ｨｰｨｨ ｨｨ ｨｰ09ｨ 01, 0708ｨｨｨｬ02ｨｪ ｨ 04ｨｦ ｨｨｨｬ 09 06ｨｰｨｪ060302ｨｪｨｨｨｨ ｨｪｨ ｨ ｨｪｨｨ07, ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ07, 08ｨ ｨｪｨｨ07 09ｨ 0506ｨｰｨｪ ｨｰ09, ｨｨｨｬ070608ｨｰｨｪ0401 ｨｺ0906ｨｰ ｨｨ ｨｰｨ 08ｨｨ ｨｨ ｨｰ ｨｰ ｨｬ07 06ｨ 08ｨ ｨｰｨｪ06ｨｦ 09ｨｰ060806ｨｪ06ｨｦ ｨｰｨ ｨｺｨｨ01 05ｨｹ0006ｨｰ ｨ ｨｹｨｪ ｨｰｨｺ ｨｬ0203ｨ ｨｰ0205ｨｹ09ｨｰ ｨｮ01ｨ 0809ｨｰ09ｨ 09 ｨｨ ｨｨ ｨｰ0902ｨｪｨｪｨｮ06 ｨｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｮ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ ｨｨ07ｨｰｨｨ07, ｨｮ ﾂｨ 06ｨｴｨｨ02 05ｨｰｨｨ 0708ｨｨ09ｨｨ050200ｨｨｨｨ, 09ｨｰｨ ｨｪ0609ｨｨ05ｨｨ09ｨｹ 06ｨ ｨｲ02ｨｺｨｰ06ｨｬ 09ｨｺ08ｨｮ07ｨｮ050204ｨｪ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ00ｨ ｨｨ ｨｺ06ｨｪｨｰ ｨｰ060806ｨｪ04 ｨｺｨｮ08ｨｨ08ｨｮ06ｨｴｨｨ ｨｬ09ｨｰ09. 02ｨｪｨｨ ｨｪ04 ｨ 0405ｨｨ ｨ 08ｨ ｨｰｨｹ ｨｪｨ 0902ｨ 07 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ ｨｰ02 ﾂ02ｨｪｨｨ ｨｪｨｪ ｨｨ0601ｨ 06ｨ ﾂｨｨｨｰｨｹ ｨｰｨｨ0302ｨｪｨｨ02 ｨｪ0608ｨｬｨ ｨｰｨｨ09ｨｪ ｨｺｨ 04ｨ ｨｰ020502ｨｦ 09 06ｨｰｨｪ060302ｨｪｨｨｨｨ 05ｨｨｨ 06 06ｨ ｨｲ02ｨｬ ｨｮ09ｨｺｨ ｨｮｨｺ02ｨｨｨｨ, 05ｨｨｨ 06 09ｨｪｨｨ0302ｨｪｨｨ07 ｨｨ ｨｺ ｨｨ ｨｰ09ｨ, 05ｨｨｨ 06 ｨｮ09ｨｰｨ ｨｪ ｨｪｨｪ ｨｮ080609ｨｪ ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｨ (05ｨｨｨ ｨｬ0209ｨｰ02). 0308ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ ｨｮ ﾂｨ ｨｨ0806ｨｺｨｨ02 ｨｺ06ｨｪｨｰ080605ｨｹｨｪ ｨｪ06ｨｬ06 ﾂｨｨ ｨｰｨｪ060302ｨｪｨｨｨｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨｨ07ｨｰｨｨｨｦ, 09 ｨｰ06ｨｬ ﾂｨｨ090502, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 0708ｨ 0906 ｨｺ06ｨｪｨｰ ｨｪｨ 01 ｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ04ｨｬｨｨ ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ04ｨｬｨｨ ｨ ｨｬｨｬｨ ｨｬｨｨ. 0201ｨｪ ｨｬ02ｨｪｨｪ ｨｮｨｴ0209ｨｰ ｨｰ080600ｨｨｨｦ ｨｺ06ｨｪｨｰ080605ｨｹ 04ｨ 0109ｨｨ0302ｨｪｨｨ02ｨｬ ｨｺｨ 07ｨｨｨｰｨ , 09ｨ 0506ｨｰｨｪ04ｨｬｨｨ ｨ 02ｨｨ07ｨｬｨｨ ｨｨ 09ｨｪ0203ｨｪ02ｨｦ ｨｰ ｨｦ ｨｺ05ｨ ｨｪ09ｨｺ ｨｪ09ｨｰｨｨｨｰｨｮｨｰｨ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｨ 06ｨｪ09ｨｰｨｨｨｰｨｮｨｰｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ﾂ0208ｨｺｨｨ09ｨ ｨｹ, ﾂｨｰ06 00ｨｮ ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 06ｨ ﾂ02ｨｪ ｨｰ0605ｨｹｨｺ ｨｨ ｨｮ ｨｨｨｨ 97

96 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07 ｨｪｨ ｨｪｨ ﾂｨ 05ｨｹｨｪ06ｨｬ 05ｨｰｨ ｨｰｨｺ ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ ｨｰｨｨ09ｨｪ ｨｺ06ｨｪｨｰ ｨｰ09ｨｨｨｨ, 0601ｨｪｨ ｨｺ06, ｨｪ09ｨｺｨｨ ｨｮ0507ｨｰ ｨ 0405ｨｨ 0904ｨｪｨｮ030102ｨｪ ｨｦｨｰｨｨ ｨｪｨ 0909ｨｰ0802 ﾂｨｮ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07ｨｬ ｨｬ020301ｨｮｨｪｨ ｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｺ06ｨｰ ｨｰ0205ｨｨ 09ｨｨ0102ｨｰｨｹ ｨｪ09ｨｺｨｨ ｨｪｨｺｨｨ ｨ ｨｰｨｺ0804ｨｰ04ｨｬｨｨ ｨｨ ｨｬ02ｨｪ ｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｪ04ｨｬｨｨ. ﾁｨｰ06ｨ 04 06ｨ ﾂｨｨｨｰｨｹ ｨｪ0206ｨ ｨｨｨｬ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ02 ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨ 01, ｨｪｨｨ ｨｪｨ ｨｮ ﾂ0209ｨｰｨｹ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ ｨｨ 09 06ｨｰ0902ｨｰ ｨｪｨ ｨｰｨ ｨｬｨｮ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｰｨｮ07ｨ ｨｪｨ ｨｨ ｨｪｨｺｨｨ 05ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｰｨｹ ｨｨ 09ｨｪ0203ｨｪ02ｨｰ ｨ 02ｨｨｨｨ ｨｨ 0804ｨｪｨｺｨｨ ｨｺｨ 07ｨｨｨｰｨ ｨｨ 05ｨｰ06ｨｬ ｨｰｨ ｨｺｨ 07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ ｨｨ05ｨ 09ｨｹ ｨｺ08ｨ ｨｦｨｪ ｨｪｨｪ06 ｨｨ ｨｪ02ｨ 0409ｨｰ ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ 04ｨ ｨｪ0705ｨ ｨｰ, ｨ 09ｨ 0506ｨｰｨｪ ｨ 02ｨｨｨｨ ｨｨ ｨ 02ｨｨｨｨ ｨｨ0302ｨｪｨｨ06 ｨｺｨ 07ｨｨｨｰｨ ｨｨｨ 0208ｨ 05ｨｨ ｨ 05ｨｨ09ｨｹ ｨｰ ｨｪｨｺｨ ｨｬ ｨｪ09ｨｺｨｨ01 05ｨｺ ｨｰ0609, ｨｪｨｨ07 09ｨｬ060005ｨ 06ｨｰ060109ｨｨｨｪｨｮｨｰｨｹ ｨｬ02ｨｪｨｨ 06ｨｰｨｺ0804ｨｰｨｨ ｨｪｨｺ0609 ｨｨ ｨｨ ｨｰ09, ｨｪ ｨｰ ｨｺ 09ｨｪ0203ｨｪ02ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ, ｨｨ ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｨ04ｨ 0203ｨ ｨｰｨｹ ｨｬｨｪ0600ｨｨ01 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｰ09ｨｨｨｦ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｰｨ ｨｪｨｪ ｨｬ ｨｪｨｨｨｨ ｨｨｨｰｨｨｨｺｨ 06ｨｰｨｺ0804ｨｰｨｨ07 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ ｨｪｨ ﾂｨ 05ｨ 09ｨｹ, ｨｺ060001ｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｪｨ ｨｨ05ｨ 09ｨｹ ｨｪｨ ｨｲ02ｨｬ02, ｨｰ ｨｮ ｨｨ ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｦ ｨｬｨ ｨｺ080605ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｬ 0906ｨ ｨ ｨ ｨｴｨｨｨｦ 0708ｨｨｨｪ02ｨｨ07 06 ﾂ ｨｪ0609ｨｰｨｨ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ: 06ｨｰ ｨｰ0609ｨ 08ｨｪ ｨｺ ｨｺ ｨｺｨ ｨｬ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ; ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 0606ｨｺｨｨ06, ｨ ｨｬ

97 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｺｨ 07ｨｨｨｰｨ 0506ｨｬ. 0208ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, 09ｨｪｨ ﾂｨ 05ｨ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ ｨｨ05ｨ 09ｨｹ 09 06ｨ 05ｨ 09ｨｰｨｨ 09ｨｪ0203ｨｪ02ｨｦ ｨｰ ｨｨ, ｨ 04ｨ ｨｰ02ｨｬ ｨ 0506ｨｰｨｪ ｨ 02ｨｨｨｦ ｨｨ 0109ｨｨ0302ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨ ｨｹ ｨｪｨｨ ｨｨｨｪｨｨｨｬｨ 02ｨｰ 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨ 09ｨｪ06 09ｨｰ.VIII 0709ｨｰｨ 09ｨ ｨｪｨｨ07 09ｨｰｨ ｨｪ0609ｨｨｨｰ0907 ﾂ0502ｨｪ06ｨｬ ｨ 05ｨｹ ｨｪ ｨｺ06ｨｪｨｰ080605ｨｹ 0706 ｨｺ06ｨｪ090208ｨｰｨｨ080609ｨ ｨｪｨｨ06 ｨｨ02ｨｪ ｨｹ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 06ｨ ｨｬ02ｨｪｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨ 0506ｨｰ ｨｪｨ ｨｨ02ｨｪｨｮ ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 09 ｨｨ02ｨｪｨ ｨｹ ｨｮ09ｨｰ 0202ｨｺｨ ｨ 08ｨｹ ｨ 05ｨｹ 00ｨ 08ｨｰ 0606ｨｪｨｹ 02ｨｰｨｬ02ｨｪ02ｨｪ ｨｪｨｨｨｦ ｨｺｨｮ07ｨｺｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ04ｨｬｨｨ ｨｰ08ｨ 09ｨｰｨ ｨｬｨｨ ｨｨ 09ｨｰ08ｨ ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ ｨｨ0609ｨｰｨ ｨｪ0609ｨｨ05ｨｨ 06ｨ ｨｬ02ｨｪ ｨ ｨｪｨ ｨｰ06 ( ｨｰ09ｨｨ02 ｨｺ08ｨ 01ｨ 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). 03ｨ 08ｨｨｨｰ02ｨｰ ｨｨ04ｨｬ02ｨｪ02ｨｪ ｨｪｨ 308 ｨｨ02ｨｪ/ ｨｨ 08ｨ 0903ｨｨ0802ｨｪ 01ｨｨｨ 07ｨ 0406ｨｪ ｨｪｨ +/ｨC2,5%. 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪｨ 0706ｨｺｨｮ07ｨｺｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ. 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪｨ 0706ｨｺｨｮ07ｨｺｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ. 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ ｨｬ0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 04ｨ 08ｨｮｨ ｨ 03ｨｪ06 ｨｰｨ ｨｺ0302, ﾂｨｰ ｨ ｨｪ060904ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｪｨｨ07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ: ｨ ｨｬｨｬ04 06ｨｰｨｺ0804ｨｰｨｨ07 06ｨｰ010205ｨｹｨｪ ｨｺｨｰ ｨｨ ｨｬ02ｨｪｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ ｨｪ0203ｨｪ02ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ 09 ｨｮｨｺｨ 04ｨ ｨｪｨｨ02ｨｬ ｨｺ06ｨｪｨｺ0802ｨｰｨｪ ｨｺ0609 ｨｨ ｨｪｨｨ07 ｨ 0405ｨｨ 08ｨ 0408ｨ ｨ 06ｨｰｨ ｨｪ04, ｨ ｨ ｨｪ04 ｨｨ ｨｪ ｨｪｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ01 04ｨ ｨｨｨｪｨｰ ｨ ｨｪｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨ 08ｨ ｨｪ0202 (04ｨ ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｰ 0106 ｨｪｨ ﾂｨ 05ｨ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 09ｨ ｨｬ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ). 06ｨｰ06 01ｨ 09ｨ ｨｬ07 ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｰｨ ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ ｨ ｨｪ ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ ｨｰ0609ｨｨｨｰ0205ｨｹｨｪ0401 ｨｬ ｨｨ07ｨｰｨｨｨｦ. 99

98 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 05ｨｹ 00ｨ ｨｦ 0202ｨｺｨ ｨ 08ｨｹ 08ｨｪ09ｨ 08ｨｹ ｨｪ ｨｨｨｬ ｨ 0601ｨｪ ｨ 09ｨ ｨｪｨｨ07 ｨｺｨｮ0809ｨ 09ｨ 0506ｨｰ04. 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ04 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｬ0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 04ｨ ｨｨ09ｨｺ0506 ﾂ02ｨｪｨｨ02ｨｬ 0707ｨｰｨｨ ｨｺｨ ｨｰ ｨｨｨｦ ｨ ｨｨ04ｨｪ0209ｨ. ﾁｨ 09ｨｰｨｨ ﾂｨｪ06 06ｨ ﾂ02ｨｪ ｨｺ06ｨｪｨｰ080605ｨｹ 04ｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨ ｨｬ02ｨｪｨｪ04ｨｬ ｨ 02ｨｨ07ｨｬ 09 ｨｨ02ｨｪｨ ｨｬｨｨ (ｨｪ ｨｨ0102ｨｪｨｰｨ ｨｬ 08ｨ ｨｪ06 ｨｨｨｬ02ｨｰｨｹ 09 ﾂ02ｨｰｨ 09 ｨｨ02ｨｪｨ 01 04ｨ ｨｨ09ｨｺ0506 ﾂ02ｨｪｨｨ02ｨｬ 09ｨｪｨｮｨｰ08ｨｨ ｨ ｨｪｨｨ04ｨ 02ｨｨ06ｨｪｨｪ ﾂ02ｨｰ0609) ｨｪ ｨ ｨｹｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨ ｨ 05ｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｪ02ｨｰｨｰ06 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨ ｨ ｨｪｨｺ0609, ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｪｨｪ04ｨｬ ｨ ｨｮｨｬｨ 00ｨ ｨｬ, ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨｰ08ｨ 09ｨｰ0609 ｨｨ 09ｨｰ08ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨ 08ｨｹ 02ｨ ﾂ02ｨｪ04 ｨｮ ｨｨ ｨ ﾂｨｨ 09ｨｪ0203ｨｪｨｨ ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｨ ｨ ｨｪｨｺ ｨ 08ｨｰ 0606ｨｪｨｹ 08ｨｪ09ｨ 08ｨｹ 00ｨ ｨｦ 0606ｨｪｨｹ 02ｨｰｨｬ02ｨｪ02ｨｪ ｨ ｨｹｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07, ｨｺｨ 09ｨ 06ｨｴｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨ ｨ ｨｪｨｺ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ. 04ｨ ｨｪ ｨｨ06ｨ 0802ｨｰ02ｨｪｨｨ02 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨｺ02ｨｨｨｦ ｨｨ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ ｨｨ0102ｨｪｨｰｨ ｨｬｨｨ, 0708ｨｨｨｪｨ ｨ ｨｴｨｨｨｬｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬ. 02ｨｰｨｬ02ｨｪ02ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ02 06ｨｰｨｺ0804ｨｰ0401 ｨｪ02ｨｰｨｰ ｨｨ02ｨｨｨｦ ｨｨ0102ｨｪｨｰ ｨ ｨ 0502ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｺｨｮ07ｨｺｨｨ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ, ｨｪ06ｨｬｨｨｨｪｨｨ080609ｨ ｨｪｨｪ ｨｨ02ｨｪｨ 01 (04ｨ ｨｨ09ｨｺ0506 ﾂ02ｨｪｨｨ02ｨｬ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ, 0609ｨｰｨ 0903ｨｨｨｦ ｨｺ ｨ 0302ｨｪｨｨ07 ｨｺ06ｨｰ ｨ ｨｪ ｨ ) ｨｪ ｨｨ0102ｨｪｨｰ ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ ｨｺｨｨ ｨｪ ｨｨ0102ｨｪｨｰ ｨ ﾂｨ ｨｮ09ｨｺｨ 06ｨ ﾂ02ｨｪｨｪ ｨ 05ｨｨ00ｨ 02ｨｨｨｦ ｨｪ04 ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｺ080201ｨｨｨｰ04 ｨｨ 06ｨｰｨｬ02ｨｪ02ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ﾂｨｪ ｨｺ080201ｨｨｨｰ

99 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｺｨ ｨ 08ｨｹ 0009ｨｰｨｮ07ｨｨ ｨｨ05ｨｮ ｨｪ060904ｨｦ 04ｨ ｨｺ06ｨｪ 06 09ｨ 0506ｨｰｨｪ06ｨｬ ｨｺ06ｨｪｨｰ ｨｨ ｨｺ06ｨｪｨｰ ｨｪｨ 01 09ｨｪ0203ｨｪ02ｨｰ ｨｬｨｨ ｨ 02ｨｨ07ｨｬｨｨ ｨｹ 0606ｨｪｨｹ 02ｨｰｨｬ02ｨｪ02ｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨｨｦ ｨｪｨｨ ｨ 0801ｨｪ ｨ 0506ｨｰｨｪ ｨ 02ｨｨｨｦ. 02ｨｰｨｬ02ｨｪ02ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ02 ｨｺ06ｨｪ090208ｨｰｨ 02ｨｨｨｨ ｨｰ09, ｨｪ06ｨｬｨｨｨｪｨｨ080609ｨ ｨｪｨｪ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨ 0506ｨｰｨ ｨｨ02ｨｪ04. 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪｨ ｨ ﾂｨ ｨｨ0102ｨｪｨｰｨ ｨｬ ｨｺ080201ｨｨｨｰ ｨｨ02ｨｪｨ 01 ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨ ｨｺｨｰ07ｨ 08ｨｹ 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ04 09ｨｰｨ 09ｨｺｨｨ ｨｪｨ ﾂｨｪ ｨｨｨｰ ｨｺｨ ｨ 08ｨｹ ｨ ｨｪ ｨｪ09ｨｺｨｨｨｦ ｨｪ04ｨｦ 0804ｨｪ06ｨｺ ｨｪｨｹ ｨｪ0609ｨｰｨｹ06 05ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ04 09ｨｰｨ 09ｨｺｨｨ ｨｪｨ ﾂｨｪ ｨｨｨｰ ｨｺｨｰ07ｨ 08ｨｹ 09ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ04 09ｨｰｨ 09ｨｺｨｨ ｨｪｨ ｨｨｨｰ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 (04ｨ ｨｨ09ｨｺ0506 ﾂ02ｨｪｨｨ02ｨｬ ｨｰ02ｨｺｨｮｨｴｨｨ01 09 ﾂ02ｨｰ0609) ｨｪｨｹ ｨｮ09ｨｰ 05ｨｪ07ｨｰ04 ｨｺ0605ｨｨ ﾂ0209ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 ｨｪｨ ｨ ｨｪｨｨ02 ｨｪ ｨｨ05ｨｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ. 02ｨｰｨｬ02ｨｪ02ｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 ｨｪｨ 06ｨ ｨｰ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ, ｨｪ06ｨｬｨｨｨｪｨｨ080609ｨ ｨｪｨｪ ｨｨ02ｨｪｨ 01, ｨｮ09ｨｺｨ 02ｨｬ0401 ｨｪ ｨｨ0102ｨｪｨｰｨ ｨｬｨｨ ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨ ｨ 08ｨｹ 02ｨ ｨｲ ｨｪｨ ｨｬｨ 0804ｨｪｨｺｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ (Big- Bang) ｨｺｨ ｨ 08ｨｹ 05ｨｪ07ｨｰ 04ｨ ｨｰ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｹ 0502ｨｪｨｰ07ｨ 08ｨｹ 0009ｨｰｨｮ07ｨｨ ｨｨ05ｨｮ ｨｬ06ｨｰ0802ｨｪｨｪ04ｨｦ 04ｨ ｨｺ06ｨｪ 06 09ｨ 0506ｨｰ02 ｨｨ 09ｨｪ0203ｨｪ02ｨｦ ｨｰ ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ06 ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ ｨ ｨｪｨ 0902ｨｺｨｹ0608ｨｨｨｰｨｨ04ｨ 02ｨｨ07 ｨｺ080201ｨｨｨｰ

100 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? ｨｺｨ ｨ 08ｨｹ ｨｪ0609ｨｰｨｹ06 05ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪ 0804ｨｪ06ｨｺ ｨｨ09ｨ ｨｰｨｨ ｨｪｨ ｨ ｨｺ02ｨｨｨｨ. 04ｨ ｨｪｨ ｨ 03ｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0401 ｨｰ08ｨ 09ｨｰ0609 ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ. 04ｨ 0903ｨｨ0802ｨｪ ｨｪｨｨ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 0003 (00securities03) ｨｹ ﾁｨ 09ｨｰｨｨ ﾂｨｪ06 08ｨ ｨｪｨ ｨ 03ｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨｮｨｺｨｰ ｨｰ08ｨ ｨ ｨｪｨｨ07 ｨｪｨ 09ｨｪ02ｨ ｨｨ ｨｪｨｺｨ ｨｰ06 ﾂｨｪｨｨｨｺ: Bank of Japan, Dec ｨｺ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ04 ｨ 04ｨｰｨｹ ｨ 0102ｨｺ09ｨ ｨｰｨｪ04 04ｨ 01ｨ ﾂｨ ｨｬ, 09ｨｰ0607ｨｴｨｨｨｬ ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ. 0808ｨ ｨｦｨｪ02 09ｨ 03ｨｪ06, ﾂｨｰ06ｨ ｨｪｨｨ02 ｨｰ02ｨｺｨｮｨｴｨｨ01 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208 ｨｪ02 04ｨ ｨｪｨｨ ﾂｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ07 ｨｰ060006, ｨｺｨ ｨｺ06ｨｦ ｨｪｨ ｨ 04ｨｰｨｹ ｨｨ ｨ ｨｨ04 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪｨ ﾂ02, ｨｺｨ ｨｺ ｨｨ , ｨｬ0603ｨｪ ｨｮ09ｨｰｨｨｨｰｨｹ0907 ｨｺ 08ｨ ｨ ｨｬ 06ｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｪ ｨｬ0603ｨｪ0609ｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｪｨ 01 ｨｪｨ ｨｪ0200ｨｰｨｹ, 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ 01ｨ 05ｨｹｨｪ02ｨｦ ｨ ｨｪ02ｨｪｨｨ07 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ04 ｨｨ 0706ｨｨ09ｨｺｨ ｨｪ02ｨｺ06ｨｰ ﾂｨｨ0905ｨ 05ｨｨ03ｨｹ ｨｺ ｨｺｨｰｨｨ09ｨｪ0401 ｨｨ ｨ 0409ｨｰ080606ｨｺｨｮ07ｨ 02ｨｬ ｨｺｨｰ0609, ｨｺ06ｨｰ ｨｨ ｨ ｨｮ01ｨｮｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｬ ｨｪｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ ｨｰ06ｨｬｨｮ ｨｪ04ｨｪ0203ｨｪｨｨ02 ｨｮ09ｨｨ05ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨｪ06-102

101 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｺ 0005ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 04ｨｪｨ ｨｪｨｨｨｦ03 (05ｨｺ0605ｨｺ ｨｨ 0108.) 09ｨｪｨｮ03ｨ 06ｨｰ 0607ｨｰｨｨｨｬｨｨ04ｨｬ, ﾂｨｰ ｨｨ 0708ｨ 09ｨｨ05ｨｹｨｪ06ｨｬ ｨｨ ｨｪｨｪ06ｨｬ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪｨ ｨｬ ｨｪｨｪｨ ｨｨｨｰｨｨｨｺｨ 09ｨｬ060302ｨｰ ｨｨ0008ｨ ｨｰｨｹ 0802ｨ 05ｨｹｨｪｨｮ06 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｮ ｨｹ 0708ｨｨ ｨ ｨ 06ｨｰｨｺ02 09ｨ 03ｨｪ02ｨｦ03ｨｨ01 ｨｪｨ 0708ｨ ｨｪｨｨｨｦ ﾂｨｪ ｨ 0409ｨｨｨｰｨｨ07 09ｨｰ08ｨ ｨｪ 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 0409ｨｨｨｰｨｨ ｨ 04ｨｰｨｨｨｦ ｨｰｨｨ ｨｴ ｨｨｨｪ 09ｨ 03ｨｪ04ｨｦ ｪ ｨｺｨ ｨｺ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪ02ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ ｨｮ0809ｨ ｨｬｨｨ 09 ｨｮ ｨｨ ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ ｨｨ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0109ｨｨ0302ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ ? ｨｮ ｨｨ0701, ｨｺ060001ｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪｨ 07 09ｨ 0506ｨｰｨ ｨｬ060302ｨｰ ｨ 0601ｨｪ06 ｨｺ06ｨｪ090208ｨｰｨｨ080609ｨ ｨｰｨｹ0907 ｨｨ ｨｨｨｰｨｹ ｨｮ00ｨｨ02 09ｨｰ08ｨ ｨｪ04, ｨ 0502ｨｬｨ ｨ ｨｪｨｨ07 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｪｨ ｨｮ080609ｨｪ02, ｨ 0102ｨｺ09ｨ ｨｰｨｪ06ｨｬ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 02ｨｨｨｦ, 09ｨｰｨ ｨｪ0609ｨｨｨｰ0907 ｨｺ08ｨ ｨｦｨｪ02 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ06ｨｦ ｨｨｨｦ09ｨｺｨｨ02 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｰｨ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 09 ｨｺ06ｨｪ ｨCｨｪｨ ﾂｨ ｨ 05ｨｨ09ｨｹ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ02ｨｬ ｨｰ0609ｨ 0506ｨｰｨｪ , ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02ｨｬ 06ｨｰｨｰ06ｨｺｨ ｨｺｨ 07ｨｨｨｰｨ , ﾂｨｰ ｨ ｨ ｨｪ02ｨｪｨｨ02 08ｨｮｨ 0507 ｨｨ 09 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ 103

102 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? ｨｨｨｰ ｨ ｨｮ ｨｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ (08ｨｨ ) ｨｰ0608ｨｬ060302ｨｪｨｨ ｨ ｨｰ06ｨｺｨ 08ｨｮｨ 0502ｨｦ ｨｪｨ 09ｨ 0506ｨｰｨｪ04ｨｦ 0804ｨｪ06ｨｺ 09ｨ ｨｪｨｺ ｨｨｨｨ 0802ｨｺ06ｨｬ02ｨｪ010609ｨ 05 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ 0804ｨｪｨｺｨ ｨ ｨｪ07ｨｰｨｹ ｨｪｨｪ ｨ 04ｨｬ ｨｨ01 09ｨ 0506ｨｰｨｪ ｨｰ09 ｨｪ02ｨｨ04ｨｬ02ｨｪｨｪ04ｨｬｨｨ, ｨｪ02 ｨｮｨｬ02ｨｪｨｹ03ｨ 07 ｨｨ01, ｨｨ 06ｨ 02ｨｴｨ 05 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ 0906ｨ ｨｪｨｨ02 ｨｰｨ ｨｺｨｨ ｨｺ06ｨｬ02ｨｪ01ｨ 02ｨｨｨｦ 0708ｨｨ 0708ｨｨｨｪ07ｨｰｨｨｨｨ ｨｨｨｬ ｨｪｨｨｨｦ ｨｮ ﾂｨ 02 06ｨ 08ｨ ｨｴ02ｨｪｨｨ07 ｨ ｨ ｨｪｨｺ ｨ ｨ ｨ ｨｬｨｨ ｨｺ080201ｨｨｨｰｨ ｨｬｨｨ. 04ｨ ｨｪ0202 ｨｨｨｬ ｨｰ ｨ ｨｰｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｨ01 (0706 ｨｺ08ｨ ｨｦｨｪ02ｨｦ ｨｬ ｨｦ 06ｨ ｨｴ02ｨｦ 00ｨｨ ｨｨｨｨ) , ｨｺ060001ｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨｨｦ09ｨｺｨｨｨｦ 0804ｨｪ06ｨｺ ｨ 0405 ｨｺ08ｨ ｨｦｨｪ02 ｨｰｨｮ ｨｨ ｨｪ02ｨｰｨｨ04ｨ 02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 ｨｮ ｨｨ ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ 0609ｨｰ06 ﾂｨｪｨｨｨｺ:

103 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨ ｨｮ0502ｨｪｨｰ02ｨｪ ｨｨ ｨｪ ｨｪ ｨｨ 0102ｨｦ09ｨｰ09ｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609 ｨｬ060005ｨｨ 06ｨｺｨ 04ｨ ｨｰｨｹ 02ｨｴ02 ｨ 0605ｨｹ03ｨｨｨｦ ｨｪ0200ｨ ｨｰｨｨ09ｨｪ04ｨｦ ｨｺｨｰ ｨｪｨ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｬ02ｨｪｨｰ (0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 ｨｺｨｮ ｨｮｨ 0507 ｨｨ ｨ 0204 ｨｰ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 06ｨ ｨｪｨｨ050907). 00 ｨｰ06ｨｰ ｨｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ07 01ｨ ｨｪｨｨ07 ｨｪｨ ｨｺｨｮ ｨ 0506ｨｰ04 ｨｨ ｨｰ0908ｨ ｨｴ02ｨｪｨｨ ｨｰｨｰ06ｨｺｨ ｨ 0405ｨ ｨｪｨ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬｨ 07 00ｨｪｨｮ050209ｨ 07 09ｨ 0506ｨｰｨｪｨ ｨｨ02ｨｨ ｨｺ06ｨｪ ｨｨ06ｨｪｨｪ04ｨｬ ｨ 02ｨｨ07ｨｬ ｨｰｨ ｨｬ0208ｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨ ﾂｨｨ09ｨ 05ｨ ｨｪ02ｨｰ08ｨ ｨｪ04ｨ ｨｺ02ｨｨ06ｨｪｨｪ04ｨｦ (06ｨｰ05ｨｨ ﾂｨｪ04ｨｦ 06ｨｰ 06ｨ ﾂ02ｨｪｨｨ07 09ｨｪ0203ｨｪ02ｨｰ ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｺ05ｨｨ02ｨｪｨｰ0609, ｨ ｨ 06ｨｦｨｪ06ｨｦ 08ｨ ｨ 06ｨｰ04 06ｨ ｨｬ02ｨｪｨｪ ｨｮｨｪｨｺｨｰ0609 ｨｨ ｨ 02ｨｨｨｦ 09 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨｨｬｨｨ ｨｺｨ 08ｨｰｨ ｨｬｨｨ) ｨ ｨ ｨｪｨｺ0609 ｨｪｨ 09ｨ 0506ｨｰｨｮ. 08ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪｨ ｨｺ06ｨｪ ｨ 02ｨｨ06ｨｪｨｪ ｨｪ07 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 09ｨ 0506ｨｰｨｪ ｨｪｨｺｨ ｨｪ02 ｨｬ060005ｨｨ ｨｨｨｬ02ｨｰｨｹ ｨ 0605ｨｹ ｨ 0506ｨｰ04, ﾂ02ｨｬ 09 ｨｪｨ ﾂｨ ｨｪ07 (020905ｨｨ 0802 ﾂｨｹ 0305ｨ 06 09ｨ 0506ｨｰ02, ｨｺ06ｨｰ0608ｨ 07 ｨｪ02 ｨ 0405ｨ ｨ ｨｪｨ 09 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ02ｨｬ 09ｨｪ0203ｨｪ02ｨｰ ｨｺ06ｨｪｨｰ08ｨ ｨｺｨｰ0609, ｨ ｨ 0405ｨ 0708ｨｨ06ｨ 0802ｨｰ02ｨｪｨ ﾂｨｨ09ｨｰ06 ｨｺｨ ｨｺ 09ｨｰ08ｨ ｨｦ ｨ ｨｺｨｰｨｨ09 ｨｨ05ｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｦ). 0308ｨｨ ｨｦ ｨｰｨｺ0609ｨｰｨｨ 05ｨｰ06ｨｦ ｨｬ ｨｪｨ ｨｨ05ｨ ｨｮ ｨ ｨｰｨｹ 0804ｨｪ06ｨｺ 06ｨｰ 01ｨ 05ｨｹｨｪ02ｨｦ ｨ 0102ｨｪｨｨ07, ｨ 04ｨ ｨｰ02ｨｬ, ｨｺ060001ｨ 09ｨｨｨｰｨｮｨ 02ｨｨ07 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ080609ｨ 05ｨ 09ｨｹ, 05ｨｰｨ ｨｬ0208ｨ ｨ 0405ｨ 06ｨｰｨｬ02ｨｪ02ｨｪｨ. 00 ｨ ｨｨ0806ｨｺ06ｨｬ 0705ｨ ｨｪ02 ｪ ｨｬｨｪ0600ｨｨ01 09ｨｰ08ｨ ｨｪ ｨｪｨｨｨｺｨ 02ｨｰ ｨｮ05ｨｨ080609ｨ ｨｪｨｨｨｨ 00ｨｨｨｪｨ ｨｪ ｨｰ06ｨｺ0609, 0708ｨｨ- ﾂ02ｨｬ ｨｺｨ ｨｺ 09 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｬ, ｨｰｨ ｨｺ ｨｨ 09ｨｪｨｮｨｰ08ｨｨ05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ ｨ ｨｺｨｰｨ ｨｰ06ｨｦ ｨｨ ｨｪｨ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｬ ｨｮ080609ｨｪ02, 0209ｨｰ0209ｨｰ0902ｨｪｨｪ06, 09ｨｰｨ 0907ｨｰ ｨ ｨｪｨｨｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ｨｰ09 ｨｪｨ ｨ ｨｰ0205ｨｹｨｴｨｨｨｺ ｨｰ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨ 0605ｨｹ ｨｨ01ｨ 02ｨｰ ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ02 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨｨｪｨｰ ｨｨ ｨｪｨｨｨｺｨ 02ｨｰ 8 07ｨｺｨ 04ｨ ｨｪｨｨ ｨｰ ｨｪｨｰ07ｨ

104 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 ｰ00ｨｨｨｪｨ ｨｪ ｨｦ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨｬ ｱ03, ｪ ﾂ0208ｨｺｨｨ09ｨ ｨｹ ｨ ｨｰ020502ｨｬ 09ｨ ｨｪｨｺｨ ｨｪｨｨｨｨ ｨｪｨ ｨｺ06ｨｪ ｨｪ02ｨｨｨｨ ｨ 0900ｨｮ09ｨｰ ｨ 0302 ｨｰｨ ｨｺｨｨ ｨｰｨ 09ｨｨｨｰ0205ｨｨ 0000ｨｨｨｪｨ ｨｪ ｨｪ02ｨｦｨｰ08ｨ 05ｨｨｨｰ02ｨｰｨ 03, ｨｺｨ ｨｺ ｨｦ02ｨ 08ｨｨ07, ｨｨ ｨｹ040609ｨ 05ｨｨ 09 ｨｪｨ ﾂｨ 0506ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪｨ ｨ 0608 ｨｬ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨｺ ｨ ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ06ｨｬｨｮ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ06 ｨｨｨｬ02ｨｪｨｪ06 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｺｨｰ ｨ 09ｨｪ02ｨｪｨｨ ｨｪ0203ｨｪｨｨｨｬｨｨ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬ ﾂｨ ｨｴ02 09ｨｰ08ｨ ｨｪ04 ｨｮｨｺｨ ｨ 06ｨｰ ｨｪｨ 08ｨｨ09ｨｺ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬｨ, ｨｰｨｪ0609ｨｰｨｹ ｨｺ06ｨｰ ｨ 09ｨｰｨ 02ｨｰ 09 ｨｮ ｨｨ ｨｨｨｪｨ ｨｪ ｨｰ08ｨｮ01ｨｪ0609ｨｰ02ｨｦ ｨｨ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ 09ｨｨ05ｨ ｨｨ ｨｰ0802ｨ ｨｮ06ｨｰ ｨｪ02ｨｺｨｨ01 04ｨ ｨｪｨｨｨｦ 06 ｨｪ ｨｮ09ｨｰｨｨｨｬ0609ｨｰｨｨ ｨｰｨ ｨｺｨｨ , ｨｰ06 ｨｪｨ ｨ ｨｨｨｺ05ｨ 01ｨｪ06ｨｬ ｨｮ080609ｨｪ ｨｪｨｺｨｨ ｨｪ02 09ｨｰ0605ｨｹ 0601ｨｪ0604ｨｪｨ ﾂｨｪ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｬ ｨｮ05ｨｨ080609ｨ ｨｪｨｨｨｨ, ｨｬｨｨｨｪｨｨ09ｨｰ08 00ｨｨｨｪｨ ｨｪ ｨ ｨｦｨｰｨｪ ｨ 0709ｨｨ05, ﾂｨｰ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ02 ｪ 05ｨｰ06 09ｨｮ ｨｪｨｪｨ ｨ ｨｰｨｨ09ｨ : ｨｪ02 ｨｪｨ ｨｬ020802ｨｪ04 ｨｮ09ｨｰｨｮ07ｨ ｨｰｨｹ ｨｺ06ｨｬｨｮ-05ｨｨｨ 06 06ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ0609ｨｰｨｹ 04ｨ ｨｪｨｨ02 ｨ ｨ 05ｨ ｨｪ09ｨ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ, ｨｺ06ｨｰ060804ｨｦ ｨｪ0206ｨ ｨｨｨｬ ｨｪｨ 03ｨｨ ｨｪｨｺ ｨ 0708ｨｨｨｪ07ｨｰ04ｨｬｨｨ 0102ｨｺ05ｨ 08ｨ 02ｨｨ07ｨｬｨｨ ｨ 0102ｨ ｨｰｨｺｨｨ ｨｨｨｰ09ｨ ｨｮ080002, 09 ｨｺ06ｨｰ ｨｨ050609ｨｹ 06 09ｨ 03ｨｪ0609ｨｰｨｨ ｨ 0608ｨｹｨ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬ06ｨｬ, ｨｨｨｪ02ｨｪｨｪ ｨｰｨ ｨｰ ｨｨｨｪｨｨｨｬｨ 06ｨｰ ｨｬ020804, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 06ｨｴｨｨ02 ｨｰ ｨｨｨｰｨ 02ｨｬ 09 06ｨ 05ｨ 09ｨｰｨｨ ｨｰｨ 0906ｨｺ ｨ 09ｨｰ06ｨｬ06ｨ ｨｨ05ｨｹｨｪ ｨｨｨｪ, ﾂｨｰ06, 06 ﾂ0209ｨｨ01ｨｪ06, ｨｬ060302ｨｰ ｨ ｨｰｨｹ 06ｨｰ0902ｨｰｨｪ ｨ 00ｨｨ ｨｨ 0708ｨｨ090209ｨｰｨｨ ｨｺ ｨｪ060906ｨｬｨｮ 09ｨｨｨｰｨｺｨｮ ｨｰ ｨｺ06ｨｪ0005ｨｨｨｺｨｰ ｨｬ, ｨｺｨ ｨｺ ｨ ｨｨ Shirakawa M. International Policy Response to Financial Crises. Remarks at the Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming. Aug P Financial Times

105 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ﾂ0208ｨｺｨｨ09ｨ ｨｨｨｪ090702ｨｪ, 00ｨｪ0205ｨｹ0407 ｨｨｨｬ02ｨｰｨｹ ｨ 0601ｨｪｨｮ06 ｨｬｨｨ080609ｨｮ06 ｨｰ , ｨｺ060001ｨ 09ｨｨ05ｨｹｨｪ06 04ｨ ｨｮ05ｨｨ080609ｨ ｨｪ04 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪｨｺｨｨ ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ ｨｹ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｬ 09 08ｨ 0409ｨｨｨｰ0401 ｨｨ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨ, ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ09ｨｰ09ｨｺｨｨ ｨｪｨｨｨｦ 09ｨｰｨ ｨｪ060907ｨｰ0907 ｨ ｨｬ04ｨｬｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｨ 02ｨｴ ｨｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0609ｨｪ0609ｨｪ06ｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨ ｨｪｨ 09ｨｪ0203ｨｪ0606 ｨｰ , ｨｰ06 09 ｨｪ ｨｮ ｨｨ ｨ 09ｨｪ04ｨｬｨｨ 09ｨｰｨ ｨｪ060907ｨｰ ｨｨｨｪｨ ｨｪ ｨｰ06ｨｺｨｨ ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪｨ ｨ. 06ｨｬ02ｨｪｨｪ ｨｰ06ｨｬｨｮ 09ｨｰ0605ｨｹ ｨ 0605ｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｮ ｨｰ ｨ ﾂ02ｨｪｨｨ06 ｨ ｨｰ09ｨｰ0902ｨｪｨｪ ｨｨ0302ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ , ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｨｨｪ09ｨｰｨｨｨｰｨｮ02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ ﾂ02ｨｪｨｨ07 05ｨｰｨｨ (0708ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ07 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01). 0906ｨｰ ｨｬ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ ｨｨ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｪ02ｨｨ ｨｪ04 06ｨｰ0902 ﾂｨ ｨｰｨｹ ｨｨｨｪｨｰ ｨ ｨｬ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ ｨｴ0209ｨｰ09ｨ, 06ｨｪｨｨ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ ｨｪ04 ｨｨ ｨｨｨｪｨｨ02ｨｨｨｨ080609ｨ ｨｪ04 08ｨ 0409ｨｨｨｰ04ｨｬｨｨ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ ｨｮ09ｨｨ0502ｨｪｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ ｨｮ0106ｨｬ 0609ｨｰｨ ｨｰｨｺ02 (020905ｨｨ 06ｨｰｨ ｨｨｨｰｨｹ ｨｨ ｨｨ ﾂ0209ｨｺｨｨ ｨｰｨ ｨｴｨｨ02 ｨｨ ｨ 0800ｨｮｨｬ02ｨｪｨｰ ｨ 0902ｨｪ09ｨｰ ｨｮ ﾂｨ 02ｨｬ ｨｨｨｬｨｮｨｴ0209ｨｰ09 ｨｨ ｨｰ.07.) ｨｰｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｨ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ04 06 ﾂ0209ｨｨ01ｨｪ06 ｨｪｨ 0708ｨ ｨｪ04 ｨｪｨ 06ｨ ﾂ02ｨｪｨｨ02 09ｨｪ0203ｨｪ02ｨｦ 05ｨｺ0907ｨ ｨｪ09ｨｨｨｨ 09ｨｰ08ｨ ｨｪ0609ｨｪ0609ｨ ｨｰ020502ｨｦ ｨｨ ｨｮ06 06 ﾂ ｨｹ 06ｨｰ0902 ﾂｨ 06ｨｰ ｨｨｨｬ02ｨｪｨｪ06 ｨｨ01 ｨｨｨｪｨｰ ｨ ｨｬ. 0609ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨ ｨｪｨ ｨｹ ｨｨ02ｨｨｨｨ ｨ ｨｨ05ｨｹｨｪ0401, 06ｨｪｨｨ ｨ 0405ｨｨ ｨｨ04ｨｪｨ ﾂｨ 05ｨｹｨｪ06 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ04 09 ｨ ｨｰ09ｨｰ0902ｨｪｨｪ06ｨｬ ｨｪｨｨｨｨ ｨｪｨ 0804ｨｪｨｺｨｨ ｨ ｨ ｨ ｨｰ08ｨ ｨｪ. 06ｨ ｨｺ ｨｪｨ ｨ 02ｨｬ ｨ 09ｨｪ0402 ｨｮ ｨｨ07 ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ03, 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｺ06ｨｰ ｨｰ 08ｨ 0409ｨｨｨｰ ｨｮ01ｨ 0809ｨｰ09ｨ, 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ 06ｨｰ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ ｨ ｨｨ05ｨｹｨｪ ｨｰ08ｨ ｨｪ, ｨｺ06ｨｰ ｨ ｨｬｨ 05ｨｹｨｪ06 08ｨ 09ｨｪ0401 ｨｮ ｨｨ ｨ 05ｨｹｨｪ06 ｨｨｨｬ0206ｨｰ ｨｨｨｬｨｮ- 11 BBC

106 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0209ｨｰ09ｨ ｨｨ ﾂ02ｨｬ ｨｺ060001ｨ 0802 ﾂｨｹ ｨｨ0102ｨｰ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ 04ｨ ｨｺ0804ｨｰｨｨ ｨ 09ｨｰ0902ｨｪｨｪ ｨｪｨｺ0609, ｨｰ06 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ04 ﾂｨ 09ｨｰ ｨｰ ｨｨ01ｨｰｨｨ ｨｪｨ 05ｨｰ06, ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｰ06 ﾂｨｰ06 05ｨｰ ｨｰｨｨ ﾂｨｨｨｰ ｨｨ ｨ ｨｪｨｨ07ｨｬ ｨｰｨ 05ｨｹｨｪ ｨｬｨｨ08ｨ. 06ｨｬ02ｨｪｨｪ ｨｰ06ｨｬｨｮ 05ｨｰｨｨ 09ｨｰ08ｨ ｨｪ ｨｮ06 06 ﾂ ｨｹ 06ｨｺｨ ｨ 06ｨｰ ｨｰ0607ｨｪｨｪ04ｨｦ ｨｨｨｪ00 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｺ05ｨ 08ｨ 02ｨｨｨｨ ｨ 0102ｨ ｨｰｨｺｨｨ ｨｨｨｰ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨｨｨ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬｨｮ, 0708ｨｨ ﾂ02ｨｬ 06ｨｰ010205ｨｹｨｪ06 ｨｮｨｺｨ ｨ 02ｨｰ0907 ｨｪｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬｨ, ｨｨ ｨ 02ｨｪｨｪ06 ｨｬ0208, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 06ｨｴｨｨ01 ｨｬｨｨ ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ , ｨｮ06 06 ﾂ ｨｹ 09 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 05ｨｬｨｨｨｰｨｨ08ｨｮ02ｨｬ ｨｰ09ｨ ｨ ｨｮ01ｨｮｨｰ ｨｨ09ｨｺｨ ｨｰｨｹ ｨｨ ｨｪｨｨ07 09 ｨｪ ｨｮ ｨｨ0701, ｨｨ ｨｨ ｨ ｨｰ020502ｨｦ 06 ﾂ0209ｨｨ01ｨｪ ｨ ｨｰ0205ｨｹｨｪ06, ﾂｨｰ06ｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｰ09 ｨｪ02 ｨ 0405ｨｨ ｨ ｨ ｨｪｨｨ ﾂ02ｨｪ ｨｪｨｺｨｨ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ ｨｰｨ ｨｰ ｨｪ02ｨｬｨ 0504ｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ ｨｰｨ ｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07, ｨｨ 06ｨｪｨｨ ｨｮ ｨｨ0107ｨｰ 08ｨｨ09ｨｺｨｨ ｨｰ06ｨｺ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｪｨ ﾂｨｨｨｪｨ ｨｨｨｰｨｹ ｨ ｨｪｨｨ ﾂｨｨｨｰ0205ｨｹｨｪ0402 ｨｬ ｨｨ0302ｨｪｨｨ06 ｨｺｨ 07ｨｨｨｰｨ ｨｪ07ｨｰｨｪ06, ﾂｨｰ06 09 ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ0701 ｨｬ0603ｨｪ ｨｨ01ｨ ｨｰｨｹ ｨｨ 0708ｨｨｨｰ06ｨｺ ｨｰ09 ｨｪｨ 0006ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨｮ06ｨｴｨｨｨｬ ｨｰ06ｨｬ (0106ｨｰｨｹ ｨｪ02 ｨｨ09ｨｺ0506 ﾂ02ｨｪ06, ﾂｨｰ06 ｨｪ02 06 ﾂ02ｨｪｨｹ ｨｪｨ ) ｨｺ06ｨｰｨｨ ｨｺ, ｨｰｨ ｨｺ 0302 ｨｺｨ ｨｺ ｨｨ 0708ｨｨｨｰ06ｨｺ ｨ ﾂｨｪ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｮ ｨｰ ｨｬ ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ ｨｮ ﾂｨ ｨｰ020502ｨｦ ｨ ｨｪ ｨｬ.: 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, G-20, 00The Global Plan for Recovery and Reform03. 2 April

107 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 09ｨ 03ｨｪ06 ｨ ｨｪｨｪ ｨｪｨｨ09ｨ ｨｰｨｹ 0708ｨｨｨｰ02ｨｺｨ 06ｨｴｨｨ ｨｮ080904, ｨｨ ｨｪ02 ｨｨ ｨｬｨ 05ｨｹｨｪ ｨｨｨｪ02ｨｨ ｨ ｨｮ ｨｨ03 ｨｨ 00 ﾂ02ｨｬ ｨ 0605ｨｹ0302, ｨｰ02ｨｬ 05ｨｮ ﾂ ｨｮ02ｨｰ ﾂ02ｨｰｨｺ ｨｰｨ ｨｰｨｹ 01ｨ 08ｨ ｨｺｨｰ0208 ｨｨ01 ｨｨ ｨｹ040609ｨ ｨｪｨｨ07, ｨｺｨｨ ｨｪｨ ｨｪｨｨ ｨｰ08ｨ ｨｪ02 ｨｨ ｨｨｨｬ ｨ ｨｰ08ｨｨｨ 02ｨｨｨｨ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪｨ ｨｨｨｰ06ｨｺ ｨｨ ｨ 0409ｨ ｨｪｨｨ02 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｮ ｨｰ08ｨ ｨｪ02 ｨｪｨ ｨｰ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ04ｨｬ ｨｺ06ｨｪｨｰ ｨｬ. 01ｨ 0706ｨｬｨｪｨｨｨｬ ｨ ｨｪｨｪ06ｨｬ ｨｺ06ｨｬｨｨｨｰ02ｨｰ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ07ｨｬ , ｨｺ06ｨｰ060804ｨｦ ｨｮ05ｨｨ08ｨｮ02ｨｰ 0708ｨｨｨｰ06ｨｺ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 09 09ｨｰ08ｨ ｨｪｨｮ ｨｰｨ 09 ｨｪｨ ｨｮ 09 ﾂ02ｨｰ0408ｨｹｨｬ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ ｨｬｨｨ 0708ｨｨ ｨ ｨｪｨｨｨｨ ｨｰｨ ｨｺ ｨｨ05ｨｨ ｨｬｨｨｨｪｨｨ09ｨｰ08 06ｨ ｨｪ04, ｨｬｨｨｨｪｨｨ09ｨｰ08 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ ｨ ｨ 09ｨｪ0609ｨｰｨｨ, 0002ｨｪ0208ｨ 05ｨｹｨｪ04ｨｦ ｨｺｨｮ080608, 01ｨｨ0802ｨｺｨｰ0608 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 08ｨ ｨｺｨｨ, ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ 0902ｨｺ0802ｨｰｨ 08ｨｹ ｨｰ ｨｨｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ06 09 ｨｮ ｨｨ0701 ｨｪ ｨｨ09ｨｺ ｨ ｨｪｨｪｨ ｨ 0502ｨｬｨ ｨｨｨｬ0202ｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｨ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨｨｦ 01ｨ 08ｨ ｨｺｨｰ ﾂ0209ｨｨ01ｨｪ06 ｨｰｨ ｨｺ0302 ｨｨ ｨｰ06, ﾂｨｰ ｨｬ ｨｺｨ, 06ｨｺｨ ｨ 02ｨｬｨ 07 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｬｨｨ ｨｮ0507ｨｰ0608ｨ ｨｬｨｨ, ｨｮ06 06 ﾂ ｨｹ 00ｨｨｨｪｨ ｨｪ ｨｬｨｮ 0902ｨｺｨｰ0608ｨｮ, ｨｬ060302ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ 0904ｨｰｨ 05ｨｺｨｨ09ｨ ｨｪｨｨ ｨ 0708ｨｨｨｬ0208, 08ｨｨｨｰｨ ｨｦ 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｮ090205ｨｨ ﾂｨｨ ｨｺ, 0706 ｨｨ09ｨｰ02 ﾂ02ｨｪｨｨｨｨ ｨｺ06ｨｰ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｨｨｪ090209ｨｰ ｨｬ0600ｨｮｨｰ ｨ 09ｨ ｨｰｨｹ ｨ ｨｺ02ｨｨｨｨ ｨｺｨｨｨｰｨ ｨｦ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨｰ ｨｰ09ｨｨｨｨ ｨｰｨ 09 ｨｺ06ｨｬｨｨｨｰ02ｨｰｨ 09ｨｨ0106ｨｨ04ｨｬ02ｨｪ , ｨ ｨｪ0707, 0601ｨｪｨ ｨｺ06, ｨｬ 0009ｨｨ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ

108 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 0502ｨｬ 04ｨ ｨｨ ｨｨ ｨｬ0603ｨｪｨｮ06 ｨｰ08ｨ ｨｪ ｨｬｨ 02ｨｨ ｨｪ0609ｨｰｨｨ 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ ｨｪｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ02 ｨｰ060006, ｨｪｨ ｨｮ06ｨｴ02ｨｬ 05ｨｰｨ ｨ 0409ｨｨｨｰｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ 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 ｨｮ09ｨｰｨｨｨｰｨｹ ｨｰ08ｨ ｨｪ ｨｬｨ 02ｨｨ06 05ｨｰｨｨ01 09ｨｪｨｮｨｰ08ｨｨ05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｨ ｨ 0502ｨｬ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09 09ｨｨ09ｨｰ02ｨｬｨｪ ｨ 0506ｨｰｨｪ ｨ 0502ｨｬ04 ｨｮ0302 ｨｪｨ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｬ ｨｮ080609ｨｪ ｨｪ06ｨｦ ｨｺｨ 08ｨｰｨｨｨｪ02 ｨｨ 0005ｨｮｨ ｨｨｨｪｨｪ ｨ ｨｨｨｬ ｨｨ ｨｴ ｨｦ ﾂｨ ｨｨｨｰｨｹ 0706ｨｺｨ ｨｪ06, ｨｪ ｨ 06ｨｬ 0905ｨｮ ﾂｨ 02 ｨｮｨｺｨ 04ｨ ｨｪｨｪｨ ｨ 0502ｨｬｨ ｨｰ0802ｨ ｨｮ02ｨｰ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ00ｨ. 02 ﾂ0209ｨｨ01ｨｪ ｨｨ 05ｨｰ06ｨｬ ｨｨ ｨｰ06, ﾂｨｰ06 ｨｬ020309ｨｰ08ｨ ｨｪ0609ｨ 07 ｨｺ ｨｨｨｪｨ 02ｨｨ07, ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｰ060806ｨｦ ｨｺ08ｨ ｨｦｨｪ02 09ｨ 03ｨｪｨ ｨｨ ｨ ｨｰ0205ｨｹｨｪｨ ｨｪｨｨ07 ｨｺ06ｨｪ02 ﾂｨｪ ｨｺｨｰｨ ｨｬ0209ｨｰｨｪ0401 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ , ｨ ｨｮ0102ｨｰ ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ ｨｰｨｹ0907 ｨｪｨ ｨｰ ｨｦ09ｨｰ09ｨｨ07, ｨｺ06ｨｰ ｨｨｨｪｨｨｨｬｨ 06ｨｰ ｨｮｨｴｨｨｨｬｨｨ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ ( ｨｮ06 06 ﾂ ｨｹ ｨｰ02ｨｬｨｨ, ﾂｨｹ07 09ｨ 0506ｨｰｨ ｨ 0601ｨｪ06 ｨｺ06ｨｪ090208ｨｰｨｨ08ｨｮ02ｨｬｨ ) ｨｪ0609ｨｰ060806ｨｪｨｪ02ｨｬ ｨｺ ｨｰ060006, ｨｬ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｰｨｮ07ｨ ｨｪｨ 0804ｨｪｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨｮ0905ｨｮ00 01ｨ ｨｬ ｨｪｨｪ06 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪｨ 01 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ ｨｰｨｮ07ｨ ｨｪｨ ｨｨ ｨｪｨｺｨｨ ｨｨ ｨｨ05ｨ ｨｰ060001ｨ, ｨｺ060001ｨ 05ｨｰｨｨ 09ｨｰ08ｨ ｨｪ ｨｰｨｨ0005ｨｨ ｨｺ ｨｨ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨｮ080609ｨｪ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ07. 08ｨ ｨｺ ｨｨ ｨｰｨｪ06, ｨｪｨｨｨｨ 0802ｨ 05ｨｹｨｪｨ 07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ 09ｨｰｨ 05ｨ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｨ03ｨｹ ｨｰ060806ｨｦ ｨｨｨｪ ｨｰ06ｨｬｨｮ ｨｨ0601ｨｮ ｨｪ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ ｨｪｨｨｨｬｨ 05ｨ 09ｨｰ ｨｨ02ｨｨｨｨ ｨｮ ｨｬ ｨｪｨｪ06 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ ｨｬｨｨ08ｨ (0708ｨｨ 05ｨｰ06ｨｬ 01ｨ ｨｰｨ ｨｺ06ｨｦ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｪ09ｨｺ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ02 ｨｪ ｨ 02ｨｰ 5ｨC6%). 03ｨｴ02 ｨｺ ｨｨｨｪ ｨ ｨｪ0705ｨｨ09ｨｹ ｨｪ ｨｺｨｨｨｬｨｨ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ07 ｨｨ ｨｪｨ 0108ｨｮ00ｨｨ ｨｬ02ｨｪｨｰｨ ｨｪ09ｨｺ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｬ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｪｨｨｨｨ ｨｪ ｨ 05ｨ 2% ｨｺ , ｨ 06ｨ ｨｲ02ｨｬ 110

109 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ07 ｨｪｨ ｨｪ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨ ｨｺ02ｨｨｨｦ ｨｰｨ 09ｨｨ05 ｨｺ ｨｺ % ｨｪ ｨｰｨｨ ｨｮ080609ｨｪｨｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｨ, 0601ｨｪｨ ｨｺ ｨｪ09ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ 0706 ｨｨｨｰ0600ｨ ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨ ﾂｨｮ0909ｨｰ090609ｨ 05ｨｨ 0902ｨ ｨｪ02 ｨ 05ｨ ｨｮ ﾂｨｪ06 ｨｨ04-04ｨ 0609ｨｰ ｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ ｨ ｨ 05ｨｹｨｪ0401 ｨｨｨｪｨｪ0609ｨ 02ｨｨ ｨ ｨｪｨｨ01 06ｨｰ08ｨ 04ｨｨ050609ｨｹ 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ0602 ｨｮ01ｨｮ010302ｨｪｨｨ ｨｪｨｨ07 ｨｨ04-04ｨ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 06ｨｰ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺ ｨｬ 0302, ｨｪｨｺｨ ｨｬ , ｨｪ09ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ 09 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｨ04ｨ 0203ｨ 05ｨｨ ｨｬ ｨｦ09ｨｰ09ｨｨ07 ｨｬｨｨ ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ, ｨ 05ｨ ｨ ｨ ｨｪｨｨ- ﾂ02ｨｪｨｪ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｰ06ｨｺ09ｨｨ ﾂｨｪ0401 ｨ ｨｺｨｰｨｨ090609, ｨｬｨ 0502ｨｪｨｹｨｺ06ｨｦ ｨｨ 0902ｨｺｨｹ0608ｨｨｨｰｨｨ04ｨ 02ｨｨｨｨ, ｨ 02ｨｪｨｪ0609ｨｰ07ｨｬ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨ ｨｨ ﾂｨｪ06, ｨｨ ｨｨｨｪ090209ｨｰ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 ﾂｨ 09ｨｰｨｪ ｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨｨｨ ｨ 05ｨ 01ｨ 06ｨｴｨｨ ｨｨ02ｨｨｨｨ 04ｨ ｨｪｨｨｨｬｨ 06ｨｰ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 0804ｨｪｨｺｨ (08ｨｨ09.3.6). 04ｨｨ ﾂｨ 09ｨｰｨｪ ｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨｺｨｰ : 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨ ｨｰ020507ｨｬ (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: Haver Analytics; McKinsey, Jan Ministry of Finance, Japan, December OECD, Economic Survey of Japan, December

110 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? 0306 ｨｬｨｪ02ｨｪｨｨ06 ｨ ｨｪ0005ｨｨｨｦ09ｨｺ ｨｮ08ｨｪｨ 05ｨ 0006ｨｺ06ｨｪ06ｨｬｨｨ09ｨｰ03, ｨｪｨｨ ｨｨ05ｨ ｨｨ09ｨｺｨｮ0909ｨｰ ｨｰｨｺ080409ｨ ｨｰｨｹ0907 ｨｪｨ 0202 ｨｮ ｨｨ ｨｨｨｰｨｨｨｺｨ ｨｪｨ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｨ0504, ｨ ｨｪ02 ｨｪｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ, 04ｨ ｨｴｨｨｨｰｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ ｨ ｨ ｨｪｨｺ ｨｨ05ｨｨ 02ｨｦ ｨｰｨｨ ﾂｨｹ 0601ｨｪ06ｨｦ ｨｨ ｨｪ0609ｨｪ ｨｦ ｪ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｪ0204ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ03 19 ( ｨｪ06 ｨｪｨ ｨｬｨｨ. ｪ ) ｨ ｨｬｨｨ01 09ｨｪｨｮｨｰ08ｨｨ05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 02ｨｪｨｪ0609ｨｰ ｨ 0405ｨｨ ﾂｨｪ ｨｰ08ｨ ｨｪ 0708ｨｨ ｨ 0405ｨｨ ﾂｨｨ0701 ｨｰｨ ｨｺ ｨｪｨｨｨｺｨ 06ｨｰ ｨｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺ06ｨｦ ｨｬ02ｨｪｨｰｨ 02ｨｨｨｨ 00ｨｨｨｪｨ ｨｪ ｨｰ06ｨｺ0609, ｨｺ060001ｨ 05ｨｰｨｨ ｨｮ ｨ ｨｬ04ｨｺｨ 05ｨｨ09ｨｹ 09 ｨｮ04ｨｺｨｨ01 08ｨ ｨｬｨｺｨ 01, ｨ ｨｰ08ｨ ｨｪ09ｨｬｨｨ0909ｨｨ06ｨｪｨｪ04ｨｦ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｰ06ｨｺｨ ｨｰ09 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ02 08ｨ ｨ 06ｨｰｨ ｨｨ ｨｰｨｪ06, ﾂｨｰ06 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪ02 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ 05 ｨｬ0203ｨ ｨ ｨｪｨｺ060909ｨｺｨｨｨｦ 0804ｨｪ06ｨｺ (000205ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07, , ｨｨ07 ｨｨ 0108.) ｨｨ ﾂｨ 09ｨｰ06 ｨｰ0802ｨ 0609ｨ 05ｨｨ09ｨｹ 09ｨｬ0203ｨ ｨｰ0205ｨｹ09ｨｰ0906 ｨｨ ｨｺｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ ｨ ｨｪ ｨｪｨｨ ｨ ｨ 06ｨｰ04. 05ｨ ｨｬｨｨ 00ｨｨｨｪｨ ｨｪ ｨｮ ﾂｨ 09ｨｰ06 ｨｪ ｨｨ05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 ｨｨ ｨｨ ｨｨ05ｨｨ, ｨｰ06 ｨｬ060005ｨｨ ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｮ ﾂｨ ｨｰ020507ｨｬｨｨ ｨｪ ｨｨ ｨｰ0902ｨｪｨｪ0401, ｨ 09 00ｨｨｨｪｨ ｨｪ (ｨｪｨ 0708ｨｨｨｬ0208, ｨｺｨｮ07ｨｺｨｨ 09ｨ 0506ｨｰ04). 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 ｨｪｨ ｨ ｨ ｨｪｨｪｨｨ01 05ｨｰｨ 07ｨ ｨｨｨｦ09ｨｺｨ 07 ｨｨ ｨｰ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09ｨｰｨ 05ｨｺｨｨ09ｨ 05ｨｨ09ｨｹ ｨｬ02ｨｪｨｰｨ 02ｨｨ02ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｰ06ｨｺ0609, ｨｺ06ｨｰ0608ｨ 07 06ｨ ｨｮ ｨｨ09ｨ 05ｨ 09ｨｹ 05ｨｨｨ ｨｮ05ｨｨ- 18 The Economist July 12th. P. 20ｨC ｨ ｨｬ

111 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 08ｨｮ06ｨｴｨｨｨｬｨｨ 0708ｨｨ ﾂｨｨｨｪｨ ｨｬｨｨ (09 ｨｰ06ｨｬ ﾂｨｨ ｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ02ｨｬ ｨ 0204ｨｪｨ 05ｨｨ ﾂｨｪ ｨｨ ｨｪｨ 05ｨｨ ﾂｨｪ ｨｪ0203ｨｪ ｨ ｨｰｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07ｨｬｨｨ ｨｮ ｨｨ ｨｪ06ｨｦ ｨｬ ｨｮ00ｨｮ06 ｪ ｨｺｨ ｨｺ 05ｨｰ06 ｨｨｨｬ ｨｬ0209ｨｰ06, ｨｪｨ 0708ｨｨｨｬ0208, ), 05ｨｨｨ 06 ｨｮ ｨｨ07ｨｬｨｨ ｨｪｨ 0804ｨｪｨｺ ｨｪ0202 ｨｨｨｬ ｨｬ0209ｨｰ ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｨ ｨｰ060806ｨｦ ｨｨｨｪ , ｨｺ060001ｨ 0708ｨｨ ｨｪｨｨ04ｨｺ06ｨｦ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨｨｬ0206ｨｴｨｨ ｨ 0601ｨｪ ｨｪ0203ｨｪ ｨｮ ｨｨ ｨｪ ｨ 05ｨｹｨｪ04ｨｦ 0902ｨｺｨｰ0608, ｨ ｨｪｨ 0804ｨｪ06ｨｺ , 02ｨｴ02 ｨ 0605ｨｹ ｨ 0609ｨｰ ｨ 0502ｨｬｨｮ 0102ｨｪ0203ｨｪ06ｨｦ ｨｰ08ｨ ｨｪ09ｨｬｨｨ0909ｨｨｨｨ ｨｨ ｨｰ06ｨｺｨ 0102ｨｪ0203ｨｪ ｨｮ ｨ ｨｬ06ｨｦ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｬ0603ｨｪ06 ｨ ｨｨ 05ｨｰ06ｨｬ 06ｨｰｨｪ0209ｨｰｨｨ ｨｺｨ ｨｺ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ ｨｪ0203ｨｪ ｨｬ02ｨｪｨｰ04, ｨｰｨ ｨｺ ｨｨ 09ｨｮ ｨ ｨｰ04, ｨ ｨ 08ｨｰ0208, ｨｪ020705ｨ ｨｰ0203ｨｨ, ｨｪ070903ｨｨ ｨ 05ｨｹｨｪ ｨ ｨｰｨｨ ｨｪ0203ｨｪ ｨｮ ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ0701 ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｰｨｹ ｨｮ09ｨｨ05ｨｨ ｨ ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ01 ｨｪ0206ｨ ｨｨｨｬ ｨｨ0302ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｰ06ｨｺ ｨｨ 05ｨｰ06ｨｬ ｨ 0506 ｨ 04 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｺｨ ｨｺ ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ( ｨ ﾂ02ｨｪｨｨ ｨｺ ｨｦ ｨｨ07ｨｰｨｨｨｦ ｨｪｨｪ ｨｦｨｰｨｨｨｪ00ｨ ), ｨｰｨ ｨｺ ｨｨ ｨｨｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｪｨ 0708ｨｨｨｬ0208, ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ, ｨｺ06ｨｰ ｨ ｨｮ01ｨｮｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ 06ｨｰ08ｨ ｨｬｨｮ ｨｨ05ｨｨ ｨｰ020808ｨｨｨｰ0608ｨｨｨ 05ｨｹｨｪ06ｨｬｨｮ ｨｰ06ｨｺｨｮ ｨｰ ｨｬ0603ｨｪ ｨｰｨ ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｮ ｨｮ06ｨｴｨｨｨｬ ｨｬ 06ｨ 0802ｨｬ02ｨｪ02ｨｪｨｨ02ｨｬ03, ｨｴｨｨｨｬ 01ｨ 08ｨ ｨｺｨｰ0208 ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｮ ｨ 0706ｨｬｨｪｨｨｨｬ 09 05ｨｰ06ｨｦ ｨｨ ｨｰ ｨｪ09ｨｺｨｨ ｨｮ0507ｨｰ , ｨｺ06ｨｰ ｨｮ09ｨｰｨ ｨｪ0609ｨｨ05ｨｨ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ ｨ 09ｨｨ 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 (09ｨｺ0506 ﾂｨ ｨｪ09ｨｨ06ｨｪｨｪ ｨｪ0104 ｨｨ 0108ｨｮ00ｨｨ01 ｨｺ08ｨｮ07ｨｪ0401 ｨｨｨｪ090209ｨｰ ), ｨｺ06ｨｰ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｨ090409ｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｰ ｨ 0405ｨｨ ﾂｨｪ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬ ｨｪｨｨｨｦ. 113

112 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? 00ｨ 03ｨｪ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ06ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ ｨｮ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨｨｨ ｨｪｨｰ08ｨ 05ｨｹｨｪ06ｨｬ ｨ ｨ ｨｪｨｺ02 ｨｺ ｨ ｨｰｨｨ09ｨｪ0401 ｨ ｨｮｨｬｨ 00, 0902ｨｺ ｨｦ ｨｨ07ｨｰｨｨｨｦ ｨｨ 0108ｨｮ00ｨｨ01 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 (ｨｺｨ ﾂ0209ｨｰ0906 ｨｺ06ｨｰ ｨｪ ｨｰ0902ｨｰ09ｨｰ090609ｨ ｨｰｨｹ ｨｪ0206ｨ ｨｨｨｬ04ｨｬ ｨｺ08ｨｨｨｰ0208ｨｨ07ｨｬ). 06ｨ ｨｺｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04, , ｨｪ04 06ｨ ﾂｨｨｨｰｨｹ ｨｰｨｮ070502ｨｪｨｨ ｨｰ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ02 06ｨｰ08ｨ 0905ｨｨ, ｨｰ , ｨ ｨｮ01ｨｮｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｰ06ｨｺｨｮ ｨｮ ｨｨ06ｨｪ04 (020905ｨｨ 05ｨｰｨｨ ｨｨ07ｨｰｨｨ07 ｨｪｨ ｨｰ ｨｨ06ｨｪｨ 01) ｨｨ, 09-ｨｰ0802ｨｰｨｹｨｨ01, 01ｨｨ ｨｨ00ｨｨ02ｨｨ08ｨｮ06ｨｰ 09ｨ ｨｬｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨｮｨ ｨｨｨｪｨｮ. 0201ｨｪｨｨｨｬ ｨｨ04 09ｨ 03ｨｪ02ｨｦ03ｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｰｨ ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰ0907 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07. 03ｨｴ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬ04 ｨｪ020601ｨｪ06ｨｺ08ｨ ｨｰｨｪ06 ｨｮｨｺｨ ｨ 05ｨｨ ｨｪｨ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｪ09ｨｰ090609ｨ ｨｪｨｨ07 05ｨｰｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｪｨ ｨｺ ｨｰ0802ｨ 0609ｨ ｨｨｨｬ02ｨｪｨｪ06 ｨｺ08ｨｨ04ｨｨ09, ﾂｨｰ06ｨ ｨｰ0605ｨｺｨｪｨｮｨｰｨｹ ｨｮ0507ｨｰ ｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨ , ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｰ ｨ 0405ｨ 06 ﾂ0209ｨｨ01ｨｪｨ ｨｨ 09 06ｨ 04 ﾂｨｪ0401 ｨｮ ｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨｨｨ ｨｨ 04ｨ 01ｨ ﾂｨ 01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ07 (ｨｺ 05ｨ ｨ ｨｪｨｨ ｨｬｨｨ0909ｨｨｨｨ 0706 ｨ ｨ ｨｪｨｺｨ ｨｬ ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ) ｨｬｨ 08ｨｰ ｨ ｨｪｨｨ04ｨｬ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｮ02ｨｰ ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｰｨｹ ｨｪｨ ｨｪｨｨ02 04ｨ 01ｨ ﾂ, 09ｨｰ0607ｨｴｨｨ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ 09 ｨｮ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｨ 04ｨ 01ｨ ﾂｨ 01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ07 (ｨｺ 05ｨ ｨ ｨｪｨｨ ｨｬｨｨ0909ｨｨｨｨ 0706 ｨ ｨ ｨｪｨｺｨ ｨｬ ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ). 00ｨ 08ｨｰ

113 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 09ｨｨ ｨｰｨｺ06ｨｦ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ ｨｨ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｨ09ｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ ｨ 08ｨ ｨ ｨｪｨｨｨｦ. 00 ｨｪｨ 09ｨｰ0607ｨｴｨｨｨｦ ｨｨ0601, ｨｺ060001ｨ ｨ 05ｨ ｨｨ07ｨｰｨｪｨ 07 ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ08ｨ 06ｨ ﾂｨｨ09ｨ 02ｨｰ ｨｰｨ ｨｰ06 ﾂｨｪｨｮ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｪｨ 0804ｨｪｨｺ02, ｨ ｨ ｨｪｨｺ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨｴ ｨｮ ﾂｨｨｨｰｨｹ ｨｪ0206ｨ ｨｨｨｬ ｨｰ09ｨ ｨｪｨ ｨｬ0203ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｬ 0804ｨｪｨｺ02, ｨｪ02 06ｨ 08ｨ ｨｴｨ 0709ｨｹ ｨｺ ｨｬ0603ｨｪ0609ｨｰ07ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ ｨｬ07, ｨｮ ﾂｨｨｨｰ0409ｨ 07 ｨｨ04ｨｬ02ｨｪ ﾂｨｨ090609ｨｰｨｹ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ0804, ｨ ｨｰｨ ｨｺ ｨｨｨｪｨｨｨｬｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｰ0607ｨｴｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ ｨ 0502ｨｬ ｨｨ ｨｪｨｨｨｺｨ 06ｨｴｨｨ02 09ｨｪ0203ｨｪｨｨ02 08ｨｨ09ｨｺｨｨ, ｨｪ0206ｨ ｨｨｨｬ06 ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｨ0903ｨｨｨｦ ｨ 07ｨ ｨｬ02ｨｪｨｨ ｨｰ05ｨ 01ｨｺｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, ｨｺ06ｨｰ ｨ ﾂｨ ｨｰ ｨ ｨ 06ｨｦｨｪ ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09 ｨｬ02ｨｪ0202 ｨ 05ｨ ｨｨ07ｨｰｨｪ0401 ｨｮ ｨｨ ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07 ｨｨ0008ｨ 06ｨｰ 0708ｨｨ 05ｨｰ06ｨｬ ｨｰ020702ｨｪｨｪｨｮ ｨｹ ｨｰｨ ｨｰ ｨ 08ｨ 04ｨｪ04ｨｬ ｨｮ010205ｨｨｨｰｨｹ ｨ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｮ06ｨｴｨｨｨｬ ｨ ｨｬ ｨ ｨｨｨｬ06 ｨ ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨ ｨｺｨｰｨｨ09ｨｨ04ｨｨ080609ｨ ｨｰｨｹ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｰｨ ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, 08ｨ 0903ｨｨ08ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨ ｨｨ ｨｰｨ ｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｨ 0708ｨｨｨ 05ｨｨ04ｨｨ09 ｨｨ01 ｨｺ 06ｨ ﾂ02ｨｪｨｨ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ0401 ｨｨ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ ｨｰｨ ｨｰ0907, ﾂｨｰ06 04ｨ 01ｨ ﾂｨ ｨｬ ｨｪｨ 09ｨｺ0506 ﾂｨ ｨｰｨｹ ｨ 07: 115

114 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? 1) ｨ ｨｰｨｨ09ｨｪ ｨ ﾂ02ｨｪｨｨ02 ｨｰ02ｨｺｨｮｨｴ02ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ06, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｮ ﾂｨ 02 ﾂ ﾂｨ ｨｦｨｪ (ｨｺ08ｨｨ04ｨｨ09ｨｪ060006) 08ｨ 0409ｨｨｨｰｨｨ ｨ 04ｨｰｨｨｨｦ ｨｪｨ 0804ｨｪｨｺ02; 2) 08ｨ 0903ｨｨ0802ｨｪｨｨ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨｪｨｪ ｨｮ ; 3) 06ｨ ﾂ02ｨｪｨｨ ｨｪｨ 0708ｨ ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｪ04 ｨｨ0008ｨ ｨｰｨｹ 09ｨ 03ｨｪｨｮ ｨｹ ｨｮ05ｨｨ080609ｨ ｨｪｨｨｨｨ ｨｰ02ｨｺｨｮｨｴ ｨｮ080609ｨｪ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04. 06ｨｰ ｨ 02ｨｪｨｪ06 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ ｨｨ060104, ｨｺ060001ｨ 06ｨｰｨｬ02 ﾂｨ 02ｨｰ0907 ｨｪｨ ｨｪｨｨ02 ｨｪｨ 0804ｨｪｨｺ02 (ｨｺｨ ｨｺ 05ｨｰ06 ｨ ｨｬｨ 02-ｨｨ06ｨｪ ), ｨｨ ｨｪ0206ｨ ｨｨｨｬ06 ｨ 0409ｨｰ ｨ 0903ｨｨ08ｨｨｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｰｨｮ07ｨ ｨｺ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｮ0809ｨ ｨｬ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07 ｨｪｨ ｨｪｨｨ07 ｨｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ ｨｪ06ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ. 06ｨｬ02ｨｪｨｪ06 ｨｰｨ ｨｺｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ , ｨｺ060001ｨ ｨｮ0302 ｨｪｨ ｨｮ06ｨｴｨｨｨｦ 0102ｨｪｨｹ ｨ 04ｨｰｨｨｨｦ ｨｪｨｰ07ｨ ｨ ｨｲ02ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｮ ﾂ02ｨｪｨｪ04ｨｦ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ﾂ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨ09ｨｺ06ｨｪｨｰｨｪ ｨｺｨｪｨ 03, ｨ 09ｨｪ02ｨｪｨｨ ｨ 04 ﾂｨｪ04ｨｬｨｨ 01ｨｪ07ｨｬｨｨ ｨ ﾂ02ｨｬ (!) 08ｨ ｨｨｨｪｨｨｨｬｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨ 0605ｨｹ03ｨｮ06 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｹ 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 ｨｨ ｨｪｨｨｨｺｨ 06ｨｴｨｨ ｨｨ 09 05ｨｰｨｨｨｬ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨｨ09ｨｺｨｨ, ｨｪ0206ｨ ｨｨｨｬ ｨｮ09ｨｬ06ｨｰ0802ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ﾂ ﾂｨ ｨｦｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ01 ｨｬ00ｨｪ060902ｨｪｨｪｨｮ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｨ02ｨｬ0502ｨｬ04ｨｬ 0202ｨｪ060904ｨｬ 07ｨ 08ｨ ｨｬ02ｨｰ08ｨ ｨｬ ｨｨ 06ｨ ﾂ02ｨｪｨｪ04ｨｬ ｨｮ08ｨ ｨｬ. 116

115 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ 06ｨ ｨｲ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨ, ｨｨ01 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ02ｨｬｨｮ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｬ02ｨｪｨｹ0302, ﾂ02ｨｬ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ. 0308ｨｨ ﾂ02ｨｬ ｨｬ02ｨｪｨｹ0302 ｨｪ02 ｨｰ0605ｨｹｨｺ06 09 ｨ ｨ ｨｰｨｪ ｨｪｨ ﾂ02ｨｪｨｨ0701 (05ｨｰ06 ｨ ｨ ｨｪ07ｨｰｨｪ06, ｨｮ ﾂｨｨｨｰ0409ｨ 07 08ｨ 0405ｨｨ ﾂｨｨ07 09 ｨｬｨ 0903ｨｰｨ ｨ ｨ 01 09ｨ ｨｬｨｨ01 ｨ ｨ ｨｪｨｺ0609), ｨｪ06 ｨｨ 09 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｰｨ ｨｪｨｨ ｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ (% ｨｺ ) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ , US Fed, BEA. 0308ｨｨ ﾂ02ｨｬ ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ ｨｪ0201ｨｪ0209ｨｪ ｨｪｨ ﾂ02ｨｪｨｨ07 06ｨ ｨｲ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ 0405ｨｨ 09 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｪｨ ﾂ02ｨｪｨｨ0701 ｨｰｨ ｨｺｨｨｨｬｨｨ 0302, ｨｺｨ ｨｺ 04ｨｪｨ ﾂ02ｨｪｨｨ ｨｨｨｦ09ｨｺ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 04ｨ ｨ 0409ｨｰ0806ｨｰ ｨｨｨｪ07ｨｰｨｨ ｨｪｨｨ ﾂｨｹ ｨｪｨ ｨｬ 05ｨｰｨ 0702 ｨｬ060302ｨｰ ｨｨ01ｨｰｨｨ 06 ｨ 0409ｨｰ0806ｨｬ ｨｰｨｮ0702 ｨｺ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｰ060806ｨｪ04 25ｨC30 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨ01 117

116 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 ｨｪｨｺ0609, 0705ｨ ｨｰ ｨ ｨｪ0609ｨｰｨｹ ｨｺ06ｨｰ ｨ ﾂｨｨ09ｨ 02ｨｰ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨｨ ﾂ ｨｺ06ｨｰ ｨ ｨｮ0102ｨｰ 06ｨ ﾂ02ｨｪ ｨｪ0206ｨ ｨｨｨｬ04ｨｦ ｨｮ ｨｪｨｹ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｪｨ ｨｬ0203ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｬ 0804ｨｪｨｺ02, 08ｨ ｨｰ08ｨ ｨｪｨｨ09 04ｨ ｨｰ02ｨｬ 05ｨｰｨｨ ｨｨ ｨｪｨ 0609ｨｰｨ 05ｨｹｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｬ, ｨｪ0206ｨ ｨｨｨｬ ｨｪ09ｨｰ090609ｨ ｨｰｨｹ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｮ ﾂ02ｨｪｨｨ ｨｰ ｨｨｨｬ02 on-line, ｨｮｨｬ02ｨｪｨｹ03ｨ 07 ｨｪ ｨ 0901ｨ ｨｪｨｪ0402 ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ ｨｰｨｨ09ｨｪ0402 ｨｨ ｨｨｨｪ0402 ｨ ｨ 08ｨｹ ｨ 08ｨ 04ｨｪ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ 01ｨ 05ｨｹｨｪ02ｨｦ ｨ 0903ｨｨ0802ｨｪｨｨ ﾂｨｪ07 ｨ ｨｮｨｬｨ 00, 0708ｨｨｨｪｨｨｨｬｨ 02ｨｬ ｨ ｨ ｨｪｨｺ06ｨｬ ｨｨｨｨ ﾂｨｹ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｪｨ ｨｨ01ｨｰｨｨ 06 ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨ 05ｨｨ00ｨ 02ｨｨ0701 ｨｨ 0902ｨｺ ｨｺ08ｨｮ07ｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｺｨｨｨｬｨｨ 0802ｨｦｨｰｨｨｨｪ00ｨ ｨｬｨｨ, ｨｮ ﾂ02ｨｪｨｪ04ｨｬｨｨ 06ｨｰ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｦｨｰｨｨｨｪ ｨ 0002ｨｪｨｰ09ｨｰ09, ｨ ｨｰｨ ｨｺ ｨｨ06ｨｪｨ 05ｨｹｨｪ0401 ｨ ｨｮｨｬｨ ｨｰ06 ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨ ｨ 09ｨｪ06ｨｬ0208ｨｪ06ｨｬｨｮ ｨｬｨｨ080609ｨ ｨｪｨｨ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｨｨｰ06ｨｺｨｮ 09 ｨｪ0205ｨｺ ｨｰｨｪ ｨｰ08ｨ 0905ｨｨ ｨｨ ｨｨ06ｨｪ04-05ｨｬｨｨｨｰ02ｨｪｨｰ04, ｨｬ ｨ 09ｨｰ09ｨｮ07 ｨｰ020808ｨｨｨｰ0608ｨｨｨ 05ｨｹｨｪ06ｨｬｨｮ ｨｨ ｨｬ020306ｨｰ08ｨ ｨｬｨｮ ｨｰ06ｨｺｨｮ ｨｰ ｨｬ02 ｨｰ060006, 05ｨｰ ｨｬ ｨｮ090205ｨｨ ﾂｨｨｨｰ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｪｨｨ ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｮ ﾂ02ｨｰ06ｨｬ 09ｨｰ0607ｨｴｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ 04ｨ 01ｨ ﾂ ｨｺ ｨｨ09ｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ0401 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨｨｦ ｨｪ0206ｨ ｨｨｨｬ ｨｨｨ 05ｨｨ04ｨｨｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｺ ｨｪｨｨ06 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 01ｨ ﾂ, ｨｮ09ｨｬ06ｨｰ ｨｺ0506 ﾂ02ｨｪｨｨ ｨｬｨ ｨ 0801ｨｪ04ｨｦ 0907ｨｨ0906ｨｺ ｨｺ080201ｨｨｨｰｨｪ0401 ｨｰ0802ｨ 0609ｨ ｨｪｨｨｨｦ ｨ ｨ ｨｪｨｺ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ04ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ 08ｨ 0409ｨｨｨｰｨｨ07 (ｨｨ0706ｨｰ02ｨｺｨ, ｨｬｨ 0504ｨｦ ｨ ｨｨ04ｨｪ0209 ｨｨ 0108.). 118

117 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｮ02ｨｰ 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｮ0105ｨｨｨｪ02ｨｪｨｨ ｨｺ ｨｰｨ ｨｪｨｨ ｨｰ ｨｰ060806ｨｪ04 09ｨ ｨｪｨｺｨ ｨｨｨｨ ｨｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨｨｦ ｨｮ ﾂ02ｨｪｨｨ06 ｨｰｨ ｨｺｨｨ ｨｮ ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨ 05ｨ 01ｨ 06ｨｴｨ 07 ﾂｨ 09ｨｰｨｹ ｨｰ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ ｨｨｨｬ ｨｪｨ ｨｦｨｰ03 ｨｨ05ｨｨ 09ｨｪｨｮｨｰ08ｨｨ01ｨｪ0209ｨｪ0401 ｨｺ080201ｨｨｨｰ ｨｨ 05ｨｰ06ｨｬ ｨｬｨ 05ｨｹｨｪ06 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｴｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｮ- ﾂ02ｨｪｨｨ ｨｰ09 ｨｪｨ ｨ ｨｨｨｰ0205ｨｹｨｪ ｨｺｨｨ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ02 ｨｨ ｨｹ04ｨｮ06ｨｰ0907 ｨｨ04-04ｨ ｨｺ06ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨｰｨ ｨｺｨｨ ｨｰ09 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07, ｨ ｨｰｨ ｨｺ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｪ0609ｨｰ02ｨｦ 0708ｨｨ ｨｨ ｨｮ ﾂ02ｨｪｨｨｨｨ. 02ｨ ﾂ02ｨｪｨｨ02 ｨｮ ｨｨｨｦ ｨｬ0502ｨｪｨｨ ｨｨｨｪｨｪ ｨｪ ｨ 09ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｮ ｨｪｨ ｨ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｦ ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｦ 0609ｨｪ060902, ｨｬ ｨ 09ｨｰ09ｨｮ07 ｨｮ0105ｨｨｨｪ02ｨｪｨｨ ｨ 09ｨ 02ｨｬ0401 ｨｺ080201ｨｨｨｰ ｨ 0903ｨｨ0802ｨｪｨｨ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｨｨｪｨｪ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ07 ｨｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨ ｨｪｨｪ ｨｰｨｨｨｬ 08ｨｨ09ｨｺ ｨｮ02ｨｰ ｨｰｨ ｨｺ ｨｮ09ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ 09ｨｺ0506 ﾂ02ｨｪｨｨ ｨｬｨ ｨ 0801ｨｪ04ｨｦ 0907ｨｨ0906ｨｺ ｨｰ0802ｨ 0609ｨ ｨｪｨｨｨｦ ｨ ｨ ｨｪｨｺ ｨｨｨｪｨｪ04ｨｬ03 ｨｺ080201ｨｨｨｰｨ ｨｬ. 0308ｨｨ ｨ 0102ｨｺ09ｨ ｨｰｨｪ06ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｪ0608ｨｬｨ ｨｰｨｨ09ｨｪ06ｨｦ ｨ ｨ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, ｨ 06ｨｴｨｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ ｨｬ ｨｨ ｨｬ02ｨｰ ｨｺ0804ｨｰｨｨ07 ｨｰｨ ｨｺｨｨ ｨｺ (ｨｪｨ 0708ｨｨｨｬ0208, 09 09ｨｨ0102 ｨｪ06ｨｰ, ｨｴｨｨ ｨ ｨｨｨｰｨｹ 06ｨ ｨｴｨｮ06 09ｨｮｨｬｨｬｨｮ ｨｺ080201ｨｨｨｰｨ ｨｪｨ ﾂｨ 09ｨｰｨｨ), 05ｨｰ06 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｮ090205ｨｨ ﾂｨｨｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｺ080201ｨｨｨｰ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｪｨ 0804ｨｪｨｺ02 06ｨｰ010205ｨｹｨｪ ｨｨ ｨｺ080201ｨｨｨｰｨ, 0802ｨ 05ｨｨ04ｨｮ07 ｨｰｨ ｨｺｨｨ02 ｨ ｨｮｨｬｨ 00ｨｨ (ｨｪ06ｨｰ04) ｨｨ 06ｨ ﾂｨｨ09ｨ 07 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｪ0206ｨ ｨｨｨｬｨｮ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ. 119

118 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 ｨｨｨｬ06 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ 0708ｨｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨ ｨｴｨ 07 09ｨｰｨ 09ｨｺｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ 05ｨｹｨｪ ｨｦ09ｨｰ09ｨｮ06ｨｴｨｨｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ, ﾂｨｰ ｨ 00ｨ 02ｨｰ ｨｬ0601ｨｨ00ｨｨｨｺｨ 02ｨｨ ｨ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, ｨｮ06 06 ﾂ ｨｹ 0102ｨｪ0203ｨｪ ｨｪｨｨ ｨｪ0203ｨｪ06ｨｬ ｨｪｨｨｨｨ ｨ ｨｪｨｨ04ｨｬ ｨｪ0203ｨｪ ｨｪｨｨ ｨｮｨｰｨｨ ｨｰ 0906ｨ 06ｨｦ ｨ ｨｨ0806ｨｺｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨｮｨ 0507 (0102ｨｪ0203ｨｪ ｨｪｨｨ07) 0609ｨｮｨｴ0209ｨｰ ｨｰ ｨ 0605ｨｹ0306ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｪｨ 0609ｨｪ ｨｨｨｰ06ｨｺｨ 09ｨ 0506ｨｰｨｪ0401 ( ｨｮ06 06 ﾂ ｨｹ 05ｨｺ ｨｰｨｪ0401) ｨｮ , ﾂｨｰ06 ｨｺ06ｨｪ ｨｨ08ｨｮ02ｨｰ ｨｹ0209ｨｮ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 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 (06 ﾂ02ｨｬ ｨ ｨｪ0202 ｨ ｨｮ0102ｨｰ ｨｨｨｰｨｹ0907 ｨｪｨｨ0302). 07ｨｺｨ 04ｨ ｨｪｨｪ04ｨｦ ｨ ｨｪ ｨｹ0204ｨｪ04ｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ: ｪ , ｨ ｨｪ0702ｨｰ ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 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 06ｨｰ ｨｬｨｨ ｨｦ 05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 ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ0804; ｪ ｨｰ , ｨｺ06ｨｪ ｨｨ08ｨｮ02ｨｰ ｨｹ0209ｨ ｨｨ02ｨｪｨｰｨ 02ｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨ 09ｨｪ04ｨｬ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ ｨｰｨ ｨｨ ｨ 09ｨｰｨ ｨｪ060907ｨｰ ｨｹ ｨｰ08ｨ 0905ｨｨ ｪ ｨｰｨ 09ｨｴｨｨｨｺｨｨ 09ｨ 0506ｨｰ04; ｪ09-ｨｰ0802ｨｰｨｹｨｨ01, ｨｰｨ 06ｨｰ 08ｨ ｨ 06ｨｰｨ ｨｰｨｹ 09ｨｰｨ 09ｨｺｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｴｨｨ ｨｪｨｮ 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｨ ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ 0102ｨｪ0203ｨｪ ｨ 09ｨｰ02ｨｦ ｨｨｨｰｨｹ ｨ ｨｺｨｰｨｨ09ｨｪｨｮ06 00ｨｨｨｪｨ ｨｪ090609ｨｮ06 ｨｨ 0102ｨｪ0203ｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ, 0905ｨｨ0707 ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ ｨｪｨ 01ｨ 08ｨ ｨｺｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ07 ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 120

119 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨ ｨｴ02ｨｪｨｨ07 09ｨｰｨ 09ｨｺｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ 05ｨｹｨｪ ｨｦ09ｨｰ09ｨｮ06ｨｴｨｨｨｦ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ, ｨｬｨｨ08ｨｮ06ｨｴｨｨｨｦ 0202ｨｪ ｨ 08ｨ ｨｬ02ｨｰ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｪ0206ｨ ｨｨｨｬ06 ｨｮ090205ｨｨ ﾂｨｨｨｰｨｹ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰｨ 0708ｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404, ｨｺ06ｨｰ060804ｨｦ ｨ 00ｨ 02ｨｰ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ ｨｮ06 06 ﾂ ｨｹ ｨｪｨ 0609ｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, 09 ｨ 0605ｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ 06ｨｰ08ｨ 03ｨ 06ｨｴｨｨ01 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ ｨｪｨ 0102ｨｪｨｹ00ｨｨ ｨｰ060006, ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｨｨｪ02ｨｨ ｨｰ, , 06ｨ ﾂｨｨｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｮ ｨｮ090704ｨｺ ｨ 01ｨ ﾂｨ ｨｬｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｨ, ｨｰ , 08ｨ 0903ｨｨ0807ｨｰ 0609ｨｪ0609ｨｮ ｨｨｨｪｨｪ ｨｮ (ｨｺｨ ｨｺ 05ｨｰ ｨｨ ｨｨｨｰ 09 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪｨ 01). 0308ｨｨｨｬ02 ﾂｨ ｨｪｨｨ02 06ｨ ｨｺ, ｨｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ ｨ 08ｨ ｨｨ ｨｨ02ｨｪ04 05ｨｨ03ｨｹ ｨｪｨ 5% ｨｬｨｨ08ｨｮ02ｨｰ0907 ｨｪｨ 0609ｨｪ ｨｰ0609ｨ 0506ｨｰｨｪ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪｨ 70ｨC90% ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ ｨｬｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨｰ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ (ｨｰ ｨｨｨｪｨ ｨｪ09ｨｨ08ｨｮ06ｨｰ0907 ｨ ｨｰｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ04). 0308ｨｨ 05ｨｰ06ｨｬ % ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ ｨｲ02ｨｬ ｨｰｨ ｨｰ 0906ｨ 06ｨｦ ｨｨｨｪｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｮｨｰｨｨ 0604ｨｪｨ ﾂｨ 06ｨｴｨｨ ｨｰｨ ｨｪｨｨ ｨｰ060806ｨｪ ｨｨ 09ｨ ｨｪｨｺｨ ｨｪｨｨｨｨ ｨｨｨｪｨｪ ｨｺ080201ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 (06ｨ 05ｨｰｨｨ ｨ 01 ｨｬ04 ｨ ｨｮ0102ｨｬ ｨｨｨｰｨｹ ｨｪ0202. ｪ ). 06ｨ ｨｺ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404 ｨｨ ｨｹ04ｨｮ06ｨｰ0907 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 ﾂｨ 09ｨｰｨｪ ｨｺｨｰ0608ｨ, ﾂｨｰ ｨｰ ｨｪｨ 0708ｨ ｨｰｨｹ ﾂｨ 09ｨｰｨｹ ｨｮ ｨｪｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨ ｨｬｨｬ 09 ｨｮ ﾂｨ 09ｨｰｨｨ02ｨｬ ｨｺ08ｨｮ (ｨ % 0102ｨｪ0203ｨｪ ｨｪｨｨ ｨｪｨｨｨｨ, ｨｪｨ 0708ｨｨｨｬ0208, ｨ 02ｨｰ0907 ｨｪｨ 0609ｨｪ ｨ ﾂｨ 09ｨｰｨｪ ｨｺｨｰ0608ｨ ). 00 ｨｨｨｰ ｨｨ ﾂｨｪｨ 07 ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ07, , 06ｨ ﾂｨｨ09ｨ 02ｨｰ ｨｰｨｮ070502ｨｪｨｨ ｨｰ09 ｨｪｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨ 01ｨ ﾂｨｨ; ｨｰ06-121

120 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? , ｨｬｨｨ08ｨｮ06ｨｰ ｨｪ ｨｨｨｪｨｪ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02; 09-ｨｰ0802ｨｰｨｹｨｨ01, 01ｨ 06ｨｰ ｨｨ00ｨｪｨ ｨｪｨｺｨｮ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ (06ｨ 05ｨｰ06ｨｬ ｨｬ04 ｨ ｨｮ0102ｨｬ ｨｨｨｰｨｹ ｨｪｨｨ0302) ｨｰ06ｨｦ ｨｨ ｨｪ0206ｨ ｨｨｨｬ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ, ｨｮ ｨ 06ｨｴｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｬ 01ｨ 08ｨ ｨｺｨｰ020806ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ ｨｰ ｨｨｨｬ02ｨｪｨｨｨｰ0205ｨｹｨｪ06 ｨｺ ｨｨｨｦ09ｨｺｨｨｨｬ ｨｮ ｨｨ07ｨｬ, ｨｮ ﾂｨｨｨｰ0409ｨ 07 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ ｨｨ ﾂｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨ 0502ｨｬ, 09ｨｰ0607ｨｴｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ 09ｨｰ08ｨ ｨｪ ｨ ｨｺ ｨｰｨ ｨｰ0907, ｨｺ ｨｨｨｪｨ 02ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｮ ｨ ｨｨｨｬ060102ｨｦ09ｨｰ09ｨｨｨｨ ｨｪｨｨ02ｨｬ 04ｨ 01ｨ ﾂ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｮ090205ｨｨ ﾂｨｨｨｰ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ ｨｨｨｬ ｨ 08ｨ ｨ ｨｪｨｨｨｦ ｨｨ ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ 08ｨ 0409ｨｨｨｰｨｨ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｬ ｨｬｨｨ0802, ｨｮｨｺ ｨｨ02ｨｨｨｨ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ. 08ｨ ｨｺ 0706ｨｺｨ 04ｨ 05ｨｨ ｨｮ06ｨｴｨｨ ｨ 04ｨｰｨｨ07, ｨｪｨｪ ｨ 0405ｨｨ ｨｨ ｨｹ040609ｨ ｨｪ ｨｮ0507ｨｰ0608ｨ ｨｬｨｨ. 0308ｨｨ ﾂ02ｨｬ 09ｨｨ09ｨｰ02ｨｬｨｪ ｨｪｨｨ07 06ｨ ｨｮ090704ｨｺ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ ｨｨ 04ｨ 01ｨ ﾂ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｨ ｨｪｨ ｨｦ 0705ｨ ｨｪ ｨｮｨｴｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 ｨｬｨｨ08ｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0609ｨｰ0802ｨｪｨｨ ｨ ｨｰｨｨ05ｨｨ 05ｨｰ06ｨｰ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ 09 09ｨ 03ｨｪ02ｨｦ03ｨｨｨｦ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ ｨｰ0608, ｨｬ00ｨｪ060902ｨｪｨｪ0602 ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｺ0506 ﾂ02ｨｪｨｨ02 ｨｺ06ｨｰ ｨｨ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｮ090706ｨｺ06ｨｨｨｰｨｹ 0804ｨｪｨｺｨｨ. 122

121 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 ｨｨ01 ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｪ02 08ｨ 04 00ｨ 09ｨｨｨｰｨｹ 07ｨ ｨｪｨｨｨｺｨｮ. 00ｨｪ0609ｨｹ ｨｮｨｺｨ 0302ｨｬ, ﾂｨｰ ｨ 04ｨｰｨｨｨｦ ｨｪｨｰ07ｨ ｨｰｨ ｨｪ ｨｪｨｨ ｨｺ06ｨｦ09ｨｰ09ｨｨ07 ｨｪｨ 0804ｨｪｨｺ02 ｨｰ0605ｨｹｨｺ06 ｨｮ0302 ｨｪｨ ｨｮ06ｨｴｨｨｨｦ 0102ｨｪｨｹ 06ｨ ｨｲ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ ｨ 04 (04ｨ ｨｪｨｹ) ｨ 09ｨｪ02ｨｪｨｨ ｨ 04 ﾂｨｪ04ｨｬｨｨ 01ｨｪ07ｨｬｨｨ. 06ｨｰ06 ｨｪｨ ｨｮ 09 ｨｮ ｨｪｨｨ02ｨｬ ｨｮ , ｨｺ06ｨｰ ﾂ ﾂｨ ｨｦｨｪ06ｨｬ ｨｺ02 ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ (ｨｨ 0108ｨｮ00ｨｨｨｬｨｨ ｨｮｨｴｨｨｨｬｨｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ) ｨｺｨｨ ｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｨ09ｨｰ02ｨｬ ｨｨ ｨｨｨｰｨｮｨ 02ｨｨ06 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ080609ｨ ｨｰｨｹ. 0502ｨｦ ﾂｨ 09, ｨｺ060001ｨ ｨｬ ｨｰｨｮ07ｨ 02ｨｬ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｬｨｨ08, 09 ｨｺ06ｨｰ060806ｨｬ 0708ｨｨ 05ｨｰ06ｨｬ 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨ 0605ｨｹ ﾂｨｨ ｨｨ09ｨｺ0609 ｨｨ ｨｪ ｨｪｨｪ ｨ 0502ｨｬ, ｨｺｨ 0301ｨ 07 ｨｨ04 ｨｺ06ｨｰ ｨｬ060302ｨｰ ｨｨ080609ｨ ｨｰｨｹ ｨｪ ｨｺ08ｨｨ04ｨｨ0904, ｨｨ 0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ ｨｰ ｨｨ ｨｨｨｰ 09 ｨｮ ｨｨ ｨ ｨｪ0706ｨｴ02ｨｦ ｨ ｨ 05ｨｹｨｪ06ｨｦ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ, 09ｨ 03ｨｪ06 ﾂ02ｨｰｨｺ ｨｰｨ ｨｰｨｹ, ｨｬ0600ｨｮｨｰ 05ｨｨ ｨｨｨｦ09ｨｺｨ 07 00ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨｨ ｨ ｨ ｨｪｨｺｨｨ 08ｨ 0909 ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｪｨ 09ｨｰ0605ｨｹ 0302 ｨｬ00ｨｪ060902ｨｪｨｪｨｮ06 ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪｨｮ ｨ ｨｺ02ｨｨ ｨｰ060806ｨｪ ｨｨ ｨｪ0203ｨｪ ｨ 09ｨｰ02ｨｦ, ﾂｨｰ06ｨ ｨ 09ｨｨｨｰｨｹ ｨｺ08ｨｨ04ｨｨ ｨｨｨｪｨ ｨｪ ｨｦ , ｨｨ ｨｰｨ ｨｺ060906ｨｦ ｨｨ0406ｨｦ0102ｨｰ? 0308ｨｨｨｬ ｨｰｨ ｨｪｨｨ , ｨ ｨｰｨ ｨｺ0302 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ ｨｺ06ｨｪ02ｨ ｨｰ 06 ｨ 0409ｨｰ0806ｨｦ 0802ｨ ｨｺ02ｨｨｨｨ ｨｮ0507ｨｰ , ｨｪ06 09ｨ 03ｨｪ06, ﾂｨｰ06ｨ 04 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 0804ｨｪｨｺｨ ｨ 0405ｨｨ ｨｮ ｨｪ04, ﾂｨｰ06 ｨｰｨ ｨｺｨｨ02 03ｨ 00ｨｨ ｪ 05ｨｰ06 00ｨ 08ｨ ｨｪｨｰｨｨ080609ｨ ｨｪｨｪｨ ｨ ｨｺ02ｨｨ07 ｨｪｨ ｨｪ ｨｨ09ｨｺｨｨ ｨｨ ｨｪ

122 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 ﾂｨｪ ｨｪｨｨｨｺｨ 06ｨｰ ｨｨ ｨｰｨ 09ｨｺ06ｨｦ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ﾂｨｹ 01ｨ 0302 ｨｪ02 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｨｨｨ 06ｨｪｨ ｨ 02ｨｰ ｨｪ07ｨｰｨｹ ﾂｨｨ09ｨｰ06 00ｨｨ09ｨｺｨ 05ｨｹｨｪ ｨｮｨｪｨｺ02ｨｨｨｨ, ｨｮ07 04ｨ 0804ｨｪｨｺ06ｨｬ, 09ｨｬ0209ｨｰ06 ｨｰ ﾂｨｰ06ｨ ｨｬｨｨ080609ｨ ｨｰｨｹ. (08 ｨ ｨｰ06 ﾂｨｪ04ｨｬ ｨｨｨｪ01ｨｨｨｺｨ ｨｰ060806ｨｬ ｨ ｨｪｨ 0102ｨｪｨｹ00ｨｨ ｨｰ0907, 09ｨｺ , 09ｨｰｨ 09ｨｺｨｨ ｨｺ060806ｨｰｨｺｨｨ ) 04ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 07 05ｨｰ06ｨｰ , ｨ ｨｪｨｨ ﾂｨｨｨｬ ｨｨ03ｨｹ ｨｺ06ｨｪ09ｨｰｨ ｨｰｨ 02ｨｨ02ｨｦ ｨｰ ｨ ｨｺｨｰｨ, ﾂｨｰ06 09ｨｰｨ 09ｨｺｨ 0706ｨｺｨ ｨｪ02 ｨｬ060302ｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ ｨｬ06ｨｴｨｪ04ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ (0106ｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 05ｨｰ06 ｨ ｨ 04 ｨｺ08ｨ ｨｦｨｪ02 09ｨ 03ｨｪ06), 09 06ｨｰ05ｨｨ ﾂｨｨ02, ｨｪｨ 0708ｨｨｨｬ0208, 06ｨｰ , ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09ｨｰｨ 09ｨｺｨ ｨｰ0605ｨｹｨｺ06 09 ｨｪｨ ﾂｨ ｨｪｨｨ03ｨ 05ｨ 09ｨｹ 13 08ｨ 04, ｨｰｨｨ00ｨｪｨｮ09 1%, 09 ｨｨｨｰ ﾂ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, ｨｨ 0006ｨｪ ｨｪｨｺｨｨ ｨ ｨｪ0609ｨｨ05ｨｨ ｨｰ (0106ｨｰ07 ｨｨ04ｨ 04ｨｰ06ｨｺ ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 0706ｨｰ06ｨｬ ｨｨ 09ｨｰｨ ｨｨｨｰ ｨｪ06ｨｦ ｨｨ ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨ ). 09ｨｮ0102ｨｬ ｨｪｨ ｨｰｨｹ0907, ﾂｨｰ06 ｨｺ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨ 09ｨｰｨ 0906ｨｺ 08ｨ ｨｪ06 ｨｨ05ｨｨ ｨｪ ｨｨ0102ｨｰ ｨｨ ｨｨｨｦ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｰ09ｨｨ02 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨｨ ｨｬ0601ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07. 02ｨ 08ｨ ｨｰｨｨｨｬ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ｨｪ02ｨｺ06ｨｰ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｺ06ｨｪ020207ｨｰｨｮｨ 05ｨｹｨｪ ｨ ｨｪｨ ｨｨ ｨｪｨｪ06ｨｬ 0708ｨｨｨｬ ｨｰｨ 09ｨｺｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ ｨｪ0705ｨ 09ｨｹ ｨｪｨ ｨｮ080609ｨｪ02 ｨｪｨｨ0302 ｨｰ02ｨｬ ｨｨｨｪ ｨｨｨｨ, ｨｨ ｨｪｨｺｨ 09 ｨｰ02 ﾂ02ｨｪｨｨ02 ｨｪ02ｨｺ06ｨｰ ｨｬ02ｨｪｨｨ ｨｮ ｨｰｨ ｨｺ06ｨｦ 0202ｨｪ02 ｨ 0405ｨｨ ｨｰｨｮ07ｨｪ ｨｨ ｨｦ ｨｨ ｨｨ ﾂ0209ｨｺ06ｨｦ ｨｪｨ 0708ｨ ｨｪｨｪ0609ｨｰｨｨ 124

123 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨ 09ｨｪ06 ｨｨ ｨｹ04ｨｮ06ｨｰ0907 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｬｨｨ ｨｮ0507ｨｰ0608ｨ ｨｬｨｨ ｨｪｨ ﾂｨ 05ｨ ｨｨ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨｨｨ 0601ｨｪ ｨｨ04 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｪ adjustment credit ｪ ｨｮ09ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 05ｨｨ09ｨｹ 09ｨｰｨ 09ｨｺｨｨ ｨｪｨ ｨｮ080609ｨｪ02 ｨｪｨｨ ｨｪ06 ﾂｨｪ ｨｰ06 01ｨ 09ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ 0804ｨｪｨｺｨ 0708ｨｨ 0906ｨ ｨｪｨｨｨｨ ｨｪｨｪ0401 ｨｮ ｨｨｨｦ ｨｮ ﾂｨ 02 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｮ ﾂｨ ｨｰｨｹ ｨｮ ｨ ｨｪｨｨ04ｨｺ06ｨｦ 0202ｨｪ02, ﾂ02ｨｬ ｨｪｨ 0804ｨｪｨｺ02 (0708ｨｨ ﾂ02ｨｬ ｨｨ ｨｨ ｨｰ06 ｨｺｨ ｨｺ 09 ｨ 05ｨ ｨｮ ﾂｨｪ , ｨｰｨ ｨｺ ｨｨ ｨｨ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ ｨｨｨｪ ｨｨｨｨ) ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｰｨ ｨｺｨｨ ｨｨ05ｨｮ ｨ 0708ｨｨ ﾂｨｨｨｪ ｨｨ04ｨｬ02ｨｪｨｨ050609ｨｹ ｨｰ ｨ ｨｬｨ 07 ｨｬ06ｨｴｨｪｨ 07 ｨ ｨ ｨｪｨｺ060909ｨｺｨ 07 ｨｨ 00ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨｬｨｨ08ｨ ｨｨｨｬ0205ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｹ040609ｨ ｨｰｨｹ ｨｰ0605ｨｹ ｨｹ0204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 ｨｺｨｨ 09 ｨｰ02 ﾂ02ｨｪｨｨ ﾂｨｰｨｨ ｨｰ! 00 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｺ06ｨｪ02ｨ ｨｪ0609ｨｹ ｨｨ , ｨｨ ｨｪｨｨｨｨ 09ｨｰｨ 09ｨｺｨｨ 0609ｨｰｨ 09ｨ 05ｨｨ09ｨｹ ｨｪｨ ｨｪｨｨ04ｨｺｨｨ01 ｨｮ080609ｨｪ ｨｮｨｰｨｨ ｨｰ020702ｨｪｨｪ ｨｪｨｨ0302ｨｪｨｨ07 09ｨｰｨ 0906ｨｺ ｨｨ 09ｨ ｨｪｨｺ ｨｨｨｨ (08ｨｨ ). 0308ｨ ｨｺｨｰｨｨｨｺｨ 0706ｨｺｨ 04ｨ 05ｨ, ﾂｨｰ06 ｨｰｨ ｨｺｨｨ ｨｪ02 ｨｺ06ｨｪｨｺ0802ｨｰｨｪ ｨｨｨｺ05ｨ 01ｨｪ ﾂｨ 00ｨｨ ｨ 02ｨｪｨｪ06 09ｨ 03ｨｪ04 09 ｨｮ ｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ ｨ 05ｨｹｨｪ ｨｮ ｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ08ｨｮ06ｨｴ02ｨｦ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ, ｨ 09ｨｨ05ｨｹｨｪ0402 ｨｬ040905ｨｨ ｨｪｨｨｨｨ ｨｺｨ ﾂ0209ｨｰ09ｨ 08ｨ ｨ 06ｨｰ04, ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨ ｨｪ0609ｨｰｨｨ, ｨｨ ｨｰｨ 09ｨｺｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ ｨｨｨｨ (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: Fed of New York,

124 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ｨｨ0902ｨｨ0705ｨｨｨｪ02 ｨｨ ｨｰ ｨｪ ｨｺ ｨｰｨｹ ｨ 05ｨｹｨｪ04ｨｬｨｨ ｨｬ02ｨｰ0601ｨ ｨｬｨｨ ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ, ｨ ｨｪｨ ｨｨ ﾂｨｪ04ｨｬｨｨ ｨｰ02ｨｬ, ｨｺ06ｨｰ060804ｨｬｨｨ 08ｨ ｨ 00ｨ 06ｨｰ ｨ ｨｨ05ｨｹｨｪ0402 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02 ｨ ｨｮ0102ｨｰ ｨ ｨｰｨｨ09ｨｪ06, ｨ ｨｮ080904, ｨｺ060001ｨ 05ｨｰ06 ｨｰ0802ｨ ｨｮ02ｨｰ0907 (ｨｪｨ 0708ｨｨｨｬ0208, ｨｪｨｨ07 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02), ｨ ｨｮ01ｨｮｨｰ , ｨｰ ｨｹ0204ｨｪ06 08ｨ 0903ｨｨ0807ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ 0904ｨ ｨｨｨｬ060102ｨｦ09ｨｰ09ｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ ｨｪｨ 03ｨｨｨｬ ｨｪｨｺｨ ｨｬ, ｨｨ ｨｪｨｨｨｨ 06ｨ ｨｲ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｪ02ｨｬ 09 40ｨC50 08ｨ ｨ 06ｨｰ ｨｨｨｦ09ｨｺｨｨ ｨｺｨ 04ｨ ｨｰ0205ｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ 01ｨ ｨ 09ｨｺ06ｨｦ ｨｪｨ ｨｬｨ 0903ｨｰｨ ｨ 04 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ01 09ｨｨ09ｨｰ02ｨｬ ｨｨ ｨ ｨｲ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰｨｨ01 09ｨｰ08ｨ ｨｪｨ ｨ 09ｨｪ ｨｨｨｬ0208ｨｪ ｨC5 08ｨ , ﾂ02ｨｬ ｨｨｨｨ. 0204ｨｪｨ ﾂｨ 02ｨｰ 05ｨｨ 05ｨｰ06, ﾂｨｰ06 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ02 ｨｨ ｨｪ09ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ ｨｬ02ｨｪ ｨｺｨｰｨｨ09ｨｪ06 ｨｮ0708ｨ ｨｰ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ06? 05ｨｺ , 08ｨ 0409ｨｨｨｰ0609ｨｰｨｹ 09ｨｨ09ｨｰ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｬ ｨｨ ｨｪ09ｨｺｨｨｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｮ ﾂｨ 09ｨｰ090609ｨ ｨｰｨｹ 09 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 01, ｨ ｨｪ ｨ 0906ｨ 06ｨｦ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｮ ﾂｨ 02 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨ ｨｰｨｨ09ｨｪ ｨｮ ﾂｨ ｨｰｨｹ ｨｰ09ｨ ﾂ ｨｪｨｰ08ｨ 05ｨｹｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ( ｨ 09ｨｺｨｨ 06ｨｰｨｬ02ｨｰｨｨｨｬ, ﾂｨｰ ｨｰｨｪ060302ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ04/ ｨｨｨｨ ｨｰｨ ｨｰ 0708ｨｨｨｬ0208ｨｪ06 30%, ｨｰ060001ｨ ｨｺｨ ｨｺ ｨｨ ｨｪｨｨｨｨ, ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06, 80 ｨｨ 65%) ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｮ02ｨｰ 0608ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｰｨｹ ｨｨ ｨｪｨ ｨｰｨｨ0302ｨｪｨｨ02 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｦ, 06ｨ ﾂ02ｨｪｨｨ02 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ0401 ｨｨ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ ｨｰ ｨｪ0206ｨ ｨｨｨｬ06 08ｨ 0903ｨｨ08ｨｨｨｰｨｹ ﾂ02ｨｪｨｹ 0708ｨｨｨｪｨｨｨｬｨ 02ｨｬ0401 ｨ ｨｮｨｬｨ 00, 09ｨｺ0506 ﾂｨｨ09 09 ｨｪ ｨ ｨｮｨｬｨ 00ｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ01 06ｨｰ08ｨ ｨｦ ｨｨ ｨｰ020808ｨｨｨｰ0608ｨｨｨｦ. 06ｨｰ06 06ｨ ﾂｨｨｨｰ ｨｰｨｮ070502ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, 09 ｨｮ ﾂ02ｨｰ06ｨｬ 06ｨｰ08ｨ ｨｨ ｨｰ020808ｨｨ- 126

125 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｰ0608ｨｨｨ 05ｨｹｨｪ ｨ 01ｨ ﾂ, ｨ ｨｰｨ ｨｺ0302 ｨｮ090205ｨｨ ﾂｨｨｨｰ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ06 ｨｨ 02ｨｬｨｺ0609ｨｰｨｹ 09ｨ ｨｬ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｬ ｨ ｨ ｨｨｨｺ09ｨｨ01ｨｪ04ｨｬ ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｬ. 02 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨｺ0609 ｨｬ04 07ｨｨ09ｨ 05ｨｨ 02ｨｴ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ, ﾂ0208ｨｺｨｨ09ｨ ｨｨ 05ｨｰ06ｨｬ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｺｨ ｨｺ 09ｨ 03ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ, ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｨ 0202 ｨ 0605ｨｹ03ｨｮ ｨｹ ｨ ﾂ02ｨｪｨｨ07 ｨｰ02ｨｺｨｮｨｴ02ｨｦ ｨ 02ｨｨ06ｨｪｨｪ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｨ ﾂ02ｨｬ ｨｪｨ ｨｪｨ ﾂｨ 05ｨｹｨｪ06ｨｬ 05ｨｰｨ 0702 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨｨｦ09ｨｺｨｨ ｨｮ0507ｨｰ ｨ 0405ｨｨ 0904ｨｪｨｮ030102ｨｪ ｨｨｨｪ07ｨｰｨｹ ｨｬ ｨ 0903ｨｨ0802ｨｪｨｨ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｪｨ 0804ｨｪｨｺ02 (09ｨｪｨｨ0302ｨｪｨｨ , ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨ ｨｰｨｪ ｨｰ09ｨ ｨｪｨ 0706ｨｺｨｮ07ｨｺｨｮ ｨ ｨ ｨｺ02ｨｨｨｦ, 09ｨｪｨｨ0302ｨｪｨｨ02 05ｨｺ ｨｰｨｪ ｨｨｨｪ ｨｪｨ ｨｪ0200ｨｰｨｹ ｨｨ 0108.) ｨｰｨ ｨｺ ｨ ｨｲ ｨｪ ｨｬ0603ｨｪ06ｨｬ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ﾂｨ 09ｨｰｨｨ ｨｰ ｨｪ01ｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 05ｨ ｨｰ0607ｨｪｨｨ07 ｨｨ 0702ｨｪ09ｨｨ06ｨｪｨｪ0401 ｨｪｨ ｨｺ ｨｪｨｨｨｦ ｨｪｨｨｨｦ ｨｨｨｦ09ｨｺｨｨ02 ｨ ｨｺ02ｨｨｨｨ ｨｹ ｨｺｨｨ 0804ｨｪｨｺｨ ｨ ｨｪｨｺ ｨｨｨｨ ｨｰｨ ｨｪｨｨ02 09ｨｮｨ ｨｨｨｪｨｨ080609ｨ ｨｪｨｪ ｨｺ080201ｨｨｨｰｨ 05ｨ 0208ｨ ｨ ｨｪｨｺｨｮ (500 ｨｬ ｨｮｨ.) ｨ 04ｨｬ02ｨｴ02ｨｪｨｨ ｨｨｨｰｨ ｨ ﾂｨｨ ｨｺ080201ｨｨｨｰ ｨ ｨｪｨｨ04ｨ 02ｨｨ07ｨｬ (50 ｨｬ ) 00ｨｨｨｪ00ｨｨｨｪ ｨ 04ｨｬ02ｨｴ02ｨｪｨｨ02 ｨ ｨ ｨｺ080201ｨｨｨｰ0609 ｨｨ ｨｬ02ｨｪｨｪ ｨ 0601ｨｪ ｨｰ ｨ 05ｨｹｨｪ ｨ ｨｰｨ ｨｨ ﾂ02ｨｪｨｨ02 05ｨｨｨｬｨｨｨｰｨ ｨｨｨｰｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｨｪ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ 127

126 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 ｨｪｨｺ ｨｨｨｨ ｨｬ0702ｨｪ09ｨ 02ｨｨ07 ﾂｨ 09ｨｰｨｨ ｨｮｨ 04ｨｰｨｺ0609 ｨｪｨ 0804ｨｪｨｺ , ｨｪｨｨｨｺ03ｨｨ01 ｨｨ04-04ｨ 06ｨｰ040409ｨ 05ｨｨ0202ｨｪ04ｨｨｨｨ ｨｮ ｨ ｨ ｨｪｨｺｨ -ｨｺ06ｨｪｨｰ08ｨ 0002ｨｪｨｰｨ ｨ 0903ｨｨ0802ｨｪｨｨ02 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｪｨｨ0302ｨｪｨｨ02 ｨｪ0608ｨｬｨ ｨｰｨｨ ｨ 0704ｨ ｨｰ0205ｨｹｨｪ (0106 0,5) ｨ ﾂｨ ｨｪ0206ｨ ﾂ02ｨｪｨｪ0401 ｨｺ080201ｨｨｨｰ ｨｪｨｨ02 09ｨｰｨ 0906ｨｺ ｨｨｨｰｨ ｨｬ ﾂｨ 09ｨｰｨｨ02 09 ｨｰ060800ｨ 01 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ02 00ｨｨｨｪ00ｨｨｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02 ｨｨ0706ｨｰ02 ﾂｨｪ ｨｺ05ｨ ｨ 04ｨｬ02ｨｴ02ｨｪｨｨ ｨｨｨｰｨ ｨｨ ｨｪ01ｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 05ｨ ｨｰ0607ｨｪｨｨ ｨ ﾂｨｨ 09ｨｮｨ ｨｨｨｪｨｨ080609ｨ ｨｪｨｪ0401 ｨｺ080201ｨｨｨｰ0609 (625 ｨｬ ｨｮｨ.) ｨｺｨ 0802ｨ 05ｨｹｨｪ ｨｺｨｰ0608ｨ ﾂ ｨｪ ｨｦ 0804ｨｪ06ｨｺ (175 ｨｬ ｨｮｨ.) ｨｰｨ ｨｪｨｨ ｨｰ ｨｺｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨ ｨ ｨｪｨｺ0609 (200 ｨｬ ｨｮｨ.) ｨｨ ﾂ02ｨｪｨｨ02 00ｨ 08ｨ ｨｪｨｰｨｨｨｦ 09ｨｺ05ｨ ｨｪｨ ｨｪｨｨ07 ( ｨｰ ｨｮｨ.) ｨｮ06ｨｴ02ｨｬ ｨｮｨｺｨ 04ｨ ｨｪｨｪ0402 ｨｬ ｨ 0405ｨｨ 08ｨ 0903ｨｨ0802ｨｪ04. 02ｨ 08ｨ ｨｴｨ 02ｨｰ ｨｪｨ 0902ｨ 07 ｨｰｨ ｨｺ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ06 ｨｬｨｪ0600ｨｨ02 09ｨｰ08ｨ ｨｪ04 ｨｨ ｨｹ040609ｨ 05ｨｨ ｨｬ ｨｨ02 ｨｬ020301ｨｮ 0906ｨ 06ｨｦ ｨｪ0608ｨｬｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ ｨｨｨｪｨ ｨｪ ｨｦ (ｨｰｨ ｨ ). 0308ｨｨ ｨｬ ｨｬ0603ｨｪ06ｨｬ 08ｨ 0405ｨｨ ﾂｨｨｨｨ ｨ ｨｮ01ｨｮｨｴ02ｨｬ 06 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨｺ06ｨｪｨｰ080605ｨｹ ｨｨ ｨｺ06ｨｪ090605ｨｨ01ｨ 02ｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 09 ｨｪ ｨｮ ｨｨ ｨｰ0802ｨ ｨｮ06ｨｰ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ 0903ｨｨ0802ｨｪｨｨ07 ｨｨ ｨｮ030209ｨｰ06 ﾂ02ｨｪｨｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ06ｨｦ ｨｪｨ 0708ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｨｨｰｨｨｨｺｨｨ, ｨｨｨｬ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰｨ ｨｬｨｨ ｨｪ ｨｰｨｨ07ｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｮ09ｨｨ0502ｨｪｨｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ , ｨｺｨ ｨｺ ｨｰｨ ｨｰ0907, ｨ ｨｮ0102ｨｰ ｨｨ01ｨｰｨｨ, , 09 09ｨｨ05ｨｮ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｨ090708ｨ ｨｪｨｨ07 06ｨｰｨｬ02 ﾂｨ 06ｨｴｨｨ ｨｪｨ 08ｨｮ0302ｨｪｨｨｨｦ ｨｨ ｨｺ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ02, ｨｰ , 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 ｨｺ06ｨｪｨｰ ｨｪｨ 01 ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｴｨｨｨｬ0907 ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ04ｨｬ ｨ ｨｺ- 128

127 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｰ06ｨｬ ｨ 0502ｨｬ04 ( ｨｬｨｨ 0904ｨｰ02ｨｺｨ 06ｨｴｨｨｨｬｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ) ｨｨ, ｨｪｨ ｨｺ06ｨｪ0202, 09-ｨｰ0802ｨｰｨｹｨｨ01, 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨ ｨｹｨｪ06ｨｦ ｨｨ 0905ｨ 0302ｨｪｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 06ｨ ﾂ02ｨｪｨｨ ｨｨｨｪ ｨｨ ｨｪｨ 08ｨ 09ｨｰｨ 06ｨｴ02ｨｦ ｨｬ02ｨｪｨｰｨ 02ｨｨｨｨ 09ｨ ｨｬ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪｨ ｨｺｨ 00ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ ｨｪｨｨ02 08ｨ 04ｨｬ ｨｰ08ｨ ｨ ｨｪｨｨ ｨｨｨｰ ｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨ07 ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ01 ｨ ｨｺｨｰｨｨ ｨ ｨｪ ｨｺｨｮ07ｨｺ02 00ｨｰ06ｨｺ09ｨｨ ﾂｨｪ0401 ｨ ｨｺｨｰｨｨ ｨ ｨｰ ｨｨ05ｨｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ02 00ｨｺ060806ｨｰｨｺｨｨ ｨ ｨ ｨｪ02ｨｨ ｨｰｨ 05ｨｨ ｨｬｨ ｨｪｨｨ ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ ｨｪｨｨ ｨｰ08ｨｨ ｨｦ02ｨ 08ｨｨ ｨｪｨ ｨｹ03ｨ ｨｪ0008ｨｨ ｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: OECD

128 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? ﾂ0208ｨｺｨｪ02ｨｬ, ﾂｨｰ06 09ｨ ｨｬｨ ｨｨｨｺｨ 08ｨ 0409ｨｨｨｰｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨｪｨ ｨｬ02ｨｪｨｪ06ｨｬ 05ｨｰｨ ｨ 02ｨｰ ｨｬｨｪ0600ｨｨ02 ｨｨ04 ｨｮｨｺｨ 04ｨ ｨｪｨｪ0401 ｨｬ ﾂ0209ｨｨ01ｨｪ04ｨｬｨｨ. 03ｨｴ (ｨｨ 08ｨ ｨｪ0202) ｨｬ ｨ 00ｨ 05ｨｨ ｨｬｨｪ0600ｨｨ02 ｨｨ04 ｨｰ , ｨｺ06ｨｰ ｨ 0405ｨｨ 0802ｨｺ06ｨｬ02ｨｪ010609ｨ ｨｪ04 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｬｨｨ ｨｮ0507ｨｰ0608ｨ ｨｬｨｨ ｨｨ0601 ｨｺ08ｨｨ04ｨｨ09ｨ 2008ｨC ｨ ｨｺ, ｨ 00ｨ 02ｨｬ06ｨｦ ｨ ｨｬｨｬ02 ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ06 09ｨｨ09ｨｰ02ｨｬ04 00ｨｨｨｪｨ ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ , ｨｺ06ｨｰ0608ｨ 07 ｨ 0405ｨ ｨｰ ｨｪｨ 00ｨｨｨｪｨｨ09ｨｰ020809ｨｰ0906ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬｨ 08ｨｰ , ﾂ0208ｨｺｨｨ09ｨ 02ｨｰ0907, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ: 1) ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ 0201ｨｨｨｪ06ｨｦ ｨｺ ｨｨｨｪｨ 02ｨｨｨｨ 0102ｨｦ09ｨｰ09ｨｨｨｦ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ06 08ｨ 0405ｨｨ ﾂｨｪ ｨｬ02ｨｪｨｰ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｺ0605ｨｹｨｺｨｮ 00ｨｪ04ｨｪ0203ｨｪ ｨｨ09ｨｰ02ｨｬｨ 00ｨｨｨｪｨ ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｨ09ｨ 02ｨｰ 06ｨｰ010205ｨｹｨｪ ｨｮ00 06ｨｰ 0108ｨｮ00ｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ02 ｨ 0002ｨｪｨｰ09ｨｰ09ｨ, ｨｺ06ｨｰ ｨｰ0902 ﾂｨ 06ｨｰ 04ｨ 08ｨ 0405ｨｨ ﾂｨｪ ｨｬ02ｨｪｨｰ04 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ 03 21, ﾂｨｰ06 ｨｪ ｨｰ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ02 ｨｪｨ ｨｪ0206ｨ ｨｨｨｬ06ｨｬ ｨｮ080609ｨｪ02 ｨｺ ｨｨｨｪｨ 02ｨｨｨｨ; 2) ｨｪ02ｨｪｨｨ02 ｨｺ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ04ｨｬ 00ｨｮｨｪｨｺ02ｨｨ07ｨｬ (0002ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ ), ｨｺ06ｨｰ , ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, 09ｨｺ0506- ﾂｨ 06ｨｰ 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨ ｨ ｨｪｨｨ07 ｨｮ080609ｨｪ07 04ｨ ｨｪ07ｨｰ0609ｨｰｨｨ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨ 00ｨ 02ｨｰ ｨ 05ｨｹｨｪ02ｨｦ ｨ 0903ｨｨ0802ｨｪｨｨ ｨｮｨｪｨｺ02ｨｨｨｦ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 06ｨ ﾂ02ｨｪｨｨ07 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨ ｨｰｨ ｨｺ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 22 ; 21 US Treasury, Henry M. Paulson, 00Blueprint for a modernized financial regulatory structure03. March P ｨ ｨｬ P

129 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 3) ｨｰｨｮ070502ｨｪｨｨｨｨ ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨ ｨｪ ｨｬ 10 ｨｨ ｨｨ050609ｨｹ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｰｨ ｨｪｨｨ ｨｮ0507ｨｰ0608ｨ ｨｬ ｨｪｨｨｨｰ0205ｨｹｨｪ0401 ﾂ ﾂｨ ｨｦｨｪ ｨｪ06ｨｬ06 ﾂｨｨｨｦ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨｨｦ ｨｬ02ｨｪｨｪ ｨｪ06 ﾂｨｪ0401 ｨｪｨ 08ｨｮ0302ｨｪｨｨｨｦ03 23 ; 4) ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ 00ｨｮ09ｨｨ0502ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨ 0405ｨｨ ﾂｨｪ ｨｬｨ 0903ｨｰｨ ｨ ｨ ｨｨｨｬ0208ｨｪ06 ｨｰｨ ｨｺｨｨ ｨ 00ｨ 05ｨｨ09ｨｹ ｨｪｨ ｨｬｨｨ 02ｨｴ02 08ｨ ｨｪｨｹ (2007): ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨｮ0302 ｨｪ02 ｨｬ060302ｨｰ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ ｨｪｨ ｨ ｨｺｨｰ , ｨｮ ｨｺｨ ｨｨ04 ｨｺ06ｨｰ ｨｰｨｹ ｨｨ ｨｺｨ 05ｨｹｨｪ ｨｨ 08ｨ 0409ｨｨｨｰｨｨ07 ｨｨ ｨ 09ｨｰ06ｨｪ06ｨｬｨｪ ｨｨｨｪ02ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨ ｨｨｨｬ ｨｨｨｪ ｨｨｨｪ02ｨｨ0704 ｨｨ , 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ02 ｨｮｨｺ ｨｪｨｨ02 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｭ 06ｨｰ ｨ 00ｨ 02ｨｰ ｨｬｨｪ ｨ ｨｪ0609ｨｮ06 ｨｨ 09ｨｺ ｨｨｨｪｨｨ080609ｨ ｨｪｨｪｨｮ06 08ｨ ｨ 06ｨｰｨｮ ｨｮ0507ｨｰ ｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ｨｪ 09ｨｰｨ ｨｰｨｹ 0802ｨ 05ｨｹｨｪ04ｨｬ ｨｺ080201ｨｨｨｰ060806ｨｬ ｨｪ02ｨｦ ｨｨｨｪ09ｨｰｨ ｨｪ02ｨｨｨｨ, 06ｨｰ ｨｬ02ｨｪｨｪ0609ｨｰｨｨ ｨｨ 0708ｨ 09ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 0102ｨｦ09ｨｰ09ｨｨｨｦ ｨｺ06ｨｰ ｨ ｨｮ01ｨｮｨｰ 04ｨ 09ｨｨ0902ｨｰｨｹ ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｦ , ｨｨ 08ｨ 0409ｨｨｨｰｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ US Treasury, Opening Statement by Henry M. Paulson. July P US Treasury, Statement by Secretary Henry M. Paulson, Jr. on Financial Markets Update, October P ｨ ｨｺ 06ｨ ﾂｨｨｨｰｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨ 0409ｨｨｨｰｨｨ02 09 ｨｮ ｨｨ 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? // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨ ｨｬ

130 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 ｨｨｨｬ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨ 0903ｨｨ0802ｨｪｨｨｨｨ 00ｨｮｨｪｨｺ02ｨｨｨｦ 0009 ｭ ｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ04 ｨｨ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｰｨ ｨｺ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ07 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨ ｨｨｨｬｨ 08ｨ 0408ｨ ｨ 06ｨｰｨｺｨ 00ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｨ 0804 ﾂｨ ｰ ﾂ ﾂｨ ｨｦｨｪ ｱ 01ｨ 08ｨ ｨｺｨｰ0208ｨ, ｨｺ06ｨｰ ｨｬ0603ｨｪ06 ｨ 0409ｨｰ ｨｨ090209ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ ｨｨ ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ (2006): 00ｨ 03ｨｪ06 00ｨｮｨｺ ｨｪｨｨ02 ｨ ｨ ｨｪｨｺ060909ｨｺ ｨｺｨｰ0608ｨ ｨｺｨ ｨｺ 0609ｨｪ ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04, ｨｰ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｬ, ｨｪｨｺｨ ｨｬ , ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｪ02ｨｺ06ｨｰ ｨｮ ｨｨ 09 06ｨ 05ｨ 09ｨｰｨｨ 0802ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨ ｨ ｨｪｨｺ0609, 0804ｨｪｨｺｨｨ 0609ｨｰｨ 06ｨｰ ｨｮ07ｨｺｨｨｨｬｨｨ, ｨ ｨｪ0706ｨｰ ｨ 0902ｨｪｨｨ ｨｰ0208ｨｹ ｨｨ 04ｨ ｨｬ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨｮ ｨｨ ｨ ﾂｨｨ ｨｺ080201ｨｨｨｰ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪｨ ｨｰｨ ｨｪｨｮｨｰ ｨｰｨｺｨｨｨｬｨｨ ｨ 03ｨｪ02ｨｦ03ｨｨｨｬ ｨｰ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨ ｨ ｨｪｨｺ0609, ｨｺｨ ｨｺ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｪｨｨ07 ｨｨ01 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ, ｨｪ0206ｨ ｨｨｨｬ06ｨｦ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨ ｨｪ02 ｨ ｨ ｨｺｨｰｨｨ09ｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ07 ｨ ｨ ｨｪｨｺ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨｨｨ ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ ｨｰ0201ｨｪｨｨ ﾂ0209ｨｺ06ｨｬ ｨ ｨｺｨｰ02 05ｨｰ06ｨｰ ｨ 0302ｨｪ ｨｰｨ ｨｺ ｨｮ ﾂ02ｨｰ06ｨｬ ｨ 0502ｨｬ04 ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨ ｨｺ 06ｨ ﾂｨｨｨｰｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨ 0409ｨｨｨｰｨｨ02 09 ｨｮ ｨｨ 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? // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨ ｨｬ ｨ ｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ: ｨｪ ｨ 0502ｨｬ04 ｨｨ ｨｪ ｨｨ09ｨｺｨｨ// ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ World Economic Outlook [update], IMF, July

131 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 (leverage), ｨｪｨｨ02 ｨｺ06ｨｰ060806ｨｦ 0906 ｨｬｨｪ060006ｨｬ 04ｨ 09ｨｨ09ｨｨｨｰ 06ｨｰ ｨｮ080609ｨｪ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨ ｨ ｨｪｨｺ 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 ｨｪｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ06 ｨｬ02ｨｪｨｹ0302, ﾂ02ｨｬ ｨｮ ｨｮｨｴｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ. 08ｨ 07ｨｨｨｰｨ ｨ ｨｺ08ｨｮ07ｨｪ ｨ 07ｨ 01ｨｪ ｨ ｨ ｨｪｨｺｨ ｨｰｨ 09ｨｨｨｬ 09 ｨｺｨ 07ｨｨｨｰｨ 0506ｨｬ ｨｦ ｨｨｨｦ09ｨｺ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 (ｨ ﾂｨ 09ｨｰ06 ｨｨ ｨ 02ｨｰ 05ｨｰ06ｨｰ ｨｮ ｨｪｨｹ) ｨｰ07 ｨｮ ｨｪｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｰ020702ｨｪｨｪ ｨ 02ｨｰ0907, 08ｨ ｨｪ02ｨｬｨｮ ｨ ｨｪ0702ｨｰ0907 ｨｨ 0609ｨｰｨ 02ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｬ (08ｨｨ ). 04ｨｨ ｨ 07ｨｨｨｰｨ 05 ｨｺ08ｨｮ07ｨｪ0401 ｨ ｨ ｨｪｨｺ0609 ｨｨ ｨｨｨｦ09ｨｺ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 (ｨｬ ) ｨｰ080602ｨｪ ｨ ｨｪｨｪ04ｨｬ , US Fed, Bank of Tokyo-Mitsubishi. 01ｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｨｨｨ ｪ 05ｨｰ ｨ 0502ｨｬｨ, ｨｺ06ｨｰ0608ｨ 07 ｨｮｨｪｨ ｨ ｨｪｨ 02ｨｴ02 ｨｨ ｨｨ ｨｰ ｨｰ09ｨｨ02ｨｬ ｨｨ0903ｨｨ ｨｰ060001ｨ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ ｨｪ06 ﾂｨｪ ｨｬ. 133

132 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ｨｰｨｬ02 ﾂｨ ｨｰ060001ｨ 07ｨ 0102ｨｪｨｨ ｨｬ ｨｪｨｪ ｨｨ ｨｰ09ｨ, ｨｪｨｨ04ｨｺｨｨ02 ｨｰ02ｨｬ ｨｰｨ , ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ02 06ｨ ｨｲ02ｨｬｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ, ｨｺｨ 07 ｨｨｨｪ ｨｨ07, ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨｬ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ07 09 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04, ｨｮ00ｨｨ01 00ｨ ｨｺｨｰ ｨ ｨｮ ｨｨ05ｨｨ ｨｪｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ. 00 ｨ ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ06ｨｬ 0705ｨ ｨｪ ｨｰｨ ｨｰ0907, ﾂｨｰ06 09ｨ 03ｨｪ02ｨｦ03ｨｮ ｨｹ ｨ 05ｨｨ ｨｪ02ｨｺ06ｨｰ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ0402 ｨｨ 00ｨｨｨｪｨ ｨｪ ｨ ｨｺｨｰ060804, ｨｺ06ｨｰ ｨｪ02 ｨｰ0605ｨｹｨｺ06 04ｨ ｨｰ0608ｨｬ0604ｨｨ05ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨ06 (ｨ ｨｰｨ ｨｺ ｨ ｨｪｨｪ ｨｰｨｨｨｬ ｪ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｪｨｨ07, ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ07 ｨｨ ｨｰ.01.), ｨｪ ｨ 05ｨｨ ｨ 05ｨ ｨｨ07ｨｰｨｪ ｨｺｨｨ ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｰ060006, ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨ0903ｨｨ ｨｺ ｨ 0405ｨｨ ｨｬｨｨ080609ｨ ｨｪ04 ｨｮ ｨｨ07, ｨｺ06ｨｰ ｨｬｨｪ ｪ 09 ｨｺ06ｨｪ ｪ 06ｨ 0609ｨｰ08ｨｨ05ｨｨ ｨｦ09ｨｰ09ｨｨ02 ｨｨ0706ｨｰ02 ﾂｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ 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 ｨｰｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ : 09ｨｰｨ ｨｨ09ｨｺｨｨ 09 ｨｪ ｨｮ ｨｨ ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ ｨ ｨｰｨｨ ｨ 05ｨｹｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｨｨｨ ｨｦ ｨｨｨｪ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨ090302ｨｦ ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0202ｨｪ 0708ｨｨ ｨｺ ｨｰ06ｨｬｨｮ, ﾂｨｰ ｨｰ 0202ｨｪ ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ06 06ｨ 0600ｨｪｨ 05 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｪｨ ﾂｨ ｨｪ04 (0708ｨｨ ﾂ02ｨｬ ｨｨ 0706ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺｨｨ02, ｨｨ ｨｨｨｪ0102ｨｺ ｨｰ ) ｨｨ 09 ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨｰ ﾂ 08ｨ 04, ｨ 0102ｨｪ0203ｨｪｨ 07 ｨｬｨ 0909ｨ ｪ 09 ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｰ 08ｨ 04, ｨｰ ｨｨ ｨ 05ｨｹｨｪ0602, 0706 ﾂｨｰｨｨ ｨｰｨｨｨｺ08ｨ ｨｰｨｪ0602, 0903ｨ ｨｰｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ (ｨｰｨ ｨ , 08ｨｨ ). 134

133 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ * 002, ｨｰ0805ｨｪ 08ｨｮｨ. 1,32 8,55 38,26 103,83 220,8 452, ｨｦ 0708ｨｨ080609ｨｰ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ , % 002, ｨｰ0805ｨｪ 08ｨｮｨ ｨｪｨ ｨｪ0102ｨｺ ｨｰ , 08ｨ 04 ( = 1) 214,3 547,7 347,5 171,4 112,7 21,0 1,32 0,53 0,24 0,16 0,12 0, * ｨｮ ﾂ02ｨｰｨ 0102ｨｪ06ｨｬｨｨｨｪｨ 02ｨｨｨｨ. 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｨ ｨｺ06ｨｬ09ｨｰｨ ｨｰｨ. 05ｨｨｨｰｨｮｨ 02ｨｨ07 02ｨｴ02 ｨ ｨｮ09ｨｮ00ｨｮｨ ｨｨ05ｨ 09ｨｹ ｨｰ02ｨｬ, ﾂｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨｨｰｨｨｨｺｨｨ 0708ｨｨ09ｨ ｨｰｨｨ04ｨ 02ｨｨｨｨ ｨｪｨ 0102ｨｪ0203ｨｪｨｮ06 ｨｬｨ 0909ｨｮ, ｨｺ06ｨｰ0608ｨ ｨｰ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06 06ｨ 0905ｨｮ03ｨｨ09ｨ 05ｨ ｨｰ02ｨｺｨｮｨｴｨｨ ｨ 02ｨｨｨｨ (08ｨ 09 ﾂ02ｨｰ04 ｨｬ020301ｨｮ ｨｨ07ｨｰｨｨ07ｨｬｨｨ, ｨ 02ｨｨｨｨ ｨｪｨ 0706ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨｨ ｨｰ.01.), ｨｪｨｨｨｺ05ｨ ｨｪｨｨｨｰ0205ｨｹｨｪｨ 07 ｨｪｨ 0008ｨｮ04ｨｺｨ ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ06 ｨｨ 06ｨ ﾂ02ｨｪｨｨ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｪ ｨｬ02ｨｪｨｰｨ 0804ｨｪｨｺｨ ｪ ｨ ｨｺ02ｨｨｨｦ, 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ ｨｨ ｨｰ.01., 08ｨ ｨｪ0202 ｨｪ ｨｨ ｨ ｨｲ02ｨｺｨｰｨ ｨｬｨｨ ｨｺ, ｨ 0706ｨｰ06ｨｬｨｮ ｨｪ02 06ｨ 0905ｨｮ03ｨｨ09ｨ 0903ｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｦ. 135

134 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 ｨｪ0102ｨｺ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺｨｨ ｨｪ ｨｨ ｨC , ｨｨ07 ( = 1) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ , ｨｰｨ ｨｰｨ. 04ｨｨ ｨ ｨｰｨｨ ｨ 05ｨｹｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ (002) ｨC , ｨｨ07 ( =100%) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｺ0605ｨｹｨｺｨｮ 0708ｨｨｨｰ06ｨｺ ｨｪｨｨｨｰ0205ｨｹｨｪ0401 ｨ ｨｺｨｰｨｨ ｨｪｨ 0804ｨｪ06ｨｺ ｨｪ ｨ ｨ 0102ｨｺ09ｨ ｨｰｨｪ04ｨｬ 0708ｨｨ080609ｨｰ06ｨｬ 09 06ｨ ｨｲ02ｨｬ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ , ｨｰ06 06 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ ｨｪｨｨｨｺｨｪ060902ｨｪｨｨ02 ｨｪ ｨ ｨｲ02ｨｺｨｰ0609 ｨｺｨｮ0705ｨｨ ｨ 03ｨｨ, , 0708ｨｨ ｨｺ 02ｨｴ02 ｨ 0605ｨｹ0302ｨｦ ｨｪｨ 0008ｨｮ04ｨｺ02 ｨｪｨ 0102ｨｪ0203ｨｪｨｮ06 ｨｬｨ 0909ｨｮ ｨｨ, ｨｰ , 06ｨ ｨｮ ｨｨ0506 ｨｪ ｨｪｨｺｨｮ 09ｨ ｨｬｨｨ ｨ 09ｨ 02ｨｬ0401 ｨ ｨｺｨｰｨｨ090609, 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ ｨｪ ｨｪｨｺｨｮ ｨｨ ｨｪｨｨ04ｨｺｨｮ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ 0006ｨｪ ｨｪｨｺｨ ｨｬ. 0006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 (002/000003) ｨｰ09ｨｨ02 ｨｮｨｺｨ 04ｨ ｨｪｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ ｨｺ06 09ｨｪｨｨ04ｨｨ05ｨ 09ｨｹ. 02ｨ ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07, ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02 05ｨｰ ｨｺｨ 04ｨ ｨｰ020507, 06ｨｪｨ ｨｰｨ ｨｰ ｨｪ02ｨｬ 06ｨｺ ｨC40%, ﾂｨｰ06 ｨｪｨｨ ｨｪｨ ﾂ02ｨｪｨｨｨｦ

135 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｬｨｪ0600ｨｨ01 09ｨｰ08ｨ ｨｪ 09 08ｨ 0409ｨｨｨｰ06ｨｦ ｨｨ 01ｨ ｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ, ｨｰ06ｨｰ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｹ ｨｪｨ ｨｨｨｰ ｨｨｨｬ0208ｨｪ06 ｨｪｨ ｨｮ080609ｨｪ02 60ｨC100% (ｨ 09 ｨｪ02ｨｺ06ｨｰ ｨｰ08ｨ ｨｪｨ 01 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ) ｨｨ ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ ｨ ｨｪ02ｨｨ ｨｰｨ 05ｨｨ ｨｬｨ ｨｪｨｨ ｨｪｨｨ ｨｨｨｰｨ ｨｦ ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: IMF, 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 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C161, 191ｨC

136 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ｨ ｨｮ ﾂ02ｨｰ06ｨｬ 0009ｨ 0506ｨｰｨｪ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｺｨ 08ｨｰｨｨｨｪｨ 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 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｪ02 ｨｬ02ｨｪ0702ｨｰ0907 (ｨｰｨ ｨ ) ｨｰ06 ﾂｨｪｨｨｨｺ: , ｨｰｨ ｨｰ. 07ｨｺｨ 0302ｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ06 ｨｪｨ 03ｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｨｨｪ02ｨｨ ｨ 05ｨ ｨｰｨ ｨｺ06ｨｦ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ 0306ｨｺ, ｨｮ ｨ ｨｬ ｨ ｨｰ ｨｹｨｬｨ 04ｨｪｨ ﾂｨｨｨｬ04ｨｬ, ｨｮｨｺｨ ｨ 07 ｨｪｨ 09ｨｮｨｴ0209ｨｰ090609ｨ 0903ｨｨｨｦ 09 ｨｪ02ｨｦ 09ｨｨ05ｨｹｨｪ04ｨｦ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ 04ｨ 07ｨ ﾂｨｪ0609ｨｰｨｨ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 09ｨｰ0605ｨｹ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ ｨｰｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｨ 0202 ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ07 05ｨｨ03ｨｹ ｨｪ06ｨｬ ｨｮ04ｨｺ06ｨｬ ｨｬ02ｨｪｨｰ02 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 02ｨｨｨｦ ( ) ｨ 0405ｨｨ 0601ｨｪｨｨｨｬｨｨ ｨｨ ｨ 09ｨｪ ｨ ｨｺｨｰ , 06ｨ ｨｮ ｨｨ0903ｨｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ, ﾂｨｰ06 ｨｮ09ｨｨ05ｨｨ0506 ｨｰ060001ｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ 0907ｨ ﾂ ｨｹ, 0903ｨ ｨｰｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨ ｨｮ ｨｨ0506 ｨｨ ｨｰ06, ﾂｨｰ ｨｪ ｨｰｨ ｨｰ06ｨｺ 09ｨｰｨ ｨｪ07ｨｰｨｹ0907 ｨｪｨ ｨｬ0209ｨｰｨ ｨｪｨｨｨｺｨ 06ｨｴｨｨ02 ｨｰｨ ｨｬ ｨｰ09ｨ 08ｨ 09 ﾂ02ｨｰ0609 (0902ｨｺ ｨｨ 0708.), ｨ ｨｰｨ ｨｺ

137 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｪ020705ｨ ｨｰ0203ｨｨ, ｨｺ06ｨｰ , ｨｮｨｰｨｨ, ｨｨ09ｨｹ 0904ｨｪｨｮ030102ｨｪｨｪ04ｨｬ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬ ｨｺ080201ｨｨｨｰ06ｨｬ, ｨ 09ｨ 02ｨｬ04ｨｬ ｨｰ060806ｨｪ ｨ 0902ｨ ｨｪ020705ｨ ｨｰ ｨ ｨｪ06ｨｬｨｮ 0706ｨｺｨｮ07ｨ ｨｰ020506, 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｨ 0906ｨ 06ｨｦ 09ｨｰｨｨ01ｨｨｨｦｨｪｨｮ06 05ｨｬｨｨ0909ｨｨ06, ｨｬｨｨｨｪｨｮ06ｨｴｨｮ06 ｨｺｨ ｨｪｨ ｨｨ 05ｨｰ06ｨｬ ｨ ｨｮ08ｨｪ04ｨｦ ｨｰ ｨｪ020705ｨ ｨｰ020302ｨｦ 0708ｨｨ ｨｺｨ ｨｺ 08ｨ 04 ｨｪｨ ｨｨ0601 ｨｪｨ ｨｨｨ ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ ｨ ｨｰｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ , ｨｺ0605ｨｹｨｺｨｮ ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 0704ｨｰｨ 05ｨ 09ｨｹ ｨｨｨｬ0206ｨｴｨｨｨｬｨｨ0907 ｨｮ ｨｪ ｨ ｨ ｨｬｨｨ ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ040609ｨ ｨｰｨｹ 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ ｨｪ0200 (ｨｰｨ ｨ ) ﾂ02ｨｪｨｪｨ 07 09ｨｮｨｬｨｬｨ 08ｨｪｨ 07 04ｨ ｨｪｨｪ0609ｨｰｨｹ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｬ 00 ｨｰ06ｨｬ ﾂｨｨ090502: ﾂ02ｨｪｨｪｨ 07 04ｨ ｨｪｨｪ0609ｨｰｨｹ 0706 ｨｺ080201ｨｨｨｰｨ ｨｬ ｨ ｨ ｨｪｨｺ0609 ｨｨ 04ｨ ｨｦｨｬｨ ｨｬ ﾂ02ｨｪｨｪｨ 07 ｨｺ080201ｨｨｨｰ060809ｨｺｨ 07 04ｨ ｨｪｨｪ0609ｨｰｨｹ ｨｨ07ｨｰｨｨｨｦ ｨｨ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｦ , ,0 5,6 10,6 23, ,4 90, ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｺ06ｨｬ09ｨｰｨ ｨｰｨ ｨｨｨｨ 04ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ ｨｪ0200 ｨｮ09ｨｨ05ｨｨ0506 ｨｨ ｨｪｨ ｨｰｨｮ08ｨ 05ｨｨ04ｨ 02ｨｨ06 06ｨ ｨｬ02ｨｪｨ ｪ ｨ ｨ 08ｨｰ0208ｨｪ ｨ 02ｨｨｨｨ ｨｬ06ｨｰ0807 ｨｪｨ ｨｰ06 ﾂｨｰ06 ｨ ｨ 08ｨｰ ｨｮｨｴ0209ｨｰ090609ｨ 05 ｨｨ 08ｨ ｨｪｨｹ0302, ｨｨｨｬ02ｨｪｨｪ ｨｰ06ｨｰ ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 09ｨｰｨ ｨｬ0209ｨｰｨｪ04ｨｬ. 05ｨ ﾂｨ 09ｨｰｨｮ ｨｨ07ｨｰｨｨ ｨｨ ｨｪｨ 05ｨｰ06 ｨｺｨ ｨｺ ｨｪｨ 0904ｨｪｨｮ03-139

138 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? 0102ｨｪｨｪｨｮ06 ｨｬ0208ｨｮ. 0906ｨｰ ｨｪｨｨｨｺ03ｨｨ ｨｺ ｨｨ ｨ 09ｨ 05ｨｨ ｨｪ02ｨｬｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｮ0706ｨｰ0802ｨ 0502ｨｪｨｨｨｦ, ｨｪ ｨｪ ｨｬ02ｨｪｨｪ ｨｪｨｨｨｺｨ ｨｪ02ｨｮ0106ｨ 09ｨｰ ｨｹ040609ｨ ｨｪｨｨ02 ｨ ｨ 08ｨｰ0208ｨ 0904ｨｪｨｮ0301ｨ ｨｪｨｨ09ｨ ｨｰｨｹ ｨｰ0609ｨ ｨ ｨｺｨｨｨｬ 0202ｨｪｨ ｨｬ, ﾂｨｰ06 ｨｮ090205ｨｨ ﾂｨｨ09ｨ 0506 ｨｪｨ ｨ 05ｨ 00ｨ 02ｨｬｨｮ06 ｨ ｨ 04ｨｮ ｨｨ 0708ｨｨ090601ｨｨ0506 ｨｺ ｨｪ020106ｨｨｨｬｨｺｨ ｨｬ, 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ 0708ｨｨｨｬ02ｨｪ02ｨｪｨｨ02 ｨ ｨｮｨｬｨ ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ07 06ｨ ｨｰｨ ｨｺ 0706ｨｰ020807ｨｬ ｨｨ ｨｮ ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｮ ｨ , ｨｺ06ｨｰ ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ ｨｮ ﾂｨ ﾂ05ｨｨ ｨ ｨｨ ｨｪｨｹ00ｨｨ 09 ｨｺｨ ﾂ0209ｨｰ ｨ ｨｰ0203ｨ 04ｨ ｨｨ ｨｰ0609ｨ ｨｰ060006, ｨｺ060001ｨ ｨｪ0202, , 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 09ｨｰｨ 05ｨ ｨｰ020702ｨｪｨｪ06 ｨｪｨ ｨｪ07ｨｰｨｹ ｨｨ0904ｨｬｨｨ ｨｪｨｹ00ｨ ｨｬｨｨ, 05ｨｰ06 ｨｰｨｮｨｰ ｨｨ ｨｺ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ06 ｨｪ020705ｨ ｨｰ020302ｨｦ ｨｨ ｨ ｨ 08ｨｰ0208ｨ ｨｨ ｨｰｨｮ 08ｨ 09 ﾂ02ｨｰ ｨｪ0203ｨｪ04ｨｬｨｨ ｨｰ09ｨ ｨｬｨｨ ｨｨ ｨ ﾂｨｹ 0305ｨ ｨｪｨ ｨｬ020802ｨｪｨｪ ｨｨ09ｨｰ02ｨｬｨｪ ｨｺ0609ｨ 01, ｨｰ06 ｨ ｨ 08ｨｰ0208 ｨｨ ｨｪ020705ｨ ｨｰ0203ｨｨ 0609ｨｰｨ 05ｨｨ09ｨｹ ｨ ｨｪｨｨ01 08ｨ 04ｨｬ0208ｨ 01, ｨ 06ｨｪｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｪｨｨ ｨｨ ｨｪ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｺ08ｨ ｨｰｨｨ05ｨｨ09ｨｹ (ｨｰｨ ｨ ) ｨｪ0203ｨｪ ｨｰ09ｨ 46,6 72,1 88,9 97,8 0002ｨｺ ,7 7,7 3,3 0,3 05ｨ ﾂ02ｨｰ04 21,4 14,0 5,2 1,7 09ｨ 08ｨｰ0208 4,9 2,8 0, ﾂｨｨ02 7,4 3,4 2,6 0,2 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: ｨｰｨｪｨｨｨｺ ｨ ｨ ｨｪｨｺｨ ｨｨｨｨ, ｨｺ06ｨｬ09ｨｰｨ ｨｰ 04ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｨ

139 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｬ, ｨｮｨｺｨ 0302ｨｬ, ﾂｨｰ06 ｨｪ020705ｨ ｨｰ0203ｨｨ ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｺ09ｨ 04ｨｨ0102ｨｪ0200 (ｨ ｨ 08ｨｰ0208, 09ｨｮ ｨ ｨｰ04) 0708ｨｨ ｨｦ ｨｨ01 ｨｪ ｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨ 05ｨｨ ｨｨｨｰ0205ｨｹｨｪｨｮ ｨｹ. 02ｨｪｨｨ, ｨｮｨｰｨｨ, 04ｨ ｨｴｨｨｨｰｨｨ05ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ 06ｨｰ ｨｪ ｨｺ060505ｨ 0709ｨ ｨｨ 06ｨ ﾂｨｨ05ｨｨ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 02ｨｨｨｦ, 07ｨｮ09ｨｰｨｹ ｨｨ 07ｨｮｨｰ02ｨｬ 0708ｨｨｨｬ02ｨｪ02ｨｪｨｨ07 ｨｰｨ ｨｺｨｨ01 ｨｪ0202ｨｨ09ｨｨ05ｨｨ040609ｨ ｨｪｨｪ0401 ｨｬ02ｨｰ , 00ｨ ｨｺｨｰｨｨ- ﾂ0209ｨｺｨｨ 0609ｨｮｨｴ0209ｨｰ ｨｺ09ｨ 04ｨｨ05ｨｬｨｨ0909ｨｨ06 04ｨ ｨ ｨｬｨｨ 0002ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ ｨｨ ｨｪ0707 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｪ ｨｰｨ 06ｨｴｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｨ 05ｨｰ06ｨｬ ｨｪｨｨ04ｨｺｨ 07 ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ07 ｨｨ 0905ｨ ｨ ｨ ｨｹ 0802ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09 00ｨｨｨｪｨ ｨｪ ｨｬ 0902ｨｺｨｰ060806ｨｬ 0708ｨｨ ｨｬｨｪ0600ｨｨ01 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ ｨｰ09ｨｨ ｨｰ ｨｪｨｨ ｨ 05ｨｨ ｨｨ ｨｨｨｰ0205ｨｹｨｪｨｮ ｨｹ, 09ｨｬ0700 ﾂｨｨ ｨｰ0806ｨｰｨｮ 00ｨｨｨｪｨ ｨｪ ｨｺｨ ｨｨ 0907ｨ 01ｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｺ06ｨｰ0608ｨ 07 09ｨｬ060005ｨ ｨ 0409ｨｰ ｨｰｨ ｨｪ0609ｨｨｨｰｨｹ0907 (08ｨｨ ). 05ｨ ｨｺ0804ｨｰ0609ｨｰｨｹ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0904ｨｰｨ 05ｨｺｨｨ09ｨ 05ｨ ｨｨ ｨｪ0203ｨｪ ｨｮ, ｨｮ ｨ 0405ｨｨ ｨ ｨ ｨｲ02ｨｬｨｪ04, ｨｨｨｬ0205ｨｨ ｨ ｨｪｨｨ04ｨｺｨｮ ｨｪｨｮ ｨｨ 04ｨ ｨｨ09ｨｺ0506 ﾂ02ｨｪｨｨ02ｨｬ ｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｪｨ ｨｪｨｨ07 ｪ ｨ ｨｰｨｮ07ｨｪ

140 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? 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｰｨ ｨｰ. 04ｨｨ ｨｨ080609ｨｰ 0802ｨ 05ｨｹｨｪ ｨｨｨｨ ｨC (%) ｨｨ 09 ｨｺ08ｨｨ04ｨｨ ｨ 09ｨｪ04ｨｬ 0002ｨｪ0208ｨ ｨｰ060806ｨｬ 08ｨｨ09ｨｺｨ 09ｨｰｨ 05ｨ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ ｨ ｨｰｨｪ06ｨｦ ｨｰ 09ｨｪ0203ｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 33, ｨｰ06 09 ｨｺ08ｨｨ04ｨｨ09 ｨｺ06ｨｪ02ｨ ｨｪ0203ｨｪｨｨｨｦ 00ｨ ｨｺｨｰ ｨｰｨ ｨ 09ｨｪ04ｨｬ ｨｺｨ ｨｪｨ 0506ｨｬ 08ｨｨ09ｨｺｨ ﾂｨ 09ｨｰｨｪ ｨｺｨｰ0608ｨ, 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｰ ｨｰ 09ｨｪ0203ｨｪ02ｨｦ ｨｺ ｨ. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ ｨｺ0202ｨｪｨｰ 09 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨ ｨｪ020902ｨｪ 09 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 ｨｪｨ 09ｨｪ0203ｨｪｨｨ02. 06ｨ ｨｺ, ｨｨ ｨ ｨ ｨｰｨ ｨ ﾂ02ｨｬ ｨｪｨ 90% 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ 05ｨｨ09ｨｹ ｨｨ04 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 ｨｨ 05ｨｨ03ｨｹ ｨｪｨ 8% ｪ ｨｨ04 ｨｬ020301ｨｮｨｪｨ ｨｪ0401, ｨｰ ｨｰ ｨｰｨｪ060302ｨｪｨｨ ｨｰｨ 09ｨｨ ｨｨ 58% ｨｨｨｨ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ 0708ｨｨ 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨｨｨ ｨｪ0206ｨ ｨｨｨｬ ｨｮ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ 0804ｨｪｨｺ02 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨ ｨ ｨｪｨｺｨｨ ｨｪ04 ｨ 0405ｨｨ 0708ｨｨ090502ｨｺｨ ｨｰｨｹ ｨｰ09ｨ 09 09ｨｪ0203ｨｪｨｨ ｨｪｨｺ0609, ﾂｨｰ ｨｺ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｬｨｮ ｨｰｨｮ ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｪ0203ｨｪ 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,

141 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｰ06 ﾂｨｪｨｨｨｺ: , ｨｪ0607ｨ 08ｨｹ ; ｨｰ ﾂｨｨ09ｨｰ04ｨｦ 09ｨｪ0203ｨｪｨｨｨｦ ｨｪ0200ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ (ｨｰｨ ｨ ) ｨC56 ｨC117 ｨC202 ｨC307 ｨC ｨｰ06 ﾂｨｪｨｨｨｺ: 0202ｨｪｨｹ00ｨｨ ｨｨ ｨｺ080201ｨｨｨｰ. 01 9, 2006; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨｮ01ｨｮ0103ｨ 05ｨｨ09ｨｹ 04ｨｪｨ ﾂ02ｨｪｨｨ07 ﾂｨｨ09ｨｰ06ｨｦ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ06ｨｦ ｨｨ02ｨｨｨｨ 0408, ｨｮｨｰｨｨ 06ｨｰ08ｨ 03ｨ 06ｨｴ02ｨｦ 00ｨｪ02ｨｰｨｰ06 09ｨｪ0203ｨｪｨｨｨｦ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (ｨｰｨ ｨ ). 0208ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, 0609ｨｮｨｴ0209ｨｰ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ 0708ｨｨｨｰ06ｨｺ 09ｨｪ0203ｨｪｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｨ 05ｨｰ06ｨｬ ｨｨ ｨｨ- ﾂｨｨｨｪｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨ (08ｨｨ ｨ ), ﾂｨｰ ｨ 09ｨ

142 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C10 ｨC31 ｨC39 ｨC ｨｰ06 ﾂｨｪｨｨｨｺ: , ｨｪ0607ｨ 08ｨｹ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ 05 (ｨｰｨ ｨｺ 06ｨ 04 ﾂｨｪ ｨｨ ｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｨ ｨｬｨｪ0600ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01). 0602ｨｬ ｨ ｨｪｨ 09ｨｰ0608ｨ 03ｨｨ09ｨ ｨｰ020702ｨｪｨｪ0602 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨ (08ｨｨ ｨ ). ｨ ) ｨｺ ｨ ｨｰｨｨ09ｨｪ04ｨｦ 09ｨｪ0203ｨｪｨｨｨｦ ｨ ) ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ04ｨｦ ｨｺ ｨ ｨｰｨｨ09ｨｪ04ｨｦ 09ｨｪ0203ｨｪｨｨｨｦ ｨｨ ｨｰｨｪ060302ｨｪｨｨ02 ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｪ0203ｨｪ ｨ ｨｺ 002, ｨｨ07 (%) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｴ ｨｪｨ ｨｬｨｨ ｨｨ050609ｨｹ 06 ｨｪｨ 09ｨｰ0608ｨ 03ｨｨ09ｨ 06ｨｴ02ｨｦ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨ 0409ｨｰ ｨｰｨ 09ｨｪ0203ｨｪ02ｨｦ 04ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ ｨ ｨ ｨｪｨｺ ﾂ0208ｨｺｨｨ09ｨ ｨｹ, ﾂｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨｨｦ09ｨｺｨｨｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 0902ｨｺｨｰ0608, ｨｮ06 06 ﾂ02-144

143 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｹ ｨ ｨ ｨｪｨｺｨｨ, ｨｪ02 ｨｰ0605ｨｹｨｺ06 09ｨｰｨ 05ｨｺｨｨ09ｨ 06ｨｰ ｨ 09ｨｰｨ 06ｨｴｨｨｨｬｨｨ ｨ ｨ 05ｨｹｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ, ｨｪ06 ｨｨ ｨｬ 06ｨｺｨ ｨ 06ｨｰ ｨｺ08ｨ ｨｦｨｪ ｨｪ06ｨｬ ｨｪｨｨｨｨ, ｨｺ0605ｨｹｨｺｨｮ 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｮ06ｨｰ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04, ｨｺ06ｨｰ ｨｬ060005ｨｨ ｨ 04 ｨｺ06ｨｬ0702ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｰｨ ｨｺｨｨ ｨｺ ｨｨｨｰ06ｨｺ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ0409ｨｪ02, 0106ｨｰ07 ｨｨ ｨｰ ｨｪｨｨｨｬ ｨｨ ｨ 0609 ｨｮ ｨｰ ｨｪｨｨ07 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ ｨｪｨ ｨｮ080904, 09ｨｬ0209ｨｰ02 09 ｨｰ02ｨｬ ｨ 02ｨｰ ｨｺ06ｨｬ070502ｨｺ ｨ 0502ｨｬ: 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ ｨ, ｨｬ0603ｨｪ0402 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ ｨｪ ｨｮ ｨｨｨｦ, 08ｨｨ09ｨｺｨｨ ｨ 0409ｨｰ ｨｰｨｰ06ｨｺｨ ｨｰ09 (020905ｨｨ 0802 ﾂｨｹ ｨｨ0102ｨｰ 06 ｨｺ060806ｨｰｨｺｨｨ ｨｮ0809ｨ 01) ｨｨ ｨｰ ｨｰ060006, ｨｪ0202 ｨｪｨ ｨｬｨｨ ｨｮｨｺｨ ｨ ｨｹ ｨｪｨ 0108ｨｮ00ｨｮ06 06 ﾂ0209ｨｨ01ｨｪｨｮ06 04ｨ ｨｺ06ｨｪ06ｨｬ0208ｨｪ0609ｨｰｨｹ: 0004ｨ 09ｨｰｨｮｨｴｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｪｨｮ0301ｨ 02ｨｰ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｨｨｪｨ ｨｪ ｨｮ0809ｨ 01, ｨｨ ｨｨ ｨｰｨ ｨｺ ｨｰ09ｨｮｨｰ09ｨｰ09ｨｮ06ｨｰ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ 0804ｨｪｨｺ02 ｨｨ ｨｪ ｨｬｨｨ08ｨｮ06ｨｰ ｨｪｨｮｨｰ08ｨｨ 09ｨｰ08ｨ ｨｪ04, ｨｰ06 09ｨｰｨ ｨｪ0609ｨｨｨｰ0907 ｨｪ0206ｨ ｨｨｨｬ04ｨｬ ｨｨ ｨｨ ﾂ02ｨｪｨｨ02 ｨｨ04-04ｨ 08ｨｮｨ 0203ｨ ｨｺｨ ｨｨｨｬ0205ｨｨ09ｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ 0708ｨｨ ﾂ02ｨｪｨｨ ｨｮ , ｨ 0502ｨｬ 09 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｬ ｨｪ ｨｪｨｨｨｺｨ ｨｺｨ ｨｺ ｨｰ0605ｨｹｨｺ06 05ｨｰ06ｨｰ ｨｺｨ ｨｪｨ 05 09ｨｮ04ｨｨ (ｨｺ 0502ｨｰｨｮ ｨｪｨｨ ), ｨｨｨｦ09ｨｺｨ 07 00ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ 09ｨｰｨ 05ｨ ｨｨ090704ｨｰ0409ｨ ｨｰｨｹ ｨｹ0204ｨｪ0602 ｨｪｨ ｨｪｨｨ ｨｨｨｰ ｨｰｨ 05ｨｨ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｺｨｨ, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｬ 04ｨ ｨｰ0608ｨｬ0604ｨｨｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ , 05ｨｮｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨ 08ｨｨ09ｨｺｨｨ 00ｨｨｨｪｨ ｨｪ 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 ｨC ｨ ｨｺ 06ｨ ﾂｨｨｨｰｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨ 0409ｨｨｨｰｨｨ02 09 ｨｮ ｨｨ 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?// ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ: ｨｪ ｨ 0502ｨｬ04 ｨｨ ｨｪ ｨｨ09ｨｺｨｨ // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ

144 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 08ｨｨ09ｨｺｨｨ ﾂ080204ｨｬ0208ｨｪ06ｨｦ ｨｪｨ 09ｨｪ0203ｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02 ｨｪｨ ｨｬｨｨ ｨｰｨ ｨｺ0302 ｨｮｨｺｨ ｨ ｨｹ 08ｨ ｨｪ0202 ( ) ｨｨ050609ｨｹ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ﾂｨｰ ｨｮ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨｨｦ ｨｬｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ0804, ﾂｨｰ06 ｨｬ060302ｨｰ 0708ｨｨ090209ｨｰｨｨ ｨｺ ｨｮ ｨ ｨｪｨｨ06 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｨ ｨｮ ﾂ02ｨｪｨｨｨｨ ｨｪ ｨｺ080201ｨｨｨｰ0609 ｨｨ01 ｨｮ ｨｨ07 ｨｬ0600ｨｮｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 06ｨｰ05ｨｨ ﾂｨ ｨｰｨｹ ｨｰ ｨｪ04ｨｪ0203ｨｪｨｨ01, ﾂｨｰ ｨｨ ｨｮ01ｨｮ010302ｨｪｨｨｨｨ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨｰｨ 09ｨｨｨｰ 04ｨ 02ｨｬｨｴｨｨｨｺ ｨｰ08ｨｮ01ｨｪ ｨｪｨｨ ｨ ｨｺ 0706ｨｺｨ 04ｨ 05ｨ 0708ｨ ｨｺｨｰｨｨｨｺｨ, ｨｺ08ｨｨ04ｨｨ09 ｨｨ0706ｨｰ02ｨｺｨｨ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06 06ｨ 0609ｨｰ08ｨｨ ｨ 0502ｨｬｨｮ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ 0708ｨｨ ｨｺ ｨｮ030209ｨｰ06 ﾂ02ｨｪｨｨ06 ｨｮ ｨｨｨｦ ｨｰｨ ｨｪｨｨ07 ｨｺ080201ｨｨｨｰ0609 ｨｨ ｨｰｨｮ ｨｨ01 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ. 00 ｨ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｬ 0705ｨ ｨｪ ｨｹ ｨｪｨｨｨｺｨ 02ｨｰ 02ｨｴ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ﾂ02ｨｬｨｮ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 0904ｨｪｨｮ030102ｨｪｨ ｨｨ01ｨｰｨｨ 04ｨ 09ｨｪ0203ｨｪｨｨｨｬｨｨ ｨｮ0809ｨ ｨｬｨｨ? 02ｨｪｨｨ ｨｰｨ ｨｬ 0102ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06 ｨ ｨ ｨｲ02ｨｬｨｪ04, ｨｰｨ ｨｰ0907 ｨｪｨ 0105ｨｨｨｰ0205ｨｹｨｪ ｨｺｨｨ, ｨ 0202ｨｪｨ ｨｨ01 ﾂｨ 09ｨｰ06 ｨｪｨｨ04ｨｺｨ. 0106, ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ, ｨｪｨ ﾂｨ ｨｰｨｹ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ: ｨｪ ｨ 0502ｨｬ04 ｨｨ ｨｪ ｨｨ09ｨｺｨｨ // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨ ｨｬ

145 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨ 05ｨｹｨｪ ｨ 09ｨ ｨｰｨｹ ｨｰｨ ｨｺｨｨ ｨｮ ｨｨ07 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ 0804ｨｪｨｺ02? ｪ ｨ 02ｨｪｨｪ ｨｨ ｨｮ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 0209ｨｰｨｹ 0706ｨｰ0802ｨ ｨｪ0609ｨｰｨｹ 09 00ｨｨｨｪｨ ｨｪ ｨｮ0809ｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ, ｨｪｨｨ ｨｮ ｨｨ04 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (01ｨ ｨｰ0208ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ) ｪ ｨｪ02 09ｨ ｨｬｨ ｨ 0901ｨ ｨｪｨｪｨ ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ0701 ｨｬ0208ｨ, ｨｰ02ｨｬ ｨ ﾂｨｰ ｨｰ06ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 0904ｨｪｨｮ030102ｨｪｨ 0708ｨｨ090502ｨｺｨ ｨｰｨｹ ｨｨ ｨ ｨｦ 0202ｨｪ02 ｨｨ0409ｨｪ02? 05ｨ ｨｬ02ｨｰｨｨｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ ｨｨ090502ｨｺｨ 02ｨｬ ｨｪｨｹ00ｨｨ ｨｪｨｨ ﾂｨｮｨｰｨｹ ｨｪ02 ｨｬ02ｨｪ0202 ｨｨｨｪ ｨｨ06ｨｪｨｪ04, ﾂ02ｨｬ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02, ｨｪ ｨｰ02ｨｪ02ｨｨｨ 05 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 0706ｨｺｨ ｨｰ ｨｨ01 ｨ ｨ ｨ ｨｨ080609ｨ ｨｰｨｹ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 09 ｨｬｨｨｨｪｨｨｨｬｨ 05ｨｹｨｪ04ｨｬｨｨ ｨｨｨｪ ｨｨ06ｨｪｨｪ04ｨｬｨｨ ｨｰ09ｨｨ07ｨｬｨｨ ( ｨ ｨｪ0202 ｨｬ04 09ｨｺｨ 0302ｨｬ 06ｨ 05ｨｰ06ｨｬ ﾂｨｮｨｰｨｹ ｨｪｨｨ0302). 02ｨｰｨｬ02ｨｰｨｨｨｬ, ﾂｨｰ06 ｨｨ 0106 ｨｺ08ｨｨ04ｨｨ09ｨ , ｨｨ ｨｪ04ｨｪ0203ｨｪｨｨｨｬ ｨｺ08ｨｨ04ｨｨ0906ｨｬ ｨｨｨｬ0205ｨ ｨｬ0209ｨｰ06 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 06ｨｰｨｬ02ｨｪｨ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨｨｦ ｨｪｨ 0109ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ02 01ｨ 0804ｨｪｨｺ ｨｮｨｴ0209ｨｰ090609ｨ 05ｨｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨｪ ｨｨ0102ｨｪｨｰ0609 ｨｪｨ ｨｨｨｬｨｨ 09ｨ 0506ｨｰｨｪ ｨｰ09 ｨｨ04 09ｨｰ08ｨ ｨｪ ｨｨ ｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｦ ｨｨｨｪ090209ｨｰ ｨｪ ｨ ｨｰｨ 09ｨ ｨｰｨｹ ｨｮｨ ｨｰ02 ﾂ02ｨｪｨｨ02 3 ｨｬ , ｨｨ 05ｨｨ03ｨｹ 0706ｨｰ06ｨｬ ｨｬ0600 ｨｺ06ｨｪ090208ｨｰｨｨ080609ｨ ｨｰｨｹ ｨｨ ｨ 0506ｨｰｨｮ ｨｨ ｨｰｨｨ ｨｮ ﾂ02ｨｪｨｪｨｮ06 09ｨ 0506ｨｰｨｮ 04ｨ 08ｨｮｨ ｨｪ ｨｰ06ｨｰ ｨｺ ｨ ｨｺ08ｨ ｨｴ02ｨｪ 09ｨｪｨ ﾂｨ 05ｨ , ｨ 0706ｨｰ06ｨｬ ｨｬ ｨ. 05ｨ ｨｰ02ｨｬ ｨ ｨｪ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ04ｨｦ ｨｨｨｬ , ｨｺ06ｨｰ060804ｨｦ ｨ 00ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨ ｨｰ08ｨｨｨ 02ｨｨｨｨ 09ｨ 0506ｨｰ04 ｨｪｨ ｨｰ0802ｨｰｨｨｨｦ 08ｨ ｨ 06 ﾂｨｨｨｦ 0102ｨｪｨｹ. 05 ｨｮ ﾂ02ｨｰ06ｨｬ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ ｨｲ02ｨｬ ｨ 0506ｨｰｨｪ ｨｮ , ｨｺ06ｨｰ ｨ 0405ｨｨ 0708ｨｨ ﾂ02ｨｪ04 ｨｪｨ 0804ｨｪ06ｨｺ , ｨｰｨ ｨｺｨ 07 ｨｬ0208ｨ ｨ 05ｨ ｨｮ070409ｨｨｨｬ0609ｨｰｨｹ 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 06ｨｰ 09ｨｮｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ0401 ｨｨ05ｨｨ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ08ｨｪ0401 ｨｪｨ 09ｨｰ080602ｨｪｨｨｨｦ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ｨｪｨ 07ｨ ｨｬ07ｨｰｨｨ ｨ 0800ｨｮｨｬ02ｨｪｨｰ04 09ｨｰ060806ｨｪｨｪｨｨｨｺ ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ , ｨｨ0903ｨｨ01, ﾂｨｰ06 ﾂ02ｨｬ 05ｨｨｨ 0208ｨ 05ｨｹｨｪ ｨｨｨｬ, ｨｰ02ｨｬ ｨ 0605ｨｹ0302 ｨｨｨｪ090209ｨｰ ｨｬ0603ｨｪ ｨｨ ﾂｨｹ ｨｨ ｨｰ02ｨｬ ｨｹ ｨｪｨｨ ｨ ｨｮ01ｨｮｨｰ 0609ｨｰｨ 09ｨ ｨｰｨｹ0907 ｨｪｨ 0804ｨｪｨｺ02, 04ｨｪｨ 07, ﾂｨｰ06 ｨｪ02ｨｰ ｨｰ09ｨｰ09ｨｨｨｦ 147

146 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? ｨｮ010601ｨ ｨｮ05ｨｹｨｰｨ ｨｰ02, 0601ｨｪｨ ｨｺ06, ｨｨｨｬ02ｨｪｨｪ06 ｨ 0409ｨｰ0804ｨｦ ｨｰ09 04ｨ 08ｨｮｨ ｨｨ080609ｨ 05 06ｨ 09ｨ 05 09ｨ 0506ｨｰｨｪ ｨｨ 0006ｨｪ ｨｪｨｺ ｨｮ ﾂｨ 02 ｨｺ060001ｨ ｨｬ020301ｨｮｨｪｨ ｨｪ0402 ｨｨｨｪ090209ｨｰ ｨ ｨｮ01ｨｮｨｰ ｨｨ09ｨｺｨ ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨ 02ｨｨｨｨ 08ｨｨ09ｨｺ ｨｨ 08ｨ 04ｨｬ02ｨｴ02ｨｪｨｨｨｨ ｨｰ09 ｨｨ ｨｪｨ ﾂｨｪｨｮｨｰ ｨｰｨｹ ｨ 0605ｨｹ03ｨｨｨｦ ｨｨｨｪｨｰ ｨｺ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨｨｬ ｨｪｨｺｨ ｨｬ, ｨｺ06ｨｰ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904 ｨｨ ｨｨｨｬ0206ｨｰ 04ｨｨ ｨｨｨｰ06ｨｺ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 09 % ｨｺ ｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ (002), ｨｨ07 * ｨｰ0607ｨｪｨｨ06 ｨｪｨ ** ｨｰ0607ｨｪｨｨ06 ｨｪｨ ｨｰ06 ﾂｨｪｨｨｨｺ: 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｨ ｨｰｨ ｨｰｨ. ｨ o05ｨｹ03ｨｨｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ ｨｰｨ, ｨｮ02ｨｰ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｺｨｰｨｨ09ｨｪ04ｨｦ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ ｨｨｨｰ06ｨｺｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｨｨｪｨ ｨｪ ｨｮ ｨｪｨ ｨｨｨｦ09ｨｺｨｨｨｦ 0804ｨｪ06ｨｺ ｨｨ ｨｪｨ ｨｺ ｨｪｨｪ04ｨｦ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｦ ｨｺｨ 07ｨｨｨｰｨ 05 ｨｨｨｬ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｨ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ , ｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｬ (08ｨｨ ) ﾂｨｪ06 ｨｰｨ ｨｺ ｨｺｨ 05ｨｨ03ｨｹ 06ｨｰ ﾂｨ 09ｨｰｨｨ ｨｬ0603ｨｪ ｨｨｨｰｨｹ 06 09ｨｨ09ｨｰ02ｨｬｨｪ06ｨｦ ｨｨ 09ｨｪｨｨ0302ｨｪｨｨ07 09ｨｺ ｨｰｨｨ 06ｨ 08ｨ ｨｴ02ｨｪｨｨ ｨｪ0200 (ｨｺｨ ｨｺ 0601ｨｪ ｨｨ04 00ｨ ｨｺｨｰ , ｨｺ06ｨｰ060804ｨｦ ｨｬ0600 ｨ 04 06ｨ ｨｲ0709ｨｪｨｨｨｰｨｹ 08ｨ ｨｪｨｨ ｨｰｨ 0202ｨｪ ｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ) ｨｰ060006, ｨｬ ｨｬｨｪｨｨｨｬ ｨｮ ｨｪ0609ｨｰｨｹ 05ｨｰ ｨｺｨ 04ｨ ｨｰ , ｨｺ060001ｨ ｨｰｨ ｨｺ ｨ 09ｨ 05ｨｨ09ｨｹ ｨｪｨｺｨｨ 09ｨｺ ｨｰｨｨ (070605ｨｮ ﾂ02ｨｪｨｪ ｨｮｨｰ02ｨｬ ｨｬ0201ｨ ｨｪｨｨ ﾂ0209ｨｺ ｨｪｨｨ ｨｪｨ 002) 0601ｨｪ ｨｬ02ｨｪｨｪ06 09 ｨｪｨ 05ｨｨ ﾂｨｨ02ｨｬ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｪ020705ｨ ｨｰ020302ｨｦ ｨｨ ｨ ｨ 08ｨｰ0208ｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ: ｨｪ ｨ 0502ｨｬ04 ｨｨ ｨｪ ｨｨ09ｨｺｨｨ. // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ

147 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ0701 ｨｰ02ｨｬ ｨ ｨ 03ｨｪ06, ﾂｨｰ06ｨ 04 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ0402 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨ 0405ｨｨ ｨｰ0607ｨｪｨｨｨｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ040609ｨ ｨｰｨｹ 08ｨｨ09ｨｺｨｨ, ｨ ｨｪｨｪ ｨ 0409ｨｰ0804ｨｬ ｨｺ08ｨ ｨｴ02ｨｪｨｨ02ｨｬ 0708ｨｨｨｰ06ｨｺｨ ｨｰ09, ｨ ｨｰｨ ｨｺ ｨｨ01 06ｨｰｨｰ06ｨｺ06ｨｬ, ｨｨ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｪｨ ｨｪ ｨｮ ｨｮ06 06 ﾂ ｨｹ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｦ 0609ｨｪ060902, ｨｬ02ｨｪ ｨ 09ｨｨ0907ｨｴ02ｨｦ 06ｨｰ 09ｨｪ0203ｨｪ02ｨｦ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ ｨｪｨ ｨｺ06, ｨｮｨｰｨｨ, 0106 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ 01ｨ ｨｪ0203ｨｪｨ 07 ｨｬｨ 0909ｨ ｨｪ02ｨｬｨｮ ｨｬｨｨ08ｨｮ02ｨｰ0907 ｨｨ04 09ｨｪ0203ｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 (08ｨｨ ). ｨ ) ｪ (ｨｰ0805ｨｪ 08ｨｮｨ.) ｨ ) 0708ｨｨ080609ｨｰ II ｨｺ (%) 04ｨｨ ｨ ｨｰｨｨ09ｨｪ04ｨｦ 09ｨｪ0203ｨｪｨｨｨｦ ｨｨ 0102ｨｪ0203ｨｪｨ 07 ｨｬｨ 0909ｨ (002), ｨｨ07 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨ ｨｺｨ 07 ｨｰ02ｨｪ0102ｨｪ02ｨｨ ｨｬｨｨ08ｨｮ02ｨｰ 0706ｨｰ02ｨｪ02ｨｨｨ 05 ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ, ｨｺ0605ｨｹｨｺｨｮ 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｰｨｮ07 ｨｺ 09ｨｪ0203ｨｪ02ｨｬｨｮ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ06 04ｨ ｨｰ08ｨｮ01ｨｪｨｨｨｰ0907 ｨｨ05ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｮ ｨ ｨｮ01ｨｮｨｰ ｨ ｨｺｨｺｨｮｨｬｨｮ05ｨｨ080609ｨ ｨｰｨｹ0907 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ ｨｨｨｪ090209ｨｰ0608ｨ ｨｬｨｨ ｨｨ ｨｪ0401 ｨ ｨ ｨｪｨｺｨ 01 ｨｨ ｨｨｨｰｨｹ ｨｨｨｦ09ｨｺ ｨｪｨｺｨ (ｨｺｨ ｨｺ 05ｨｰ06 06ｨｰｨｬ02 ﾂｨ ｨｹ ｨｪ04ｨｪ0203ｨｪ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ). 149

148 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? ｨｰ060006, ｨｨ ｨｺ08ｨｨ04ｨｨ0906ｨｬ , ｨｨ ｨｺ08ｨｨ04ｨｨ0906ｨｬ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ040609ｨ 05ｨ 09ｨｹ ｨｺ06ｨｦ 09ｨｰ020702ｨｪｨｹ06 ｨｨ04ｨｪ0609ｨ 0609ｨｪ0609ｨｪ ｨｪ ｨｨ ｨｪｨｨ04ｨｺ06ｨｦ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ02ｨｦ (08ｨｨ ). 0308ｨｨ ﾂ02ｨｬ ｨｮ ﾂｨ ｨｺ ｨｰ06ｨｬ ｨｺ ｨｪ02ｨｬｨｮ ｨｺ08ｨｨ04ｨｨ09ｨｮ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｮ01ｨｮ0103ｨｨ05ｨ 09ｨｹ 01ｨ ｨ 09ｨｪ02ｨｪｨｨ (08ｨｨ ). 04ｨｨ ｨｰ020702ｨｪｨｹ ｨｨ04ｨｪ0609ｨ 0609ｨｪ0609ｨｪ ｨｪ010609, 0408 (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: ｨｰｨ ｨｰ, , 00ｨｨｨｪ00ｨｨｨｪ ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｰ0609ｨ 08ｨｪ ｨｺ ｨｰｨ, 0408 (%) 07ｨｺｨ 0302ｨｬ ｨｰｨ ｨｺ0302, ﾂｨｰ06 09 ｨｺ06ｨｪ ﾂｨｹ 0305ｨ ｨｮ06 06 ﾂ ｨｹ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｬ , ｨ 0902ｨｦ ﾂｨ 09 ｪ ｨｮ06 06 ﾂ ｨｹ ｨｺ ｨ ｨｰｨｨ09ｨｪ06ｨｬ ｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ ｨ ｨ ｨｪｨｺ0609, ｨｺ06ｨｰ060804ｨｦ ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ ｨ ｨｮ0102ｨｰ 09ｨ ｨｬ ｨ ｨｰｨｹ ｨｨ ｨ 0502ｨｬ ｨｪｨ ｨｺ06, ｨｮ ﾂｨｨｨｰ0409ｨ 07, 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 ｨｰ ｨｨ090502ｨｺｨ 05ｨ 09ｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｬ ｨｮ ﾂｨ 09ｨｰｨｨ02ｨｬ, ｨｮ ﾂｨ 02 ｨｨ01 ｨｪ020705ｨ ｨｰ ｨ ｨｪ0609ｨｰｨｨ ｨｮ01ｨ 0809ｨｰ0906 ｨ ｨｮ0102ｨｰ 0904ｨｪｨｮ030102ｨｪ ｨｨｨｦｨｰｨｨ ｨｨｨｬ ｨｪｨ 0706ｨｬ06ｨｴｨｹ ｨｬ02 ｨｰ060006, ｨｨ ｨｮ ﾂｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ, ｨｨ ｨｮ ﾂｨ ﾂｨ 09ｨｰｨｪ04ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 0802 ﾂｨｹ ｨｨ0102ｨｰ 06 09ｨ 03ｨｪ02ｨｦ03ｨｨ01 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ 01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｰ08ｨｮ01-150

149 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｪ0609ｨｰｨｨ ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｺｨｨｨｪｨｮｨｰｨｹ0907 ｨｪｨ 0108ｨｮ00ｨｨ02 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨｨ080609ｨ ｨｰｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ ｨｺ08ｨｨ04ｨｨ09. 03ｨｴ ｨｪｨ ｨｬｨｨ ｨｮｨｺｨ ｨ ｨｹ 09 01ｨ ｨｪｨｪ06ｨｦ ｨｨ, ﾂｨｰ06 ｨｬｨｪ0600ｨｨ02 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｮｨｰｨｨ, ｨｨｨｬ0206ｨｰ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺ ｨｪｨ ﾂ02ｨｪｨｨ02, ｨｨ ｨｮ09ｨｰｨｨｨｰｨｹ ｨｨ ｨｰ ｨｨ ｨ 0901ｨ ｨｪｨｪ06, 00 ﾂｨｰ06 ｨｰｨ ｨｺ0302 ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ 09ｨｬ0203ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 09ｨ 0506ｨｰｨｪ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬ02ｨｪｨｪ06 05ｨｰ06, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｪｨ ｨ ｨ ｨｹ ｨｪｨｹ ｨｨ 09 ｨｮ ｨｪ02ｨｪｨｨ02ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 09ｨｪ0203ｨｪｨｨ01 ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨ ｨｦｨｬ0609, ｨｺ060001ｨ 09 ｨｺ06ｨｪ ｨｪｨｰ07ｨ 0807 ｨ ｨｨｨｪ07ｨｰ ｨｪｨｨ02 06ｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨ ｨｰｨ ｨｪｨｨ06 ｨｺ080201ｨｨｨｰ0609 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ 09 06ｨ ｨｲ02ｨｬ02 ｨｪ02 ｨｬ02ｨｪ ｨｬ ｨ 0302ｨｪｨｨ07 ｨｨ01 09ｨｪ0203ｨｪｨｨ01 04ｨ ｨｦｨｬ ｨ ｨｬ , ﾂ ｨｹ, ｨ ｨｮ0102ｨｰ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨ ｨｪｨｺ06ｨｬ ｨｨｨｨ, ﾂｨｰ06, 06 ﾂ0209ｨｨ01ｨｪ06, ｨｬ060302ｨｰ 0708ｨｨ090209ｨｰｨｨ ｨｺ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ06 09ｨ 0506ｨｰｨｪ ｨｮ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｰｨｨ 08ｨｨ09ｨｺｨｨ ｨｰ02ｨｬ ｨ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04, ｨｮ ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨｪｨ 0006ｨｪ ｨｰｨ 09ｨｪ0203ｨｪ02ｨｦ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 09ｨｰ020702ｨｪｨｹ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ 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 ｨｺ ｨｪ02ｨｬｨｮ ｨｺ08ｨｨ04ｨｨ09ｨｮ ｨｰｨ ｨｺ0302 ｨｮ090205ｨｨ ﾂｨｨ05ｨ 09ｨｹ (08ｨｨ ) ｨｺ0605ｨｹｨｺｨｮ ｨｰ 09ｨｪ0203ｨｪ02ｨｦ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ ｨｨ ｨｨ ｨｨ0601, ｨｺ060001ｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 08ｨ 09ｨｰｨｮｨｰ 09ｨｪ0203ｨｪｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨｺｨｨ, ｨ ｨｰｨ ｨｺ ｨｨｨｪｨｨｨｬｨ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｪｨｪｨｮ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ06 09ｨｪ0203ｨｪ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｦ, ｨ ﾂ02ｨｪｨｨ07 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ 09 ｨｮ ｨｨ0701 ｨｬｨｨ ｨｺ08ｨｨ04ｨｨ ｨｨ06ｨ 0802ｨｰｨ 06ｨｰ ｨ 0605ｨｹ03ｨｮ06 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ0609ｨｰｨｹ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ: ｨｪ ｨ 0502ｨｬ04 ｨｨ ｨｪ ｨｨ09ｨｺｨｨ. // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ

150 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 ｨｪ0203ｨｪ02ｨｰ ｨｦ 06ｨ ｨｰ, ｨｨ07 (% ｨｺ ) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｨ ｨｰｨ ｨｰｨ. 02 ﾂ0209ｨｨ01ｨｪ06, ｨｪｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ ｨｹ0204ｨｪ04ｨｬ ｨ ｨｪｨｨ ﾂｨｨｨｰ020502ｨｬ 08ｨ 0409ｨｨｨｰｨｨ07 ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨ 0502ｨｬｨ 02ｨｴ02 ｨ ｨ 0609ｨｰ080702ｨｰ ｨｨ 09 ｨｨ04ｨｲ07ｨｰｨｨ02ｨｬ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ ﾂｨ 09ｨｰｨｨ 0102ｨｪ0203ｨｪ ｨｰ09 ｨｨ04 06ｨ ｨｰｨ (ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ, 0702ｨｪ09ｨｨ06ｨｪｨｪ04ｨｦ 0006ｨｪ01, ｨｨｨｰ04 ｨｪｨ ｨｪｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺｨ 01 ｨｨ ｨｰ.01.) ｨｬ, ｨｪｨ ﾂｨ 0903ｨｨｨｦ ｨｰ020702ｨｪｨｪ ｨｪｨ ｨｪ02ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ ｨｮ0809ｨ ｨｬｨｨ ｨｰｨｨ ｨｦ ｨｨｨｪｨｰ ｨｪ ｨ ｨｺ06ｨｪ06ｨｬ0208ｨｪ0609ｨｰ02ｨｦ, ｨｬ0603ｨｪ0609ｨｰｨｨ (ｨｨ05ｨｨ ｨｪ ｨｬ0603ｨｪ0609ｨｰｨｨ) ｨｺ06ｨｰ ｨｪ020601ｨｪ06ｨｺ08ｨ ｨｰｨｪ ｨｨ050609ｨｹ 09ｨｰ060806ｨｪｨｪｨｨｨｺｨ ｨｬｨｨ ｨｨ ｨｰｨｨ09ｨｪｨｨｨｺｨ ｨｬｨｨ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ. 03ｨｴ ｨｬ04 ｨｮｨｺｨ ｨ 05ｨｨ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｪｨ ｨｬ0603ｨｪ0609ｨｰｨｨ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ06, ｨｪ02 ｨｮ09ｨｨ05ｨｨ09ｨ ｨｨ 05ｨｰ06ｨｬ ｨｨｨｪ ｨｨ ( ): 0102ｨｬ06ｨｪ02ｨｰｨｨ04ｨｨ080609ｨ ｨｪｨｪ ｨ 02ｨｨｨｨ, 0609ｨｮｨｴ0209ｨｰ ｨｬ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ｨｬ0600ｨｮｨｰ 09 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｺｨｰｨｨ09ｨｪ06ｨｬｨｮ 08ｨ 0903ｨｨ0802ｨｪｨｨ06 ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ06ｨｦ ｨ ｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｮ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ, ﾂｨｰ06 09 ｨｮ ｨｨ ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ07 09ｨ 0506ｨｰｨｪ06ｨｦ 07ｨ ｨｪｨｨｨｺｨｨ ｨｨｨｦ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｮ ｨｬ06ｨｪ09ｨｰ08ｨｨ080609ｨ 05ｨ ｨ ｨｪ0609ｨｰｨｹ 0708ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｮｨ ｨｮ ｨｪｨ ｨ ｨｪ ｨｨ06ｨｪｨｪ06ｨｦ 0609ｨｪ

151 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｬ, 06 ﾂ0209ｨｨ01ｨｪ06, ｨｪ02ｨｪｨｨ02 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｪ ﾂ02ｨｰｨ ｨｰｨｹ ｨｪ0608ｨｬｨ 05ｨｨ04ｨ 02ｨｨ02ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ﾂ ｨｰ020702ｨｪｨｪ ｨｰ0209ｨｪ02ｨｪｨｨ02 ｨｰ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ0609, ｨｺ06ｨｰ ｨｪｨｨｨｺ05ｨｨ 09ｨｰｨｨ01ｨｨｨｦｨｪ06, ｨｬｨｨｨｪｨｮ07 ｨｺｨ ｨｪｨ , ｨ 0706ｨｰ06ｨｬｨｮ 09 ｨｬ02ｨｪｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ ｨ 06ｨｰ ｨｪｨｰ08ｨ 05ｨｨ040609ｨ ｨｪｨｪ06ｨｬｨｮ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ06, ﾂｨｰ06 09ｨｪｨｨ03ｨ 02ｨｰ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｮ06ｨｴ ｨ 0409ｨｨｨｰｨｨ02 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 09 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｰ ｨｨ0506 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｪｨｨ02. 01ｨ ﾂｨ 0903ｨｨｨｦ 06ｨｰｨｬ02 ﾂｨ ｨｰｨｹ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ04ｨｦ, ｨｪ06 ｨｨ 0802ｨ 05ｨｹｨｪ04ｨｦ ｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨ02ｨｬ ｨｪ020705ｨ ｨｰ020302ｨｦ ｨｨ 0708ｨｨ 05ｨｰ06ｨｬ ｨｪ ｨ ｨｰｨ 09ｨｨｨｬ ｨｰｨ 0202ｨｪ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｰｨ ｨｺ ｨｰｨｬ02 ﾂｨ 05ｨ 09ｨｹ ｨｪ0608ｨｬｨ 05ｨｨ04ｨ 02ｨｨ07 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ 09 ﾂ02ｨｰ0609 ｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｬ. 06ｨ ｨｺ, ｨｨ 04ｨ 2001ｨC ｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｰｨ 09ｨｨ05 ｨ %, ｨｰ ｨｪ04 04ｨ ｨｰ06ｨｰ ｨｨ ｨｨ ｨｪｨ ﾂｨｮｨｰｨｹ ｨ %. 0308ｨｨ ﾂ02ｨｬ 05ｨｰ06ｨｰ 08ｨ ｨｰｨ 05 06ｨｰｨｬ02- ﾂｨ ｨｰｨｹ ｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｬ06ｨｴｨｪ ｨｰ0208ｨｨ05ｨｨ04ｨ ｨｰ (05ｨｰｨ ｨ 0006ｨｪ01ｨ ｨｨ 0108.), ｨｪｨ 05ｨｨ ﾂｨｨ02 ｨｺ06ｨｰ ｨｬ ｨ 04 06ｨ ｨｲ0709ｨｪｨｨｨｰｨｹ ｨ ｨｪ ｨ ｨｪｨｨ07 ｨｬ020301ｨｮ 05ｨｬｨｨ0909ｨｨ02ｨｦ ｨｨ 0202ｨｪｨ ｨｬｨｨ. 08 ｨ 0605ｨｹ0306ｨｦ ｨｬｨ 0903ｨｰｨ ｨ 05ｨｰｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 09ｨｰｨ 05ｨｨ 0708ｨｨ06ｨ 0802ｨｰｨ ｨｰｨｹ, ｨｺ060001ｨ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｪ ｨ ｨｪｨｨ07 09ｨｰｨ 05ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｬ ｨｪｨｨ02ｨｬ (08ｨｨ ). 00 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨC ｨｪ0203ｨｪｨ 07 ｨｬｨ 0909ｨ ｨ ｨｪｨ 350%, ｨｨｨｪ0102ｨｺ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺｨｨ ｨｪ ｪ ｨｪｨ 190% ｨｬ, 09 ｨｪｨ ﾂｨ ｨｪ0203ｨｪｨ 07 ｨｬｨ 0909ｨ ｨ ｨｪｨ 50ｨC60% , ｨ 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C

152 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? 0202ｨｪ04 ｪ ｨｪｨ 15ｨC20% ｨｰｨｹ ｨｨｨｬ0205 ｨｬ0209ｨｰ ｨｮｨｺ08ｨ ｨｰｨｪ04ｨｦ, ｨ ｨｨｨｪ060001ｨ ｨｨ ｨｰ080201ｨｺ08ｨ ｨｰｨｪ04ｨｦ 06ｨｰ ｨｰｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｰ 0202ｨｪ ｨｪ ｨｨ 0708ｨｨ ﾂｨｨｨｪ 01ｨ ｨｪｨｪ ｨｪｨｨ07 ｨ 0405ｨｨ, ｨｺｨ ｨｺ ｨｰｨ ｨｰ0907, ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ07 ｨｮ0302 ｨｮ0706ｨｬｨｨｨｪｨ ｨ ｨ 08ｨｰ0208ｨ, 09ｨｮ ｨ ｨｰ0609, ｨ ｨｰｨ ｨｺ ｨｰ0209ｨｪ02ｨｪｨｨ02 ｨｪ020705ｨ ｨｰ020302ｨｦ ｨｬ, ﾂｨｰ06 09 ｨｨｨｰ ｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨ ｨ ｨ ｨｨ080609ｨ ｨｰｨｹ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｮｨｰｨｨ ｨｪｨ ｨ ｨｪ ｨｨ06ｨｪｨｪ06ｨｦ 0609ｨｪ ｨｨ ｨｨ07: 002, 0202ｨｪ04 ｨｨ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｰ080602ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｰｨ ｨｰｨ,

153 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨ ｨｺ02ｨｰ02 ｨｬ0208 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｨｨｬ02ｨｪｨｪ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ ｨｮ ｨｨ ｨｪｨｨ07 ｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 04ｨ ｨｪｨｨｨｬｨ 05ｨｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0602 ｨｬ0209ｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07 03ｨｴ02 09 ｨｬｨ 08ｨｰ ｨｨｨｪ0705ｨ ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ06ｨｬ 0904ｨｺｨｮ0702 ｨ 0605ｨｹ03ｨｨ01 06ｨ ｨｲ02ｨｬ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ ｨｪｨｺｨ. 06ｨｰ ｨ 00ｨ ﾂｨｰｨｨ 50%-02 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02 ｨ ｨ 05ｨ ｨｪ09ｨ ｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404 (08ｨｨ ) 0106 ｨ ﾂ02ｨｬ 2 ｨｰ0805ｨｪ ｨｴ02 08ｨ 04 ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, 09ｨｺ0605ｨｹ 09ｨｰ0802ｨｬｨｨｨｰ0205ｨｹｨｪ ｨｨ 06ｨ ｨ 05ｨｰｨｨ ｨｺｨ 04ｨ ｨｰ ｨｨ ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ ｨ 08ｨ ｨｨ ｨ ｨ 05ｨ ｨｪ (ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed ｨｺｨ 0302ｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06 09 ｨｰ02 ﾂ02ｨｪｨｨ ｨｬ02ｨｪｨｨ ｨｨ 0102ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ, ｨｨ ｨ ｨ 05ｨ ｨｪ ｨｨ00ｨ 05ｨｨ09ｨｹ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 09ｨｨｨｬｨｬ02ｨｰ08ｨｨ ﾂｨｪ06 ｨｨ ｨｰｨ ｨｨ ｨｬ 0706 ﾂｨｰｨｨ 0601ｨｨｨｪｨ ｨｺ0609ｨｮ ｨｨ ﾂｨｨｨｪｨｮ. 0604ｨｬ02ｨｪ02ｨｪｨｨ07 09ｨｰｨ 05ｨｨ 06ｨｰｨｬ02 ﾂｨ ｨｰｨｹ0907 ｨｺ ｨｺ06ｨｪ02ｨｮ , ｨｺ060001ｨ ｨｪｨｨｨｰ0205ｨｹｨｪｨ 07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ﾂｨ 09ｨｰ06 08ｨ 04ｨｬ02ｨｴｨ 05ｨ 09ｨｹ ｨｪｨ ﾂ02ｨｰｨ , ﾂｨｰ06, ｨｪ06ｨｦ 09ｨｰ060806ｨｪ04, ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨ ｨ 05ｨ ｨｪ09, ｨｪ ｨｪ ｨｬ02ｨｪｨｪ06 ｨｮｨｬ02ｨｪｨｹ03ｨ ｨｪ0203ｨｪｨｮ06 ｨ ｨ 04ｨｮ, ｨｰｨ ｨｺ ｨｺｨ ｨｺ 01ｨ ｨｪｨｪ ｨｮ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｨ0404ｨｬｨ 05ｨｨ09ｨｹ ｨｨ ｨｪ0203ｨｪ ｨ ｨｰｨ. 155

154 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ｨｰｨｬ02ｨｰｨｨｨｬ, 09ｨｺ0605ｨｹ 09ｨｬ ｨｦ09ｨｰ090609ｨ 05ｨｨ ｨｮ0507ｨｰ ｨｺ08ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ01 ｨｮ ｨｨ0701, ｨｺ060001ｨ 04ｨ ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨｬ (ｨ ｨｦ ｨｪ ｨｹ) ｨ 0405ｨｨ 08ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ06 ｨｨ04ｨｬ02ｨｪ02ｨｪ , ｨｺ06ｨｰ ｨ ｨｺｨｰｨｨｨｺ0609ｨ 05ｨｨ09ｨｹ ｨｰ ｨｰ02 ﾂ02ｨｪｨｨ02 ｨｬｨｪ0600ｨｨ ｨｰ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｮ09ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ0907, ﾂｨｰ ｨｬｨｨｨｬ ｨｺｨｮ07ｨ ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨ ｨｮｨｬｨ ｨｪｨｨｨｬ ｨｨ04 ｨｺｨ ｨｪｨ ｨｰｨ ｨ ｨｮ0102ｨｰ 0706ｨｺｨｮ07ｨｺｨ ｨｰ060806ｨｪ ｨｺｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｺｨｨ01 06ｨ 05ｨｨ00ｨ 02ｨｨｨｦ. 06ｨｰｨ 0708ｨ ｨｺｨｰｨｨｨｺｨ 0206 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906 ｨｨ ｨｹ04ｨｮ02ｨｰ ｨｰ02 ﾂ02ｨｪｨｨ02 ｨｬｨｪ0600ｨｨ ｨｰ, ｨｮ06 06 ﾂ ｨｹ 0708ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404, ｨｺ06ｨｰ0608ｨ ｨｰ ｨｪ060906ｨｦ ｨｺｨ ｨｺ ｨ ｨ 05ｨ ｨｪ09ｨ, ｨｰｨ ｨｺ ｨｨ ｨｦ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ (08ｨｨ ). 02ｨ 08ｨ ｨｴｨ 02ｨｰ ｨｪｨ 0902ｨ 07 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ ｨｮ01 09ｨ ｨｬ ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 ｨｬｨｨ08ｨ 0708ｨ ｨｺｨｰｨｨｨｺｨｮ06ｨｰ0907 ｨ ｨｪｨ ｨｨ ﾂｨｪ , ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｬ06ｨｪ02ｨｰｨ 08ｨｪ ｨ 09ｨｰｨｨ 09ｨｰ0607ｨｰ ｨｮ ｨｨ09ｨｰ06ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ｨ ｨ ｨｰｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ ｨｨ 05ｨｰ06ｨｬ ｨ 06ｨｰ 0609ｨｪ0609ｨｮ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｨ ﾂ02ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨ07 04ｨ 09ｨｰｨ 09ｨｨ05ｨｨ ｨｪ02 ｨｰ0605ｨｹｨｺ06 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｮ090205ｨｨ ﾂｨｨｨｰｨｹ 09ｨ ｨｬｨｮ 0102ｨｪ0203ｨｪｨｮ06 ｨ ｨ 04ｨｮ (ｨｮ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ 04ｨ ), ｨｪ06 ｨｨ ｨｺｨ 0801ｨｨｨｪｨ 05ｨｹｨｪ06 ｨｨ04ｨｬ02ｨｪｨｨｨｰｨｹ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 0202 ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ ｨ ｨｬ0609ｨｰｨｹ 0102ｨｪ0203ｨｪ04ｨｬｨｨ 0706ｨｰ06ｨｺｨ ｨｬｨｨ ｨｨ ｨｺｨ 04ｨｮ02ｨｬ0609ｨｰｨｹ ｨｨ01 01ｨｨｨｪｨ ｨｬｨｨｨｺｨｨ 09 ｨｪ ｨｮ ｨｨ0701, ｨｺｨ ｨｺ ｨｰｨ ｨｰ0907, ｨｪ0209ｨｺ0605ｨｹｨｺ06 09ｨｪｨｨ03ｨ 06ｨｰ ｨｰ060006, ｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404 ｨｨ, ｨｺｨ ｨｺ ｨｰ09ｨｨ02, 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ

155 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 04ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨ 08ｨ (ｨｬ ｨｨ %) * 0208ｨｮ00ｨｨ02 09ｨｺ0506 ﾂｨ 06ｨｰ: ｨｰ09ｨ 09 08ｨ 09 ﾂ02ｨｰｨ 01, , ｨｰ06, ｨｺ080201ｨｨｨｰ04 ｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ US Fed ｨｪ ｨ 04ｨｰｨｹ ｨ ｨｪ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨｨｬ ｨｰ06ｨｬ , ﾂｨｰ ｨｦ ﾂｨ 09, 0209ｨｰ0209ｨｰ0902ｨｪｨｪ06, ｨｪ ｨｨ ｨｨｨｰ. 09ｨ 08ｨ ｨｺｨｰ0208ｨｪ06, ｨｪｨ 09ｨｺ0605ｨｹｨｺ ｨｨ 05ｨｰ06ｨｬ ｨｨ04ｨｬ02ｨｪｨｨ05ｨ 09ｨｹ 0102ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ ｨｺｨ ｨｬ ｨｬｨｨ08ｨｮ06ｨｴｨｨ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ ｨｰ02- ﾂ02ｨｪｨｨ02 ｨｬｨｪ0600ｨｨ ｨｪｨｨ ｨｰ 05ｨｬｨｨ0909ｨｨ ｨｮｨｴ0209ｨｰ ｨ 09ｨｹ ｨｨｨｪｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 (ｨｪｨ ｨｺ06ｨｰ ｨｨ010601ｨｨ050609ｨｹ ｨｪ02 ｨｬ02ｨｪ % ｨｦ ｨｬｨｨ080609ｨ ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404). 06ｨｰ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ09ｨｮ ﾂｨｪｨｮ ｨｪ0609ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｰ0806ｨｦ 00ｨ 0402 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｪｨ ｨｦ 0705ｨ ｨｪ ｨｨｨｪｨｮ05ｨｨ09ｨｹ ｨｺ060806ｨｰｨｺｨｨ02 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｺ06ｨｰ ｨ 0405ｨｨ ｨｪ0206ｨ ｨｨｨｬ ｨｰｨ ｨｪｨｨ07 ﾂ ﾂｨ ｨｦｨｪ ｨｰ ｨｪｨｺｨ. 0201ｨｪｨ ｨｺ06 ｨｮ0302 ｨｺ ｨｨｨｪ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ 0105ｨｨｨｪｨｪ ｨｮ ｨｪ0609ｨｹ 09ｨｰｨ ｨ 05ｨ 01ｨ 06ｨｴｨｨｨｬ (ｨｪｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨ 0708ｨｨ010601ｨｨｨｰ0907 ｨ % ｨｰ ). 07ｨｺｨ 0302ｨｬ, 0601ｨｪｨ ｨｺ06, ﾂｨｰ06 ｨ o05ｨｹ03ｨ

156 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 ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨｪ09ｨｺ06ｨｦ ｨｨ02ｨｪ04 (ｨｰ0805ｨｪ ｨｨ02ｨｪ ｨｨ %) * 0208ｨｮ00ｨｨ02 09ｨｺ0506 ﾂｨ 06ｨｰ 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ ﾂ02ｨｪｨｨ02 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0609 (06ｨ 05ｨｨ00ｨ 02ｨｨｨｨ, ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨｮｨｬｨ 00ｨｨ) ｨｨ ｨｰ ｨｰ06 ﾂｨｪｨｨｨｺ: 09ｨ ｨｪｨｺ ｨｪｨｨｨｨ. ﾂｨ 09ｨｰｨｹ 0105ｨｨｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 ｨｰ ｨｹ 0708ｨｨ010601ｨｨｨｰ0907 ｨｪｨ 0904ｨｺｨｮ070502ｨｪｨｪ ｨｪｨｺｨ ｨｨ0706ｨｰ02 ﾂｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ, ﾂｨｰ06 ｨ ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｪｨｨ07 01ｨ ｨｪｨｪ ｨｬ02ｨｪｨｰｨ 0804ｨｪｨｺｨ ｨｰ06ｨｬｨｮ, 0106ｨｰ ｨｬ ( ｨ 09ｨｺ06ｨｦ ｨｪｨ ｨｨ0706ｨｰ02 ﾂｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04) ｨｨｨｪｨｪ0401 ｨ ｨｮｨｬｨ ｨｪｨｮ05ｨ 09ｨｹ ｨｺ 06ｨ 04 ﾂｨｪ04ｨｬ ｨｮ080609ｨｪ07ｨｬ ｨｨｨｪ ｨC , ｨｰｨ ｨｰ0907, ﾂｨｰ06 ｨ ｨ 05ｨ ｨｪ ｨｨｨｰ ｨｬ02ｨｪ0202 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906, ﾂ02ｨｬ 08ｨ ｨｪｨｹ0302 (08ｨｨ ). 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｰ060006, ﾂｨｰ ｨｺ06 ｨｮ090205ｨｨ ﾂｨｨ05ｨｨ09ｨｹ ｨｺｨ ｨｺ 06ｨ ｨｲ02ｨｬ ｨｨ02ｨｨｨｰｨ ｨ ｨｰｨ , ｨｰｨ ｨｺ ｨｨ 08ｨ 04ｨｬ0208 ｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨ (08ｨｨ ), ｨｪｨｨ ｨ 0502ｨｬ04 ｨｬ0600ｨｮｨｰ ｨｰ08ｨ ｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ02 ｨｨｨｪ0401 ｨｺ08ｨｨ04ｨｨ ｨｨ ｨｪ ｨｨ09ｨｺ ｨｬ 09ｨｰ0605ｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪｨ 07 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪｨ 07 05ｨｬｨｨ0909ｨｨ ｨ 05ｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ 0102ｨｪｨｨ ｨ 08ｨ ｨｰｨｪ060302ｨｪｨｨ06 ｨｺ ｨｨ ｨｺ ｨｮ 0108ｨｮ00ｨｨ01 09ｨ 0506ｨｰ, ｨｺ ｨｰｨｮ 0202ｨｪ ｨｰｨ, ｨ 08ｨ ｨｨ 0202ｨｪ ｨｪｨ ｨｪ0200ｨｰｨｹ. 158

157 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 04ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨ 08ｨ ｨｺｨ ｨｬ (%) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ US Fed. ｨ ) ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨ ) ｨｨ02ｨｨｨｰ ｨ ｨｰｨ 04ｨｨ : ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨｨ ｨｨ02ｨｨｨｰ ｨ ｨｰｨ (% ｨｺ ) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ US Treasury, Congressional Budget Office ｨｨｨｦ09ｨｺｨｨ ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07 ｨｰｨ ｨｺ ｨｰ ｨｨ ｨｪ02ｨｺ06ｨｰ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ ｨｦ09ｨｰ09ｨｨ02ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨ. 159

158 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 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 09 ｨｰ02 ﾂ02ｨｪｨｨ (ｨｨ 08ｨ ｨｪｨｹ0302) 0102ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ ｨｬｨｨ080609ｨ 05ｨ 09ｨｹ ｨｨ09ｨｺ0506 ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｪｨ 0609ｨｪ ｨｨｨｰ06ｨｺｨ 09ｨ 0506ｨｰ 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 (05ｨｺ ｨｰｨｪｨ ｨｮ ﾂｨｺｨ, ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｺ080201ｨｨｨｰ04). 07ｨｺｨ 04ｨ ｨｪｨｪ04ｨｦ ｨ ｨｪ ｨｹ0204ｨｪ04ｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ (ｨｬ04 ｨｮｨｺｨ ｨ 05ｨｨ ｨｪｨ ｨｪ02ｨｺ06ｨｰ ｨｨ04 ｨｪｨｨ ｨｨ 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｨｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07): ｪ , ｨ ｨｪ0702ｨｰ ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 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 06ｨｰ ｨｬｨｨ ｨｦ 05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 ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ ｨ ｨｨｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨ ｨｮ0102ｨｰ 04ｨ 09ｨｨ0902ｨｰｨｹ 06ｨｰ ｨｪｨｨｨｦ ｨｬ020301ｨｮｨｪｨ ｨｪ0401 ｨｺ080201ｨｨｨｰ ｨｨ 06ｨｰ ｨｰ0607ｨｪｨｨ07 ｨｬｨｨ ｨｪｨｺ0609 ｨｨ ｨｬｨｨ ｨｪ; ｪ ｨｰ , ｨｺ06ｨｪ ｨｨ08ｨｮ02ｨｰ ｨｹ0209ｨ ｨｨ02ｨｪｨｰｨ 02ｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨ 09ｨｪ04ｨｬ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ ｨｰｨ ｨｨ ｨ 09ｨｰｨ ｨｪ060907ｨｰ ｨｹ ｨｰ08ｨ 0905ｨｨ ｪ ｨｰｨ 09ｨｴｨｨｨｺｨｨ 09ｨ 0506ｨｰ ｨｰ06ｨｬ 0905ｨｮ ﾂｨ 02 06ｨｰ08ｨ 0905ｨｨ ｨｪ0208ｨｨ08ｨｮ06ｨｰ ｨｦ 0609ｨｰｨ 05ｨｹｨｪ06ｨｦ (09 ｨｰ06ｨｬ ﾂｨｨ ｨｪ ｨｹ020906ｨｦ) 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ ｨｨｨｬｨｨ 04ｨ 01ｨ ﾂｨ ｨｬｨｨ ｨｨ ｨｬｨｨ (ｨｨ ｨ ｨｰ0205ｨｹ09ｨｺｨｨ02 08ｨ ｨ 06ｨｰ04, ｨｨ ｨｰ0906 ｨｪ0206ｨ ｨｨｨｬ ｨ 0608ｨｮ010609ｨ ｨｪｨｨ07 ｨｨ ｨｰ.01.) ｨｮ05ｨｹｨｰｨ ｨｰ ｨｪｨｨｨｺｨ 02ｨｰ ｨ 07ｨｨ08ｨ ｨｬｨｨ01ｨ, ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 0608ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｪｨ ｨｪｨ 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ02 ｨｨｨｪｨｰ ｨｨｨｪ04 ｪ 06ｨｰ08ｨ ｨｦ , ｨｺ06ｨｰ ｨｬｨｨ08ｨｮ06ｨｰ ｨｰｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 0102ｨｪ0203ｨｪ04ｨｦ ; ｪ 09-ｨｰ0802ｨｰｨｹｨｨ01, ｨｰｨ 06ｨｰ 08ｨ ｨ 06ｨｰｨ ｨｰｨｹ 09ｨｰｨ 09ｨｺｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｴｨｨ ｨｪｨｮ 00ｨｨｨｪｨ ｨｪ ｨｮ

159 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｪｨ 03ｨｨ01 ｨｮ ｨｨ ｨｰｨｨ 09ｨｰｨ 09ｨｺｨｨ 01ｨ 09ｨｪ06 ｨｮ ｨｪ0706ｨｰ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ0402 ｨｨ 00ｨｨ09ｨｺｨ 05ｨｹｨｪ ｨｮｨｪｨｺ02ｨｨｨｨ ｨｨ ｨｨ01ｨｮｨｰ ｨ 0804ｨｪｨｺ06ｨｬ, ｨ ｨｪ ｨｬｨｨ08ｨｮ06ｨｰ , ｨｺｨ ｨｺ 05ｨｰ ｨｪ06 ｨ 04ｨｰｨｹ. 06ｨｰ06 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨ ﾂｨｨ09ｨ 02ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ 0102ｨｪ0203ｨｪ ｨ 09ｨｰ02ｨｦ ｨｨｨｰｨｹ ｨ ｨｺｨｰｨｨ09ｨｪｨｮ06 00ｨｨｨｪｨ ｨｪ090609ｨｮ06 ｨｨ 0102ｨｪ0203ｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ, 0905ｨｨ0707 ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ ｨｪｨ 01ｨ 08ｨ ｨｺｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ07 ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 00 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ ｨｨｨｰ ｨｮｨ 05ｨｨ ｨ 01ｨ 06ｨｰ ｨｨｨｪ02ｨｨ07ｨｮ 0102ｨｦ09ｨｰ09ｨｨ07 06ｨ ｨｬ02ｨｪｨｪ ｨｮｨｪｨｺｨｰｨ, ｨｺ060001ｨ 0706ｨｺｨｮ07ｨ 02ｨｰ ｨ 0506ｨｰｨ ｨｨ ｨ 06ｨｰ ｨｮｨ 05ｨｨ. 0308ｨｨ ﾂ02ｨｬ ｨｪ02 09ｨ 03ｨｪ ｨｨ 05ｨｰ06ｨｬ, ｨｮ05ｨｹｨｰｨ ｨｰ02 08ｨ 0409ｨｨｨｰｨｨ07 ｨｺｨ ｨｺｨｨ01 ｨｨｨｬ02ｨｪｨｪ ｨｰｨ 09ｨ 0506ｨｰｨ 0708ｨｨｨｰ02ｨｺ05ｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｨ 09ｨｺ0605ｨｹ 09ｨ 03ｨｪ04 ｨｨ05ｨｨ ｨｪ02 09ｨ 03ｨｪ04 05ｨｰｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (ｨｮ ｨｪ , 05ｨｰ06 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 09ｨ 0506ｨｰｨ 06ｨｰ ｨ 03ｨｨ ｨｺ06ｨｪ ｨｪ0401 ｨ ｨ ｨｪ06ｨｺ. 0204ｨｪｨ ﾂｨ 02ｨｰ 05ｨｨ 05ｨｰ06, ﾂｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ02 05ｨｺ ｨｰ ｨｰｨ ｨｺ06ｨｦ ｨｮｨｺ02ｨｨｨｨ ｨｪ04 08ｨ 0903ｨｨ0807ｨｰｨｹ ｨｨ ｨｨ02ｨｨｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02?) ｨｬ04 07ｨｨ09ｨ 05ｨｨ: ｨｨ 0009 ｨｪ ｨｨｨｬ02ｨｪ0702ｨｰ ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｬｨｨ080609ｨ ｨｪｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｮ (ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, 05ｨｬｨｨ0909ｨｨ06ｨｪｨｪ ﾂｨ 00ｨｨ, ｨｮ0708ｨ ｨｪｨｨ ｨｪｨｰｨｪ04ｨｬｨｨ 09ｨｰｨ 09ｨｺｨ ｨｬｨｨ ｨｨ 0108.), ｨｰ06 09 ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨ ｨｬ ｨ ｨｨ04ｨｪ0209 ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｬ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｬ0600ｨｮｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ 05ｨｨ03ｨｹ 09ｨｪ0203ｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨｮ , ﾂｨｰ06 ｨｰ0605ｨｹｨｺ ｨ 09ｨｰ09ｨｮ02ｨｰ ｨｪｨ 08ｨ ｨｴｨｨ09ｨ ｨｪｨｨ06 09ｨｪ0203ｨｪ02ｨｦ 04ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｮｨｰｨｨ, ｨｰｨ ｨｺｨｨ ｨｦ 00ｨｨ ｨｨｨｨ ｨｨ ｨ ｨｬｨｨ, ｨｺ06ｨｰ ｨｨｨｬ02ｨｪ0706ｨｰ ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ ｨ 0506ｨｰｨｪ ｨ ｨｪｨｨ0703 ｪ currency board ( ｨ 00ｨ 06ｨｴ ｨｪ0203ｨｪ0202 ｨｮ0708ｨ ｨｪｨｨ02 05ｨｬｨｨ0909ｨｨ 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 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ : 01ｨ ｨｮｨｺｨ

160 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 : 0102ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ, 0102ｨｪ0203ｨｪｨ 07 ｨｬｨ 0909ｨ ｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ (ｨｪｨ 1 06ｨｺｨｰ07ｨ , ｨｰ0805ｨｪ 08ｨｮｨ.) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｦ) ｨｮ05ｨｹｨｰｨ ｨｰ ｨｪｨｨ ｨｹ 06ｨ ｨｲ02ｨｬ 05ｨｬｨｨｨｰｨｨ080609ｨ ｨｪｨｪ06ｨｦ ｨｨｨｦ09ｨｺ06ｨｦ 09ｨ 0506ｨｰ04 ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ ｨｺ0804ｨｰ ｨｰ0609ｨ 0506ｨｰｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ (08ｨｨ ) ｨ ｨｪ , ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, 0708ｨｨｨｬ02ｨｪ0706ｨｰ ｨｪ02ｨ 0605ｨｹ03ｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 (0708ｨｨｨｬ020806ｨｬ ｨ ｨｺ08ｨｮ07ｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰ ｨｪｨｰｨｨｨｪｨ, ｨｰｨ ｨｰｨｺｨ 06ｨｺ06ｨｪ ﾂｨｨ05ｨ 09ｨｹ ｨ 0506ｨｬ), ｨ ｨｨ01 ｨｺ060506ｨｪｨｨ0701 ｨｨ05ｨｨ 09ｨｰ08ｨ ｨｪｨ 01, ｨｺ06ｨｰ ｨｰｨ ｨｺ06ｨｦ 09ｨｪ0203ｨｪｨｨｨｦ 05ｨｬｨｨ0909ｨｨ06ｨｪｨｪ04ｨｦ 0202ｨｪｨｰ08 ｪ 0609ｨｪ0609ｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ 07ｨ 08ｨｰｨｪ ｨｰ060006, ｨｨ ｨｨｨｰ ｨｮｨｰ08ｨ ｨｰｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨｰｨ ｨｺｨｨ01 09ｨｰ08ｨ ｨｪ 0609ｨｪ0609ｨｪ ﾂｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨｰ08ｨ 05ｨｹｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｰｨ 06ｨｰ ｨｪ07ｨｰｨｹ ｨｨ 0609ｨｪ0609ｨｪ ｨｮｨｪｨｺ02ｨｨｨｨ, ｨｮｨｰｨｨ ｨｨ08ｨｮ07 05ｨｰｨｨ 00ｨｮｨｪｨｺ02ｨｨｨｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ-05ｨｬｨｨｨｰ02ｨｪｨｰｨ ｨｬ ｨｮｨｴｨｨ01 09ｨ 0506ｨｰ. 00ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ ｨｰ08ｨ ｨｪ04, 0708ｨｨｨｪｨｨｨｬｨ 06ｨｴ02ｨｦ ｨｨｨｬ 0009ｨ 0506ｨｰｨｪ ｨ ｨｪｨｨ0703, ｨｰｨｺ ｨｨ ｨ 02ｨｰ0907 ｨｺ ｨｺｨｮ0809ｨｮ 0009ｨ 0506ｨｰ04-07ｨｺ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｰ ｨｪｨ ﾂｨ 02ｨｰ 0706ｨｰ ｨｰｨ ｨｺｨｨｨｬｨｨ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨ ｨｬ0609ｨｰ0607ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ, ﾂｨｰ ﾂ0208ｨｺｨｨ09ｨ ｨｹ ｨｺ06ｨｬ0702ｨｰ02ｨｪｨｰｨｪ04ｨｬｨｨ ｨｬ020301ｨｮｨｪｨ ｨｪ04ｨｬｨｨ 05ｨｺ ｨｰｨ ｨｬｨｨ, ｨｨ0903ｨｨｨｬｨｨ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ﾂｨｰ06 ｨｨ ｨｪｨｰｨｨｨｪ02, ｨｨ ｨｪｨｺ06ｨｪ0002 ｪ 09ｨｰ08ｨ ｨｪｨ ｨ 0506ｨｰｨｪ04ｨｬ 0708ｨ ｨｪｨｨ02ｨｬ03 ｪ 45 01ｨ 0708ｨｨｨｬ0208: IMF. Frameworks for Monetary Stability. Wash., P. 198ｨC

161 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪｨ ｨｨｨｰｨｨｨｺｨ, ｨｮｨｰｨｨ, ｨｨｨｰ ｨｨｨｪ090702ｨｪ06ｨｬ03 ｪ ( ｨ ｨｰ020502ｨｬ ｨｰ06ｨｰ ｨｨ0601. ｪ ) , ｨｺ06ｨｰ ｨ ｨｺｨｰｨｨｨｺｨｮ06ｨｰ ｨｮｨｴｨｨ01 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪｨ 01, 0607ｨｨ08ｨ 06ｨｰ0907 ｨｪｨ ｨ ｨｰｨｪ ｨｨ0608ｨｨｨｰ02ｨｰ04 ｨｺｨ ｨｺ ｨｺ0506 ﾂ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ ｨｪｨｨ07. 06ｨｰ ｨｰ ｨ ｨ 09ｨｪ06ｨｬ0208ｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ 06 ﾂｨ 00ｨｨ ｨｰｨ ｨｨ ｨ. 0308ｨｨ ﾂ02ｨｬ 0708ｨｨ0608ｨｨｨｰ02ｨｰ04 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ08ｨｮ06ｨｰ0907 ﾂ ｨ ｨｰｨｪ0402 ｨｺｨ ｨｪｨ 0504, ｨ ｨｮ ｨ ｨｰ02ｨｬ 05ｨｰｨｨ ｨｮ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨ02ｨｨ08ｨｮ06ｨｰ0907 ｨｨ ｨｰｨｮ07ｨ 06ｨｰ ｨｰｨ 05ｨｹｨｪ ｨｺｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｮ02ｨｨ08ｨｮ ﾂｨｺ ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ ｨｰ 09 09ｨｬ0203ｨｪ0401 ｨｨ ｨｨｨｪ ｨｰ08ｨ ﾂｨｪ0402 ｨ ｨｮｨｬｨ 00ｨｨ, ｨｪｨ 0609ｨｪ ｨｺ06ｨｰ ( ｨｨ ﾂｨｨ01 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609) 0609ｨｮｨｴ0209ｨｰ ｨｰ ｨｬｨｨ0909ｨｨ07, ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, 04ｨ ｨｪｨｨｨｬｨ 06ｨｰ ｨC70% 09 06ｨ ｨｴ02ｨｬ ｨｰ ｨ ｨｮｨｬｨ 00, ｨｪｨ ｨｴｨｨ ｨｮ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ0609, ﾂｨｰ06 04ｨ ｨｺ05ｨ ｨ 02ｨｰ ｨ ｨ 04ｨｮ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ , 06ｨ ﾂｨｨ09ｨ ｨｨｨｰ06ｨｺ ｨｨｨｪｨｪ ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ. 00 ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｨ ｨｰｨｨ ｨｬ ｨｮ09ｨｨ05ｨｨ05ｨｨ09ｨｹ. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, 01ｨ ｨｨｨｪｨ ｨｪ ｨｨ09ｨｰ02ｨｬｨ 01 ｨｮ ｨｨ09ｨｰ06ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨｪｨｪ ｨｪ ｨｰ0607ｨｰ ｨｬ06ｨｪ02ｨｰｨ 08ｨｪ ｨ 09ｨｰｨｨ ｨｰ06ｨｬ ｪ ﾂ ｨｦ09ｨｰ09ｨｨ02 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 ｪ 05ｨｰｨ 0105ｨｨｨｪｨｪｨ 07 05ｨｬｨｨ0909ｨｨ07 08ｨ 09ｨｰ02ｨｺｨ 02ｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, 46 Forbes Global July 26. P

162 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? ｨｬｨｨ08ｨｮ07 ｨｬｨｪ060006ｨｮ080609ｨｪ020904ｨｦ 0705ｨ 09ｨｰ ｨｨｨｪｨｪ ｨｮ ﾂ02ｨｰｨ ｨｪｨｨｨｨ ﾂ02ｨｪｨｨ02ｨｬ ｨｰ08ｨ , 0702ｨｪ09ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｨｨｪ ｨｪ ｨｮ05ｨｹｨｰｨ ｨｰ02 06ｨ 08ｨ 04ｨｮ02ｨｰ ｨ 05ｨｹｨｪ04ｨｦ 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰ ﾂｨｪ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ ｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ 0706ｨｺｨｮ07ｨ 02ｨｰ (07ｨｮ09ｨｰｨｹ ｨｨ ｨｪ02 ｨｪｨ ｨｬｨｮ06), ｨｪｨ 0708ｨｨｨｬ0208, ｨｰｨｪ0606 ｨ ｨｮｨｬｨ 00ｨｮ ｨｬｨｨｨｪ00ｨｨｨｪｨ, 05ｨｰ06 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0604ｨｪｨ ﾂｨ 02ｨｰ, ﾂｨｰ06 ｨ ｨｰ ｨｮ ﾂｨｨ ｨｰｨｪｨｨｨｦ ｨｺ080201ｨｨｨｰ. 0308ｨｨ ﾂ02ｨｬ, 01ｨ 0302 ｨｺ060001ｨ ｨｺ ｨ ｨｮｨｬｨ 00 ｨｨ09ｨｰ02ｨｺｨ 02ｨｰ, ﾂｨ 09ｨｰ06 ｨｬ060302ｨｰ ｨｨｨｰｨｹ0907 ｨｪ0609ｨ 07 05ｨｬｨｨ0909ｨｨ07, ｨｺ06ｨｰ0608ｨ 07 09ｨｪ0609ｨｹ 0706ｨｺｨｮ07ｨ 02ｨｰ ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｬ ｨ ｨ ｨｪｨｺ06ｨｬ. (06ｨ ｨｺｨｨ ｨ 02ｨｨｨｨ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 0609ｨｮｨｴ0209ｨｰ ｨｰ0907 ｨｪ02 ｨｪｨ ｨｬｨｮ06, ｨ ﾂ ｨｨｨｰ0205ｨｹｨｪ ｨｪｨｨｨｺ060903, 08ｨ ｨ 06ｨｰｨ 06ｨｴｨｨ01 ｨｪｨ 09ｨｰ0608ｨｨ ﾂｨｪ06ｨｬ 0804ｨｪｨｺ ｨｪｨ ｨｺ06 ｨｪ02 ｨｨｨｬ0202ｨｰ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｪｨ ﾂ02ｨｪｨｨ07, ｨ ｨｪｨ 05ｨｨ ｨｰｨ ｨｺｨ ｨｺｨｮ07ｨｺｨ 04ｨ 0601ｨｨｨｪ 03ｨ 00 ｨｨ05ｨｨ ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｰ06, ﾂｨｰ06 05ｨｬｨｨｨｰ02ｨｪｨｰ ｨ ｨｮｨｬｨ 00 ｪ 00ｨｨｨｪ00ｨｨｨｪ ｪ ｨｮ ﾂｨ 02ｨｰ 04ｨ ｨｪｨｨ ｨ 0804, 05ｨｬｨｨｨｰｨｨ080609ｨ ｨｪｨｪ , ｨ 09ｨ ｨｬ ｨ ｨｬ02ｨｪ ｨｪｨ ｨ ｨｮ ﾂｨ 02ｨｰ ｨ ｨｮｨｬｨ 00ｨｨ, ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ 04ｨ ｨｬ04ｨｺｨ 07 ｨｰｨ ｨｺ06ｨｦ 06ｨ ｨｬ02ｨｪ.) 06ｨｪｨｰ ｨｪ06, ﾂｨｰ06 01ｨ ｨｰ ｨｮ ﾂｨ 0701, ｨｺ060001ｨ 09 08ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ , 06ｨｰｨｬ02 ﾂｨ ｨｨ02ｨｨｨｰ ｨ ｨｰｨ (ｨｺｨ ｨｺ 05ｨｰ06 ｨ ｨｰｨ ｨｬ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 09 ｨｺ06ｨｪ ), ｨｰ06 06ｨ ｨｲ02ｨｬ ｨ ｨｮｨｬｨ 00 ｨｪｨ ｨ ｨ 05ｨ ｨｪ ｨｰ02ｨｬ ｨｪ02 ｨｬ02ｨｪ0202 ｨｪ02 ｨｮｨｬ02ｨｪｨｹ03ｨ (0106ｨｰ ｨｰ0802ｨ ｨｪ0609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨ ｨｰｨ ｨｬｨ 05ｨｹｨｪ ｨｺ08ｨ ｨｴｨ 05ｨ 09ｨｹ ｨｨ 06ｨ ｨｲ02ｨｬ ｨ ｨｮｨｬｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｬ0603ｨｪ06 ｨ ｨ ｨｺ08ｨ ｨｰｨｨｨｰｨｹ) ｨｪｨｨｨｦ 06ｨ ｨｲ02ｨｬ ｨ ｨｮｨｬｨ 00 ｨｪｨ ｨ ｨ 05ｨ ｨｪ ｨ ｨｪ ｨｰ060006, ﾂｨｰ06ｨ 04 ｨｨ04ｨ 0203ｨ ｨｰｨｹ ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｰ09ｨｨｨｦ ｨｨ04ｨｲ07ｨｰｨｨ07 ｨｨ04 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰ ｨｮ , ｨｺ06ｨｰ ｨｰｨ ｨｬ ｨｮ0302 ｨｪ0608ｨｬｨ 05ｨｹｨｪ06 08ｨ ｨ 06ｨｰｨ 06ｨｰ ｨｨ04ｨｲ07ｨｰｨｨ ｨｪｨ ﾂｨ 0506 ｨ 04 ｨｪｨ 08ｨｮ0302ｨｪｨｨ ｨ 08ｨ 0409ｨｨｨｰｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ｨｺ06ｨｰ0608ｨ 07 08ｨ ｨ 06ｨｰｨ 05ｨ 09 05ｨｰｨｨｨｬｨｨ 0102ｨｪｨｹ00ｨ ｨｬｨｨ ｨｰ06ｨｦ ｨｨ ｨｰｨ ｨｰ0907, ﾂｨｰ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨｪｨｪ ｨｪ0200, ｨｪ0206ｨ ｨｨｨｬ 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, ｨｬ0603ｨｪ ｨｮ ﾂｨ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｬ06ｨｰ08ｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ

163 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｪｨｨ02ｨｬ ｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨｬ06ｨｪ02ｨｰｨ 08ｨｪ ｨ 09ｨｰ02ｨｦ 09 05ｨｰ06ｨｬ ｨ ｨ 02ｨｪｨｪ0609ｨｰｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨｪｨｪ ｨｪ ｨｨｨｨ ｨｮｨｺｨ ｨ ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ ｨ ｨｺｨ 0102ｨｬｨｨｨｺ ｨ ｨｺｨｨｨｦ ｨｪ ｨｰｨｪｨｨｨｦ ｨｰ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｰｨ ｨｺｨｨ ｨｨｨｪｨ ｨｪ ｨｨ09ｨｰ02ｨｬｨ ｨｰ ｨｹ0204ｨｪ04ｨｬ ｨｬ ｨ 04ｨｬ ｨｪｨｨｨｦ ｨｰｨｨ09ｨｪ06ｨｬ 0905ｨｮ ﾂｨ ｨｪｨｨ ｨ 0502ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨｪｨｪ ｨｮ ｨ ｨｮ0102ｨｰ ｨｪ0609ｨｨｨｰｨｹ 0008ｨ 00ｨｬ02ｨｪｨｰｨ 08ｨｪ04ｨｦ (ｨ ｨｪ02 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ, 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ) 01ｨ 08ｨ ｨｺｨｰ0208 ｨｨ ｨ 06ｨｴ02ｨｦ 09ｨｰ020702ｨｪｨｨ ｨ ｨｮ0102ｨｰ 04ｨ 09ｨｨ0902ｨｰｨｹ 06ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ 0708ｨｨ ﾂ02ｨｪｨｨ ｨｨｨｪｨｪ ｨｪ0200 ｨｨ04-04ｨ 08ｨｮｨ 0203ｨ ( ｨｪｨｨ ｨｬｨｨ08ｨｮ06ｨｰ0907 ｨｺｨ ｨｺ 08ｨ 04 ｨｪｨ 0609ｨｪ ｨ 0604ｨｪｨ ﾂ02ｨｪｨｪ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609) ｨｨ04ｨｨ09 ｨｪｨ ｨ 01 09ｨｪ0209 ｨｺ ｨｺｨｰｨｨ ｨ ｨｪｨｺｨ ｨｨｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ ｨｺ06ｨｪ (ｨｺ060001ｨ 06ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨ ｨｺｨｨｨｦ ｨ 05ｨｹｨｪ04ｨｦ 0902ｨｺｨｰ0608 ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺｨ 07 09ｨｨ09ｨｰ02ｨｬｨ // 04ｨｮ08ｨｪｨ 05 ｨｪ060906ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨ ｨｨｨ 02ｨｨｨｨ ｨC ｨC

164 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04ｨｪｨ ｨｺｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｬｨｨ0802) 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ ｨｬｨｪ0600ｨｨ ｨｪ0609ｨｪ0401 ｨｪｨ 0708ｨ ｨｪｨｨ ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｰｨ ｨｮ09ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ ｨｰ020702ｨｪｨｪ ｨｺ08ｨ ｨｴ02ｨｪｨｨ ｨｨ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ ｨｺｨｰ0608ｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨ ｨｪｨｨ08ｨｮ02ｨｬ04ｨｦ ｨｨ0601 ( ) ｨｬ ｪ ｪ ｨｪ0609ｨｪ0401 ｨｪｨ 0708ｨ ｨｪｨｨ ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｨ ｨｨ ｨｨ , ｨｬ06ｨｰ0802ｨｪｨｪ06ｨｦ 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ 0708ｨｨｨｪ07ｨｰ06ｨｦ 09 06ｨｺ06ｨｪ ﾂｨ ｨｰ0205ｨｹｨｪ06ｨｦ ｨ ｨｺ02ｨｨｨｨ 09 ｨｺ06ｨｪ ｨ, 02ｨｴ02 ｨ ｨｰ ﾂ02ｨｰ05ｨｨ ｨｮ09ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｪ0609ｨｪ06ｨｦ ｨｮ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ ｨｪｨｨ07 ｨｪｨ ｨｰ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 ( ﾂｨｨ09ｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨ ｨｺｨｰｨｨ090609) 0708ｨｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨｨｨ 09ｨｪ0203ｨｪ ｨ ｨｺｨｰ0608ｨ (08ｨｨ ｨ -ｨ ) ｨ 00ｨ ｨｹ, ﾂｨｰ06 05ｨｰ ｨｨｨｰ 00ｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｪｨｰｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07, ｨ ｨｰｨｹ 0102ｨｦ09ｨｰ0902ｨｪｨｪ04ｨｬ ｨｪｨｰｨｪ04ｨｦ ｨｺｨ ｨｪｨ 05 ｨｰ08ｨ ｨｪ09ｨｬｨｨ0909ｨｨ06ｨｪｨｪ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ 03 48, ｨ ｨｰｨ ｨｺ ｨｨｨｰ 0004ｨ 09 ﾂ02ｨｰ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ07 09ｨ ｨｪｨｺｨ ｨｨｨｨ ｨ 02ｨｨ0701 ｨｪｨ 09ｨ 0506ｨｰｨｪ06ｨｬ 0804ｨｪｨｺ ｨｨｨｰｨｹ 00ｨｨｨ ｨｺ0609ｨｰｨｹ ｨｺｨｮ ｨｦ ｨｨｨｰｨｨｨｺｨｨ, 0609ｨｮｨｴ0209ｨｰ09ｨｨｨｰｨｹ ｨｰ020702ｨｪｨｪ04ｨｦ ｨｺ ｨｨｨｬｨｮ ｨ 0601ｨｪ ｨ 09ｨ 06ｨｴ ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｹ 09ｨｪ0203ｨｪ ｨ ｨｺｨｰ0608ｨ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨｺ08ｨ ｨｰｨｨ05ｨ 09ｨｹ, ｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｪ ｨ (08ｨｨ ) ｨｪ0609ｨｪ0402 ｨｪｨ 0708ｨ ｨｪｨｨ ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｨ ｨｨ ｨｨ / ｨ ｨｬ

165 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 04ｨｨ ｨｨ080609ｨｰ ﾂｨｨ09ｨｰ0401 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｨ ﾂｨｨ09ｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨ ｨｺｨｰｨｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ (ｨｰ0805ｨｪ 08ｨｮｨ.) ｨｰ080602ｨｪ ｨｪ0609ｨｪ04ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ 0201ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ (0609ｨｪ0609ｨｪ06ｨｦ 09ｨｰ060806ｨｦ 09ｨ 08ｨｨｨ ｨｪｨｰ), 2007; ｨｪ0609ｨｪ04ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ 0201ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｨ ｨｨ ｨｨ (0609ｨｪ0609ｨｪ06ｨｦ ｨｰ0802ｨｰｨｨｨｦ 09ｨ 08ｨｨｨ ｨｪｨｰ), 2008; ｨｪ0609ｨｪ04ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ 0201ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｨ ｨｨ ｨｨ (0609ｨｪ0609ｨｪ06ｨｦ 09ｨｰ060806ｨｦ 09ｨ 08ｨｨｨ ｨｪｨｰ), 2009; ｨｪ0609ｨｪ04ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ 0201ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｨ ｨｨ ｨｨ (0609ｨｪ0609ｨｪ06ｨｦ 09ｨｰ060806ｨｦ 09ｨ 08ｨｨｨ ｨｪｨｰ) ｨｺｨｰ,

166 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? 0201ｨｪｨ ｨｺ ｨｪ0203ｨｪｨ ｨ ｨｬｨｬｨ ｨｪｨ ｨ 0408ｨ ｨ 06ｨｰｨ ｨｪｨ ｨｨ ｨｨ ｨｪｨｨｨｦ ｨｰ02 ﾂｨｨ09ｨｰ0401 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｺｨ ｨｺ 0609ｨｪ0609ｨｪ06ｨｬ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨｰ06 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0604ｨｪｨ ﾂｨ 02ｨｰ 06ｨｰ ｨｰ 06ｨ ｨｲ ｨｪｨｪ ｨ ｨｪ , 0708ｨｨｨｪ07ｨｰ ｨｮ ｨｨ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ07 ｨｺ08ｨｨ04ｨｨ09ｨｮ ｨｨ ｨ 00ｨ 0903ｨｨ ｨ ｨｰｨｹ 0609ｨｪ0609ｨｪ04ｨｬｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ ｨｹ 09 ｨｺｨ ﾂ0209ｨｰ ｨｪ0609ｨｪ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404 (09ｨｪ0609ｨｹ, ｨｺｨ ｨｺ ｨｨ ｨｬｨｪ0600ｨｨ ｨｰ060006) ｨ ｨｮ01ｨｮｨｰ 09ｨｪ0203ｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ (08ｨｨ ) ｨｪ06 05ｨｨ ｨｨｨｰｨｹ, ﾂｨｰ06 ｨｰ ｨｨ, ｨｺ06ｨｰ ﾂｨｨ090502ｨｪ ｨｺｨｮｨｬ02ｨｪｨｰ02 06ｨｰ , ｨｰｨ 05ｨｨ ｨ 04ｨｰｨｹ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04ｨｬｨｨ? 0605ｨｨ ｨｨ09 ﾂ020405ｨｨ ｨｰ02 08ｨｨ09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, ｨｦ09ｨｰ09ｨｨ02ｨｬ ｨｺ06ｨｰ ｨｮ0507ｨｰ0608 ｨ ｨｪｨｮ030102ｨｪ ｨｪｨ ｨｬ0601ｨｨ00ｨｨｨｺｨ 02ｨｨ ｨｨ ? 06 ｨｺｨ ｨｺ ｨｰ060001ｨ 07ｨｮｨｰｨｨ ｨｪｨｨ07 ｨｰ ｨｨ09ｨｰ02ｨｬｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ ｨ 01ｨ ﾂ, ｨｺ06ｨｰ ｨｰ0607ｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ? ｨｹ 09ｨｪ0203ｨｪｨｨｨｦ ｨｺｨ ｨｪｨ 05 ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ ｪ 05ｨｰ06, , 09ｨｪ0203ｨｪｨｨ02 08ｨｨ09ｨｺｨｨ ｨｨ ﾂ02ｨｪｨｨ ｨｮ (ｨｨ05ｨｨ ｨｪ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｰｨ ｨｺ ｨｨ ﾂ02ｨｪｨｨ07 ｪ ｨｺｨ ｨｺ 05ｨｰ06 ｨｨｨｬ ｨｬ0209ｨｰ06 09 ｨｺ08ｨｨ04ｨｨ09) ｨｬ02 ｨｰ060006, ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 09ｨｰ09ｨｮ06ｨｰ ｨｺ06ｨｪ ｨ 02ｨｨｨｨ 05ｨｺ ｨｰｨｪ ｨｹ020906ｨｦ 0608ｨｨ02ｨｪｨｰｨ 02ｨｨｨｨ 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, 06ｨｰ ｨｰ ｨｺ06ｨｰ060806ｨｦ 09ｨｰｨ 09ｨｨｨｰ0907 ｨｺｨ ｨｺ 09ｨ 03ｨｪｨ 07 09ｨｨ09ｨｰ02ｨｬｨｪｨ 07 04ｨ 01ｨ ﾂｨ (ｨｰｨ ｨｺ ｨｺｨ ｨｺ ｨｹ020906ｨｦ 05ｨｺ ｨｰ0208, ｨ 09ｨ 07 09ｨ 0506ｨｰｨｪｨｮ ｨｮ ﾂｨｺｨｮ ｨｨ ｨｮ ﾂｨ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｮｨ 05ｨｨ, 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｬｨｨ08ｨｮ02ｨｰ ｨｰｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｺ06ｨｰ0608ｨ 07 ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ ｨ 0605ｨｹ ｨ 0905ｨｮ03ｨｨ09ｨ ｨｰｨｹ ｨｨｨｪｨｰ ｨ ｨｪｨｪ ｨｺｨｰ0608ｨ, 08ｨ 0903ｨｨ ｨｨ02ｨｨｨｨ ｨｨ 09 05ｨｺ ｨｰ02, ｨｨ ｪ ﾂｨｰ06 ｨｬ04 ｨｨ ｨｪｨ ｨ ｨ 05ｨｨ ｨｬｨｪ0600ｨｨ ). 0308ｨｨ 05ｨｰ06ｨｬ ｨｰｨｮ070502ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｪ0205ｨｺ ｨｰｨｪ ｨｰ08ｨ 0905ｨｨ ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ0907, ｨｰ08ｨ ｨｪ09-168

167 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｬｨｨ0909ｨｨ06ｨｪｨｪ0402 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｪ02 ｨｬ0600ｨｮｨｰ ｨｺｨｰｨｨ09ｨｪ06 06ｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｰ06ｨｺ ｨｮ , ｨ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ ｨｪ ｨｰ0607ｨｪｨｨｨｨ ｨ 0102ｨｺ09ｨ ｨｰｨｪ06 06ｨｰ08ｨ 03ｨ ｨｰｨｹ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬｨｨ08ｨｮ06ｨｴｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ , 06 ﾂ0209ｨｨ01ｨｪ06, ｨ 06ｨｰ ｨｪ02ｨｺｨｨｨｦ 04ｨ 07ｨ ﾂｨｪ0609ｨｰｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨ07 05ｨｰ ｨｺｨ 04ｨ 05ｨｨ. 0201ｨｪｨ ｨｺ06 05ｨｰ06 ｨｪ02 04ｨｪｨ ﾂｨｨｨｰ, ﾂｨｰ ｨｮ02ｨｰ ｨｨｨｰｨｹ ｨｪｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ 09ｨ 0506ｨｰｨｪ ｨ ｨｪｨｨ07, 00currency board03 (020905ｨｨ ｨｪ02 ｨ ｨｮｨｺ09ｨ 05ｨｹｨｪ060006, ｨｰｨ ｨｺ 0708ｨｨｨ 05ｨｨ0302ｨｪｨｪ ｨｬ040905ｨｮ), ｨｺ060001ｨ ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ 06ｨ 08ｨ 04ｨｮ02ｨｰ0907 ｨｰ0605ｨｹｨｺ06 ｨｪｨ 0609ｨｪ ｨｨｨｰ06ｨｺｨ 09ｨ 0506ｨｰ04, ｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 06ｨｰｨｺｨ ｨ 02ｨｰ ｨｰ ｨｦ 09ｨ ｨｬ06ｨｦ 0005ｨ 09ｨｪ06ｨｦ 00ｨｮｨｪｨｺ02ｨｨｨｨ ｪ ｨｨ ﾂｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ 0102ｨｪ0203ｨｪ ｨｮ , ｨｺ06ｨｰ ｨｨｨｪｨ ｨｺ060906ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｰｨｮ07ｨｪ ｨｺ ｨｰｨｪ0401 ｨｨ ｨｪ0205ｨｺ ｨｰｨｪ ｨｰ08ｨ ｨｦ. 06ｨｺ ｨｰｨｪｨ ｨｮ ﾂｨｺｨ ｨｨ 09ｨｪ0203ｨｪｨｨ02 04ｨ ｨｦｨｬ ｨ 09ｨｪ06 ｨ ｨｮ01ｨｮｨｰ 0708ｨｨｨｰ02ｨｺｨ ｨｰｨｹ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｨ ｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨｪｨ ｨ ｨ 05ｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｬｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ ｨｬｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｮ ｪ 09 ｨｮ ﾂ02ｨｰ06ｨｬ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｰ0802ｨ ｨｪ0609ｨｰ02ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｮ06 06 ﾂ ｨｹ ｨｪ0205ｨｺ ｨｰｨｪ ｨｰ08ｨ ｨｦ ｨｨ01 08ｨ 0409ｨｨｨｰｨｨ ｨｨ ｨｬ0603ｨｪ06 08ｨ 0909 ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｪｨ 0802ｨ 05ｨｹｨｪｨｮ06 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪｨ 06ｨｰ ｨｰ ｨｹ020906ｨｦ ｨｪｨ 0708ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｹ ｨｰｨ 09ｨｺｨｨ, ｨｺ06ｨｪ02 ﾂｨｪ06, ｨｪｨｮ03ｨｪ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 06 ｨｺ0605ｨｹ 09ｨｺ ｨｪ02ｨｰ ｨｺｨｰｨｨ09ｨｪ0401 ｨ 05ｨｹｨｰ0208ｨｪｨ ｨｰｨｨ09, ｨｨ ｨｪｨｮ030102ｨｪｨ ｨｰｨｮ07ｨ ｨｰｨｹ 09 ｨｺｨ ﾂ0209ｨｰ0902 ｨｰｨ ｨｺ ｨｰｨ 09ｨｴｨｨｨｺｨ ｨ 05ｨｰｨｨ01 ｨｨ ｨｨｨｪ0401 ｨｪ ｨｰｨ ｨｰｨｺｨ ｨ ｨｪ ｨｬ04 ｨｪ020601ｨｪ06ｨｺ08ｨ ｨｰｨｪ06 ｨｮｨｺｨ ｨ 05ｨｨ 08ｨ ｨｪ ｨｬ., ｨｪｨ 0708ｨｨｨｬ0208: ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ: ｨｪ ｨ 0502ｨｬ04 ｨｨ ｨｪ ｨｨ09ｨｺｨｨ // ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ

168 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? ｨｮ02ｨｰ 05ｨｨ 09 ﾂｨｨｨｰｨ ｨｰｨｹ ｨｰｨ ｨｺｨｮ06 00ｨｮｨｪｨｺ02ｨｨ ｨｰｨ ｨｰ06 ﾂｨｪ06ｨｦ ｨｨ ｨｨｨｰ 05ｨｨ 06ｨｪｨ ｨｨｨｨ 06ｨ ﾂｨｨｨｰｨｹ ﾂｨｪｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｪｨｮ ｨｹ 09 ｨｬｨｨ0802? 06 ﾂｨｰ ｨ ｨｰｨｹ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ｨｺ060001ｨ 0202 ｨｪ ｨ ｨｪ ｨｬ ｨ 07ｨ 0904 ｨｮｨｬ02ｨｪｨｹ03ｨ ｨｰ0907? 0308ｨｨ 05ｨｰ06ｨｬ 0102ｨｪ0203ｨｪｨ ｨ ｨｬｨｬｨ ｨｪｨ 2010ｨC ｨ 00ｨ 02ｨｰ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 ｨｨ ﾂｨｨ09ｨｰ ｨｺ080201ｨｨｨｰｨ ｨ ｨ ｨｪｨｺｨ ｨｬ, ｨｨ ﾂｨｨ09ｨｰ ｨｺ080201ｨｨｨｰｨ 08ｨ 0903ｨｨ0802ｨｪｨｪ06ｨｬｨｮ 0708ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ09ｨｮ (ｨｰｨ ｨ ), ﾂｨｰ06 ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｪｨｨｨｰ0205ｨｹｨｪ0602 ｨｨ04ｨｲ07ｨｰｨｨ ｨｰ09 ｨｨ04 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ, ｨｺｨ ｨｺ ｨｨ 08ｨ ｨｪ0202, ｨ 02ｨｰ ｨｪ0206ｨ ｨｨｨｬ04ｨｬ 0708ｨｨ ﾂ02ｨｪｨｨ ｨｰ09 ｨｨ04 09ｨｪ0203ｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｬｨｨ 0904ｨｰ02ｨｺｨ 06ｨｴｨｨｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ (ｨｮ04ｨｺ ｨｪｨｨ02) ﾁｨｨ09ｨｰ0402 ｨｬ020301ｨｮｨｪｨ ｨｪ ,8 6,7 7,6 8,5 15,1 16,9 18,3 18,8 ﾁｨｨ09ｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨ ｨｺｨｰｨｨ0904 ｨC9,3 ｨC10,2 ｨC10,7 ｨC10,3 00 ｨｰ06ｨｬ ﾂｨｨ090502: ﾂｨｨ09ｨｰ04ｨｦ ｨｺ080201ｨｨｨｰ 08ｨ 0903ｨｨ0802ｨｪｨｪ06ｨｬｨｮ 0708ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ09ｨｮ ｨC-4,7 ｨC4,6 ｨC4,7 ｨC4,8 ﾂｨｨ09ｨｰ04ｨｦ ｨｺ080201ｨｨｨｰ ｨ ｨ ｨｪｨｺｨ ｨｬ ｨC2,1 ｨC3,1 ｨC3,5 ｨC2,6 * ｪ ｨｪｨｺｨ ; 2011ｨC ｪ ｨｪ , 0609ｨｪ0609ｨｪ06ｨｦ (09ｨｰ060806ｨｦ) 09ｨ 08ｨｨｨ ｨｪｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨｬｨｬ04 06ｨｰ ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｪ0609ｨｪ0402 ｨｪｨ 0708ｨ ｨｪｨｨ ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ ｨｨ ｨｨ ｨｨ ｨｺｨｰ,

169 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ ｨｨ ｨ ｨｪ02ｨｪｨｨｨｨ ｨｨｨｰ0205ｨｹｨｪ ｨ 05ｨｹ ｨ ｨｰ0203ｨｪ ｨ ｨ 05ｨ ｨｪ09ｨ ( ﾂｨｰ ｨｹｨｬｨ ｨｰｨｪ ｨｨ 0202ｨｪｨ 01 ｨｪｨ ｨｪ0200ｨｰｨｹ ｨｪｨ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｺ06ｨｬ ｨｮ080609ｨｪ02) 09ｨｪ0203ｨｪ0707 ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ ｨｰｨｹ ｨｨ ｨｰ ｨ 03ｨｪ04ｨｬ, ｨｪ06 ｨｪ ｨｪｨ ｨ 04ｨｰｨｹ 0106ｨｬｨｨｨｪｨｨ08ｨｮ06ｨｴｨｨｨｬ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ 0102ｨｪ0203ｨｪ ｨｮ ｨｪｨ 0302ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｨ 04ｨ 01ｨ ﾂｨｨ ｨｪ09ｨｰ090609ｨ ｨｪｨｨ06 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ06 09ｨｪ0203ｨｪｨｨ01 08ｨｨ09ｨｺ ｨｰｨ 06ｨｰ0907 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04ｨｬｨｨ, ｨｰ06 ｨｪ0206ｨ ｨｨｨｬ06 ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨｪｨｨｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ 09ｨｬ0203ｨ ｨｪｨｪ ｨ, 0708ｨｨ ｨｺ06ｨｰ060806ｨｬ ｨｪｨ ｨｦ 0705ｨ ｨｪ ｨｨｨｰ 04ｨ 01ｨ ﾂｨ 06ｨ ﾂ02ｨｪｨｨ ｨｮ0809ｨ ｨｬｨｨ 06ｨｰ08ｨ ｨｦ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 0708ｨｨ 0601ｨｪ ｨｬ02ｨｪｨｪ06ｨｬ ｨ ｨｪ02ｨｪｨｨｨｨ 0607ｨｰｨｨｨｬｨ 05ｨｹｨｪ ｨｮ080609ｨｪ07 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ. 0308ｨｨ ｨｰｨ ｨｺ06ｨｬ ｨ 0506ｨｰｨｪｨ ｨｮ ﾂｨｺｨ, ｨｪｨ 0708ｨｨｨｬ0208, ｨｬ060302ｨｰ ｨｪ ｨｺｨｮ07ｨ ｨｰｨｹ ｨｮ0507ｨｰ060806ｨｬ ｨｪ06ｨｬ 06ｨ ｨｲ02ｨｬ02, ｨ 0609ｨｰｨ 09ｨ ｨｰｨｹ0907 ｨｪｨ 09ｨ 0506ｨｰｨｪ06ｨｬ 0804ｨｪｨｺ02 ( ﾂｨｰ06 ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ, ｨｪ06ｨｦ 09ｨｰ060806ｨｪ04, ｨｮ ｨ ｨｪｨｨ06 08ｨｮｨ 0507, ｨ ｨｮ0006ｨｦ 09ｨｰ060806ｨｪ04, ｨｪ ｨｪ06ｨｬｨｮ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07 ｨｪｨ 09ｨ 0506ｨｰｨｪ06ｨｦ 0609ｨｪ060902) ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 05ｨｰｨｨ ｨｰ09ｨｨｨｦ ｨｬ02ｨｪｨｹ03ｨ 07 ( ﾂ02ｨｬ 0705ｨ ｨｪｨｨ080609ｨ 05ｨ 09ｨｹ) ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨ07 ｨｬ060302ｨｰ ｨｺ06ｨｬ0702ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｪ02ｨｪｨｨ02ｨｬ ｨｮ ﾂ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｺｨ ｨｪｨ 0504, ﾂ ｨｬ0600ｨｮｨｰ ｨｺ06ｨｬ070502ｨｺ09ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, 09ｨ ｨｺ080201ｨｨｨｰｨ ｨ ｨ ｨｪｨｺｨ ｨｬ, ｨ ｨｰｨｪ0402 ｨｺｨ ｨｪｨ 0504 ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ ｨｨ ｨｰ ｨｪｨｨｨｰ0205ｨｹｨｪｨ 07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ, ｨｰｨｮ07ｨｨ0903ｨ ｨｮｨｺｨ 04ｨ ｨｪｨｪ04ｨｬ ｨｺｨ ｨｪｨ 05ｨ ｨｬ, ｨｬ060302ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｺｨ ｨｺ ｨ ｨ 09ｨｪ06ｨｬ0208ｨｪ06ｨｬｨｮ 08ｨ ｨｪｨｨ ｨｮ ｨｨ 05ｨｺ ｨｰｨｪ0401 ｨｨ ｨｪ0205ｨｺ ｨｰｨｪ ｨｰ08ｨ ｨｦ, ｨｰｨ ｨｺ ｨｨ ｨｺ ｨｺｨｰｨｨ080609ｨ ｨｰｨｹ 01ｨｨｨｪｨ ｨｬｨｨｨｺｨｮ ｨｺｨｮ0809ｨ (ｨｰｨ ｨｺ ｨｺｨ ｨｺ 05ｨｰｨ 05ｨｨｨｺ09ｨｨ01-171

170 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0609ｨｰｨｹ ｨｬ060302ｨｰ 06ｨｰ ﾂｨ 09ｨｰｨｨ ｨｪｨｮｨｰｨｹ0907 ｨｪｨ 09ｨ 0506ｨｰｨｪ04ｨｦ 0804ｨｪ06ｨｺ, 06ｨｺｨ ｨ 07 01ｨ ｨｪｨｨ02 ｨｪｨ ｨ 0903ｨｨｨｦ 08ｨｮｨ 05ｨｹ 09 09ｨｰ060806ｨｪｨｮ ｨ ｨｪ02ｨｪｨｨ07) ｨｬ0603ｨｪ06 ｨｰｨ ｨｺ0302 ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 09ｨ 0506ｨｰｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨｨｪ00ｨｨｨｪｨ ｨｨ05ｨｨ 0009 ( ｨｰｨ ｨｰ06 ﾂｨｪ04ｨｬ ｨｮ080609ｨｪ02ｨｬ ｨｪ0609ｨｰｨｨ) ｨ ｨｺｨｺｨｮｨｬｨｮ050702ｨｨｨｨ ﾂｨ 09ｨｰｨｨ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨ 0506 ｨ ｨｪｨｨｨｰｨｹ ｨ 08ｨ 04ｨｪ0609ｨｰｨｹ ｨｮ06ｨｴ02ｨｦ ｨｬ06ｨｦ ｨ 03ｨｨ 05ｨｰ06ｨｦ 09ｨ 0506ｨｰ04 ｨｨ04 00ｨｨｨｪ00ｨｨｨｪｨ (020905ｨｨ 06ｨｪｨ ｨｺｨｮ070502ｨｪｨ ｨｪｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04 00ｨｨｨｪ00ｨｨｨｪｨ ) ｨｺｨｮ0809ｨｮ, ｨｺ06ｨｰ060804ｨｦ ｨｨ ｨｪｨ 0804ｨｪｨｺ02 ｨｪｨ ｨｬ06ｨｬ02ｨｪｨｰ ｨ 02ｨｨｨｨ ( ﾂｨｰ06, , ｨｪ ｨ 04 08ｨｮｨ ｨｮ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｪｨ 0804ｨｪｨｺ02 ｨｨ, ｨｰ , ｨｪ02 06ｨｺｨ ｨ 0506 ｨ ｨｨ 05ｨｰ06ｨｬ ｨｬ ｨｨ07ｨｪｨｨ07 ｨｪｨ ｨｺｨｮ0809). 06ｨ ｨｺｨｨ ｨｺ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ, 0601ｨｪｨ ｨｺ06, ｨ 00ｨ 06ｨｰ ｨ ｨ ｨｰ06ｨｪｨｺ0602 ｨｮ0708ｨ ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ 0706ｨｰ06ｨｺｨ ｨｬｨｨ, ｨｬ0209ｨｰ06 ｨｬ0201ｨ ｨｪｨｨ ﾂ0209ｨｺｨｨ ｨｪ06ｨｺｨ ｨｪｨ 05ｨｹｨｪ (ｨｺｨ ｨｺ 05ｨｰ ｨｨ ｨｨｨｰ ｨｮ ｨｪｨ 09) ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ 0802ｨ 05ｨｹｨｪ ｨｦ09ｨｰ090609ｨ ｨｰｨｹ ｨｬｨｪ ｨ 08ｨ 04ｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨ ｨｨｨｬ060102ｨｦ09ｨｰ09ｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ 0802ｨ 05ｨｹｨｪ ｨｺｨｰ0608ｨ (ｨｺｨ ｨｺ 05ｨｰ ｨｨ ｨｨｨｰ 09 09ｨｰ08ｨ ｨｪｨ ｨ ｨ ｨｬ ｨｮ080609ｨｪ02ｨｬ 00ｨｨｨｪｨ ｨｪ ｨ 0409ｨｨｨｰｨｨ07) ｨｨ ｨｬ ｨｰｨｨｨｬ ｨｨ02ｨｨ06ｨｪｨｨ080609ｨ ｨｰｨｹ 0902ｨ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｺｨ ｨｺ ｨｹ0204ｨｪ04ｨｦ 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨｨｦ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ, ｨｪｨ ｨｬ ｨｮ02ｨｰ ｨｦ ｨｹ0204ｨｪ0609ｨｰｨｹ ｨｪｨｨｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨ ｨｪｨ ｨｨ ﾂｨｪ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ﾂ0209ｨｨ01ｨｪ06, 01ｨ 09ｨｪ ｨ ｨｪｨ ﾂｨ ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｰｨｹ 08ｨ 04ｨｮｨｬｨｪ04ｨｦ 0708ｨ ｨｺｨｰｨｨ02ｨｨ04ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｪｨ 03ｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ ｨｺ ｨｪｨ ｨｰ ｨｬ04 ｨｨ 04ｨ ｨｰ04, ｨｺ06ｨｰ , ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｨ ｨｰ 06ｨｰ 0609ｨｪ0609ｨｪ0401 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ0609 ｨｨ 06ｨｰ ｨｺ06-172

171 1302ｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208ｨ 01 ｨｰ ｨ ｨｬｨｨ 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ04 01ｨ 09ｨｪ06 06ｨｰｨｺｨ 04ｨ 05ｨｨ09ｨｹ. 02ｨ ｨｨ 08ｨ ｨｪｨｹ0302, 04ｨ ｨｬ02ｨｰｨｨｨｬ, ｨｰｨ ｨｺｨｨ ｨｺ06ｨｬ02ｨｪ01ｨ 02ｨｨｨｨ ｨ 0405ｨｨ 09ｨｺ ｨｪ0203ｨｪｨｨ ｨｹ040609ｨ ｨｰ020502ｨｦ03, ｨ 0009ｨｪｨｮｨｰ08ｨｨ ｨ ｨｹ ｨｰｨ ｨｺ, ｨｺｨ ｨｺ ｨｪｨｮ03ｨｪ ｨｨ04ｨｨ09ｨｪ ｨｨ09ｨｺｨｨ ｨｨ 0802ｨ ｨｺ02ｨｨ07 ｨｪｨ ｨｪｨｨ01 05ｨｨ03ｨｹ ｨ 05ｨｨ 05ｨｰ06 02ｨｴ02 ｨ ﾂ0209ｨｨ01ｨｪ04ｨｬ. ﾁ02ｨｬ ｨ 0409ｨｰ ｨｬ04 ｨｪｨ ﾂｨｪ02ｨｬ 08ｨｮｨｺ ｨｰ090609ｨ ｨｰｨｹ ｨ 0904ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬ 09ｨｬ ｨｬ, ｨｰ02ｨｬ ｨ 0605ｨｹ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨ ｨｮ0102ｨｰ ｨｮ ｨｪｨ 0302ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｮ ｨｪ06 08ｨ 0409ｨｨ09ｨ ｨｰｨｹ ｨｪ ｨｮ ｨｨ0701.

172 ｨｮ ｨ ｨｨｨｰｨｨｨｺｨ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ 02ｨｰ 09ｨｪ0203ｨｪ0606 ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｬ020301ｨｮ 0906ｨ 06ｨｦ, ﾂｨｰ ｨ 02ｨｰ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ ｨ 0000ｨｨ05ｨｹｨｰ0806ｨｬ03 ｨｰｨ ｨｺ ｨ ｨｨｨｬ060102ｨｦ09ｨｰ09ｨｨ ｨｨ 05ｨｰ06ｨｬ 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ0809 ｨｬ060302ｨｰ ｨｺｨ ｨｺ ｨｰ08ｨ ｨｪ0905ｨｨ080609ｨ ｨｰｨｹ 09ｨｪ0203ｨｪｨｨ ｨｺｨｨ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, ｨｰｨ ｨｺ ｨｨ 09ｨｬ0700 ﾂｨｨｨｰｨｹ ｨｨ ｨｪ0608ｨｬｨ 05ｨｹｨｪ0401 ｨｪ02ｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｮ ｨｨ ｨｪｨｪｨ 07 ｨｺｨｮ ｨ ｨｨｨｰｨｨｨｺｨ ｨｰ ｨ 03ｨｪ04ｨｬ 00ｨ ｨｺｨｰ060806ｨｬ, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨｨｬ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ 0409ｨｨｨｰｨｨ ｨ 05ｨｰ06ｨｬ ｨ ｨ ｨｪ06 09ｨｬ.: ｨ 0506ｨｰ04 09 ｨｬｨｨ ｨｦ ｨｰ : 01ｨ ｨｮｨｺｨ, 1992; 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, 2000; 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,

173 ｨｰ08ｨ ｨｪ ｨ ｨｪｨ 01ｨ 7,6 10,5 ｨC22,4 0,2 6,7 12,7 15,4 4, ｨｪｨｨ07 11,4 25,9 31,3 17,7 7,5 1,9 13,2 22,8 02ｨ ｨｪｨｨ07 32,8 34,1 5,9 43,3 40,2 53,1 61,1 52,5 0808ｨ ｨｪ02ｨｨ07* 24,8 ｨC17,7 ｨC8, ｨｬｨ ｨｪｨｨ07* 28,9 22,6 ｨC9,7 6,9 4,5 13,1 19,4 11,9 06ｨｰｨ 05ｨｨ07* ｨC3,7 15,7 ｨC31, ｨｨ07 40,0 34,2 12,1 25,5 23,3 31,6 34,3 15, ｨｦ02ｨ 08ｨｨ07 30,8 36,8 15,5 39,9 32,5 33,3 45,2 40, ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07 17,5 6,9 0,2 15,8 15,6 28,3 17,2 ｨC3,1 * ｨ 09 ﾂ02ｨｰ ｨｪ ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ OECD, US Fed. 175

174 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 05ｨｹｨｪ0401 ｨｮ ｨｨ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ 0708ｨｨ ｨｨ09ｨ 06ｨｰ , ｨｪ060907ｨｴｨｨ01 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, 0708ｨｨ ｨｺ06ｨｰ ｨｨ01 09ｨ 0506ｨｰｨ ｨｨ09ｨ 02ｨｰ0907 ｨｪｨ ｨ ｨｬ ｨｮ080609ｨｪ02 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨ 08ｨ (09 ｨｮ ﾂ02ｨｰ06ｨｬ 07ｨ 08ｨｨｨｰ02ｨｰｨ 0706ｨｺｨｮ07ｨ ｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｨ0504 ｪ ) (ｨｰｨ ｨ ). 00 ｨｰ ｨｬ07 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ04, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｨｨｬ0206ｨｰ ｨｮ ｨｪｨｹ 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｪｨｨ (06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨ 08ｨ ). 06ｨｰ06ｨｰ 00ｨ ｨｺｨｰ 06ｨ 04 ﾂｨｪ06 ｨｨ ｨｹ04ｨｮ02ｨｰ ｨｰ060806ｨｪｨｪｨｨｨｺｨ ｨｬｨｨ ｨｪ ｨｪｨｺｨｨ 09ｨ 0506ｨｰ ｨｺｨ ｨｺ ｨ 0800ｨｮｨｬ02ｨｪｨｰ ｨｰ060006, ﾂｨｰ06 ｨｰｨ ｨｺ0609ｨ 0006ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪｨ ｨ 05ｨｹｨｪ0609ｨｰｨｹ ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ. 0308ｨｨ 05ｨｰ06ｨｬ ﾂｨ 09ｨｰ06 ｨｨ00ｨｪ0608ｨｨ08ｨｮ02ｨｰ0907 ｨｰ06 06ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ0906, ﾂｨｰ06 ｨｬｨｪ0600ｨｨ02 ｨｨ ｨ ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｰ0907 ｨｬｨ 0502ｨｪｨｹｨｺｨｨｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｬｨｨ, ｨｨｨｬ0206ｨｰ ｨｺ08ｨ ｨｦｨｪ ｨｺｨｮ06 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 06ｨｰ 05ｨｺ ｨｰｨ 2 ｨｨ ｨｪｨｨ ｨｦ ｨｺｨｮ0809 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ04 ｪ 0201ｨｨｨｪ09ｨｰ0902ｨｪｨｪ04ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ 06ｨ ﾂ02ｨｪｨｨ ｨｨｨｰ06ｨｺｨ 09ｨ 0506ｨｰ04, ｨｪ0206ｨ ｨｨｨｬ06ｨｦ ｨｪｨｨ ｨ 0502ｨｬ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ 0409ｨｨｨｰｨｨ ｨｹ03ｨ ｨC57,2 ｨC42,2 ｨC40,5 ｨC33,2 ｨC23,5 ｨC40,8 0002ｨｪ0008ｨｨ07 ｨC61,4 ｨC35,4 ｨC38,9 ｨC28,6 ｨC25,0 ｨC36,5 06ｨｮ0802ｨｨ07 ｨC64,9 ｨC38,2 ｨC41,0 ｨC33,9 ｨC31,4 ｨC40,0 0002ｨｺ09ｨｨｨｺｨ ｨC32,4 ｨC34,6 ｨC33,7 ｨC32,9 ｨC33,0 ｨC42,8 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ OECD, 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｰ08ｨ ｨｪ. 2 06ｨｪ060001ｨ ｨｰ ｨｬ06ｨｪ06ｨｺｨｮ05ｨｹｨｰｨｮ08ｨｪ04ｨｬｨｨ03 05ｨｺ ｨｰ0208ｨ ｨｬｨｨ. 176

175 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｨｨｦ09ｨｺ ｨｪｨｺｨ 09ｨ 03ｨｪ06, ﾂｨｰ06ｨ ｨｨ ｨｦ ｨｬｨｪ ｨ ｨｪ ｨｰｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 09 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｪｨ ｨ 0405ｨ ｨ 04 ｨｪｨ 0708ｨ ｨｪｨ ｨｪｨ ｨｮｨｺ ｨｪｨｨ ｨｪ ｨｮｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ03, ｨｪｨｰ0802 ｨｺ06ｨｰ060806ｨｦ ｨｪ04 ｨｪｨ ｨｨｨｰｨｹ ｨｮｨ 05ｨｹ ｨｺｨ ｨｺ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪｨ 07 09ｨ 0506ｨｰｨ ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｦ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ, ｨｨ ｨｹ04ｨｮ06ｨｴｨｨｨｦ ｨｪ06ｨｦ ｨｬ ｨｨ 0609ｨｪ ｨ 00ｨ 06ｨｴｨｨ02 00ｨｮｨｪｨｺ02ｨｨｨｨ ｨｺ080201ｨｨｨｰ0608ｨ ｨｪ02ｨｦ ｨｨｨｪ09ｨｰｨ ｨｪ02ｨｨｨｨ, 05ｨｬｨｨ0909ｨｨ06ｨｪｨｪ ｨｪｨｰ08ｨ ｨｨ 0005ｨ 09ｨｪ ｨｪ0203ｨｪ ｨｮ0507ｨｰ0608ｨ ｨｨｨｰｨｨｨｺｨ 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ 08ｨ ｨｺ ｨｨ ｨｮ ﾂｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ, ｨｨ0903ｨ ｨｺｨｮ ｨ ｨｨｨｰｨｨｨｺｨ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ 05ｨｺ ｨｰ ｨｨ 09ｨｪ0203ｨｪ ｨｮ ｨｬ ｨｺｨ ｨｺ 0005ｨ 09ｨｪ04ｨｦ 00ｨ ｨｺｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 02ｨｴ ｨｬｨｨ080609ｨ ｨｪｨｨ07 09ｨ 0506ｨｰｨｪ ｨｪｨｺｨ 09 ｨｺ06ｨｪ ｨｨ ｨｪｨ ﾂｨ ｨｮ09ｨｰｨ ｨｪ0609ｨｨ ｨｰｨ ｨｺ06ｨｦ ｨｺｨｮ ｨｮｨ 0507 ｨｺ ｨ 08ｨｮ, ｨｺ06ｨｰ060804ｨｦ 06ｨｰ08ｨ 03ｨ ｨｪ ｨｰｨｪ060302ｨｪｨｨ07 05ｨｨ03ｨｹ ｨｮ04ｨｺ06ｨｦ 0008ｨｮ ｨｰｨｨ03ｨｪ0401 ｨｰ060001ｨ ｨｰ0609ｨ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺ ｨｨｨｬ070608ｨｰｨ ｨｮ05ｨｹｨｰｨ ｨｰ02 05ｨｰ ｨｨ ｨｺ ｨｰ06ｨｬｨｮ, ﾂｨｰ06 ｨｺｨｮ ｨｮｨ 0507 ｨ 0405 ｨｮ09ｨｰｨ ｨｪ ｨｪ ｨｪｨ ｨｮ080609ｨｪ02 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｪ ｨｪ02ｨｪｨｪ06ｨｬ, ｨｨ 0708ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪ02 ｨｰ ｨｺｨ 04ｨ ｨｰ0205ｨｨ, ｨｺ06ｨｰ ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ06ｨｰ 05ｨｨ03ｨｹ ｨｮ04ｨｺｨｨ ｨｬ02ｨｪｨｰ ｨｪｨｺｨ ｨｨ 06ｨｰ08ｨ 03ｨ 06ｨｰ ｨｹｨｪｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ03 (ｨｺｨ ｨｺ 05ｨｰ06 ｨｨｨｪ060001ｨ ｨ 02ｨｰ0907 ｨｪ02ｨｺ06ｨｰ060804ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ09ｨｰｨ ｨｬｨｨ), ｨ ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨ ｨｺ06ｨｬ070502ｨｺ09ｨｪ0402 ｨｨ 09ｨ ｨ 05ｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｪｨｺｨｨ (ｨｰｨ ｨｺｨｨ02 ｨｺｨ ｨｺ 0202ｨｪ ｨｰｨｪ060302ｨｪｨｨ ｨｨ0806ｨｺ06ｨｦ ｨｺ060804ｨｨｨｪ ). 177

176 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? 0308ｨｨｨｬ02 ﾂｨ ｨｪｨｨ02 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 ｨｪ ｨｪ ｨｪ06 ﾂｨｪ ｨｪｨｺｨｨ ｨｺｨｮ0809ｨ, ｨｺ06ｨｰ060804ｨｦ ｨｨ ｨｪｨ 0804ｨｪｨｺ02, ｨｬｨｨ080609ｨ 05ｨｨ09ｨｹ 02ｨｴ02 ｨｪｨ ｨ 0506ｨｰｨｪ0401 ｨ ｨｮｨｺ02ｨｨ06ｨｪｨ 01, ｨｺ06ｨｰ ｨｰｨ 05ｨｨ ｨｨｨｰｨｹ ｨｪ0607ｨ ｨｬｨｨ080609ｨ 0903ｨｨｨｦ0907 ｨｪｨ ｨｪｨｨ01 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ ｨｮｨ 0507 (090609ｨｰｨ ｨｨｨｦ ｨｪ02ｨｬ 15ｨC20 08ｨｮｨ. 04ｨ ) 06ｨｰ08ｨ 03ｨ 05 ｨｰ060001ｨ 05ｨｨ03ｨｹ ｨｮ04ｨｺｨｮ06 ｨｺ060804ｨｨｨｪｨｮ ｨｰｨｨ03ｨｪ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺ ｨｨｨｬ070608ｨｰｨ ｪ 0103ｨｨｨｪ0904, ｨｺ0609ｨｬ02ｨｰｨｨｨｺｨ ｨｨ ｨｰ.01. ( ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 ｨｰ ｨｨｨｪ ｨｰ06ｨｨ05ｨｨ, ｨｺ 0708ｨｨｨｬ0208ｨｮ ｨｪｨ ｨｪｨ 0302ｨｬ ﾂ0208ｨｪ06ｨｬ 0804ｨｪｨｺ02, ｨｮｨ., ｨｰ060001ｨ ｨｺｨ ｨｺ ｨｨ ｨｪｨ ｨｬ060005ｨ ｨ 04ｨｰｨｹ ｨｪ02ｨｬ 06ｨｺ ) 0201ｨｪｨ ｨｺ ｨｦ ｨｮ00ｨｨ01 ｨｰ0609ｨ ｨｨ ｨｮ0905ｨｮ00 ｨ 0405ｨｨ 0708ｨｨ 05ｨｰ06ｨｬ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ ｨｰ ｨｰ06ｨｨ ｨｺ0607., ｨ 09 01ｨｹ ｨｺ02 ｪ 06ｨｺ , ｨ ｨｮ ｨｪｨ 09 09ｨｰ06ｨｨ05 06ｨｺ ｨｺ0607., ｨ ｨｰｨ ｨｬ ｪ 1ｨC ｨｨ05ｨｹ ｨｰｨ 09ｨｨｨｬ ｨｮ080609ｨｪ07, 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ ｨｺ06ｨｬｨｬｨｮｨｪｨ 05ｨｹｨｪ ｨ ｨｰ0203ｨｨ ｨ ｨｪｨｨ06 01ｨ ｨｦ ﾂｨ 09 ｨｮ ｨｪｨ 09 ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ ｨｺ06ｨｪ ｨｨ ｨｪ02ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 0705ｨ ｨｰ020302ｨｦ 04ｨ ｨｺ09ｨ 08ｨｰｨｨ08ｨｮ ｨｨｨｨ ｪ 06ｨｺ ｨｮｨ. 09 ｨｬ ｨｰｨ ｨｨ ﾂｨｨｨｪｨ ｨ 0405ｨ 09 ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｰ 08ｨ 04 (!) ｨｬ02ｨｪｨｹ0302, ﾂ02ｨｬ 0202ｨｪ04 04ｨ ｨ ｨｪｨ ｨｨ ﾂｨｪ ｨｨ05ｨｹ ｨ 07ｨ 01ｨｪ ｨｰ08ｨ ｨｪｨ ｨｮ02ｨｰ ｨｰｨ ｨｺ0302 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｰｨｮ , ｨｺ06ｨｰ0608ｨｮ06 ｨｨ0008ｨ 02ｨｰ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨｨｦ ｨｰ0609ｨ ｨ ｨ ｨｨ ｨｰ ｨｨｨｪ ｨ 04 ﾂｨｪ ｨｺｨｮ07ｨ 06ｨｰ ｨ ｨ ｨｨ05ｨｨ 1 08ｨ ｨｨ 06ｨｪｨｨ ｨｰｨ ｨｨ 09 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｬ04ｨｦ ｨｨ0601 ｨｬ02ｨｪ0202 ｨｨ 10% ｨ ( ｨｮ ﾂｨ ｨｨｨｦ09ｨｺｨｨｨｬｨｨ 0706ｨｰ0802ｨ ｨｨｨｰ020507ｨｬｨｨ), ｨｰ06 ｨｺ06ｨｬｨｬｨｮｨｪｨ 05ｨｹｨｪ ｨ ｨｰ0203ｨｨ ｨ 06ｨｰ ｨｬ ﾂｨｪ06 ｨｨ ｨｰｨｨ00ｨ 06ｨｰ ｨｮ ﾂｨ ｨ 07ｨ 01ｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｬｨｨ ｨｪ02 ｨｬ02ｨｪ ｨC30% ｨｬ ﾂｨｪ ｨ ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, 00ｨ ｨｺｨｰ ｨ 03 05ｨｰ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰｨ ｨｹｨｬｨ 04ｨｪｨ ﾂｨｨｨｬ. 06 ﾂｨｰ06 02ｨｴ02 ｨ ｨ 03ｨｪ06 ｪ ｨｰｨ ｨｺ 05ｨｰ06 ｨｰ06, ﾂｨｰ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｪｨ 03ｨｨ ｨｬ ｨｪｨｪ0401 ｨ ｨｺｨｰｨｨ ｨ 0405ｨ ｨｰｨ ｨｺ0302 ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ ｨｰ06ｨｬｨｮ ｨｺｨｮ0809 ｨｪｨ 0006ｨｰｨｺ0804ｨｰ0609ｨｰｨｹ03 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｨ0903ｨ ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ07 ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ ｨ 02ｨｨｨｦ 09 ｨｰｨ ｨｺｨｨ01 ｨｮ

177 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 09ｨｨ ｨ 09ｨ 05ｨｨ 08ｨｨ09ｨｺ ｨ ｨｪｨ 03ｨｨ ｨ 05ｨｹｨｪ0401 ｨ ｨｺｨｰｨｨ ｨｺ06ｨｪｨｰ080605ｨｹ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰ ｨｬｨｪ060006ｨｺ08ｨ ｨｰｨｪ06 04ｨ ｨｪｨｨ0302ｨｪｨｪ04ｨｬ 0202ｨｪｨ ｨｬ. 02ｨｰｨｬ02ｨｰｨｨｨｬ, ﾂｨｰ06 01ｨ ｨｦ ﾂｨ ﾂｨｹ ｨｨ0102ｨｰ 06 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ06ｨｦ ｨｪ ｨｪｨｺ ｨｨｨｦ09ｨｺ06ｨｦ 09ｨ 0506ｨｰ04, ｨｰｨｨ00ｨ 06ｨｴ02ｨｦ 80% (!) (ｨｰｨ ｨ ) ｨｰｨｪ060302ｨｪｨｨ02 ｨｺｨｮ0809/ ,2 50,2 13,0 1,8 2,9 2,5 2,0 1,8 1,8 1,8 * 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｺ060804ｨｨｨｪ ( ｨｺｨ 04ｨ ｨｰ020507ｨｬ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07). 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ : ｨｬｨ ｨｰ0208ｨｨｨ 05ｨ ｨｬ , ｨｺ06ｨｬ09ｨｰｨ ｨｰｨ ｨｨ ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｨ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 09ｨｰ0605ｨｹ 09ｨｨ05ｨｹｨｪｨ 07 ｨｪ ｨｪｨｺｨ ｨｨ04ｨｪｨ ﾂｨ 05ｨｹｨｪ06 01ｨ 05ｨ ｨｬ06ｨｴｨｪ04ｨｦ ｨｨｨｬ07ｨｮ05ｨｹ09 ｨｺ ｨ ｨｴ02ｨｪｨｨ 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 05ｨｺ ｨｰ060608ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｪｨｪｨｮ06 (09 ｨｪｨ 0302ｨｬ 0905ｨｮ ﾂｨ ｨ 07 05ｨｺ ｨｰ ｨｺｨｰｨｨ09ｨｪ04ｨｬ), ｨｺ060001ｨ ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ 0609ｨｪ0609ｨｪ06ｨｦ 0202ｨｪｨｰ08 ｨｰ ｨｰｨｨ 0708ｨｨ010601ｨｨｨｰ0907 ｨｪ02 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ , ｨ ｨｪｨ ｨｪ0203ｨｪｨｨ ｨｪｨｺ ｨｪ07ｨｰｨｪ06, ﾂｨｰ ｨｨ ｨｰｨ ｨｺｨｨ01 ｨｺｨｮ ｨｺ ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, ｨｨ 04ｨ 0609ｨｪ0609ｨｮ 0908ｨ 09ｨｪ02ｨｪｨｨｨｦ ｨ 08ｨ ｨｰｨｹ ｨｺｨｮ0809, ｨ ｨ 04ｨｨ08ｨｮ06ｨｴｨｨｨｦ0907 ｨｪｨ , ｨｰ ｨｨ ｨ ｨｪ02ｨｪｨｨｨｨ ｨｪｨ 80% ｨｬ ｨｨｨｬ ｨｪｨ ｨｮ ｨｪｨｹ ｨｪ04ｨｪ0203ｨｪ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ ｨｪ06 ﾂｨｪ ｨｺｨｮ0809ｨ 08ｨｮｨ 0507 ｨｺ ｨ 08ｨｮ (06ｨｺ ｨｮｨ.). 179

178 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? 09ｨ 01 05ｨｺ ｨｰｨｪ ｨ 02ｨｨｨｨ 09ｨｰｨ ｨｪ0609ｨｨ05ｨｨ09ｨｹ ｨ ｨ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ04ｨｬｨｨ, ﾂ02ｨｬ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 (ｨｰ02ｨｬ ｨ ｨｮ ﾂｨｨｨｰ0409ｨ 07 ｨ ｨｪｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ ｨｪｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨｮ06 ﾂｨ 09ｨｰｨｹ ｨｨ ｨｨｨｬ06ｨｦ ｨｮｨｺ02ｨｨｨｨ). 02 ﾂ0209ｨｨ01ｨｪ06 ｨｰｨ ｨｺ0302 ｨｨ ｨｰ06, ﾂｨｰ06 ｨｪｨ ｨｨｨ ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ04ｨｬ03 ｨｰ0609ｨ 0806ｨｬ 09 ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨｰｨ ｨｪ0609ｨｨ05ｨ 09ｨｹ ｨｮｨｺ02ｨｨ , ｨｺ06ｨｰ0608ｨ ｨｬ 06ｨｰ0902 ﾂｨ 05ｨ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07ｨｬ ｨｬｨｨ ｨｪｨｺｨ. 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨｪｨ ｨ 0708ｨｨ010601ｨｨ05ｨ 09ｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ 05ｨｺ ｨｰｨ 09ｨｰ08ｨ ｨｪ04, ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ ｨｺ ｨｰｨｪ ｨ 02ｨｨｨｦ, ｨｺ06ｨｰ ｨｰｨｺ080405ｨｨ09ｨｹ ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ06ｨｦ ｨｪ ｨｪｨｺｨｨ 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ 08ｨｮｨ 0507, ｨｪｨ ｨ ｨｺ080207ｨｨ05ｨｨ ｨｹ0209ｨｮ06 05ｨｺ ｨｰｨｪｨｮ ｨｨ02ｨｪｨｰｨ 02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 ｨ ｨｪｨｨ04ｨｬ ｨｪ0203ｨｪ ｨｪｨｨ07, ﾂ ｨｹ, 04ｨ ｨｺ ｨｰ 00ｨｰ08ｨ ｨｪ ｨｨ0603 ｨｰｨ ｨｺ ｨｬｨｨｨｪｨｨ080609ｨ ｨｪｨｨ07 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, ｨ 0302 ｨｪ ｨｹ ｨｪ0205ｨｺ ｨｰｨｪ ｨｰ08ｨ 0905ｨｨ ｨ 0605ｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｪｨ ﾂｨ 05ｨｨ 0608ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｰｨｹ0907 ｨｪｨ 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ02 06ｨｰ08ｨ ｨｦ 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C

179 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 02 ﾂ0209ｨｨ01ｨｪ06 ｨｰｨ ｨｺ0302, ﾂｨｰ06 09 ｨｰ02 ﾂ02ｨｪｨｨ02 ｨｬｨｪ0600ｨｨ ｨｰ ｨｪ ｨｪｨｺｨ ｨｨｨｦ09ｨｺ06ｨｦ 09ｨ 0506ｨｰ04 ｨ 0405ｨ ｨｬ06ｨｴｨｪ02ｨｦ0302ｨｦ 07ｨｨｨｰｨ ｨｰ0205ｨｹｨｪ06ｨｦ ｨｦ ｨ 08ｨｨ04ｨ 02ｨｨｨｨ, ｨｺ060001ｨ ｨ ｨｰ020502ｨｦ ｨ ｨ ｨｬ 08ｨｮｨ 05ｨｹ ｨｨ ｨｮｨ ｨ ｨｺｨｰｨｨ ｨｺｨ ｨ 05ｨｨ09ｨｹ 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ06 ｨｪ ｨｪ02ｨｪｨｪ04ｨｬｨｨ. 0309ｨｰ0209ｨｰ0902ｨｪｨｪ06, ｨｰｨ ｨｺｨ ｨｬｨｪｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ ｨ 05ｨ ｨ 08 ｨｺ08ｨ ｨｦｨｪ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ04ｨｬ. 08ｨ ｨｦ 04ｨ 0106 ﾂ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09ｨ 0506ｨｰｨｮ, ｨｺ06ｨｰ060806ｨｦ ｨｮｨ ｨ ｨｺｨｰｨｨ0904 ｨｪ ｨｪ02ｨｪ ｨｰｨｺｨｨ 08ｨ 04, ｨ ｨｨ 0708ｨｨ 05ｨｰ06ｨｬ 02ｨｴ ｨｰ0607ｨｪｨｪ ｨｨｨｰ0907, ﾂｨｰ ｨｨｨｰｨｨｨｺｨ ｨ ｨｪ02ｨｪｨｨ06 08ｨｮｨ 0507 ｨ ｨｮ0102ｨｰ ｨ ｨｰｨｹ0907, ｨｰ ｨｪ07ｨｰｨｪ06, ﾂｨｰ06 ｨｪｨｨｨｺｨｰ06 ｨｪ02 ｨ ｨｮ0102ｨｰ 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ 09ｨｺ05ｨ ｨ ｨｰｨｹ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｰ09ｨ 09 06ｨ ｨｪｨｨ09ｨ 06ｨｴｨｨｨｦ0907 ｨ ｨｺｨｰｨｨ ｨｬｨｨ08ｨｮ02ｨｬ04ｨｦ ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ0809 ｨ ｨ ｨｰ02ｨｬ ｨｪ ｨｪ0609ｨｮ 0708ｨｨ ｨｮ09ｨｰｨ ｨｪ ｨｪｨｨｨｨ 0600ｨｨ02ｨｨｨ 05ｨｹｨｪ ｨｺｨｮ0809ｨ 08ｨｮｨ ｨ ｨｺ ｨｨ ｨｨｨｪ02ｨｪｨｨ02 ｨｺ VIII 09ｨｰ. 0709ｨｰｨ 09ｨ ｨ ｨ ｨｨ ｨｦｨｰｨｨ ｨｪｨ 0201ｨｨｨｪ04ｨｦ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ ｨｮｨ 0507, 0708ｨｨ ﾂ02ｨｬ ｨｺｨ ｨｺ 0706 ｨｰ02ｨｺｨｮｨｴｨｨｨｬ, ｨｰｨ ｨｺ ｨｨ 0706 ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ04ｨｬ ｨ 02ｨｨ07ｨｬ (ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｨ ｨｰ.01.), ﾂｨｰ ｨｪｨ - ﾂｨ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｪｨｨ0302ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｨ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ0602 ｨｮ ｨｪｨｨ ｨ 09ｨ 02ｨｬ0401 ｨ ｨｺｨｰｨｨ ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ ｨｬｨｨ080609ｨ ｨｨ09ｨｺ ｨｰ060006, ﾂｨｰ ｨｨ 06ｨｰｨｺ0804ｨｰｨｨｨｨ 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 ｨｨ 03ｨｨ0806ｨｺ06ｨｬ ｨｮ09ｨｺ

180 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0202 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰ ｨ ｨｺｨｰｨｨ ｨｰｨ ｨｪｨｮｨｰ ｨｰｨ ｨｺｨｨ01 04ｨ 08ｨｮｨ 0203ｨｪ0401 ｨｨｨｪ090209ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨ ｨｬｨｨ, ﾂ02ｨｬ 06ｨｪｨｨ 09ｨｰ0607ｨｰ ｨｪｨ 09ｨ ｨｬ06ｨｬ ｨｨｨｰｨｮｨ 02ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ ｨ 08ｨ ｨ ｨｪｨｨｨｦ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 02ｨｴ02 ｨ 0605ｨｹ ｨｪ0705ｨ 09ｨｹ ｨｰ02ｨｬ, ﾂｨｰ ｨｨ ｨ 0605ｨｹ03ｨｨ01 08ｨ 0405ｨｨ ﾂｨｨ0701 ｨｬ020301ｨｮ ｨｬｨｨ ｨｬｨｨ ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｬｨｨ 0202ｨｪｨ ｨｬｨｨ ｨｰ010205ｨｹｨｪ04ｨｬ ｨｰ0609ｨ 08ｨ ｨｬ ｨｨ ｨｰ0609ｨ 08ｨｪ04ｨｬ 0008ｨｮ0707ｨ ｨｬ ｨ 0405ｨ 06ｨｰｨｬ02ｨｪ02ｨｪｨ 09ｨｨ09ｨｰ02ｨｬｨ 01ｨｨ ｨｪ02ｨｨ080609ｨ ｨｪｨｪ ｨ 0506ｨｰｨｪ0401 ｨｺ ｨｨ02ｨｨ02ｨｪｨｰ0609 ｪ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 00ｨｬｨｪ ｨｰ0902ｨｪｨｪ ｨ 0506ｨｰｨｪ0401 ｨｺｨｮ , ｨｺ06ｨｰ ｨ 0405ｨｨ ｨｪｨ 0708ｨ ｨｪ04 ｨｪｨ ｨｮ09ｨｰ08ｨ ｨｪ02ｨｪｨｨ02 05ｨｰｨｨ ｨｺ ｨｰｨ ｨｬ0208ｨ ｨｮｨｰｨｨ 0604ｨｪｨ ﾂｨ 05ｨ ｨｺ0609ｨｮ06 ｨｰ0208ｨ 07ｨｨ ｨｪ0203ｨｪ02ｨｦ ｨｰ ｨｨ 05ｨｰ06ｨｬ 09ｨ 0506ｨｰｨｪ06ｨｬｨｮ ｨｺｨｮ0809ｨｮ ｨｪｨ ﾂｨ 05ｨ 06ｨｰ090601ｨｨｨｰｨｹ ｨｪｨｰ08ｨ 05ｨｹｨｪｨ ｨｹ ｨｮ05ｨｨ080609ｨ ｨｪｨｨｨｨ ｨｨ ｨｪ0203ｨｪ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 02ｨｨｨｦ (ｨｪ0209ｨｬ06ｨｰ0807 ｨｨ ｨｪｨ 08ｨ 04ｨｪ06ｨｪｨ 0708ｨ ｨｪｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｦ09ｨｰ09ｨｨ07, ｨｨ ｨｪｨ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 0405ｨｨ ﾂｨｨ07 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ 09ｨｪ0203ｨｪｨｨ ｨｪ ｨｰ010205ｨｹｨｪ04ｨｬ ｨｰ0609ｨ 08ｨｪ04ｨｬ 0008ｨｮ0707ｨ ｨｬ). 00 ｨｰ ｨｬ ｨｹ ｨｨｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ( ｨｨｨｪ, ｨｰｨ 08ｨｨ000609, 05ｨｺ ｨｰｨｪ ｨｬｨｨｨｦ ｨｨ ｨｰ.01.), ｨｺ06ｨｰ ｨｬ060005ｨｨ ｨ 04 ｨｪｨｨ090205ｨｨ080609ｨ ｨｰｨｹ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｪ ｨｺ060904, ｨｪｨ ｨｰｨｨ09, ｨｰ0607ｨｪｨｪ06 09ｨｪｨｨ03ｨ 05ｨ 09ｨｹ. 05ｨ ｨｬ ｨｺｨｮ ｨｮｨ ｨｨ 05ｨｰ06ｨｬ ｨ ｨｰｨｺ06 04ｨ ｨ ｨｪ ｨｪｨ ｨ 08, ﾂｨｰ ｨｮｨｰｨｨ 06ｨｰ08ｨ 03ｨ ｨｨ03ｨｹ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ

181 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 00 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07 ｨｮｨｺｨ 04ｨ ｨｪｨｪｨ ｨｨ090704ｨｺｨ ｨｪ0209ｨｺ0605ｨｹｨｺ ｨ ｨ 05ｨ : 09 ｨｺ060804ｨｨｨｪ02 09ｨ 0506ｨｰ 0708ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｺｨｮ0809ｨ ｨｰ ｨｹ ｨｮ ﾂｨ 09ｨｰ09ｨｮ06ｨｰ ｨ 08 ｨｨ , ｨ 09ｨ ｨｬｨ ｨｺｨｮ ｨ 07 01ｨｨｨｪｨ ｨｬｨｨｨｺｨ 08ｨｮｨ 0507 ｨｬ060302ｨｰ ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨ 0605ｨｹ ｨｰ08ｨ 03ｨ ｨｰｨｹ ｨｪｨｨ02 ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 09ｨ 0506ｨｰｨｪ06ｨｬ 0804ｨｪｨｺ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 02ｨｪｨｪ0609ｨｰｨｨ 04ｨ ｨｨ05ｨｨ 0609ｨｪ0609ｨｮ ｨｪ04ｨｪ0203ｨｪ ｨ 0506ｨｰｨｪ ｨｪｨｺｨ. 06 ｨｪｨ 08ｨ ｨｪｨｪ02ｨｬ 05ｨｰｨ 0702, ｨｨ 09 ｨ ｨｪｨｨ ｨｪ ｨｪｨｺｨ 08ｨｮｨ 0507 ｨｰｨ ｨｺ ｨ 05ｨ 09ｨｹ ｨｰ020702ｨｪｨｪ04ｨｬ 06ｨ ｨｪ02ｨｪｨｨ02ｨｬ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ ｨｮ080609ｨｪ07 (0708ｨｨ ﾂ02ｨｬ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 09ｨｪ ｨｺ06ｨｦ ｨｨ 09 01ｨｨ ｨｪ02ｨｨｨ 0506ｨｬ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴ02ｨｦ 07ｨ ｨ 0506ｨｰ), 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 ｨ 06ｨｰｨｮ 09 08ｨｮｨ 0507ｨｬｨｨ (ｨｺｨ ｨｺ 09 06ｨ ｨｪｨｨ09ｨ 06ｨｴｨｨｨｬ0907 ｨ ｨｺｨｰｨｨ0906ｨｬ). 02ｨ ｨｪｨｪ ｨ 06ｨｰ ｨｪ02ｨｬｨｮ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｪ02ｨｬｨ 0506ｨｦ ｨｺ06ｨｦ, ｨｨ 01ｨｨ09ｨｺｨｮ0909ｨｨｨｨ 09ｨｰ060806ｨｪｨｪｨｨｨｺ0609 ｨｨ ｨｰｨｨ09ｨｪｨｨｨｺ ｨｮｨ ｨ 06ｨｰ ｨｨ 05ｨｰ06ｨｬ ｨｦ 0609ｨｪ ｨｪｨｨ 0607ｨｨ08ｨ 06ｨｰ0907 ｨｪｨ ｨ ｨｮｨ 06ｨｺｨｨ02, ｨｺ06ｨｪ020207ｨｰｨｮｨ 05ｨｹｨｪ ｨ 0405ｨｨ ﾂｨｨ ｨ 01, ｨｴｨｨ01 06ｨ ｨｴｨｨｨｦ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 09ｨｰ060806ｨｪｨｪｨｨｨｺｨｨ ｨｪｨ 05ｨｺ ｨｰ ｨｨ 09ｨｪ0203ｨｪ ｨｮ, ｨｺｨ ｨｺ 0005ｨ 09ｨｪ04ｨｦ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰｨ, 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ ｨ ｨｪｨｨ09ｨ 06ｨｴ02ｨｦ ｨ 0506ｨｰ ｨｰ ｨｬ07, ｨｨ 09 ｨｺｨ ﾂ0209ｨｰ ｨｪ0609ｨｪ0401 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰｨ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 00ｨ ｨｺｨｰ060804, 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ 0705ｨ ｨｰ ｨ ｨｪ04ｨｦ , ｨｰ06 ｨｰ060001ｨ, 06 ﾂ0209ｨｨ01ｨｪ06, 0802 ﾂｨｹ ｨｪｨ ｨｨ01ｨｰｨｨ ｨ ｨｴ02ｨｪｨｨｨｨ 08ｨｮｨ ｨｪ060202ｨｪｨｪｨｮ06 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪｨｮ06 09ｨ 0506ｨｰｨｮ ｪ ｨ ｨｪｨｨｨｦ ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ, ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｺｨｮ0809ｨ, 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ06 06ｨｰ08ｨ 03ｨ 06ｨｴ ｨｰ0607ｨｪｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｬｨｨ08ｨｮ02ｨｬ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｦ09ｨｰ09ｨｨ02ｨｬ 0804ｨｪ06 ﾂｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ. 183

182 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 ｨｺｨｰ ｨ 03 ｨｨ ｨｰｨｨ ｨｰ060806ｨｪｨｪｨｨｨｺｨｨ ｨｪｨ 0905ｨ ｨ 04ｨｦ 08ｨｮｨ 05ｨｹ ｨｨ ｨ ｨｪｨｨ ｨ ｨｪ02ｨｪｨｨ07 ｨ ｨ 0409ｨｰ0804ｨｬｨｨ ｨｰ02ｨｬ07ｨ ｨｬｨｨ, ﾂ02ｨｬ ｨｰ 0202ｨｪ, ｨｮｨｺｨ ｨ 06ｨｰ ｨｪｨ ｨｨｨｬｨｮｨｴ0209ｨｰ09 ｨｰｨ ｨｺ ｨ ｨｨｨｰｨｨｨｺｨ 06ｨ ｨｪ02ｨｪｨｨ07 09ｨ 0506ｨｰ04, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 06ｨ 0609ｨｪ ｨ 02ｨｰ0907 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ06 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｺ ｨｰｨ ｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨｨｰ06ｨｺｨ 09 09ｨｰ08ｨ ｨｪｨｮ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪｨｮ03ｨｪ06 ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ, ﾂｨｰ06 09 ｨｪｨ 03ｨｨ01 ｨｮ ｨｨ0701 ｨｪ ｨｪｨｺｨ 08ｨｮｨ ｨ ｨｬｨ ｨ 02 00ｨ ｨｺｨｰｨｨ- ﾂ0209ｨｺｨｨ ｨｪ ｨｨ090601ｨｨｨｰ ｨｺ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ06 05ｨｺ ｨｰｨｪ06ｨｦ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 00ｨｨ04ｨｨ ﾂ0209ｨｺ ｨ ｨｲ02ｨｬｨ 05ｨｺ ｨｰｨ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 09ｨｪ0203ｨｪ ｨ ｨ ｨｪｨｨ ﾂ02ｨｪ ｨｮ09ｨｺｨｪ04ｨｬｨｨ ｨ ｨｪ0609ｨｰ07ｨｬｨｨ ｨｪｨ 03ｨｨ01 ｨｰ08ｨｮｨ ｨｨ ｨｰ ｨ ｨｪ020908ｨｨ080609ｨ ｨｰｨｹ 0202ｨｪｨ ｨｬｨｨ ｨｪｨ ｨｹ ｨｰ0609ｨ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨ ｨｰ08ｨｮ01ｨｪ06 ｨｨ04-04ｨ ｨｨ01 ｨｪｨｨ04ｨｺ06ｨｦ 0202ｨｪ060906ｨｦ 0505ｨ 09ｨｰｨｨ ﾂｨｪ0609ｨｰｨｨ, ｨ 09ｨｪｨｨ0302ｨｪｨｨ ｨｪ ｨｪｨ 0006ｨｰ ｨｨ ｨｨ07 ｨｬ060302ｨｰ ｨｪｨ ｨｰ0605ｨｺｨｪｨｮｨｰｨｹ0907 (ｨｨ ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ 02ｨｰ0907) ｨｪｨ ｨｰｨｺｨｨ02 ｨ ｨｪｨｰｨｨ0102ｨｬ07ｨｨｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01 (ｨｨ 09ｨ ｨｬ 00ｨ ｨｺｨｰ ｨ ｨｪｨｰｨｨ0102ｨｬ07ｨｨｨｪ ｨｨ09ｨｺ ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ02ｨｰ ｨｨ04ｨｪｨ ｨｪｨｨｨｨ ｨｪ ｨｪ02ｨｪｨｪ ｨｮ080609ｨｪ07 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ 08ｨｮｨ 0507). 184

183 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｪｨｺｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ ｨｨ090601ｨｨｨｰ 05ｨｨ03ｨｹ ｨｺ ｨｰｨｮ 08ｨｮｨ ｨｺ ｨｰ ｨ 03ｨｨ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ (ｨｪ06 05ｨｰ ｨｬ0603ｨｪ ｨｰｨｨ ﾂｨｹ ｨｨ ｨｨ ｨｹ04ｨｮ07 09ｨｮ00ｨｮｨ 06 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ﾂｨ 00ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｺ02 05ｨｺ ｨｰ ). 0308ｨｨ 05ｨｰ06ｨｬ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ 0708ｨｨ ﾂ02ｨｪｨｨ07 09ｨ 0506ｨｰｨｪ0401 ｨｺ080201ｨｨｨｰ ｨｪｨｨ03ｨ 02ｨｰ0907, ｨ 09ｨ ｨｬｨｨ ｨ ｨｺ02ｨｨｨｨ ｨｨｨｦ09ｨｺｨｨ ｨｨ07ｨｰｨｨｨｦ-05ｨｺ ｨｰ ｨｰｨ 05ｨｨ ｨｨ04-04ｨ ｨｺｨｮ ｨｦ 01ｨｨｨｪｨ ｨｬｨｨｨｺｨｨ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰ (ｨｨ ｨ ﾂ02ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ ｨｰｨ 05 ｨｰ0802ｨ 0609ｨ ｨｰｨｹ ｨ ｨ o05ｨｹ ｨｺ0605ｨｨ ﾂ0209ｨｰ09ｨ ｨ ｨｺ02ｨｨｨｦ). 08ｨ ｨｺ 09 05ｨｰ06ｨｦ ｨｨ ｨｪ ｨｪｨｺｨ 08ｨｮｨ 0507 ｨｮ ｨ 02ｨｰ ｨ ｨｪｨ ｨｬｨｨ ｨｨ ﾂ02ｨｪｨｨ06 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ: ｨｹ 09 01ｨ ｨｪｨｪ06ｨｬ 0905ｨｮ ﾂｨ ｨｪｨ 03ｨｨ01 ｨｨｨｪｨｰ ｨ 01 ｨ 0405 ｨ 04 ｨ ｨｦ03 08ｨｮｨ 05ｨｹ? ｨｬ ｨ ｨｦ03 08ｨｮｨ 05ｨｹ ｨ ｨｴ ｨｪｨ ﾂｨ 02ｨｰ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ02 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｪｨｺｨｨ ｨｪｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 0600ｨ ｨｰ09ｨｰ09ｨ, , 0108ｨｮ00ｨｨ ｨｺｨ 04ｨ ｨｰ020502ｨｦ, 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ06ｨｴｨｨ01 ｨｮ ｨｪｨｹ 08ｨ 0409ｨｨｨｰｨｨ07 09ｨｰ08ｨ ｨｪ ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨｨ ｨｦ ｨｪｨｨｨｰ0205ｨｹｨｪ0401 ｨｪ ｨ ｨｰ0205ｨｹｨｪ ｨｰ08ｨ ｨｪ ｨｰ09ｨｨｨｦ ｨｪ ｨｪｨｺｨｨ 08ｨｮｨ ｨ ｨｺ, ｨｨ04-04ｨ 06ｨ ｨｪｨｨ09ｨ ｨｪｨｨ07 08ｨｮｨ ｨ 09ｨｰｨ 02ｨｰ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ07 09ｨｪ0203ｨｪ ｨ ｨｬ02 ｨｰ060006, 06ｨ ｨｪｨｨ09ｨ 06ｨｴｨｨｨｦ ｨｮｨ 05ｨｹ ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ ｨｨ ｨｪｨ ｨｪｨｨ07, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 07 ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ 0705ｨ ｨｰ ｨ ｨｪ04ｨｦ , ｨｨ ｨｰｨ ｨｺｨ 07 09ｨ 03ｨｪｨ ｨｰｨ ｨｴｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ 0609ｨｰｨ 02ｨｰ0907 ｨｪ0204ｨ 0102ｨｦ09ｨｰ090609ｨ ｨｪｨｪ06ｨｦ. 185

184 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 ｨｬ 0704ｨｰｨ 06ｨｰ ｨｺｨ 04ｨ ｨｰｨｹ, ﾂｨｰ ｨｨ 0905ｨ ｨ 06ｨｬ 08ｨｮｨ 0502 ｨｪｨ ｨｬ ｨｮ ﾂ0302, ｪ 05ｨｰ06 ｨ ｨ 09ｨｮ0801ｨｪ06 ｨｨ 08ｨ 09ｨｪ0609ｨｨ05ｨｹｨｪ06 ｨｮｨｰ ｨｪｨｨ06, ﾂｨｰ06 ｨｰｨ 04ｨ ｨ ｨｰｨ, ｨｺ06ｨｰ0608ｨｮ06 ｨｬ ｨｮ ﾂｨ 02ｨｬ, ｨｨ ｨｰ02 08ｨｮｨ 05ｨｨ, ｨｺ06ｨｰ ｨ ｨｰ ｨｮ ｨｪｨ 09 ｨｪｨ 09ｨｺ05ｨ 01ｨ 01 ｨｨ05ｨｨ 09 ｨｺ ｨｹｨｺ02, ﾂ02ｨｬ 06ｨｪｨｨ ｨｺ ｨｪ0202 ｨｨ ｨｨ ﾂ02ｨｬ ｨｪｨ ｨｪｨｨ01 ｨｬ02ｨｪｨｹ0302 ｨｬ0603ｨｪ06 ｨｺｨｮ07ｨｨｨｰｨｹ, ｨｰ02ｨｬ ｨｪｨ ｨｬ ｨｪ ｨｪ ｨｨ ﾂｨｪ0609ｨｰｨｹ 05ｨｰ06ｨｦ 0008ｨ ﾂ0209ｨｨ01ｨｪｨ ｨｪｨ 01ｨ ｨｪｨｪｨｮ ｨ 0502ｨｬｨｮ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺ ｨｺｨｰ0608ｨ ｨｨｨｬ0202ｨｰ 02ｨｴ ｨｨｨｪ ｨ ｨｺｨｰ, ｨｪ060907ｨｴｨｨｨｦ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ0602 ｨｨ04ｨｬ020802ｨｪｨｨ02. 02ｨｪ 0706ｨｺｨ ｨ 02ｨｰ, ｨｺｨ ｨｺ ｨｪｨｨ09ｨ 06ｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ04 ｨｪｨ ｨｰ08ｨｮ01ｨ (08ｨｮｨ ｨ 07 04ｨ ｨ ｨｰｨ, ｨｬ) ｨｬｨｨ ｨｬｨｨ 0804ｨｪｨｺｨ ｨｬｨｨ, ｨｺｨ ｨｺ06ｨｦ 06ｨ ｨｲ02ｨｬ ｨｰ0609ｨ ｨｬ04 ｨｬ060302ｨｬ ｨｰｨ ｨｬ 0708ｨｨ06ｨ ｨｰｨｨ 0706 ｨｨｨｰ0600ｨ ｨｬ ｨｪｨ ｨｰ08ｨｮ ｨｪ0703 (ｨｪ ｨｨ, ｨｬ ｨ, ｨ ). 0208ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, ｨｺｨ ｨｺ06ｨｦ ｨｬ04 ｨｬ060302ｨｬ ｨｲ0709ｨｨｨｰｨｹ ｨｬｨｨ ｨｬｨｮ 0804ｨｪｨｺｨｮ 09 06ｨ ｨｬ02ｨｪ ｨｪｨ ｨｨｨｰ0600ｨｨ ｨｪｨ 03ｨｨ01 ｨｰ08ｨｮ010604ｨ ｨｰ08ｨ ｨｰ? 09ｨｮ0102ｨｬ 05ｨｨ ｨｬ04 (ｨｺ 0708ｨｨｨｬ0208ｨｮ 0706 ｨｨｨｰ0600ｨ ｨｬ 08ｨ ｨ 06 ﾂ ｨｪ07 ｨｨ05ｨｨ ｨｪ ｨｨ) ｨｰ0607ｨｪｨｨｨｨ ｨｺｨｮ07ｨｨｨｰｨｹ ｨｰｨ ｨｬ ｨｺｨ ｨｺｨｨ02-ｨｰ06 04ｨｪｨ ﾂｨｨｨｬ ｨｰ0802ｨ ｨｨｨｰ0205ｨｹ09ｨｺｨｨ02 ｨｰ0609ｨ 0804 ｨｨ05ｨｨ ｨ ｨｬ02ｨｪｨ 08ｨｮｨ 0502ｨｦ ｨｮ ｨｴ02ｨｬｨｮ ｨｺ ｨｨ02ｨｨ02ｨｪｨｰｨｮ03 ｨｪｨ 0609ｨｪ ｨｪ ｨｪ02ｨｪｨｪ ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ 08ｨｮｨ 0507, ｨｬｨ ｨｺ09ｨｨｨｬｨｮｨｬ ｨｪｨ ﾂｨｰ06 ｨｬ04 ｨｬ060302ｨｬ ｨｰ02ｨｪ010609ｨ ｨｰｨｹ ｨｪｨ ｨｬｨｨ ｨｬ 0804ｨｪｨｺ02 ｪ 05ｨｰ06 07ｨｨｨｰｨ ｨｪｨｨ ｨｰｨ ｨｪ ｨｪｨｨ ｨｨ01 ｨｰ08ｨｮ010604ｨ ｨｰ08ｨ ｨｰ ｨｨ 186

185 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 ｨｬｨｨｨｪｨｨｨｬｨ 05ｨｹｨｪ0402 ｨｮ ｨｹ09ｨｰ09ｨｨ07 (00ｨｺｨｨｨｪ06 ｨｨ ｨｬ ｨｪ060203) ｨｮ0302 ｨｺ ｨｹ0204ｨｪ06ｨｬｨｮ 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｨ ｨ 0502ｨｬ04, ﾂ0208ｨｺｨｪ02ｨｬ, ﾂｨｰ06 ﾂ02ｨｬ ｨ ｨｪ0206ｨ 0609ｨｪ0609ｨ ｨｪｨｪ04ｨｬ ｨ ｨｮ0102ｨｰ ｨｮ ｨｪｨｨ02 08ｨｮｨ 0507, ｨｰ02ｨｬ ｨ ｨｪ0205ｨｺ09ｨｨ09ｨ 0502ｨｪｨｰｨｪ04ｨｬ ｨ ｨｮ0102ｨｰ ｨｪｨ 03 06ｨ ｨｬ02ｨｪ 09 09ｨｪ0203ｨｪｨｨｨｬ ｨｬｨｨ0806ｨｬ ｨｨ ｨｰ02ｨｬ 09 ｨ 0605ｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ 05ｨｰ06 ｨ ｨｮ0102ｨｰ ｨｨｨｰｨｹ ｨｪｨ ｨｰ ｨｨｨｪ02ｨｨ0704, ｨｺ06ｨｰ ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｬ 09 06ｨｰｨｪ060302ｨｪｨｨ0701 ｨｬ020301ｨｮ 09ｨｰ08ｨ ｨｪ06ｨｦ-ｨｬ02ｨｰ ｨｨ02ｨｦ ｨｨ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨｨｬｨｨ0907 ｨｰ020808ｨｨｨｰ0608ｨｨ07ｨｬｨｨ ｨｪ02 ﾂｨｪ06, ｨｪｨｮ03ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ 0804 ﾂｨ 00ｨｨ 04ｨ ｨｴｨｨｨｰ04 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ ｨｰｨ ｨｺｨｰ06 09ｨｺｨ 04ｨ 05, ﾂｨｰ ｨｪｨｨ ｨｰ0907 ｨｰ0605ｨｹｨｺ06 ｨｺ 09ｨ 0506ｨｰｨｪ06ｨｬｨｮ ｨｺｨｮ0809ｨｮ (0708ｨｨ ｨｰ06ｨｬ, ﾂｨｰ06 05ｨｰ06 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ 08ｨ 04ｨｪ06ｨｪｨ 0708ｨ ｨｪｨｪ ｨｦ09ｨｰ09ｨｨ07, ｨｨ09ｨ 06ｨｴｨｨｨｦ 0601ｨｪ06 ｨｨ ｨｨ09ｨ 06ｨｴｨｨｨｦ 0108ｨｮ000602), ｨｺ060001ｨ 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨ 0605ｨｹ ｨｺ0605ｨｨ ﾂ0209ｨｰ ﾂｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨｴｨｨ01 05ｨｰｨｮ 08ｨ 04ｨｪ06ｨｪｨ 0708ｨ ｨｪｨｪ0609ｨｰｨｹ ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ? 01ｨｨ0302 ｨｬ04 08ｨ 0909ｨｬ06ｨｰ08ｨｨｨｬ ｨｪ02ｨｺ06ｨｰ ｨｬ0603ｨｪ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ ｨｮ0006ｨｦ 09ｨｰ060806ｨｪ04, 0905ｨ ｨ 04ｨｦ 08ｨｮｨ 05ｨｹ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ 08ｨ 09 ﾂ02ｨｰｨｪ04ｨｦ 08ｨｮｨ ｨｦ 05ｨｺ09ｨｨ09ｨ 0502ｨｪｨｰ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ, 08ｨ 0903ｨｨ ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｪｨ ｨｰｨｮ070502ｨｪｨｨ07 09 ｨ ｨｰ. 187

186 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ｨ ｨｪｨｪ04ｨｦ ｨ ｨｺｨｰ 09ｨ 0302ｨｪ, ｨｨ 0609ｨｪ ｨ ｨｰｨｹ 09ｨｰ08ｨ ｨｰ0200ｨｨ ｨｰｨ ｨｪｨ 04ｨ 08ｨｮｨ 0203ｨｪ06ｨｬ ｨｺｨ ｨｺ 0005ｨ 09ｨｪ06ｨｬ. 0201ｨｪｨ ｨｺ ｨ ｨ 07 ｨｺ08ｨｮ07ｨｪｨ 07 01ｨｨ ｨｨ00ｨｨ02ｨｨ080609ｨ ｨｪｨｪｨ 07 (ｨ 09ｨｰｨ 0506 ｨ 04ｨｰｨｹ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 09ｨ ｨｬ ｨｰｨ ｨｰ06 ﾂｨｪｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ) ｨｮ06 06 ﾂ ｨｹ ｨｪｨ 0607ｨｨ08ｨ ｨｰｨｹ0907 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ ｨｺｨ ｨｺ 0005ｨ 09ｨｪ04ｨｦ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰｨ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ 09ｨ 03ｨｪ04ｨｬ ｨｰ0907 ｨｺ080207ｨｺｨｨｨｦ ｨｪ0206ｨ ｨｪｨｨ09ｨ 06ｨｴｨｨｨｦ ｨｮｨ 05ｨｹ. 02ｨ ｨｪｨｪｨ ｨ 0502ｨｬｨ ｨｨｨｬ0202ｨｰ 02ｨｴ ｨｨｨｪ ｨ ｨｺｨｰ ｨｹ ｨｺ0605ｨｹｨｺｨｮ 09 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ ｨｨｨｰ ﾂｨｹ ｨｨ0102ｨｰ 05ｨｨ03ｨｹ 06 ｨｪ02ｨｺｨｨ ｨ 09 ﾂ02ｨｰｨｪ ｨｰ , ｨｪｨｨｨｺｨ 06ｨｴｨｨｨｦ ｨｮ ｨｪ04ｨｦ 00ｨｪ020106ｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｺ06ｨｬ0702ｨｪ09ｨｨ080609ｨ ｨｪ ｨｰ0906ｨｬ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0401 ｨｬ06ｨｪ02ｨｰｨ 08ｨｪ ｨ 09ｨｰ02ｨｦ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨ ｨｹ04ｨｮ ｨｨ02ｨｨｨｰｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02, ｨｺ06ｨｰ ｨｨ0806ｨｺ06 ｨｨ ｨｹ04ｨｮ02ｨｰ ｨ 0409ｨｨｨｰ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｬｨｨ (ｨｬ04 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｬ 05ｨｰｨｮ ｨ 0502ｨｬｨｮ ). 01ｨｨｨｺｨ ｨｺｨｨ01 09ｨｨ09ｨｰ02ｨｬｨｪ0401 ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ ｨｰ0208ｨｹ, ｨｪ060907ｨｴｨｨ01 ｨｪ ｨｪｨｨｨｬ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, 0706 ｨｺｨ ｨｪｨ 05ｨ ｨｬ ｨｰ ｨ ｨ 05ｨ ｨｪ09ｨ ｨｪ ｨｪｨｨｨｺｨ 02ｨｰ ｨｰ ﾂｨｰ06 ｨｺｨ 09ｨ 02ｨｰ0907 ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ ｨ 02ｨｨｨｦ ｪ ｨｹ ｨｺｨ 08ｨｰｨｨｨｪｨ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｨｨｪｨ ｨｪ02ｨｪｨｪ04ｨｦ ｨｺｨｮ ｨｮｨ 0507 ｨ 09ｨｰ06ｨｬｨ ｨｰｨｨ- ﾂ0209ｨｺｨｨ 0604ｨｪｨ ﾂｨ 02ｨｰ, ﾂｨｰ ｨｨｨｦ09ｨｺｨｨ02 ｨ ｨｺｨｰｨｨ0904 ｨ ｨｮ01ｨｮｨｰ ｨ 09ｨ ｨｰｨｹ0907 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ 0706ｨｺｨｮ07ｨ ｨｰ020507ｨｬ 0706 ｨ ｨｪｨｨ04ｨｺ06ｨｦ 0202ｨｪ02, ﾂ02ｨｬ 06ｨｪｨｨ 0802ｨ 05ｨｹｨｪ06 09ｨｰ0607ｨｰ (0708ｨｨ ﾂ02ｨｬ 09 01ｨ ｨｪｨｪ06ｨｬ 0905ｨｮ ﾂｨ ﾂｨｨ09ｨｰ06 00ｨ 08ｨｨ00ｨｬ02ｨｰｨｨ- ﾂ0209ｨｺｨｨｨｬ ｨｨ ﾂｨｨｨｪｨ ｨｬ). 01ｨｨ0706ｨｰ02ｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｬ0603ｨｪ ｨｰｨ 09ｨｨｨｰｨｹ ｨｰｨ ｨｺｨｮ06 09ｨｨｨｰｨｮｨ 02ｨｨ06, ｨｺ060001ｨ ｨｪ02 04ｨ 05ｨｺ ｨｰｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ ｨｺｨｮ0809 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 09ｨｰ0605ｨｹ 09ｨｨ05ｨｹｨｪ06 06ｨ ｨｪ02ｨｪ, ﾂｨｰ06 ｨｪ02ｨｺ ｨｨ07ｨｰｨｨ02-05ｨｺ ｨｰ0208 ｨ ｨｮ0102ｨｰ ｨ ｨｴ02 ｨｺｨｮ070502ｨｪ ｨｨｨｺ06ｨｬ 0706 ｨ ｨｪｨｨ04ｨｺ06ｨｦ 0202ｨｪ02 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ ｨｨｨｪ090209ｨｰ060806ｨｬ ｨｨｨｪｨ ｨｪ ｨｬ ｨ ｨｺｨｰ02 ｨｪ ｨｮ ﾂ02ｨｪｨｪｨ ｨｮ ﾂｨｺｨ ｨｨｨｪ02ｨｨ0702 ( ﾂｨｨ09ｨｰ06 ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｰｨ ｨｺｨ ｨｬ0603ｨｪ0609ｨｰｨｹ 0708ｨｨ09ｨｮｨｰ09ｨｰ09ｨｮ02ｨｰ) ｨｬ060302ｨｰ ｨｺ06ｨｬ0702ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｨｨｦ09ｨｺｨｨｨｬ ｨ 0902ｨ ｨｬ, ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ02 06ｨｪｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｨｨｬ02ｨｰｨｹ ｨｪ02ｨｺｨｮ06 00ｨ ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪｨｮ ｨｮｨ ｨｮ06 09ｨｮｨｬｨｬｨｮ ｨ ｨｪｨｨｨｨ ｨｺｨｨ. 0201ｨｪｨ ｨｺ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｬ 0705ｨ ｨｪ02 05ｨｰ ｨｪｨ ﾂｨ 02ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609 ｨｮ09ｨｰｨ ｨｪ ｨｪｨｨ07 09ｨｪ0203ｨｪ ｨｺ06ｨｪｨｰ ｨｪｨ 01 ｨｪｨ 03ｨｨｨｬｨｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ 0706 ｨ ｨｪｨｨ04ｨｺ06ｨｦ 0202ｨｪ02, 0708ｨｨ ﾂ02ｨｬ ｨｪ02 00ｨ ｨｺｨｰ, ﾂｨｰ06 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ 06ｨｪｨｨ 04ｨ 0106ｨｰ07ｨｰ 06ｨｰｨｺｨ 04ｨ ｨｰｨｹ ｨｰ ｨｪｨ ｨｨｨ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ0401 ｨ ｨｺｨｰｨｨ090609, 01ｨ ｨｨ ｨｨｨｬ ｨ ｨｮ01ｨｮｨｰ ｨｪ04 ｨ ｨｪ0402 ｨｮ ｨｨ

187 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｰ060006, ｨｬ ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ ｨｨ02 ｨｺ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ02 (ｨｺｨ ｨｺ ｨｺ 06ｨ ｨｪｨｨ09ｨ 06ｨｴ02ｨｬｨｮ0907 ｨ ｨｺｨｰｨｨ09ｨｮ), ｨ 09ｨｰ09ｨｮ ｨｮ ｨｰ09 09 ｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｨ ｨ 06ｨｴｨｨ02 09ｨ 0506ｨｰ04, ﾂｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｰ ｨｺ ｨ 08ｨｨ04ｨ 02ｨｨｨｨ ﾂ0209ｨｨ01ｨｪ06 ｨｰｨ ｨｺ0302, ﾂｨｰ ｨｨｨｬｨ 07 ｨ ｨｪｨｰｨｨｨｨｨｪ ｨｨ06ｨｪｨｪｨ ｨｨｨｰｨｨｨｺｨ ｨ 09ｨｮ02ｨｰ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02ｨｬ ｨｰｨ ｨｺｨｨ ﾂｨ (06ｨ ｨｪ02ｨｪｨｨ07 ｨｨ ｨｪ ｨｪｨｺｨｨ 09ｨ 0506ｨｰ04), ｨｺ06ｨｰ ｨｺｨ ｨｺ 08ｨ ｨｰ ｨｬ04ｨｬ 09ｨｰｨｨｨｬｨｮ0506ｨｬ ｨｺ ｨｨｨｪ ｨｨｨｨ. 06ｨｰ ｨ 02ｨｪｨｪ06 09ｨ 03ｨｪ06, 0708ｨｨｨｪｨｨｨｬｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ ｨｨｨｬ070608ｨｰｨ 09 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ 0706ｨｰ0802ｨ 0502ｨｪｨｨｨｨ ｨｰｨ ｨｰ ｨ %, ｨｨ ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ 0506ｨ 0602 ｨｮ ｨｪｨｨ02 ｨｺｨｮ0809ｨ 08ｨｮｨ ｨｰ ｨｺ ｨｮ ｨ ｨｪｨｨ06 ｨｨｨｬ070608ｨｰｨ ｨｨ ｨｪｨ ｨｬｨｮ ｨｰ ｨｺ ｨｰｨｮ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ. 06ｨｰ ｨｨ ｨｨｨｰ ｨｨ ｨｮ ﾂｨ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ ﾂ ｨｨｨｬ070608ｨｰｨ (070605ｨｮ00ｨ ｨ 08ｨｨｨｺｨ ｨｰ0609, 04ｨ 07 ﾂｨ 09ｨｰ02ｨｦ ｨｨ ｨｰ.01.), ﾂｨｰ06 ｨｰｨ ｨｺ ｨｰ ｨｺ ｨｰｨｮ ｨｨ ｨｺ ｨｨ ｨｮ ｨ ｨｪｨｨ06 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｦ ｨｮｨｺ02ｨｨｨｨ. 08ｨ ｨｺ 09 ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨ ｨ ｨｺｨｰｨｨ09ｨｪ0602 ｨｮ ﾂｨ 09ｨｰｨｨ02 09 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ ｨ 05ｨｨ04ｨ 02ｨｨ06ｨｪｨｪ ｨ 01? 09ｨｮ0102ｨｬ 05ｨｨ ｨｬ ｨｹ09ｨｰ090609ｨ ｨｰｨｹ ｨｹ ｨｰｨ 09ｨｴｨｨｨｺｨ ｨｹ07 ｨｨ05ｨｨ ｨ o05ｨｹ03ｨｨｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨ ｨｰｨｹ ｨｪｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ04ｨｦ, ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ04ｨｦ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ, ｨｰｨ ｨ ｨｨ05ｨｹｨｪ04ｨｦ 08ｨｮｨ 05ｨｹ, ｨｮ ｨｪｨｹ ｨｺ06ｨｰ ｨ 0609ｨｪ0609ｨ ｨｪ 0804ｨｪｨｺ06ｨｬ, ｨｰ ｨ 03ｨｪ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ06ｨｬ ｨｺｨ ｨｺ ｨｨ ﾂ02ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ , ｨｰｨ ｨｺ ｨｨ ｨｪｨ ｨｪ060708ｨ 09ｨｪ ｨｪｨｨ07 09 ｨｬｨｨ ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺ ｨｰ08ｨ ｨｪ09ｨｰ0906? 189

188 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? 0202ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06, ｨｨ04-04ｨ ｨ ｨｮｨ 0507 ｨｮ09ｨｨ05ｨｨ09ｨ 02ｨｰ0907 ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨ07 09 ｨｨｨｬ070608ｨｰｨｪ04ｨｬｨｨ ｨｰ0609ｨ 08ｨ ｨｬｨｨ. 0201ｨｪｨ ｨｺ06, 05ｨｰ ｨｰ ｨｰｨｨｨｬｨｮ0506ｨｬ ｨｪｨｨ07 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰ ｨ ｨｪ0609ｨｰｨｨ ｨｪｨ 03ｨｨ ｨｨ ｨｨｨｰ020502ｨｦ. 00 ｨｰ ｨｮ ﾂｨ 0701, ｨｺ060001ｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｨ ｨｨｨｰ0205ｨｨ ｨｪ02 ｨｬ0600ｨｮｨｰ ｨ 0102ｨｺ09ｨ ｨｰｨｪ06 ｨｺ06ｨｪｨｺｨｮ08ｨｨ080609ｨ ｨｰｨｹ 09 09ｨｪ0203ｨｪｨｨｨｬｨｨ ｨｰｨ 09ｨｴｨｨｨｺｨ ｨｬｨｨ, ｨ 08ｨ 04ｨｪ ｨｺ0506 ﾂ02ｨｪｨｨ ﾂｨ ｨｰ ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨｺ06ｨｰ ｨ ﾂｨ ｨｰ 04ｨ ｨｴｨｨｨｰｨｮ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｨ ｨｰ09 (070609ｨｺ0605ｨｹｨｺｨｮ, ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ0809 ｨｪ ｨｰ0907 ｨｮｨｪｨｨ ｨ 05ｨｹｨｪ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ06ｨｬ ｨｨ ｨｺｨｰｨｨ09ｨｪ0602 ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｪ0203ｨｪ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｬ0603ｨｪ06 05ｨｨ03ｨｹ 09 ｨｺ06ｨｬ070502ｨｺ ｨｮ00ｨｨｨｬｨｨ ｨｬ0208ｨ ｨｬｨｨ ｨｰ ｨｦ ｨｨｨｰｨｨｨｺｨｨ). 00 ｨｰ ｨｬ07 00ｨ ｨｺｨｰ0608 ｨ ｨｨｨｬ070608ｨｰｨ ｨｨｨｬ0202ｨｰ ｨｨ ｨｨｨｰ0205ｨｹｨｪ ｨｰ060806ｨｪ04, ｨｰｨ ｨｺ ｨｺｨ ｨｺ ｨｮ ｨｰ ｨｨｨｬ070608ｨｰｨｪｨｮ ｨｰｨ ｨｴｨｮ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｨ ｨｰ09ｨ, 09ｨｪｨｨ03ｨ 07 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｨ ｨｺｨｨ. 00ｨｪ0609ｨｹ ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ ｨｨ0608ｨｨｨｰ02ｨｰｨ ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｬ0603ｨｪ ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｺｨｰｨｨ09ｨｪ04ｨｦ , 06ｨ ﾂｨｨ09ｨ 07 ｨｪｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ 0202ｨｪ ｨｰ0201 ｨｰ0609ｨ , ｨｨｨｬ070608ｨｰ ｨｺ06ｨｰ ｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｨ ｨｨｨｰ020502ｨｦ ｨｺ0506 ﾂ020904ｨｬ ｨｨ, ｨｪｨ ｨｰｨｨ09, ｨｨｨｰｨｹ 04ｨ ｨｴｨｨｨｰｨｪ0402 ｨｬ ｨｰ02ｨｬ ｨｰ0609ｨ 08ｨ ｨｬ, ｨｨ ｨｰ0906 ｨｺ06ｨｰ ｨｪ0206ｨ ｨｨｨｬ ｨｮ06 06 ﾂ ｨｹ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｦ 0609ｨｪ ｨｪｨ ｨｨ ﾂｨｪ ｨ 08ｨ 04ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｨ 0708ｨｨｨｬ02ｨｪｨｨｨｰ0205ｨｹｨｪ06 ｨｺ 0109ｨｨ0302ｨｪｨｨ06 ｨｺｨ 07ｨｨｨｰｨ , ｨｰ02ｨｬ ｨ ﾂｨｰ06 ｨｮｨｺ ｨｪｨｨ02 08ｨｮｨ ｨｬ ｨｰ ｨｺ ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ 0708ｨｨ ﾂ02ｨｪｨｨ07 09ｨｪ0203ｨｪｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ, 0601ｨｪｨ ｨｺ ｨｨ 05ｨｰ06ｨｬ ｨｪｨｨｨｺｨ 06ｨｰ ｨｪ ｨｨ09ｨｺｨｨ, ｨ ｨｪｨｪ ｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ04ｨｬ ｨｰ06ｨｺ06ｨｬ (060906ｨ 02ｨｪｨｪ ｨｨ ｨｰｨ ｨｺ0602 ｨｮ ｨ ｨｪｨｨ ｨｨ01ｨ 02ｨｰ0907 ｨｨ ｨｨ ｨｨｨｰ ｨｰ0607ｨｪｨｪ06). 0202ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹ- 190

189 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 ｨｪ06, ｨｰ ｨｬｨｪ ｨｮ080904, ｨｺ06ｨｰ ｨｪｨ ｨｰ0907 ｨｪｨ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ 01, 06ｨｰｨｺ080409ｨ 06ｨｰ ｨ 0605ｨｹ03ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ. 00 ｨｰ ｨｬ07 05ｨｰｨｨ ｨｮ ｨｪ ｨｦ09ｨｰ09ｨｨ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｬｨｨ ｨｦ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ0804, ｨ ｨｰｨ ｨｺ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ01 00ｨ ｨｺｨｰ ｨｨ ｨｬ0600ｨｮｨｰ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｺ060806ｨｰｨｺｨｨ ｨｺｨｨ ｨ 04ｨｰｨｹ ｨｪ04 ｨｨ04 09ｨｰ08ｨ ｨｪ ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨｪｨ 09ｨ 0506ｨｰｨｪ06ｨｬ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺｨ 01 ｨｬ060302ｨｰ ｨｪｨｨｨｺｨｪｨｮｨｰｨｹ ｨｺ08ｨｨ04ｨｨ09ｨｪｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ07, ﾂｨｰ ｨ ｨｪ ｨｰｨ 09ｨｨｨｰｨｹ ｨｮ ｨｮ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ ｨｨ ｨｪｨ ｨｰｨ ｨｪ0609ｨｨｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ ｨｬｨｪ02ｨｪｨｨ06 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｺ ｨｰ0609, 08ｨｨ09ｨｺ ｨｺ06ｨｦ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ ｨｺ ｨｬ020301ｨｮｨｪｨ ｨｪ04ｨｬ 0109ｨｨ0302ｨｪｨｨ07ｨｬ ｨｺｨ 07ｨｨｨｰｨ , ｨ 02ｨｪｨｪ06 ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ0401, ｨｮ06 06 ﾂ ｨｹ ｨｨｨｺ ｨｰ08ｨ ｨｪ, ｨｴｨｨ01 ｨｪ ｨ ｨｰ0205ｨｹｨｪｨｮ06 ｨｬｨ ｨｺ080605ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ ｨｨｨｰｨｨｨｺｨｮ, ｨ ｨｰｨ ｨｺ ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨｪ0401 ｨｨ05ｨｨ ｨｪ02ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｮ05ｨｨ08ｨｮ02ｨｬ ｨｨｨｪｨ ｨｪ ｨｨ09ｨｰ02ｨｬ ( ﾂｨｰ ｨ 02ｨｪｨｪ06 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ06 09 ｨｮ ｨｨ0701 ｨｪｨｨ04ｨｺ06ｨｦ ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ ｪ 06ｨｰｨｪ060302ｨｪｨｨ07 002/ ｪ 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) ｨｰ06ｨｦ ｨｨ 04ｨ 0905ｨｮ03ｨｨ09ｨ 06ｨｰ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ00ｨ ｨｪ02 ｨｰ0605ｨｹｨｺ ｨｰｨｰ06ｨｺｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｪ06 ｨｨ ｨｨｨｰ06ｨｺｨ, ｨ ｨｰｨ ｨｺ ｨ 08ｨ ｨｺｨｰ ｨｨ090502ｨｺｨ 02ｨｬ ｨｮ ｨｬ ｨｨｨｰｨｨｨｺｨ 0708ｨｨ ﾂ02ｨｪｨｨ07 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ (0708ｨｨ ｨｦ ｨｨ01 09ｨ 03ｨｪ0609ｨｰｨｨ) ｨｪ02 ｨｬ060302ｨｰ ｨｪ0609ｨｨｨｰｨｹ 09ｨｰｨｨ01ｨｨｨｦｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ, ｨｨ ｨｨ ｨｨｨｪ02ｨｨ ｨ 0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｨ03 ｨｨ 00 ﾂ02ｨｬ ｨ 0605ｨｹ0302 ｪ ｨｰ02ｨｬ 05ｨｮ ﾂ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06, ｨｺｨ ｨｺ0609ｨ ｨｨ090502ｨｺｨ 02ｨｬ ｨｪ0203ｨｪｨｨ ｨｮ ｨ ｨｴ02ｨｬ 06ｨ ｨｲ02ｨｬ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ , ｨｺｨ ｨｺ 06ｨｪｨｨ ｨｰｨｪ060907ｨｰ ｨｨ 00ｨｺ060806ｨｰｨｺｨｨ0203, 05ｨｨｨｺ09ｨｨ01ｨｪ0402 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｹ00ｨｨ ｨ ｨｮ01ｨｮｨｰ 0106ｨｬｨｨｨｪｨｨ080609ｨ ｨｰｨｹ ｨｪ0203ｨｪ06ｨｦ ｨｬｨ , ｨｰ ｨ 0602 ｨｨ ｨｨ0302ｨｪｨｨ02 ｨｬ06-191

190 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? 0302ｨｰ 0708ｨｨ090209ｨｰｨｨ ｨｺ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨ ｨｰｨｨｨｪ09ｨｺ06ｨｦ 08ｨｬ0208ｨｨｨｺｨｨ ｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｮ ｨｨ ｨｨ01 06ｨｰｨｪ060302ｨｪｨｨ02 ｨｺ ｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨ 0405ｨｨ 06 ﾂ02ｨｪｨｹ ｨｺｨｨｨｬｨｨ). 06ｨ ｨｺ0302 ｨｪ0206ｨ ｨｨｨｬ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ 00ｨ ｨｺｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｨ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺ ｨ 08ｨ ｨｺｨｰ0208ｨ. 02ｨｰｨｬ02ｨｰｨｨｨｬ, ﾂｨｰ06 09 ｨｪ04ｨｪ0203ｨｪ02ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｺ060001ｨ 06ｨｰｨｬ02 ﾂｨ 02ｨｰ0907 ｨｨ04ｨ 04ｨｰ06ｨｺ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｺ06ｨｰ0608ｨ 07 ｨｨｨｴ02ｨｰ ｨｨｨｬ02ｨｪ02ｨｪｨｨ07, ｨ ｨｦ03 08ｨｮｨ 05ｨｹ ｨｰ ｨ ｨｰ0608ｨｬ060406ｨｬ ｨｪｨｨ07 ｨｰｨ ｨｺ06ｨｦ ﾂ02ｨｦ03 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｪｨ 0804ｨｪ06ｨｺ, ｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ ｨ ｨｪ ｨｪｨｨ07, ｨｺ0605ｨｹｨｺｨｮ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｰｨ ｨｺ ｨ ｨ 02ｨｰ0907 ｨｨ ｨｮｨ ｨ ｨｺｨｰｨｨ ｨｰｨ ｨｪ060907ｨｰ ｨｪ0203ｨｪｨｨ ｨｺｨｮ0507ｨｪｨｰ0609 (ｨｨ 0609ｨｰｨ 05ｨｹｨｪ0401 ｨｨｨｪ090209ｨｰ ) ｨ ｨｨｨｬｨｨ ｨ 0502ｨｪｨｨ06, ｨｰ ﾂｨ 00ｨｨ ｨｺｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｺ ｨｰｨ ｨ ｨｴｨｨｨｰ02 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ, ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｨ080609ｨ ｨｪｨｨ ｨｨｨｰ06ｨｺｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｰｨｹ0907 ｨｨ ｨｨ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｦ 0609ｨｪ060902, ｨｪ ｨ 09ｨ ｨｨ 05ｨｰ06ｨｬ 09ｨｪ0203ｨｪｨｨ01 08ｨｨ09ｨｺ0609, 0706ｨｺｨ 0609ｨｰｨ 06ｨｰ0907 ｨ ｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ

191 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 05ｨｨｨｰｨｨｨｺｨｨ (0802 ﾂｨｹ ｨｨ0102ｨｰ 06 ｨｬ0208ｨ 01 ｨｪｨ , ｨｰｨ 08ｨｨ00ｨｪ060006, 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ ｨｨ ｨｨｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ ). 0308ｨｨ 05ｨｰ06ｨｬ, ｨｨ ｨｪｨ 0804ｨｪｨｺ ｨｨｨｰ ｨｪｨｨｨｬｨ ｨｪｨｨ02, ﾂｨｰ06 ｨｺｨｮ ｨ 07 01ｨｨｨｪｨ ｨｬｨｨｨｺｨ 08ｨｮｨ 0507 ｨｪ02 ｨ ｨｮ0102ｨｰ ｨｨ09ｨｺｨｮ0909ｨｰ0902ｨｪｨｪ06 ｨｺ ｨｺｨｰｨｨ080609ｨ ｨｰｨｹ ｨｰ060806ｨｪｨｮ 09ｨｪｨｨ0302ｨｪｨｨ07 ｨｨ ｨ ｨｮ05ｨｹ03ｨｮ ｨｹ 09 ｨｺｨｮ ｨ 08ｨ ｨ ｨｪｨｨｨｨ ｨｪｨ ﾂｨｪｨｮｨｰ ｨｨ0008ｨ ｨｰｨｹ 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ ｨｪ06 ﾂｨｪ ｨ ｨｺｨｰ060804, ｨｰ06 05ｨｰ ｨｨｨｪ02ｨｨ0702 ｨ ｨｮ0102ｨｰ ｨｰ020702ｨｪｨｪ06 ｨｬ02ｨｪ07ｨｰｨｹ ｨｺｨ 08ｨｰｨｨｨｪｨｮ ｨｪｨ 09ｨ 0506ｨｰｨｪ06ｨｬ 0804ｨｪｨｺ02, ｨｰｨ 05ｨｺｨｨ09ｨ 07 ｨｺ ｨｮ ｨｨ ｨ ｨｨ ｨｺ ｨ ｨｨｨｪｨｰ02ｨｪ09ｨｨ09ｨｪ06ｨｦ 08ｨ ｨ 06ｨｰ ｨｮｨ 0507ｨｬｨｨ ｨｨ 08ｨｮｨ 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 (060906ｨ 02ｨｪｨｪ ｨｨ ｨｨ01 ｨｪｨ ｨ ｨ 0903ｨｨ08ｨｨｨｰ0907). 06ｨｰ06 ｨｨ 09ｨｰｨ 0506 ｨｪｨ ｨ ｨ ｨｰｨｹ ｨｨ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨｨｨ ｨｺｨｮ ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨC , ｨｺ060001ｨ ｨｨ ｨｪｨ ｨｪｨｨ02, ｨｨ ｨ ｨｨ04ｨｪ0209, ｨｮ050609ｨｨ09 ｨｰ02ｨｪ0102ｨｪ02ｨｨ06 ｨｺ ｨｮ ｨ ｨｪｨｨ06 08ｨｮｨ 0507, 09ｨｰｨ 05ｨｨ ｨｰ08ｨ ｨｨ09ｨ ｨｰｨｹ ｨｨ 09ｨ 0506ｨｰｨｪ ｨｰ000205ｨｨ, ｨｮｨｬ02ｨｪｨｹ03ｨ ｨ ｨｨ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 07 08ｨｮｨ ｨｦ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ. 02ｨｰｨｬ02ｨｰｨｨｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ ｨｪｨｪｨ ｨｺ06ｨｪ ｨCｨｪｨ ﾂｨ ｨ 05ｨｹ09ｨ 02ｨｨ07 08ｨｮｨ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｨ0705ｨ ｨｪｨ 09ｨ 0506ｨｰｨｪｨｮ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｨｨｰ0609 ｨ ｨｨ04ｨｪ0209ｨ ｨｨ ｨｪｨ ｨｪｨｨ07, 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 09ｨｪｨｨ04ｨｨ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ 08ｨｮｨ 0507 ｨｨ 04ｨ ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨｬ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪｨｮ09 09ｨｨｨｰｨｮｨ 02ｨｨ06 ｨｪｨ ｨｪ0209ｨｺ0605ｨｹｨｺ ｨｰ ｨｪｨ 04ｨ 01 (08ｨｨ ) ｨｬ ｨｮｨｺｨ 0302ｨｬ, 09ｨｺ0605ｨｹ ｨｰ0209ｨｪ ｨ ｨｨｨｬ ｨ ｨｪ04 ｨｬ020301ｨｮ 0906ｨ 06ｨｦ 01ｨｨｨｪｨ ｨｬｨｨｨｺｨ ｨｺｨｮ0809ｨ ｨｨ 0009ｨ 0506ｨｰｨｪ ﾂｨｰ02ｨｪｨｨ0703 (ｨｺｨ ｨｺ ｨｰ0605ｨｹｨｺ06 08ｨｮｨ 05ｨｹ ｨ 05, ｨ 09ｨｰｨ 05ｨｨ 08ｨｮｨ ｨｨｨｰ04, ｨｨ ｨｪｨ 06ｨ ｨｰ), ﾂｨｰ06 09ｨ 03ｨｪ06 ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ 0708ｨｨ ｨｪｨｨｨｨ ｨｺｨｮ ｨｦ ｨｨｨｰｨｨｨｺｨｨ. 02 ﾂ0209ｨｨ01ｨｪ06, ｨｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨ07 ｨｪ0206ｨ ｨｪ02ｨｪｨｨ07 ｨ ｨｮ0102ｨｰ ｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｦ, ｨｰ06 05ｨｰ ｨｬ ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨ ｨｦ09ｨｰ09ｨｨ07 08ｨｮｨ 0507, ｨｨ 0904ｨｰ0209ｨｪ02ｨｪｨｨ ｨ 08ｨ, ｨｰ ｨ 08ｨｨ04ｨ 02ｨｨｨｨ, ﾂｨｰ06 ｨｰｨ ｨｺ0302 ｨ ｨｮ0102ｨｰ ｨｰｨｨ ｨｺ ｨｮ

192 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 ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｨｨｰ0609 ｨｨ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ0809, ｨｨ07 * ｨｰ09ｨ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｦ 09ｨｺ0506 ﾂｨ 06ｨｰ ｨｰ09ｨ ｨｪｨ ｨｨｨｰｨ 01, 08ｨ 09 ﾂ02ｨｰｨｪ0401 ｨｨ ﾂｨｨ01 09 ﾂ02ｨｰｨ ｨｰ06 ﾂｨｪｨｨｨｺ: , 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ﾂ02ｨｪｨｨ ｨｨ02ｨｨｨｦ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ04, ｨｪｨｨ06 ｨｺ ｨｪ02ｨｦ ｨｨ ｨｰ060806ｨｪ ｨｪｨｺｨ. 08ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0804ｨｪ06 ﾂｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨ 05ｨｨ ｨｰ06, ﾂｨｰ06 ｨｪ02 ｨｬ060005ｨｨ ｨ ｨｰｨｹ 08ｨ 0405ｨｨ ﾂｨｪ ｨｮｨｺｨ ｨｨ ｨｪｨｨ ｨｮ0507ｨｰ , ｨｪｨ 0708ｨ ｨｪｨｪ0402 ｨｪｨ ｨ 08ｨｨ04ｨ 02ｨｨ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 194

193 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ ｨｪ02 08ｨ 04 ｨｮｨｺｨ ｨ 05ｨｨ, ﾂｨｰ06 ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨ ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ 06ｨ ｨｰ02 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 09ｨｮ03ｨ 02ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨｨｺｨ 02ｨｨ06ｨｪｨｪ ｨ 0903ｨｨ0802ｨｪｨｨ ｨｰ09 ｨｨ ｨｬ ｨ 02ｨｰ ｨｨ02ｨｨｨｨ 08ｨｮｨ 0507 ｨｺｨ ｨｺ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ ｨｬｨｨｨｬ06 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ ｨｨ ﾂｨｨｨｪ, ｨ ｨｪｨｪ ｨｪ ｨ 0709ｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺ06ｨｦ, ｨｰｨ ｨｺｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｬ ｨｨｨｰ0409ｨ 05ｨ 09ｨｹ ｨｨ 0603ｨｨ01ｨ ｨｪｨｨ07ｨｬｨｨ 09ｨ ｨｬｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 01ｨ 05ｨｹｨｪ02ｨｦ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ ｨ ｨｪ02ｨｪｨｨ07 08ｨｮｨ 0507, ｨｺ0605ｨｹｨｺｨｮ 06ｨｪｨｨ 0706ｨｪｨｨｨｬｨ 05ｨｨ, ﾂｨｰ ｨ ｨｪｨ 07 ｨｺｨｮ ｨ ｨｨｨｰｨｨｨｺｨ ｨｨ05ｨ 09ｨｹ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ ｨｰｨ (080609ｨｰ 09ｨ 0506ｨｰｨｪ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0909ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ02ｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｮｨｴ0209ｨｰ ｨｰ0907 ｨｨｨｪｨｰ ｨｪ02ｨｨｨｨ ｨｺｨｮ ｨ 08ｨ, ｨｪ ｨｮ09ｨｺｨ 06ｨｴｨｨ02 09ｨｪｨｨ0302ｨｪｨｨ ｨｺｨｮ0809ｨ ). 07ｨｺ ｨｪｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ ｨｰ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ｨｹ0204ｨｪ04ｨｬ 09ｨｰｨｨｨｬｨｮ0506ｨｬ ｨｪｨｨ ｨ 02ｨｨｨｦ 09 08ｨｮｨ ｨｨ ｨ 02ｨｰ ｨｪｨｨｨｰ0205ｨｹｨｪｨｮ ｨｪ0609ｨｮ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｰ060006, 02ｨｴ ｨｺ08ｨｨ04ｨｨ09ｨ, , ｨｪｨ ﾂｨ 05ｨｨ 06ｨｰｨｬ02- ﾂｨ ｨｰｨｹ0907 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ ｨｰｨ, ｨｺ060001ｨ ｨｰ02ｨｬ ｨｨ080609ｨｰｨ ｨｮｨｺ02ｨｨｨｨ 06ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴｨｨ ｨｨ ｨｰ09 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨ05ｨｨ ｨｰ02ｨｬ ｨｨ080609ｨｰｨ 0106ｨ 04 ﾂｨｨ ｨｪ0401 ｨｨ09ｨｺ0607ｨ 02ｨｬ ｨｪｨ ｨｨ ﾂｨｪｨ 07 ｨｰ02ｨｪ0102ｨｪ02ｨｨ ｨ ｨｪｨｨ05ｨ 09ｨｹ ｨｨ ｨｮ06ｨｴ02ｨｬ. 06ｨ ｨｺ, 04ｨ 5 ｨｬ ｨｨ ｨｰ ｨｬ ｨｪｨｪ0609ｨｰｨｨ ｨｪｨ 5,6% ｨｨ 0106ｨ 0409ｨ 06ｨｴｨｨ01 06ｨｰ08ｨ ｨｦ ｨｪｨ 2,5%, 06ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴｨｨ02 06ｨｰ08ｨ 0905ｨｨ ｨｨ ｨ ﾂ02ｨｬ ｨｪｨ 8% (08ｨｨ ). 03ｨｴ , ｨｪｨｺｨ ｨｬ ｨｬｨｨ08ｨｪ ｨ ｨｪｨｺｨ, 06ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨ 0409ｨｰ0804ｨｦ ｨｰ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ ｨｨ ｨｮ ｨｪｨｪ04ｨｦ ｨｰ 09 06ｨｰ08ｨ , 08ｨ ｨ 06ｨｰｨ 06ｨｴｨｨ01 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ 0804ｨｪ06ｨｺ ｨｪ0609ｨｪ0402 ｨｪｨ 0708ｨ ｨｪｨｨ ｨｨｨｪ06ｨｦ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ06ｨｦ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪｨ

194 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 ｨｬ ｨｨ080609ｨｰｨ 06ｨｰ08ｨ ｨｦ ｨｬ ｨｪｨｪ0609ｨｰｨｨ ｨC , ｨｨ07 (% ｨｺ ｨｮｨｴ02ｨｬｨｮ ｨｮ) * 08ｨｪ09ｨ 08ｨｹ-ｨｬｨ ｨｦ 2008/07ｨｪ09ｨ 08ｨｹ-ｨｬｨ ｨｦ ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｰｨ ｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ ｨ ｨｰ06ｨｬ, ﾂｨｰ06 00ｨｪｨ ｨ ｨ 02ｨｬ0402 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ ｨｬ ｨｪｨｪ ｨｰｨ (060906ｨ 02ｨｪｨｪ ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴ02ｨｦ ｨｬ ｨｪｨｪ0609ｨｰｨｨ) 0909ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ06ｨｰ 06 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｬ 0905ｨｨ07ｨｪｨｨｨｨ 0802ｨ 05ｨｹｨｪ ｨｮｨｺ ｨｪｨｨ07 08ｨｮｨ ｨｺｨ 04ｨ ｨｪｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｬ ｨ ｨｪ0705ｨｨ09ｨｹ 0106 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｨ 0106ｨｰ07 05ｨｺ ｨｰ04 ｨｰ ｨｬｨｨ08ｨｪ ｨ ｨｪｨｺｨ 04ｨ 01ｨ 09ｨ ｨｬｨｨ08ｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ. 0206ｨｺ05ｨ 01 06ｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｨｨｨ, ｨｪ0607ｨ 08ｨｹ

195 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 05ｨｨ ｨｰ06ｨｬ, 09ｨｺ0605ｨｹ ｨｬ02ｨｪｨｪ04ｨｬ ｨ ｨｮ0102ｨｰ ｨｬ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ 09 06ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴ02ｨｦ ｨｬ ｨｪｨｪ0609ｨｰｨｨ, 06ｨｪｨｨ ｨｰ02ｨｬ ｨｪ02 ｨｬ02ｨｪ0202 ｨｺ06ｨｪ09ｨｰｨ ｨｰｨｨ080609ｨ 05ｨｨ, ﾂｨｰ06 ﾂｨ 09ｨｰｨｹ 06ｨｰ08ｨ ｨｦ 06ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴ02ｨｦ ｨｬ ｨｪｨｪ0609ｨｰｨｨ, 0608ｨｨ02ｨｪｨｰｨｨ080609ｨ ｨｪｨｪ0401 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ , 00ｨｬ0600ｨｮｨｰ ｨｨ 01ｨ ｨｰｨ ｨｰｨｹ 09 ｨｮ ｨｨ0701 ｨ ｨｮｨｬｨ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｬ0603ｨｪ ｨｨｨｰｨｹ 06 ｨｪｨ ｨｬ02 ﾂｨ ｨｦ0907 ｨｰ060001ｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｺ ｨｮ05ｨｮ ﾂ0302ｨｪｨｨ06 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨｰｨ ｨｨ ｨｰ020702ｨｪｨｪ06ｨｦ (07ｨｮ09ｨｰｨｹ ｨｨ ｨｬ ｨｪｨｪ06ｨｦ) ｨｨ02ｨｪｨｰｨ 02ｨｨｨｨ ｨｨ00ｨ ｨｰ020502ｨｦ ｨｰｨ 03, , ｨ 0409ｨ 06ｨｴ02ｨｦ ｨｪｨ ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴｨｨ02 06ｨｰ08ｨ 0905ｨｨ ｨｨ, ｨｰ , 09 00ｨ ｨｺｨｰ ｨｪ0203ｨｪ ｨ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ ｨｺ08ｨｨ04ｨｨ09ｨ ｪ ｪ ｨ ｨｪ0609ｨｹ ｨ ｨｪ ｨｰ06ｨｬ, ﾂｨｰ ｨｨ00ｨ ｨｰ020507ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ ｨｨｨｨ ｨｰ ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴｨｨ02 06ｨｰ08ｨ 0905ｨｨ ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ (08ｨｨ , ｨｰｨ ｨ ). 04ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ06, ｨｨ07 (%) 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨ ｨｪｨｺｨ ｨ ｨｪｨｪ04ｨｬ ｨｰｨ ｨｰｨ ｨｬｨｨ08ｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ. 0206ｨｺ05ｨ 01 06ｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｨｨｨ. 0606ｨｪｨｹ ｨｬｨｨ08ｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ. 0206ｨｺ05ｨ 01 06ｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｨｨｨ ｨ 08ｨｹ

196 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? II ｨｺ ｨｮ02ｨｬ ｨｺｨｰ0608ｨ 27,1 55,2 0206ｨ 04 ﾂｨ 0,9 9,0 02ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴｨｨ ｨｨ ｨｰ09ｨ 26,3 45,8 0102ｨｰ060800ｨｮ02ｨｬ ｨｺｨｰ0608ｨ 24,6 28, ﾂｨｨ02 48,3 15,9 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨ ｨｪｨｺｨ ｨ ｨｪｨｪ04ｨｬ ｨｰｨ ｨｰｨ, ｨｬｨｨ08ｨｪ ｨ ｨｪｨｺｨ ｨｨ ｨｰ09ｨｨｨｨ ｨ ｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨ ｨｪ07ｨｰ0907, ｨｨ01 ｨｪ0206ｨ ｨｨｨｬ06 04ｨ ｨｺ080207ｨｨｨｰｨｹ ｨｨ ｨｨ09ｨ ｨｰｨｹ ｨｬｨｨ ｨｨｨｬ0206ｨｴｨｨｨｬｨｨ0907 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ. 06ｨｰ ｨｨｨｰ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｪｨ ﾂｨ ｨｰｨｹ ｨｰ020702ｨｪｨｪ06 06ｨｰ010601ｨｨｨｰｨｹ 06ｨｰ ｨｦ 0005ｨｺ ｨｰｨｪ ｨｹ020906ｨｦ ｨｨ02ｨｪｨｰｨ 02ｨｨｨｨ ｨｨ 08ｨ 0409ｨｨ09ｨ ｨｰｨｹ0907 ｨｪｨ ｨ ｨｨ09ｨｪ06ｨｦ 0609ｨｪ ｨｪｨｨ02ｨｬ ｨｨ 06ｨ 08ｨ ｨ ｨ ｨｰ0409ｨ 06ｨｴｨｨ ｨｨ ｨｰ09, ﾂｨｰ ｨｬ ｨｪ ｨｨｨｰｨｹ ｨｺｨ ﾂ0209ｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ 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 0808ｨｨ04ｨｨ09 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ 09ｨｪｨｨ0302ｨｪｨｨ02 ｨｺｨｮ0809ｨ ｨ 08ｨ 09ｨｪ0609ｨｹ ｨｰｨ 09ｨｨ05ｨｨ ｨｪｨ ｨｰｨｺｨｮ 01ｨｪ ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｬｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｰｨｮ08ｨ ｨｮ0502ｨｪｨｰｨｪ0609ｨｰｨｨ ｨｪｨｰ ｨｪｨｨｨｬｨ ｨｪｨｨ07 06ｨｺｨ 04ｨ 05ｨｨ09ｨｹ ｨｺｨ ｨｺ ｨｺｨｰｨｨ09ｨ 01 09ｨ ｨｬ ｨ 08ｨ, 198

197 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 ｨｰｨ ｨｺ ｨｨ ｨ ｨｨ09ｨｰ02ｨｬｨｪ ｨ 0502ｨｬ ｨｪ09ｨｰ090609ｨ ｨｪｨｨ07 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨ 0801ｨｨｨｰ02ｨｺｨｰｨｮ ｨｬ. 0808ｨｨ04ｨｨ09 02ｨｴ02 ｨ 0605ｨｹ ｨｰｨｨ05 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨ ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ0401 ｨｰ06 ﾂ02ｨｺ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｺ06ｨｰ ｨｰ 02ｨｦ ｨ ｨｺｨｰｨｨ09ｨｪ ｨｨｨｰｨｹ ﾂ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｰ ｨｪｨｨ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06, 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｬ06ｨｪ060202ｨｪｨｰ08ｨｨ04ｨｬ, ｨｰ ｨ ｨｪｨ 0601ｨｪｨｮ 09ｨ 0506ｨｰｨｮ ｪ ｨ 08, ｨｺ06ｨｰ060804ｨｦ ｨ 05ｨ 01ｨ ｨｬｨｨ ｨｨ , 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ 0708ｨｨ ｨ 07 02ｨｬｨｮ ｨｪｨ 09ｨｬ02ｨｪｨｮ 09ｨｨ09ｨｰ02ｨｬｨ, 0609ｨｪ ｨ 06ｨｴｨ ｨｪｨ 0109ｨｮ01 09ｨ 0506ｨｰｨ 01 ( ｨ 08 ｨｨ ), ｨ 0405ｨｨ 0708ｨｨ02ｨｬ0502ｨｬ ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ ｨ 05ｨｹｨｪ ｨ 0506ｨｰｨｪ0401 ｨ 05ｨｹｨｰ0208ｨｪｨ ｨｰｨｨ09, ｨ ｨｰｨ ｨｺ ｨｮ ｨｨ0701, ｨｺ060001ｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨｺｨｨ ｨ 0405ｨｨ ｨｪ02 09ｨｰ0605ｨｹ 0609ｨｰ ｨ 0302 ｨｨ , ｨｨ 0406ｨｪｨ ｨ ｨｬｨｨ ｨｨ ｨｹ0204ｨｪｨｮ ｨｮ ｨｺ08ｨｨ04ｨｨ090609, ｨｰ ｨｦ 06 ﾂ0209ｨｨ01ｨｪ0609ｨｰｨｹ ｨｰｨ ｨ 0506ｨｰｨｪ06ｨｬ ｨｨ0202ｨｪｨｰ08ｨｨ04ｨｬ02 ｨｨ ｨｮ00ｨｨ01 ｨ ｨ 05ｨ ｨｪ09ｨｨ08ｨｮ06ｨｴｨｨ ｨ ｨｪｨｨｨｬ ｨｨ04 03ｨ ｨｰ06ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨｨｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｪｨｨ02 ｨｪ0209ｨｺ0605ｨｹｨｺｨｨ ｨｪ ｨ 0506ｨｰ ｨｨ ｨｪ0209ｨｺ0605ｨｹｨｺｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｪｨｰ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬ 0202ｨｪｨｰ0802 ｪ ﾂｨｪｨ 07 ｨｨ ｨｬｨｪ060006ｨｮ080609ｨｪ0209ｨ ｨ 0502ｨｬｨ, ｨｨ ｨｪｨｨ02 09ｨｺ0506 ﾂｨ 02ｨｰ ｨ , ｨｨｨｪ0008ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ060006, ｨｮ0507ｨｰｨｨ09ｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ, ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｮ ﾂ02ｨｰｨ 00ｨ ｨｺｨｰ0608ｨ ｨ ｨ 05ｨｹｨｪ0401 ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 08ｨｨ09ｨｺ0609 ｨｨ ｨｬｨｪ ｨｮ ｨｰ06ｨｦ ｨｨ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04ｨｬ 09ｨｰｨ ｨｪ0609ｨｨｨｰ ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｨ ｨ 06 ｨｪｨ ﾂｨ 0502 ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 08ｨｮｨ ｨ 09 ﾂ02ｨｰｨ ｨｨ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨｨｨ 05ｨｺ ｨｰｨｪ ｨ 02ｨｨｨｦ. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ ｨ ｨｺｨｰｨｨｨｺ02 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ 0705ｨ ｨｰ0203ｨｨ 04ｨ ｨｨ01 05ｨｺ ｨｰ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｰ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 0506ｨｰｨ ｨｰ ｨｪ ｨｨ ﾂｨｪ06: ｨｹ 05ｨｺ ｨｰ0208 ｨｮ

198 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0209 ｨｨ ｨｺｨｨ, ｨ ｨｪｨｪ ｨｨ ｨｰ0906ｨｬ ｨｦ ｨｮｨｺ02ｨｨｨｨ (04ｨ ｨ ｨｰｨ, ｨｹ02 ｨｨ ｨｰ.01.), ｨ 0706ｨｰ06ｨｬｨｮ ｨ ｨ ｨｮ070409ｨｨｨｬ 06ｨｰ ｨ ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨｨ 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨｨ080609ｨ ｨｰｨｹ ｨｦ 08ｨｨ09ｨｺ, 08ｨ 0909 ﾂｨｨｨｰ0409ｨ 0709ｨｹ ｨｦ 09ｨ 0506ｨｰ ｨｰ ｨｪｨ 07 ｨｺｨ 08ｨｰｨｨｨｪｨ ｨｰ09ｨｨｨｦ ｨｨ ｨ 02ｨｪｨｪ0609ｨｰ02ｨｦ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 00ｨ ｨｨｨｦ09ｨｺｨｨ01 05ｨｺ ｨｰ ｨ ｨｮ0102ｨｰ 0709ｨｪｨ 05ｨｨ03ｨｹ 0708ｨｨ 0802ｨ 05ｨｹｨｪ06ｨｬ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨｨｨ 09ｨｪ0203ｨｪ02ｨｰ ｨ 09 ﾂ02ｨｰ ｨｮｨ , ｨｮ ｨｦ ﾂｨ 09 ｨｬ0603ｨｪ06 ｨｮｨｺｨ 04ｨ ｨｰｨｹ ｨｪｨ ｨｪ02ｨｺ06ｨｰ ﾂ0209ｨｨ01ｨｪ ｨｰ09ｨｨ , ｨｺｨｮ ｨｦ 08ｨｨ09ｨｺ 09ｨｪｨｨｨｬｨ 02ｨｰ ｨｺ ｨｰ ｨｨ ｨｪ0609ｨｨｨｰ0907 ｨｪｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｨｨｬ070608ｨｰ ｨｺｨｮ07ｨ ｨｰ0205ｨｨ ｨｪｨ ｨｺ ｨｰｨ ｨｪ04 ｨ ｨｺ06ｨｨｨｰｨｹ ｨｰ06ｨｬ, ｨｺｨ ｨｺ0609 ｨ ｨｮ0102ｨｰ 09ｨ 0506ｨｰｨｪ04ｨｦ ｨｺｨｮ0809 ｨｬ020301ｨｮ ｨｨ01 09ｨ 0506ｨｰ06ｨｦ ｨｨ 08ｨｮｨ 0502ｨｬ, ｨｨ ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06 ｨｪ0209ｨｰｨｨ ｨｨ ｨｺｨｨ ｨｨ080609ｨ ｨｪｨｨ ｨｰ , ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨ ｨｮ0102ｨｰ ｨｰ020702ｨｪｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ0907 ｨｬｨｨ080609ｨ ｨ ｨｺｨｰｨｨｨｺｨ 08ｨ 09 ﾂ02ｨｰ ｨｮｨ , 0708ｨｨ ﾂ02ｨｬ 08ｨｮｨ 05ｨｹ ｨ ｨｮ0102ｨｰ ｨ 0605ｨｹ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｰ ｨ 09 ﾂ02ｨｰ0609 (07ｨｮ09ｨｰｨｹ ｨｪｨ ｨｪｨ ﾂｨ 05ｨｹｨｪ06ｨｬ 05ｨｰｨ 0702 ｨｨ 09 ｨｪ02ｨ 0605ｨｹ03ｨｨ01 ｨｬｨ 0903ｨｰｨ ｨ ｨ 01) ｨｬ02 ｨｰ060006, 05ｨｰｨ ｨｬ0208ｨ ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨｮ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ ｨ 0506ｨｰｨｪ ｨｮｨ , ｨｺ0605ｨｹｨｺｨｮ ｨｮ ﾂｨ 02 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 09 ﾂ02ｨｰ0609 ｨｨｨｬ 0708ｨｨ0102ｨｰ0907 ｨｨｨｬ02ｨｰｨｹ ｨｪ02ｨｺｨｨ ｨ 07ｨ ｨｰｨ ｨｺ06ｨｦ 09ｨ 0506ｨｰ02. 06ｨｰ06 06ｨ ﾂｨｨｨｰ ｨｰ020702ｨｪｨｪ ｨｪｨｨ02 08ｨｮｨ ｨｬｨｨ080609ｨｮ06 09ｨ 0506ｨｰｨｪｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ, ﾂｨｰ06 ｨｺ08ｨ ｨｦｨｪ02 09ｨ 03ｨｪ ｨｨ ｨｰｨｨ0302ｨｪｨｨｨｨ ｨｺ06ｨｪ090208ｨｰｨｨ08ｨｮ02ｨｬ0609ｨｰｨｨ. 00-ｨｰ0802ｨｰｨｹｨｨ01, ｨ 09 ﾂ02ｨｰ04 ｨ ｨｮ01ｨｮｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨｨｰｨｹ ｨｮｨ ｨｮ ｨｪｨｮ03, ｨｺ060001ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｺｨｮ07ｨ ｨｰ0205ｨｨ ｨ ｨｮ01ｨｮｨｰ 0904ｨｪｨｮ030102ｨｪ04 06ｨｰｨｺ080409ｨ ｨｰｨｹ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ02 08ｨｮｨ ﾂ02ｨｰｨ ｨｨｨｦ09ｨｺ06ｨｦ ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ

199 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｪｨｨ07 08ｨ 09 ﾂ02ｨｰ0609, ﾂｨｰ ｨｬ ｨｮ090205ｨｨ ﾂｨｨｨｰ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02. 02ｨ ｨｰ ｨｮ ﾂｨ 0701, ｨｺ060001ｨ 0802 ﾂｨｹ ｨｨ0102ｨｰ ｨｮ ﾂ02ｨｪｨｨｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｨｨｬ070608ｨｰ0208ｨ ｨｬｨｮ ｨ ｨ ｨｪｨｺｨｮ ｨｺｨｮ07ｨｨｨｰｨｹ 08ｨｮｨ 05ｨｨ, ｨｰ06 05ｨｰ06ｨｰ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｦ ｨ ｨ ｨｪｨｺ ｨ ｨｮ0102ｨｰ 0904ｨｪｨｮ030102ｨｪ 09ｨｪｨ ﾂｨ 05ｨ 06ｨｰｨｺ0804ｨｰｨｹ ｨｺ ﾂ02ｨｰ ｨｨｨｦ09ｨｺ06ｨｬ ｨ ｨ ｨｪｨｺ ｨｨ0102ｨｪｨｰ02, ｨｪｨ ｨｺ06ｨｰ060804ｨｦ ｨ ｨｮ01ｨｮｨｰ 04ｨ ｨｰ02ｨｬ 04ｨ ﾂｨｨ090502ｨｪ04 ｨｺｨｮ070502ｨｪｨｪ0402 ｨｨｨｬ 08ｨｮｨ ｨｰ09ｨ. 00ｨ 0506ｨｰｨｪ ｨｰ09ｨ, ｨｺ06ｨｪ090208ｨｰｨｨ08ｨｮ02ｨｬ0402 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ 0706ｨｺｨｮ07ｨ ｨｰ020507ｨｬｨｨ 09 08ｨｮｨ 05ｨｨ ｨ ｨｺｨｮ07ｨｺｨｨ ｨｪｨ ｨｺ ｨｰｨ ｨｨ 08ｨ 04ｨｬ02ｨｴｨ 02ｨｬ ｨｨｨｦ09ｨｺ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ02, ｨ ｨｮ01ｨｮｨｰ 08ｨ ｨ 06ｨｰｨ ｨｰｨｹ ｨｮ0302 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. 00- ﾂ02ｨｰ090208ｨｰ0401, ｨ 09ｨｰ02ｨｰ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｹ ｨｪｨ ｨｺ06ｨｪｨｰ ｨ ｨｰ0203ｨｨ ｨ ｨｮ01ｨｮｨｰ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｮｨ ﾂ02ｨｰ0609, ｨｪｨ ｨｴｨｨ ｨｮｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ02, ｨｨ ｨｬ0600ｨｮｨｰ ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ ｨｺ06 ｨｺ06ｨｪｨｰ080605ｨｨ080609ｨ ｨｰｨｹ0907 ｨｪｨ 03ｨｨｨｬｨｨ ｨｮ0507ｨｰ0608ｨ ｨｬｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｨｨｰ ｨ ｨｨ08ｨ 02ｨｬ0609ｨｰｨｹ ｨｪｨ , ｨｺ0605ｨｹｨｺｨｮ ｨｪｨ 07 ｨ ｨ 04ｨ 09ｨｰｨ ｨｪ02ｨｰ ｨ ｨ ｨ ﾂｨｪ06ｨｦ ｨｰ0401, ｨ ｨｬｨｨ01 05ｨｺ ｨｰ ｨｮｨｬ02ｨｪｨｹ03ｨ ｨｰ ｨｺ09ｨｰ020808ｨｨｨｰ0608ｨｨｨ 05ｨｹｨｪ ｨｨ09ｨｺｨｨ, ｨ ｨｪｨｪ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨｨｬ02ｨｪ02ｨｪｨｨ07 09ｨ ｨｪｨｺ02ｨｨｨｦ ｨｺ ｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｮ0809ｨ ｨｬ (04ｨ ｨｬ0608ｨ 03ｨｨ09ｨ ｨｪｨｨ ｨｰ09, ｨｬ0608ｨ ｨｰ0608ｨｨｨｦ ｨ ｨｰ0203ｨ ｨｬ ｨｨ ｨｰ.01.), ｨｺｨ ｨｺ 05ｨｰ06 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｮ ﾂｨ ｨ ｨｪ02ｨｪｨｨ ｨｰ09 09 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺｨ ｨｪｨ 02ｨｬ, ﾂｨｰ ｨ ｨｪ ｨ ｨｪｨｺ02ｨｨｨｨ ﾂｨ ｨｴ02 ｨｨ ｨｹ04ｨｮ06ｨｰ ｨｪ ｨｬ ｨｨ 05ｨｰ06ｨｬ ｨｪ0206ｨ ｨｨｨｬ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｪ02ｨｺ06ｨｰ ｨｬ0603ｨｪ ｨｨ09ｨｺｨｨ ｨｨ ｨｨｨｪ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09ｨ, 09 ｨｺ06ｨｰ060804ｨｬｨｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｪ , 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ: 1) ﾂｨ 09ｨｰｨｨ 00ｨｨｨｪｨ ｨｪ ｨｨ05ｨｨ 09ｨｪ0203ｨｪ02ｨｰ ｨ 02ｨｨｨｦ ｨ ｨｪｨ 08ｨｮｨ 05ｨｨ ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｰ0902ｨｰ09ｨｰ- 201

200 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? 09ｨｮ06ｨｴｨｨｨｦ ｨｰ 08ｨｮｨ ｨｦ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｨ ｨｬ060302ｨｰ ｨ ｨｰｨｹ ｨｨｨｪ ｨｨ06ｨｪｨｪ ｨｨ09ｨｺｨｨ. 0201ｨｪｨ ｨｺ06, 0706ｨｺｨ 05ｨｰｨｨ 08ｨｮｨ 05ｨｨ 04ｨ ｨｪ07ｨｰ04 06ｨ 0905ｨｮ03ｨｨ09ｨ ｨｪｨｨ02ｨｬ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 02ｨｨｨｦ, ｨｨｨｪ ｨｨ06ｨｪｨｪ04ｨｦ ｨｺｨｰ ｨｪ ｨｪ ｨ 04ｨｰｨｹ ｨ 0605ｨｹ03ｨｨｨｬ; 2) ｨｮ02ｨｰ 0603ｨｨ01ｨ ｨｰｨｹ ｨｰ020702ｨｪｨｪ ｨｪ0609ｨ 0202ｨｪｨｰ08ｨ ｨｰ ｨｰｨｨ 09 09ｨｪ0203ｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ ｨｰｨｪ ｨｰｨ 0906ｨｺ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ0202, ｨ ｨｰ020702ｨｪｨｪ0602 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 04ｨ ｨｨｨｬ09ｨｰ090609ｨ ｨｪｨｨｨｦ (ｨｺ080201ｨｨｨｰ0609 ｨｨ ｨｰ.01.), 0609ｨｮｨｴ0209ｨｰ ｨｬ ｨｨｨｦ09ｨｺｨｨｨｬｨｨ 05ｨｺ ｨｰｨｪ04ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ (0708ｨｨ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨｨｨ 09ｨｪ0203ｨｪｨｨ01 04ｨ ｨｦｨｬ0609). 08ｨ ｨｺ ｨｨ ｨｰｨｪ06, 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 ﾂｨ 09ｨｰｨｹ ｨｺ080201ｨｨｨｰ0609 ｨ ｨｰ ｨｨｨｦ09ｨｺｨｨｨｬｨｨ 05ｨｺ ｨｰ0208ｨ ｨｬｨｨ ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨ ｨ 0506ｨｰ02. 05ｨ ｨｰ02ｨｬ 05ｨｰｨｨ ｨｺ080201ｨｨｨｰ04 00ｨ 0907ｨｰ ｨｬ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ07 05ｨｺ ｨｰｨｪ ｨ 03 ｨｨ ｨｰｨｮ070502ｨｪｨｨ07 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ ｨｨ 05ｨｺ ｨｰｨｪｨ ｨｮ ﾂｨｺｨ ｨ ｨｮ0102ｨｰ 09 08ｨｮｨ , ｨｰ ｨｺ ｨｰ ｨｰ06 ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ 09ｨ 0506ｨｰｨｪ ｨｨ09ｨｺｨｨ. ﾁｨｰ06ｨ 04 ｨｨ01 ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ, ｨｪ0206ｨ ｨｨｨｬ06 ｨ ｨｮ0102ｨｰ ｨ 0605ｨｹ03ｨｨｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨ ｨｰｨｹ ｨｪｨ 0708ｨｨ ﾂ02ｨｪｨｨ02 08ｨｮｨ ｨｮ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ ｨｪ ｨ 00ｨ 02ｨｰ, ﾂｨｰ06, , ｨｪｨ 03 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨｪ 09ｨｰｨ ｨｰｨｹ ｨ ｨｬｨｺｨｨｨｬ ｨｨ 06ｨ ﾂｨｨｨｰｨｹ ｨｪｨｨｨｺｨ 06ｨｴｨｨｨｦ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｨ, ｨｰ , ｨｪ ｨｪ06ｨｦ ｨｬ ｨｪｨ ﾂｨ ｨｰｨｹ 0102ｨｦ09ｨｰ090609ｨ ｨｰｨｹ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07 (09 ｨｰ06ｨｬ ﾂｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07), ｨｮ06 06 ﾂ ｨｹ ｨｪｨ 0609ｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ. 00 ｨｨｨｰ ｨｪｨｨｨｺｨｪｨｮｨｰ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｰｨｨｨｬｨｮ ｨ 0409ｨｨｨｰｨｨ07 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ ｨ 05ｨｹｨｪ02ｨｦ ｨｪ09ｨｰ090609ｨ ｨｪｨｨ07 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｰ06 ｨ ｨｮ0102ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｮｨｺ ｨｪｨｨ06 00ｨｨｨｪｨ ｨｪ ｨｪｨｨ07 09ｨｰ08ｨ ｨｪ04; 202

201 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 3) 0708ｨｨ ｨｰｨ ｨｺ06ｨｬ ｨｬ02ｨｪ0706ｨｰ0907 ｨｺｨｮ ﾂｨｰ02ｨｪｨｨ07 05ｨｺ ｨｰ , ｨｺ06ｨｰ ｨ ｨｮ01ｨｮｨｰ 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ04 09 ｨｮｨｺ ｨｪｨｨｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ04, ｨｰｨ ｨｺ ｨｺｨ ｨｺ ｨｨｨｬ ｨ ｨｮ0102ｨｰ ｨｪ ｨｮ ﾂｨ ｨｰｨｹ 0705ｨ ｨｰ0203ｨｨ 09 ｨ ｨｺ080207ｨｺ06ｨｦ 09ｨ 0506ｨｰ02; ) 04ｨ 01ｨ ﾂｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ02ｨｺ06ｨｰ ｨｬ02ｨｪｨｰ ｨｪｨｺｨ ｨｨｨｦ09ｨｺｨｨ01 05ｨｺ ｨｰｨｪ0401 ｨｰ0609ｨ , ｨｮｨ 05ｨｹ ｨｰｨｮ07ｨ 05 ｨ ｨｺｨ ﾂ0209ｨｰ ｨ 0506ｨｰ ｨｪ04, ｨｨｨｬ0202ｨｰ ｨｪ02 ｨｰ0605ｨｹｨｺ06 00ｨｰ0201ｨｪ ｨｨ ﾂ0209ｨｺｨｨｨｦ03, ｨｪ06 ｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ, ｨ ｨｰｨ ｨｺ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｦ ｨ ｨｺｨｰ ｨｪｨｨ02 04ｨ 09ｨｨ09ｨｨｨｰ ｨｨ 06ｨｰ ｨｰ060006, ｨｺｨ ｨｺ0602 ｨｬ0209ｨｰ06 04ｨ ｨｪｨｨｨｬｨ 02ｨｰ ｨｨ07 ｨｪｨ ｨｰ0201 ｨｨ05ｨｨ ｨｨｨｪ0401 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｪｨｺｨ 01 ｨｨ05ｨｨ 09 ｨｨｨｪｨｰ020008ｨ 02ｨｨ06ｨｪｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ 01 (ｨｪｨ 0708ｨｨｨｬ0208, , ｨｺ06ｨｰ ｨｬ ｨ 04 04ｨ ｨｨｨｰｨｹ 0609ｨｪ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ), 09ｨｺ0605ｨｹ ｨｨｨｪ02ｨｨ ｨｰ0802ｨ 0609ｨ ｨｪ 08ｨｮｨ 05ｨｹ ｨｰ0802ｨｰｨｹｨｨｨｬｨｨ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ, ｨｺｨ ｨｺ0609ｨ 09 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ ｨｨｨｰ ｨｬｨ ｨｺ080605ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ ｨ ｨｬ06ｨｦ ｨｨｨｨ ｨｨ ﾂ ｨｨ01ｨ ｨｰｨｹ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨｬ02 ｨｰ060006, ｨｪｨｨ ｨ 0502ｨｬ04 05ｨｺ ｨｰｨｪ ｨ 09 ﾂ02ｨｰ ｨｮｨ ｨ ｨｮ0102ｨｰ ｨ 00ｨ ｨｰｨｹ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ02 ｨｬｨｪ0600ｨｨ ｨｨ0903ｨｨ ｨ 09ｨｨ05. 06ｨ ｨｺｨｨ01, ｨｪｨ 0708ｨｨｨｬ0208, ｨｺｨ ｨｺ 08ｨ 09 ﾂ02ｨｰ ｨ 08ｨ 01 04ｨ ｨｪ0200ｨｰｨｹ ｨｨ ｨｪ02ｨｺ06ｨｰ ｨｮ00ｨｨ02 ｨｰ0609ｨ 0804 ( ﾂｨｰ ｨｪ ｨｮ06 06 ﾂ ｨｹ 09ｨ ｨｬｨｨｨｬ ｨｨｨｪ02ｨｪｨｪ04ｨｬ 01ｨｰｨ ｨｰｨ ｨｬ). 0906ｨｰ ｨｹ ｨ 04, 0601ｨｪｨ ｨｺ06, ｨｪｨｨｨｰｨｹ, ｨｺｨ ｨｺｨｨ ｨｰｨｹ 0802ｨ 05ｨｹｨｪ ｨｺ0806ｨｬ02 ｨｰ060006, ﾂｨｰ06 00ｨｰｨ ｨｺ 0708ｨｨｨｪ07ｨｰ0603, ｨｺ06ｨｰ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨ 05ｨｨ ｨ 04 ｨｰｨ ｨｺｨｮ ｨ ｨｺｨｰｨｨｨｺｨｮ ｨｪ ｨ ｨｴ02ｨｦ ｨｪｨｨｨｺｨ ｨｺｨｨｨｬ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07ｨｬ. 203

202 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? ｨｰｨｹ ｨ 07 01ｨ ｨｨ ｨｰ ,0 18, ｨｺ ｨｰ02 14,6 22,9 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ OPEC, 06ｨ ｨｬ060302ｨｪｨｪ06ｨｦ 09ｨｰｨ ｨｰｨｨ09ｨｰｨｨｨｺｨｨ 0408, ｨｬ, 0506ｨ ｨ 07 ｨｪ0609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨｪｨ, , ｨ 04ｨｰｨｹ ﾂ02ｨｰｨｺ06 ｨｨ 04ｨ 08ｨ ｨｪ ｨ ｨｲ ｨｪｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ｨｨ ｨ 04ｨｰｨｹ 0706ｨｪ07ｨｰｨｪ06ｨｦ ｨｨ ｨｰ08ｨ ｨｪ0907ｨ 0802ｨｪｨｰｨｪ06ｨｦ ｨｰ , ｨ ｨｪ ｨ 0506 ｨ 04 08ｨ ｨｰ08ｨ ｨｪ07ｨｰｨｹ ｨｰｨ 07ｨｪ06, ｨｪｨ 0708ｨｨｨｬ0208, 09ｨｪｨ ﾂｨ 05ｨ 08ｨｮｨ 05ｨｹ ｨｬ0603ｨｪ06 ｨ ｨ 04 ｨｨ ｨｹ040609ｨ ｨｰｨｹ 09 08ｨ 09- ﾂ02ｨｰｨ ｨｰ08ｨ ｨｪｨ ｨｬｨｨ , ｨ 04ｨ ｨｰ02ｨｬ ｪ ｨｨ ｨｰｨ 05ｨｹｨｪ04ｨｬ ｨｬｨｨ0806ｨｬ ｨｬ02 ｨｰ060006, ｨｪｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 08ｨｮｨ ｨ 09- ﾂ02ｨｰｨ ｨｪ ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ 09ｨ 0506ｨｰｨｪｨｮ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｮ ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｴｨｨ01 ｨｺ06ｨｪｨｰ08ｨ ｨｺｨｰ0609, ｨｨ 05ｨｨ03ｨｹ 0706 ｨｨ09ｨｰ02 ﾂ02ｨｪｨｨｨｨ ｨｨ ｨｺｨ 0102ｨｦ09ｨｰ09ｨｨ ｨｬ0603ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｪ ｨｪ06ｨｦ ｨｬ , ｨｪｨ ｨｺ06ｨｪ0202, 09-ｨｰ0802ｨｰｨｹｨｨ01, ｨｪ0609ｨ 07 09ｨｨ09ｨｰ02ｨｬｨ ｨｪｨ 0607ｨｨ08ｨ ｨｰｨｹ0907 ｨｪｨ 09ｨｰｨｨｨｬｨｮ0504, ｨｺ06ｨｰ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 05ｨｨ ｨ 04 04ｨ ｨｨｨｪｨｰ ｨ ｨｪｨｪ0609ｨｰｨｹ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ｨｰ06ｨｬｨｮ ｨｪ0206ｨ ｨｨｨｬ ｨｬｨｪ060006ｨｮ080609ｨｪ020904ｨｦ , ｨｨ 0708ｨｨ 0706ｨｬ06ｨｴｨｨ ｨｪｨ , ｨｨ 0708ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ｨｪ0608ｨｬｨ ｨｰｨｨ090609, ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ ｨｰ0205ｨｹｨｪ0609ｨｰｨｹ, ｨｨ ｨｰ0906ｨｬ 0108ｨｮ00ｨｨ ﾂｨ ｨｨｨｬ ｨ 02ｨｨｨｦ 09 08ｨｮｨ 0507ｨｬｨｨ ｨｰ08ｨ ｨｺｨｰ0609ｨ ｨ 04 ｨｺｨ ｨｺ ｨｪ02ｨｨｨ 05ｨｹｨｪ04ｨｦ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01, ｨｪｨ 0708ｨｨｨｬ0208, ｨｨ ｨｹ04ｨｮ06ｨｰ ｨ ｨｪｨｨ04ｨｺｨｨ02 ｨｪ0608ｨｬｨ ｨｰｨｨ ｨｨ 08ｨ 09 ﾂ02ｨｰ ｨｰｨ ｨｰ06 ﾂｨｪ0609ｨｰｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｮ ﾂｨ 02 08ｨ ｨ 06ｨｰ04 09 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 204

203 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 09ｨ 0506ｨｰ06ｨｦ, ｨ 07 ｨｨ01 ｨ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ04ｨｬｨｨ ｨｰ ｨ 04ｨｰｨｹ, ｨｨ ｨｪｨ ｨｬ ｨｮｨｬｨ ｨｰｨｹ ｨ ｨｪ ｨ 01? 01ｨｮ03ｨｪ06, ﾂｨｰ06ｨ 04 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 0804ｨｪｨｺｨ ｨ 0405ｨｨ 04ｨ ｨｨｨｪｨｰ ｨ ｨｪ ｨ ｨ 06ｨｰ ｨｮｨ 0507ｨｬｨｨ ｨｨ ﾂｨｰ06ｨ 04 ｨｰｨ ｨｺｨｨ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｰｨ ｨｪ0609ｨｨ050609ｨｹ ｨ 0605ｨｹ ｨ 06ｨｬ 0905ｨｮ ﾂｨ ｨ ｨｮ01ｨｮｨｰ, 0209ｨｰ0209ｨｰ0902ｨｪｨｪ06, ｨｪｨｨｨｺｨ ｨｰｨｹ ｪ ｨ 0502ｨｬｨ 0905ｨｨ03ｨｺ06ｨｬ ｨｬｨ 0903ｨｰｨ ｨ ｨｪｨ ｨｨ03ｨｺ06ｨｬ ｨｬｨｪ ｨｪ02ｨｦ 04ｨ 0102ｨｦ09ｨｰ090609ｨ ｨｪ ｨ ｨ 05ｨｹｨｪ0401 ｨｨ 0506ｨｺｨ 05ｨｹｨｪ ｨ ｨｺｨｰ ｨｨ ｨｪｨｰ ｨｨｨｪｨｰ ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨ ｨｬ02ｨｴ02ｨｪｨｨ ｨ 08ｨ 0108ｨｮ00ｨｨｨｬｨｨ 09ｨ 0506ｨｰｨ ｨｬｨｨ ｨｪ02 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨ 0409ｨｰ0804ｨｬ. 02 ﾂ0209ｨｨ01ｨｪ06 ｨｨ ｨｰ06, ﾂｨｰ06 06ｨｪ ｨ ｨｮ0102ｨｰ ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ ｨｰｨｹ0907 ｨｪｨ ｨｬ06ｨｴｨｪ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ02 ｨｺｨ ｨｺ ｨｪｨ ｨｨｨｰｨｨ ﾂ0209ｨｺ06ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨｪｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ ｨｮ080609ｨｪ02 (0708ｨｨ ｨｦ ｨｦ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ0609ｨｰｨｨ 06ｨｪ 01ｨ 0302 ｨｪ02 09ｨｺ0506 ﾂｨ 02ｨｰ ｨｨ02ｨｨｨ 05ｨｹｨｪ06 06ｨ 09ｨｮ0301ｨ 02ｨｬ ｨｪｨ 0909ｨｰ0802 ﾂｨ 01 G-8 ｨｨ G-20) ｨｪｨ ｨｺ06 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪｨ ｨｰ0802ｨ ｨｪ0609ｨｰｨｹ 05ｨｰ ｨｰｨ ｨｪ0609ｨｨｨｰ ｨ ｨｴｨｮｨｰｨｨｨｬ06ｨｦ ｨｦ ｨｨｨｪ ｨｰｨ 0506 ｨｨ ｨｰｨｪ06, ﾂｨｰ06 09ｨｮｨｬｨｬｨ ｨｺ080201ｨｨｨｰ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ02 (06ｨ ｨｪ0701), ｨｺ06ｨｰ0608ｨｮ06 08ｨｨｨｰｨ ｨｦ ｨｰｨ ｨｰ ｨｰｨ ｨｺｨｨｨｬ 09ｨｰ08ｨ ｨｪｨ ｨｬ, ｨｺｨ ｨｺ ｨｪｨｰｨｨｨｪｨ, 06ｨｪ0106ｨｪ0204ｨｨ07, 00ｨ 05ｨ ｨｦ04ｨｨ07, ｨ 08ｨｮ09ｨｹ, , ｨ 09 ﾂ02ｨｰ ｨｺｨｨｨｰｨ ｨｦ09ｨｺ06ｨｬｨｮ 05ｨｺ ｨｰｨｮ 09 05ｨｰｨｨ 09ｨｰ08ｨ ｨｪ04, ｨｰｨ ｨｰ ｨｬ ｨ ｨｪ02ｨｦ (0706 ﾂｨｰｨｨ 100 ｨｬ ). 0308ｨｨ 05ｨｰ06ｨｬ ｨｨｨｰ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨｪｨ ｨ 08 ｨｨ ｨ ｨｴ02ｨｪｨｨ07 06ｨ ｨｪｨｹ ｨｨ06ｨｪｨ 05ｨｹ- 205

204 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? ｨｪｨｮ ｨｪｨｮ06 09ｨ 0506ｨｰｨｮ. 02ｨ ｨ ｨｪｨ ｨｨ ﾂｨｪ0401 ｨｨｨｪｨｰ ｨ 01 ｨｮ0302 ｨｪ02 08ｨ 04 04ｨ ｨ ｨｨ ﾂ0209ｨｨ01ｨｪ06, ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｪ ｨｪｨｨ ｨｬ060302ｨｰ ｨｨｨｰ0205ｨｹｨｪ ｨｬ ｨ 09ｨｪ0602 ｪ ｨｮ ｨｦ ﾂｨ 09 ｨｪｨ ﾂｨ ｨｰｨｹ ｨｰ ｨｦ ｨｨ 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ04ｨｦ ｨ ｨｪｨ 05ｨｨ ｨ 0502ｨｬ04, 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｬ0603ｨｪ ｨ 00ｨｨ ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ02 ｨｬ020804, ｨｨ09ｨ ｨ 03 ｨｨ ｨｰｨｨ0903, 09 ｨｰ02ｨｬ ﾂｨｰ06ｨ 04 ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ ｨｬ0603ｨｪ ｨｨ09ｨｺｨｨ ｨｨ 06ｨ ﾂｨｨｨｰｨｹ ｨ ｨ 06ｨｦｨｪ ｨ 0409ｨｨｨｰｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｮ ﾂｨ 02 ｨｮ09ｨｨ0502ｨｪｨｨ07 ｨｪ02ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ 09 ｨｮ ｨｨ ｨ 09ｨｰｨｮｨｴｨｨ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨｺ ｨｰ06ｨｦ ｨｨ ｨｪ0206ｨ ｨｨｨｬ ﾂ0208ｨｺｨｪｨｮｨｰｨｹ ｨｪ ｨ 00ｨ 06ｨｴｨｨ ｨｮ ｨ ｨｨｨｰｨｨｨｺｨ ｨｪｨ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｮ090205ｨｨ- ﾂ02ｨｪｨｨ ｨｨ07 ｨｺ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 0804ｨｪｨｺｨ ｨｪ ｨｪ07ｨｰｨｹ, ﾂｨｰ06 ｨｺｨｮ ｨ 08ｨ ｨ ｨｪｨｨ ｨｨ08ｨ 02ｨｰ0907 ｨｪｨ 0802ｨ 05ｨｹｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ , ｨ ｨｪ02 ｨｪｨ 09ｨｮｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ0402 ｨｪｨ ｨｬ020802ｨｪｨｨ ｨ ｨｰｨｹ ｨｺｨ ｨｺｨｨ02-ｨｰ06 06ｨｰ08ｨ 0905ｨｨ 04ｨ 09 ﾂ02ｨｰ 0108ｨｮ00ｨｨ01, 0708ｨｨ 05ｨｰ06ｨｬ ｨｮ01ｨｮ0103ｨ ｨｨ02ｨｨｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ04 ｨｨ ｨｮｨｬ02ｨｪｨｹ03ｨ 07 ｨｺ ｨｪ02ｨｦ ｨｨ ﾂｨｪ04ｨｦ 08ｨｮｨ 05ｨｹ, ｨｺｨｮ0809 ｨｺ06ｨｰ ｨ 0609ｨｪ0609ｨ ｨｪ 0804ｨｪｨｺ06ｨｬ, ｨ 09ｨｰ09ｨｮ02ｨｰ ｨｰｨｮ ｨｨ07 ｨｺ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ02, ｨ 08ｨｨ04ｨ 02ｨｨｨｨ ｨｨ ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ. 00 ｨｪ04ｨｪ0203ｨｪｨｨ01 ｨｮ ｨｨ ｨｰ ｨｪｨ ﾂｨ 02ｨｰ, ﾂｨｰ06 ｨｰ02ｨｪ0102ｨｪ02ｨｨ07 ｨｺ ｨｮ ｨ ｨｪｨｨ06 08ｨｮｨ 0507 ｨｨ 0708ｨｨｨ 05ｨｨ0302ｨｪｨｨ ｨｺ ｨｰ06ｨｬｨｮ ｨｮ080609ｨｪ06, ｨｺ06ｨｰ060804ｨｦ 06ｨ ｨｮ ｨｪ 0802ｨ 05ｨｹｨｪ04ｨｬｨｨ 0804ｨｪ06 ﾂｨｪ04ｨｬｨｨ ｨｮ ｨｨ07ｨｬｨｨ (ｨ ｨｪ02 09ｨｮｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ04ｨｬｨｨ 04ｨ 01ｨ ﾂｨ ｨｬｨｨ), ｨｰ ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ06ｨｦ. 3.07ｨｺ ｨｪｨｨ02 08ｨｮｨ 0507 ｨ ｨｪｨ ｨｬｨｪ ｨｺｨｰｨｨ09ｨｪ ｨ 0401 ｨｮｨｺｨ ｨ 08ｨｨ04ｨ 02ｨｨｨｨ, 0904ｨｰ0209ｨｪ ｨ

205 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 00 ｨｪｨ 03ｨｨ01 ｨｨｨｪｨｰ ｨ ｨｬｨｨ080609ｨ ｨｰｨｹ 08ｨｮｨ ｨｮ06, ｨ ｨｪ ｨ ｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, ｨｨ ﾂ02ｨｬ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｨ ｨ ｨｮ01ｨｮｨｰ 08ｨｮｨ ｨ ｨｺｨｰｨｨ0904 ｨｮ ｨｪｨ ｨｪｨｨ07 ｨｨ ｨ ｨｨ04ｨｪ0209ｨ, ｨｰ02ｨｬ ｨ 0600ｨ ﾂ02 06ｨｪｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｨ ｨｰ02ｨｬ ｨｰｨｪ ｨｪｨｨ ｨ ｨｮ01ｨｮｨｰ 08ｨ ｨ 06ｨｰｨ ｨｰｨｹ 09 08ｨｮｨ 0507ｨｬｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ 0705ｨ ｨｪ ｨｮ02ｨｰ ｨｰｨ ｨｺ ｨｬｨｪｨｨｨｰｨｹ, ﾂｨｰ06 08ｨｮｨ ｨｰ08ｨ ｨｪ09ｨｰ0906 ｪ 05ｨｰ06 ｨｰ06, ﾂｨｰ ｨｬｨｨ08ｨｮ02ｨｰ0907 ｨｨ ｨｮ0708ｨ ｨｰ0907 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｬｨｨ 0102ｨｪ0203ｨｪ04ｨｬｨｨ 0905ｨ 09ｨｰ07ｨｬｨｨ ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 09ｨｮｨ ｨｲ02ｨｺｨｰｨ ｨｬｨｨ, ｨｨ 06ｨｰ ｨｰ060006, ｨｪｨ 09ｨｺ0605ｨｹｨｺ ｨｬｨ ｨｨ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪｨ ｨ ｨｮ0102ｨｰ 05ｨｰｨ 08ｨｮｨ ｨ ｨ 09 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ02, 04ｨ 09ｨｨ0907ｨｰ ｨｨ ｨｬ0209ｨｰ06 09ｨｰ08ｨ ｨｪ04 (ｨ 09ｨｰｨ 0506 ｨ 04ｨｰｨｹ ｪ ｨｨ 0202 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ ｨ ｨ ｨｪｨｺ0609) 09 ｨｬｨｨ ｨｦ09ｨｰ09ｨｨ02 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨｪｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｪ0609ｨｨｨｰ 08ｨ 04ｨｪ06ｨｪｨ 0708ｨ ｨｪｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, ｨｰ06ｨｬｨｮ ｨｪ0206ｨ ｨｨｨｬ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｺ06ｨｬ070502ｨｺ ｨｮ00ｨｨｨｬｨｨ ｨｮ05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 ｨｨ 0804 ﾂｨ 00ｨ ｨｬｨｨ (06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨｨｬｨｨ 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ02 05ｨｺ ｨｰｨ, ｨｨ 04ｨ ｨｴｨｨｨｰｨｮ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ, ｨｨ ｨｰｨｨ0302ｨｪｨｨ ｨｮ00ｨｨ01 ｪ ｨｺｨ ｨｺ 09ｨｪ0203ｨｪ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01, ｨｰｨ ｨｺ ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｦ) ｨｰ060006, 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 ｨｪｨｨｨｰ0205ｨｹｨｪ ﾂｨ ｨｬ060302ｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｨ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ ｨｨｨｰ06ｨｺ ｨｪ0206ｨ ｨｨｨｬ ｨｨ ｨｨｨｬ070608ｨｰｨ (ｨｪｨ 0708ｨｨｨｬ0208, ｨ ｨｪｨ ｨｨ ｨｺ06ｨｰ ｨｰ09ｨｮｨｰ09ｨｰ09ｨｮ06ｨｰ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ 0804ｨｪｨｺ02) ｨｨ ｨ ｨｪｨｨ ﾂｨｨ09ｨ ｨｨｨｰ06ｨｺ ｨｰ0201 ｨｰ0609ｨ , ｨｨ ｨｰ0906 ｨｺ06ｨｰ ｨｪ0206ｨ ｨｨｨｬ06 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｦ 0609ｨｪ ｨ ｨｺｨ ｨ ｨｨｨｰｨｨｨｺｨ ｨｬ060302ｨｰ ｨｨｨｰｨｹ0907 ｨｨ ｨ ｨｪ ｨｺｨｨ 05ｨｺ ｨｰｨ ｨｮ ｨｨ0701 ｨｨ04ｨ 04ｨｰ06 ﾂｨｪ06ｨｦ ｨｬｨｨ ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｪｨｨｨｺ0302ｨｦ ｨｰ09ｨｨ02 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ0401 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｨ09ｨ ｨｪｨｨｨｦ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ ｨｨ ｨｨｨｴｨｮｨｴ02ｨｦ ｨｨ ｨｪｨｨ07, ｨｦ (ｨｪ06 ｨｪ02 ｨｪ ｨ 0901ｨ ｨｪｨｪ

206 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? 03ｨ 06ｨｴｨｨｨｦ) 9 ｨｮ ｨｪｨｹ 08ｨｮｨ 0507 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨ ｨ ｨｮ ｨｬ, ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨｮ06ｨｴｨｨｨｬ ｨｪ ｨ ｨｰ0205ｨｹｨｪ ｨｨｨｰ06ｨｺｨｨ ﾂｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｪ0200, ｨ 07 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 09ｨ ｨｬｨｨ01 08ｨｮｨ ｨ ｨｺｨｰｨｨ090609, ｨ 09ｨｰｨ 0506 ｨ 04ｨｰｨｹ ｨｨ ｨｬ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 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 ｨｺ06ｨｦ ｨｰ06ｨｦ ｨｨ ｨｪ0206ｨ ｨｨｨｬ06 ｨ ｨ ｨｪｨｨｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨ 0601ｨｪ06ｨｬ06ｨｬ02ｨｪｨｰｨｪ0401 ｨｮ ｨ ｨｪｨｨｨｦ, 0708ｨｨｨ 05ｨｨ03ｨ 07 ｨｺｨｮ0809 ｨｺ ｨｰ06ｨｬｨｮ ｨｮ080609ｨｪ06, ｨｺ06ｨｰ060804ｨｦ ｨｺｨ ｨｺ 09 ｨ ｨｮ05ｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｮ ﾂｨｨｨｰ0409ｨ 02ｨｰ 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ 0202ｨｪ (09 ｨｮ ﾂ02ｨｰ06ｨｬ ), ｨｰｨ ｨｺ ｨｨ ｨ 02ｨｰ 04ｨ 01ｨ ﾂｨｨ ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0708ｨｨｨｰ06ｨｺｨ ｨｨ04ｨ 04ｨｰ06 ﾂｨｪ06ｨｦ ｨｨ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ06ｨｦ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ. 00ｨｪ0203ｨｪ02ｨｰ ｨｰ09ｨｨ07 ｨｰｨ ｨｺｨｨ01 ｨｬ0208 ｨｬ0600ｨｮｨｰ ｨ ｨ 05ｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ﾂｨ 00ｨ ｨｬｨｨ ｨｰｨ ｨｬ060302ｨｪｨｪ06ｨｦ ｨｨ ｨｰｨ 08ｨｨ00ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨ ｨｰｨ ｨｺ0302 ｨｬ0208ｨ ｨｬｨｨ ｨｺ02 05ｨｺ ｨｰ ｨ ｨｺ0302 ｨｪ0206ｨ ｨｨｨｬ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ 0601ｨｪ ｨｬ02ｨｪｨｪ (ｨｨ05ｨｨ ｨ ｨｴ ｨｰｨ ｨｺ0602 ｨｮ ｨ ｨｪｨｨ02) ｨｨ ｨｹ040609ｨ ｨｪｨｨ ﾂｨ , ｨｪ ｨｮ09ｨｺｨ 06ｨｴｨｨ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴ ｨｦ09ｨｰ09ｨｨ ｨｨｨｰ06ｨｺｨ ｨｨ 06ｨｰｨｰ06ｨｺｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｰ ｨｨ 05ｨｰ06ｨｬ 0601ｨｪ ｨｬ02ｨｪｨｪ ｨ 06ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｦ09ｨｺ ｨ ｨｨ04ｨｪ0209ｨ ｨ ｨｪ ｨｪｨｨ07 ｨｪｨ 0804ｨｪｨｺｨｨ 0108ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ, ｨｺ0605ｨｹｨｺｨｮ 0708ｨｨ ｨ ｨｬ06ｨｬ 08ｨｮｨ ｨｺｨｮ07ｨｺｨｨ ｨ ｨｺｨｰｨｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01 ｨ ｨｮ01ｨｮｨｰ ｨｬ02ｨｪ ｨ ｨｰ08ｨ ｨｰｨｪ04ｨｬｨｨ ｨｬｨｨｨｪ ｨｦ03 08ｨｮｨ 05ｨｹ ｨ 00ｨ 02ｨｰ 09ｨｰｨ ｨｰｨｨ ﾂｨｪｨｮ ｨｪｨｺｨｮ ｨ ｨ ｨｰｨｪ ｨｪｨ ﾂ02ｨｪｨｨ07, ｨｰ060001ｨ ｨｺｨ ｨｺ ｨ 06ｨｴｨｨｨｦ ｨ ｨｪｨｪ06ｨｬ 0905ｨｮ ﾂｨ ｨ 09ｨｪ04ｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨ 02ｨｰ ｨｪｨ ｨｨｨｪｨ ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰｨ ｨｴ02ｨｦ. 00 ｨｰ ｨｮ ﾂｨ 0701, ｨｺ060001ｨ ｨｰｨ ｨｺｨ 07 01ｨｨｨｪｨ ｨｬｨｨｨｺｨ ｨ 02ｨｰ 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ06 06ｨ 0609ｨｪ0609ｨ ｨｪｨｪ ｨｪｨｺ06ｨｬ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07, 05ｨｰ ｨｰ ｨｰｨｨｨｬｨｮ0506ｨｬ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨ 02ｨｨｨｦ 09 09ｨ 0506ｨｰ06ｨｦ, ｨｺ060001ｨ 09ｨｪｨ ﾂｨ 05ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｮ ｨｺ05ｨ ｨ 06ｨｰ ｨ ｨｪｨｪｨｮ06 09ｨ 0506ｨｰｨｮ, ｨ 04ｨ ｨｰ02ｨｬ, ｨ ｨｪｨｨ07, 06ｨｪｨ ｨ 02ｨｰ0907, ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｨ080609ｨ ｨｰｨｹ 0708ｨｨｨ 0405ｨｹ. ﾁ02ｨｬ ｨｬ02ｨｪ ｨ 0609ｨｪ0609ｨ ｨｪ ｨｪｨｺ06ｨｬ ｨｮ ｨ ｨｪｨｨ02, ｨｰ02ｨｬ ｨ 0605ｨｹ ｨｰ02ｨｪ02ｨｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨ. 208

207 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｮ05ｨｹｨｰｨ ｨｰ02 05ｨｰ06 ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｰ020702ｨｪｨｪ ｨ 0903ｨｨ0802ｨｪｨｨ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ ｨｨｨｦ09ｨｺ ｨ ｨｨ04ｨｪ0209ｨ ｨｪｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｺｨ 01 ｨｪ02 ｨｺｨ ｨｺ ｨｰｨ 09ｨｴｨｨｨｺｨ ｨｹ07 ( ﾂｨｰ ｨｰｨｨ00ｨ 02ｨｰ ｨｬ06ｨｴｨｹ06 06ｨ ｨｪ02ｨｪｨｨ07 09ｨ 0506ｨｰ04), ｨ 09 ｨｺｨ ﾂ0209ｨｰ ｨｨ09ｨｰ02ｨｬｨｪ0401 ｨｨｨｪ090209ｨｰ ｨ ｨｺ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ02, 06 ﾂ0209ｨｨ01ｨｪ06, ｨ ｨｮ0102ｨｰ ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｨ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 ｨｮ09ｨｨ0502ｨｪｨｨ ｨｨ07ｨｪｨｨ07 ｨｪｨ ｨｬｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｨ ｨｺｨｨ ｨｨ01 ｨｨｨｪｨｰ ｨｪｨ 0804ｨｪｨｺｨ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ ｨ ｨｴ ｨｹｨｪ06 09ｨｰ08ｨ ｨｪｨｪ06, ﾂｨｰ06 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｰ0906ｨｬ ｨｺｨｮ0809ｨ 08ｨｮｨ 0507, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ0907 ｨｨ09ｨｺ0506 ﾂｨｨｨｰ0205ｨｹｨｪ06 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｺｨｨ ｨｪｨ 03ｨｨ01 05ｨｺ ｨｰｨｪ ｨｰｨ 0906ｨｺ (ｨｺｨ ｨｺ ｨｬ ｨｬｨｪｨｨｨｬ, 05ｨｰ ｨｪ0609ｨｪ06ｨｬ ｨｪ0200ｨｰｨｹ ｨｨ 00ｨ 04). 0308ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ02 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ 09ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｪｨ 03ｨｨ01 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 04ｨ 08ｨｮｨ ｨｬ. 0306ｨｪ07ｨｰｨｪ06, ﾂｨｰ ｨ 08ｨｮｨ 0203ｨｪ ｨｪｨｺ0609 ｨｬ04 ｨｨｨｪｨｰ ｨｪ04 ｨｨｨｬ02ｨｪｨｪ06 ｨｺｨ ｨｺ ｨｰｨ 09ｨｴｨｨｨｺｨｨ ｨｹ07 ｨｨ05ｨｨ ｨｺｨ ｨｺ 0804ｨｪ06ｨｺ 09ｨ 04ｨｰｨ ｨｨ ｨｮｨｺ02ｨｨｨｨ ｨｨ ｨｪｨ 09 ｨｰｨ ｨｬ ｨｪｨｨｨｺｨｰ06 ｨｪ ｨｰ 09 ｨｺｨ ﾂ0209ｨｰ ｨｺｨｮ07ｨ ｨｰ020502ｨｦ ｨｨ ｨ ｨｺ02ｨｨ06ｨｪ ｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ (ｨｨ 06ｨｰ010205ｨｹｨｪ ｨｰｨｺｨｨ ｨｺ08ｨｮ07ｨｪ ｨｨｨｦ09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｨ06ｨ ｨｰｨｨ ｨｹ0204ｨｪ ｨ 07ｨ 01ｨｪ0402 ｨ ｨｺｨｰｨｨ ｨｺｨ ｨ 06ｨｰ, ｨｪｨ ｨｺｨ ｨｺｨｨ ｨｰ09ｨｰ09ｨｨ07 05ｨｰ06 ﾂｨ 09ｨｰ06 ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ 02ｨｰ0907) ｨｰ060006, ｨｦ 08ｨｮｨ 05ｨｹ ｨｬ ｨｰ ｨ 04ｨ ｨｴｨｨｨｰ06ｨｦ 04ｨ 07ｨ 01ｨｪ ｨｪｨｺ ｨｰ ｨｪｨ ｨｪｨｨ07 ｨｪｨ ｨｨ ｨｪ06ｨｺ 0802ｨ 05ｨｹｨｪ0401 ｨ ｨｺｨｰｨｨ ｨｪｨ ｨｺ06 05ｨｰ06 ｨｪ ｨｪｨ ﾂｨ 02ｨｰ, ﾂｨｰ06 ｨｬ ｨｪ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ 05ｨｰ06ｨｰ ｨｨ01 ｨｨｨｪｨｰ ｨｺｨ ｨｺ ｨｪ02ｨｺｨｮ ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪｨｮ06 01ｨ ｨｪｨｪ0609ｨｰｨｹ03 ｨｨ ｨｪ ｨｪ04 09ｨｰ0802ｨｬｨｨｨｰｨｹ0907 ｨｺ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ06 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 09 09ｨｰ060806ｨｪｨｮ 08ｨ 0903ｨｨ0802ｨｪｨｨ07 ｨｪｨ ｨ 05ｨｹｨｪ ｨ ｨｨ09ｨｰ02ｨｬｨｪ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ07 ｨｪｨ 04ｨ 07ｨ 01ｨｪ ｨｪｨｺｨ

208 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 05ｨｰ06ｨｬ ｨｪ ｨｮ02ｨｰ ｨｮ09ｨｺｨ ｨｰｨｹ ﾂ080204ｨｬ0208ｨｪ ｨｰｨｺ0506ｨｪ02ｨｪｨｨ07 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨｨ 09 09ｨｰ060806ｨｪｨｮ ｨｪ ｨ 0901ｨ ｨｪｨｪ ｨｪｨｨ ｨｬｨｨｨｬ ｨｪｨｨｨｺｨ 06ｨｴｨｨ ｨｨ 05ｨｰ06ｨｬ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨ ｨｪｨｨ07 ｨｪｨ ｨｺｨｮ0809, ｨ ｨｰｨ ｨｺ ｨ ｨｴｨｨ01 ｨｬｨ ｨｺ080605ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｨ ｨｰ09ｨｨｨｦ (ｨｺ060001ｨ 09 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ02 ｨｪ0206ｨ ｨｨｨｬ0401 ｨｬ0208, ｨｨ09ｨ 06ｨｴｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, ｨｪ0206ｨ 0609ｨｪ0609ｨ ｨｪｨｪ04ｨｦ ｨｰ ｨｨｨｬ070608ｨｰｨ ｨｨ ｨｨ09ｨ ｨｪｨｨ02 05ｨｺ ｨｰｨ ｨｬ0600ｨｮｨｰ 0708ｨｨ06ｨ ｨｰｨｨ 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208) ｨｮｨｺｨ 04ｨ ｨｪｨｪｨ 07 ｨｰ02ｨｪ0102ｨｪ02ｨｨ ｨｬｨｨ08ｨｮ02ｨｰ ｨｨ ｨ o05ｨｹ03ｨｨｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ ｨ ｨｪ02ｨｪｨｨ07 09ｨ ｨｬ ｨｺｨｮ0809ｨ (0708ｨｨ ﾂ02ｨｬ 09 ｨｮ ｨｨ0701 ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ06ｨｦ 08ｨ 0409ｨｨｨｰ0609ｨｰｨｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ﾂｨ ｨｰｨ ｨｺ ｨ ｨｪ02ｨｪｨｨ02 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨｨｬ 08ｨ 04ｨｬ0208ｨ ｨｬ), ﾂｨｰ06 ｨｬ060302ｨｰ ｨｨｨｰｨｹ ｨｪ ｨ 0901ｨ ｨｪｨｪｨｮ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｪｨ 0804ｨｪｨｺ ｨｨ 09 05ｨｰｨｨｨｬ 0802 ﾂｨｹ ｨｪｨ ｨｨ01ｨｰｨｨ 06ｨ ｨｮ ｨ ｨｪｨｨｨｨ 09 ｨｮ090704ｨｺ ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 0706ｨｺｨ 04ｨ ｨｰ020507ｨｬｨｨ (080609ｨｰ ｨｨ ｨｨｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｰ08ｨｮ01ｨ, ｨｨｨｪ ｨｨｨｨ ｨｨ 06ｨ ｨｴ02ｨｬ ｨｮ080609ｨｪ ｨｪ, ｨｰ02 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ) ｨ 03ｨｪ06 ｨ 04ｨｰｨｹ 0006ｨｰ060904ｨｬ ｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ﾂｨ ｨ 0506ｨｰｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07, ﾂｨｰ06ｨ ｨｬｨｨ08ｨｮ06ｨｴｨ ｨｨｨｪｨ ｨｪ090609ｨ 07 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｪ02 ｨ 0405ｨ ｨ ｨｪｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ04ｨｬｨｨ ｨ 02ｨｨ07ｨｬｨｨ ｨｨ05ｨｨ ｨｺ060502ｨ ｨ ｨｪｨｨ07ｨｬｨｨ ｨｬｨｨ ｨｦ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ- 210

209 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨｮ02ｨｰ ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ 08ｨｨ09ｨｺｨｨ 00ｨｨ ｨｪｨ ｨｪｨｨ0203, ｨｺ060001ｨ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｺｨｮ0507ｨｪｨｰ04 ｨ ｨｮ01ｨｮｨｰ 0706ｨｺｨｮ07ｨ ｨｰｨｹ 08ｨｮｨ 05ｨｨ 05ｨｨ03ｨｹ ｨｪｨ ｨｺ060806ｨｰｨｺｨｨｨｦ ｨｺ, ﾂｨｰ06ｨ 04 04ｨ ｨｰ02ｨｬ ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨ 0903ｨｨｨｦ 08ｨｮｨ 05ｨｹ ｨ 03ｨｨ, ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨｨ080609ｨ ｨｰｨｹ ｨｮ ﾂ02ｨｪｨｪｨｮ ｨｨｨ 0405ｨｹ ｨｨ ｨｮｨｦｨｰｨｨ ｨｪｨｺｨ, ｨ ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｬ, ｨ 02ｨｪｨｪ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ , 04ｨ 0905ｨｮ03ｨｨ09ｨ 06ｨｰ ｨ 0605ｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｺ06ｨｪｨｰ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪｨ 01 06ｨｰｨｰ06ｨｺ06ｨｬ, ｨｪ06 ｨｨ 0708ｨｨｨｰ06ｨｺ06ｨｬ ｨｺｨ 07ｨｨｨｰｨ ｨ ｨｨｨｬ06 ｨｪｨ ﾂｨ ｨｰｨｹ ｨ ｨ 06ｨｰｨｺｨｮ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 08ｨｮｨ ｨｺｨ ﾂ0209ｨｰ ｨ 0506ｨｰ ｨｪ04 ｨｨ 09ｨ 0506ｨｰ04 08ｨ 09 ﾂ02ｨｰ ｨｨｨｦ09ｨｺｨｨｨｬ 05ｨｺ ｨｰｨｪ04ｨｬ ｨｰｨ 09ｨｺｨ ｨｬ ｨｰ 00ｨｨｨｪｨ ｨｪ ｨｺ08ｨｨ04ｨｨ ｨｪｨｨ ｨｰ 0706ｨｺｨ 04ｨ 05, ﾂｨｰ ｨ ｨ 05ｨｹｨｪ ｨ 09ｨｨ05ｨ ｨｨ , ｨ 00ｨ 06ｨｴｨｨ02 ｨ 0409ｨｰ ｨｨ ｨｬｨｪ ｨｨｨｬ ｨｬｨ 0903ｨｰｨ ｨ ｨ ｨｬ ｨｨ0904 ｨｺｨ 07ｨｨｨｰｨ , ｨｬ0600ｨｮｨｰ ｨｹ0204ｨｪ ｨ ｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｮ06 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｨ ｨｨ080609ｨ ｨｰｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ0402 ｨｺ08ｨｨ04ｨｨ ｨｰ06ｨｦ ｨｨ 0609ｨｮｨｴ0209ｨｰ ｨｬ0402 ｨｬ ｨ 0506ｨｰｨｪ06ｨｦ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｪ ｨ ｨｰｨｹ ｨ 0408ｨ ｨ 06ｨｰｨｺ06ｨｦ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｨ 0804 ﾂｨ ﾂ ﾂｨ ｨｦｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ, ｨｺ06ｨｰ ｨｬ0603ｨｪ06 ｨ ｨ 04 ｨ 0409ｨｰ ｨｨ090209ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ ｨｨ ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ. 02ｨ ｨｰ08ｨ ｨｪ04 09 ｨｬ06ｨｴｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ 09ｨｨ09ｨｰ02ｨｬｨ ｨｬｨｨ (050108, ｨｪｨｨ07) ｨ 0405ｨｨ 0904ｨｪｨｮ030102ｨｪ04 ｨｨ ｨｹ040609ｨ ｨｰｨｹ 03ｨｨ0806ｨｺｨｨｨｦ ｨｪｨ ｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ01 ｨｬ0208, ﾂｨｰ06ｨ ｨｨ09ｨ ｨｰｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｨ 09ｨ 0506ｨｰｨｪ ｨｪｨｺ0609, ｨ 0802ｨ 05ｨｹｨｪｨ 07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ ｨｬｨｪ0600ｨｨ01 ｨｨ04 ｨｪｨｨ01 09ｨｰｨ 05ｨ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｨ03ｨｹ 09 ｨｺ06ｨｪ (05ｨ 07ｨ 01ｨｪｨ ｨ, ) ｨｨ05ｨｨ 09 ｨｺ06ｨｪ (080706ｨｪｨｨ07), ｨｺ060001ｨ 06ｨｪｨｨ 04ｨ ｨｪ0705ｨｨ ﾂｨｪ ｨｨ02ｨｨｨｨ 09 ｨｬｨｨ

210 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? 0906ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02. 05ｨ ｨｬ02ｨｰｨｨｨｬ 0708ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06, ｨｪｨ 0708ｨｨｨｬ0208, ｨｮ ﾂｨ ｨｪｨｨ02ｨｦ 09ｨ 0506ｨｰｨｪｨ 07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ07 ｨｨ 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨ ｨｨ0302ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ ｨｨ ｨｨ ｨ ｨｰ (!) 0907ｨｮ09ｨｰ07 05ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｰ02ｨｺｨｮｨｴｨｨ ｨ 02ｨｨｨｦ ｨｨｨｪ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ02 08ｨ ｨｺ 0706ｨｺｨ ｨ 02ｨｰ ｨｬｨｨ ｨｦ ｨｰ, ｨｪｨ ｨ 0608 ｨｰ0201ｨｪｨｨ ﾂ0209ｨｺｨｨ01, ｨｮ0507ｨｰｨｨ09ｨｪ ﾂｨ ｨｺｨ ｨｺ ﾂｨｪ060006, ｨｰｨ ｨｺ ｨｨ ｨｺ08ｨ ｨｰｨｺ ﾂｨｪ ｨｦ09ｨｰ09ｨｨ ｨｰ0908ｨ ｨｴ02ｨｪｨｨ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺ ｨｰｨ ｨｰ06 ﾂｨｪ ｨｨｨｺ ｪ 06ｨｰ 09ｨｰｨ 0906ｨｺ ｨｪｨ ｨ ｨｪｨｨ ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ ｨｺ0609 ｨｪｨ ｨｪｨｨ ｨｰ09 ｨｨ05ｨｨ ｨｪ0608ｨｬ ｨｨ080609ｨ ｨｪｨｨ07 09 ｨｮ090704ｨｺ ｨｺｨ ｨｬｨｨ 0708ｨｨ090502ｨｺｨ 02ｨｬ ｨｪ0203ｨｪｨｨ ｨｮ ｨｬ0401 ｨｺ0605ｨｨ ﾂ0209ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨｨｦ ｨｪｨ ｨｺ060806ｨｰｨｺｨｨ ｨｰ09. 08ｨｪｨ ｨｨ ﾂｨｪ06, ﾂｨｰ06ｨ 04 ｨｪ ｨｮ09ｨｰｨｨｨｰｨｹ 08ｨ 0903ｨ ｨｰ0409ｨ 06ｨｴ ｨ 0506ｨｰｨｪ04ｨｦ 0804ｨｪ06ｨｺ 0708ｨｨｨｰ06ｨｺｨ 09ｨ 0506ｨｰ04, ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｨ ｨｺ0906ｨｰ04 ｨｪｨ 06ｨ ｨｲ02ｨｬ04 06ｨ ｨｬ02ｨｪｨｨ09ｨ 02ｨｬ06ｨｦ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ06ｨｦ 09ｨ 0506ｨｰ04 09 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪｨｮ06, ｨｨ ｨ ｨｰｨｺｨｨ02 08ｨ 04ｨｬ ｨ 0506ｨｰｨｪ06ｨｦ ｨｨ02ｨｨｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｨ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｨ09ｨ ｨｰｨｹ ｨ ｨ 05ｨ ｨｪ ｨｮ05ｨｨ080609ｨ 05ｨ 09ｨｹ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨ ｨｺｨｰｨｨ ｨｨ ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｺ0605ｨｨ ﾂ0209ｨｰ0902ｨｪｨｪ ｨ 08ｨ ｨｬ02ｨｰ0804, ｨｨ090409ｨ 06ｨｴｨｨ02 ｨ ｨ ｨｪｨｺｨ ｨｬ ｨｪｨｰｨｪ ｨｰｨｪ060302ｨｪｨｨ ｨｪｨｨｨｦ 09 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪｨｮ06 ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪｨｮ06 09ｨ 0506ｨｰ ｨｰ08ｨｮｨｺｨｰｨｮ0802 ｨ ｨｺｨｰｨｨ ｨ ｨｺ0302 ｨｬ060302ｨｰ ｨｮ05ｨｨ080609ｨ ｨｰｨｹ0907 ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 07ｨ 0909ｨｨ ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ ｨｨｨｦ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｮ ｨ 0605ｨｹ0306ｨｦ ｨｬ ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪｨ, 0609ｨｪ0609ｨｪ06ｨｦ ｨ ｨｺ0202ｨｪｨｰ 09 01ｨ ｨｪｨｪ06ｨｬ ｨｺ08ｨｮ , ｨｺｨ ｨｺ ｨｰｨ ｨｰ0907, ｨｰ ｨｹ ｨｪ ｨ ｨｰｨｹ0907 ｨｪｨ 08ｨ 0408ｨ ｨ 06ｨｰｨｺｨｮ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, ｨ ｨｪ0401 ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ040609ｨ ｨｰｨｹ ｨｦ09ｨｰ09ｨｨ ｨｪ0203ｨｪｨｨ ｨｺ ｨｬ, 09ｨ 03ｨｪ ｨｪｨ ﾂ02ｨｪｨｨ ｨｪ04 ｨｨ0008ｨ ｨｰｨｹ ｨｬ020804, 09ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ02 08ｨ 0409ｨｨｨｰｨｨ02 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ ｨ 06ｨｴｨｨ ｨ 02ｨｨｨｨ ｨｪｨ ｨｪ02ｨｬ ｨ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹ- 212

211 ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ02 ｨｪ04ｨｬｨｨ ｨ 09ｨｪ02ｨｪｨｨ ｨｪ0203ｨｪｨｨｨｬｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ07ｨｬｨｨ. 00ｨ 03ｨｪｨｮ ｨｹ ｨｪ04 ｨｨ0008ｨ ｨｰｨｹ ｨｪ0402 ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07, ｨｮ09ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 02ｨｬ0402 ｨ ｨ 05ｨ ｨｪ ｨｪ0608ｨｬｨ ｨｰｨｨ0904, ｨｪｨ ﾂｨ 00ｨｨ, ｨｺ06ｨｰ ｨ ｨｮ01ｨｮｨｰ ｨｰ08ｨ ｨｺｨｰ0609ｨ ｨｰｨｹ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 08ｨｮｨ ｨ 02ｨｨｨｨ ｨｺｨ ｨｺ ｨ ﾂｨｰｨｨｨｰ0205ｨｹｨｪ ｨ 09ｨｪ02ｨｪｨｨ ｨｪ0203ｨｪｨｨｨｬｨｨ 09ｨ 0506ｨｰｨｪ04ｨｬｨｨ ｨｮ0809ｨ ｨｬｨｨ (0708ｨｨ ﾂ02ｨｪｨｨ02 ｨｺ06ｨｰ ｨｮ ｨｨ0701 ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨ ｨｪ06 09 ｨ 0605ｨｹ03ｨｨｨｬ ｨｺ08ｨｮ0006ｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ01 08ｨｨ09ｨｺ0609) ｨ 0609ｨｪ0609ｨ ｨｪｨｪｨ 07 09ｨ 0506ｨｰｨｪｨ ｨｨｨｰｨｨｨｺｨ ｨｪｨ 0708ｨｨ090209ｨｰｨｨ ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ06 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨｮｨ ｨｰ08ｨ ｨｪ09ｨｰ09ｨ, ｨｪ0206ｨ ｨｨｨｬ ｨｪ0608ｨｬｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ 09 09ｨｰ08ｨ ｨｪ02 ｨｨ ｨｰｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨ ｨｨｨｬｨ ｨｰｨ ｨｺ ｨ 09ｨｨ05ｨｹｨｪｨ 07 ｨｮ090704ｨｺｨ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ0609ｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬｨｨ, ｨ 09ｨｰ09ｨｮ06ｨｴｨｨｨｬｨｨ ｨｮｨｺ ｨｪｨｨ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (ｨｨ0706ｨｰ02ｨｺｨ, ｨｬｨ 0504ｨｦ ｨ ｨｨ04ｨｪ0209, 00ｨｨｨｪｨ ｨｪ ｨｦ 0902ｨｺｨｰ0608 ｨｨ 0108.), ﾂｨｰ ｨｪ ｨｨ090209ｨｰｨｨ ｨｺ ｨｮｨｺ ｨｪｨｨ ｨｨ02ｨｨｨｦ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 09ｨ 0506ｨｰ04 09ｨｪｨｮｨｰ08ｨｨ 09ｨｰ08ｨ ｨｪ04 ｨｨ ｨｰ020702ｨｪｨｪ06ｨｬｨｮ ｨｪｨｨ06 09 ｨｬｨｨ080609ｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ. 06ｨｰ06 ｨｪ0206ｨ ｨｨｨｬ06 ｨｺｨ ｨｺ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨ ｨｪｨｨ07 ｨｮ ｨｨｨｦ ｨｺ06ｨｪ090208ｨｰｨｨ08ｨｮ02ｨｬ0609ｨｰｨｨ, ｨｰｨ ｨｺ ｨｨ ｨ ｨｪ ｨ ｨｴ02ｨｪｨｨ07 08ｨｮｨ ｨｪ06ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨ ｨｬｨ 09ｨ 0506ｨｰｨｪｨ ｨｨｨｰｨｨｨｺｨ ｨｪｨ ｨ 04ｨｰｨｹ ｨｰ0209ｨｪ06 ｨｨｨｪｨｰ020008ｨｨ080609ｨ ｨｪｨ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ0402 ｨｨ ｨ ｨｰｨｪ0402 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04. 06ｨｰ06 ｨ ｨｮ0102ｨｰ ｨｨｨｬ02ｨｰｨｹ ｨｨｨｰｨｨ09ｨｪ04ｨｦ ｨｺｨｰ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 ｨｮｨｺ ｨｪｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｨ02ｨｨｨｦ 09ｨｰ08ｨ ｨｪ04 ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｮ ｨｨｨｦ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 0409ｨｨｨｰｨｨ ｨ 04ｨｪ060705ｨ ｨｪ060904ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｰ0607ｨｴｨｨ01 04ｨ 01ｨ ﾂ ｨｰ0802ｨ ｨｮ02ｨｰ ﾂ02ｨｰｨｺ06ｨｦ ｨｺ ｨｨｨｪｨ 02ｨｨｨｨ 0708ｨｨ ｨｨ ｨｪｨｨｨｨ ｨｨ ｨ ｨ 05ｨｹｨｪ04ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬ 08ｨｨ09ｨｺｨ ｨｬ ｨ ｨｮ01ｨｮｨｰ ｨｰｨｨ ｨｰｨ ｨｪ04 05ｨｨ03ｨｹ 08ｨ 0406ｨ ｨｴ02ｨｪｨｪ ｨｦ09ｨｰ09ｨｨ ｨｮ0507ｨｰ ｨｪｨ 06ｨｰ010205ｨｹｨｪ ｨｬ02ｨｪ- 213

212 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? ｨｰｨ ｨｪｨｺｨ, ｨｰ06 ｨｪｨ ｨｮ ｨ 0909 ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨ ｨｮ0102ｨｰ ｨｰ08ｨｮ01ｨｪ ｨｰ06ｨｦ ｨｨ 0708ｨｨ ｨ ｨ 06ｨｰｨｺ02 ｨｨ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｪ0206ｨ ｨｨｨｬｨ ｨｺｨｰｨｨ09ｨｪｨ 07 ｨｺ ｨｨｨｪｨ 02ｨｨ ｨｰ060806ｨｪ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ ｨ ｨｪ0609 (00ｨｨｨｪ00ｨｨｨｪｨ, 0009, ｨ, ｨｨ 0108.) ｨ 0408ｨ ｨ 06ｨｰｨｺｨｨ ｨｨ ｨｮ ｨｪ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ07 ｨｰ0802ｨ ｨｮ06ｨｴｨｨ ｨｬ0208. * * * 02 ﾂ0209ｨｨ01ｨｪ06, ｨｰｨｨ 04ｨ 01ｨ ﾂｨｨ ｨｪ02 ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ ｨｪ ｨ 04ｨｮ ｪ ｨｰ ｨｪｨｮ03ｨｪ04 ｨｨ ｨｺ06ｨｪ090605ｨｨ01ｨｨ080609ｨ ｨｪｨｪｨ 07 04ｨ ｨｨｨｪｨｰ ｨ ｨｪｨｪ0609ｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 09ｨｰ02ｨｦ, ｨｨ 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ02 ｨｮ ｨｨ07, ｨｨ ｨｬｨｪ ｨｮ ｨ 06ｨｬ 0905ｨｮ ﾂｨ 02 ｨｪｨｮ03ｨｪ06 ｨｪｨ ﾂｨｨｨｪｨ ｨｰｨｹ 09ｨｨ09ｨｰ02ｨｬｨｪｨｮ06 08ｨ ｨ 06ｨｰｨｮ, ｨｬｨｨ08ｨｮ06ｨｴｨｮ ﾂｨｪ ｨｪ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｨ ﾂｨｪ ｨ 0409ｨｨｨｰｨｨ07 09ｨｰ08ｨ ｨｪ04, ｨｴｨｨ ｨｺｨｰｨｨ09ｨｪ06 ｨｨｨｪｨｰ020008ｨｨ080609ｨ ｨｰｨｹ ｨ ｨ 05ｨｹｨｪｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｨ ｨｮｨｺ ｨｰｨｹ ｨｨ02ｨｨｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪｨｺ0609 ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ ｨｨ04ｨｪ0209ｨ.

213 ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｪ 0601ｨｪｨ ｨｨ04 ｨｪｨ ｨｨｨ ﾂｨｮ0909ｨｰ09ｨｨｨｰ0205ｨｹｨｪ , ｨｺ06ｨｰ0608ｨ 07 ｨｬ00ｨｪ060902ｨｪｨｪ ｨ 00ｨｨ08ｨｮ02ｨｰ ｨｪｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ｨｺ060001ｨ 0904ｨ ｨｨｨｬ ｨｹ 0804ｨｪｨｺ0609 ｨｮ09ｨｨ05ｨｨ09ｨ 02ｨｰ0907, 0006ｨｪ ｨｪｨｺｨｨ ｨｬｨｪ0600ｨｨ01 09ｨｰ08ｨ ｨｪ ﾂｨ 09ｨｰ ｨｨ03ｨｮｨｰ ｨｨｨｪ010806ｨｪｨｪ06. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 ｨｬｨｨ ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬ 0804ｨｪｨｺｨ ｨｬ ｨｪｨｨ ｨｰ ｨｬ ｨ 0405ｨ ｨｦ09ｨｰ0902ｨｪｨｪｨ ｨｪｨｪｨ 07 ｨｪｨ 09ｨｰ ｨｪｨｪ0609ｨｰｨｹ ｪ 0804ｨｪｨｺｨｨ ｨｪ ｨｪ0609ｨｰｨｹ06 ｨｮ090706ｨｺ06ｨｨ05ｨｨ09ｨｹ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ ｨｺ06ｨｪ02ｨ ｨｰｨｨ ｨｪｨ 09ｨｰ080602ｨｪｨｨ ｨｨ09ｨ 05ｨｨ09ｨｹ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 00ｨ ｨｺｨｰ0608ｨ ｨｬｨｨ (0905ｨｨ03ｨｪｨｨｨｦ ｨｨ ｨｪｨｨｨｦ ｨｰ06ｨｺ ｨｨ 0108.) ｨｨ ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｨ ﾂｨｨｨｪ ｪ ｨｮ09ｨｨ05ｨｨ05ｨｨ09ｨｹ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ0904, ｨｨ0903ｨｨ ｨｪ0208ｨ 09ｨｪ06ｨｬ0208ｨｪ0609ｨｰｨｨ ｨｰｨ ｨｨ ｨｪｨｨｨｨ ｨｪ ｨｪｨｰ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ ( ｨｨ 0108.), ﾂｨｰ06 06ｨ 0609ｨｰ08ｨｨ0506 ｨ 0608ｨｹｨ ｨｮ 04ｨ 0804ｨｪｨｺｨｨ 09ｨ 04ｨｰｨ ｨｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨ 0402 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｨ05ｨｨ ｨｪ ｨｰｨｨ ｨｬ0600ｨｮｨｰ ｨｪｨ 08ｨｮ03ｨｨｨｰｨｹ 00ｨｨｨｪｨ ｨｪ090609ｨｮ06 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ, ｨ 02ｨｪｨｪ06 ｨｪｨ ｨｰｨ ｨｺｨｨ01 ﾂｨｮ0909ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨｪｨｺｨ 01, ｨｺｨ ｨｺ 0006ｨｪ ｨｦ, 215

214 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? ｨｺ06ｨｰ060804ｨｦ 06ｨｰ ﾂ02ｨｰ05ｨｨ ｨｨ06ｨ ﾂ0208ｨｰ ｨ ｨ 05ｨｹｨｪ ｨｪｨｺｨ, ｨｺ060001ｨ 01ｨｨｨｪｨ ｨｬｨｨｨｺｨ 0609ｨｪ0609ｨｪ0401 ｨｨｨｪ0102ｨｺ ｨ 04ｨｪ ｨｰ08ｨ ｨｪｨ 01 ﾂｨ 09ｨｰ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 09ｨｨｨｬｨｬ02ｨｰ08ｨｨ ﾂｨｪｨ (08ｨｨ ). 04ｨｨ ｨｰｨｨ080609ｨｺｨｨ 0006ｨｪ ｨｨｨｪ0102ｨｺ ｨｰ06 ﾂｨｪｨｨｨｺ: Bloomberg.com, rts.ru. 0308ｨｨ 05ｨｰ06ｨｬ ｨ ｨ 05ｨｹｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｪ ｨｪｨｺ ｨｰ ｨｨ05ｨｹｨｪ06ｨｦ 09ｨｰ060806ｨｪ06ｨｦ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 05ｨｨ03ｨｹ 09 ｨｮ ｨｨ ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨ 0409ｨｨｨｰｨｨ ｨ 0302 ｨｨ 09 ｨｬｨｨ0802, ｨｨ 09 06ｨｰ010205ｨｹｨｪ ｨｰ08ｨ ｨｪｨ ｨｪｨｨｨｺｨ 06ｨｰ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨ 0502ｨｬ04, ｨｰ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ ｨ ｨｪ ｨｺｨｰｨｨ09ｨｪ ｨ 04ｨｬ02ｨｴ02ｨｪｨｨ ｨｮ ｨ 0608ｨ ﾂｨｨ09ｨ 06ｨｰ ｨｦ ｨｰｨｨ ｨｪ0609ｨｰｨｹ06 ｪ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｬｨｨ ｨｰ06ｨｺｨ ｨｬｨｨ ﾂｨｨ ｨｪ0200, 07ｨ 0102ｨｪｨｨ02ｨｬ ｨｺ06ｨｰｨｨ ｨｺ, ｨｮ09ｨｨ0502ｨｪｨｨ02ｨｬ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ. 01ｨ ｨｪ04ｨｪ0203ｨｪ02ｨｬ 05ｨｰｨ 0702 ｨｬｨｨ ｨ 0409ｨｨｨｰｨｨ ｨｺ ｨ ｨｹ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ﾂ02ｨｦ 06ｨ ｨｲ- 216

215 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 02ｨｬ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ 02ｨｰ 06ｨ ｨｲ02ｨｬ (09 ｨｰ ｨｪｨｺｨ ｨ ｨｺ02ｨｨｨｦ, ｨｨ ｨｨ ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｨ ｨｰｨ ｨｰ ｨｪ02 ｨｬ02ｨｪ % ) ｨｮｨｰｨｨ ｨｬ04 ｨｨｨｬ0202ｨｬ ｨｨｨｰｨｮｨ 02ｨｨ02ｨｦ, ｨｺ060001ｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 0804ｨｪ06ｨｺ, ｨ ｨｮ01ｨｮ ﾂｨｨ ｨｨ ｨｪ04ｨｬ, 09ｨｰ0608ｨｨ ﾂｨｪ04ｨｬ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ﾂｨ 09ｨｰ06 06ｨｺｨ ｨ 02ｨｰ ｨｪｨ ｨｪ ｨ 06ｨｴ ｨｦ09ｨｰ09ｨｨ ｨｰ060006, ｨｪｨ ｨｪ04ｨｪ0203ｨｪ02ｨｬ 05ｨｰｨ ｨｰ06ｨｰ 0804ｨｪ06ｨｺ ﾂｨ 09ｨｰ ｨｰ0607ｨｪｨｨｨｨ 06ｨｺｨ ｨ ｨｰｨｹ 01ｨ 0302 ｨ 0605ｨｹ ｨｨ07ｨｪｨｨ02 ｨｪｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, ﾂ02ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｪ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 0804ｨｪ06ｨｺ (ｨｺｨ ｨｺ 05ｨｰ06 ｨｮ0302 ｨｪ02 08ｨ 04 ｨ 0409ｨ 0506 ｨｨ 09 ｨｬｨｨ0802, ｨｨ ｨｨｨｨ). 01ｨ 09ｨ ｨｬ06ｨｬ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｨ 05ｨｰ06ｨｬ ｨｪ ｨｺ06 ｨ 0409ｨ 05ｨｨ 02ｨｴ02 ｨ ｨｰｨｨ ﾂｨｨ ｨ ｨｨｨｬ0604ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ. 06ｨ ｨｺ, ｨｨ ｨｬｨｪｨｨｨｰｨｹ ｨｨ ｨ ｨ ｨｺ02ｨｨｨｦ 00ｨｪ060906ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ03 ｨｪｨ ﾂｨ 05ｨ , ｨｰ06 ｨｬ0603ｨｪ06 ｨ ｨｰｨｬ02ｨｰｨｨｨｰｨｹ ｨｮ06ｨｴｨｮ ｨｺｨｮ03: ｨｬｨｨ080609ｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 09 ｨ 0605ｨｹ0306ｨｦ ｨｬ ｨ 09ｨｨ09ｨｨｨｰ 06ｨｰ ｨｰ0607ｨｪｨｨ07 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｰｨ ﾂ ｨｹ 04ｨ 09ｨｨ09ｨｨｨｰ 06ｨｰ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨｪ ｨｪｨｺｨ, ｨ 05ｨｰ06ｨｰ 0804ｨｪ06ｨｺ 09 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｰ0907 ｨｺ06ｨｰｨｨ080609ｨｺｨ ｨｬｨｨ 10ｨC15 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ, ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ0906 ｨｨ04 ｨｺ06ｨｰ ｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪ060906ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｬ0209ｨｰ06 ｨｺ06ｨｰ ｨｪｨ 0804ｨｪｨｺ ｨｰｨ ｨｹ ｨｬｨｪ0600ｨｨｨｬ ｨｪ02ｨ ｨｪ04ｨｬ. (0306ｨｰ06ｨｬ, 06ｨｰｨｬ02ｨｰｨｨｨｬ, ｨｨ ｨｨ ｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪｨ 07 ｨｺ ｨｺ02ｨｨ07, ｨｺ060001ｨ ｨｨｨｪ0102ｨｺ09 NASDAQ 06ｨ ｨｪｨｨ ｨ ﾂ02ｨｬ ｨｪｨ 60%.) 217

216 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? 0806ｨｰｨｨ080609ｨｺｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨｺ02ｨｨｨｦ ｨｰｨ ｨｺ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 09ｨｪｨｨ04ｨｨ05ｨｨ09ｨｹ, 0706ｨｺｨ 04ｨ 09, ﾂｨｰ06 01ｨ ｨｪ0203ｨｪ02 ｨ 05ｨ ｨｮ ﾂｨｪ ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ ｨｺｨ 04ｨ ｨｰ0205ｨｨ (080609ｨｰ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, 09ｨｪｨｨ0302ｨｪｨｨ02 ｨｨｨｪ ｨｨｨｨ) 09 ｨｪｨ 03ｨｨ01 ｨｮ ｨｨ0701 ｨｪ02 ｨｨ0008ｨ 06ｨｰ ｨｰ020702ｨｪｨｪ06ｨｦ ｨｨ. 06ｨｰ ｨｰｨ 09ｨｨ0506 ｨｪｨ ｨｰｨｺｨｮ 01ｨｪ ｨｰ06ｨｬ, ｨｺｨ ｨｺ ｨｪ ｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｺｨ ｨｺ ｨ ｨ ｨｨｨｰｨｹ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208 ｨｨ, ｨｪｨ ｨｺ06ｨｪ0202, ｨｺｨ ｨｺ ｨｬ0603ｨｪ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ02 ｨｬ ｨｮ ﾂｨ 02 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｺ0605ｨｹｨｺｨｮ 09 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨ ｨｺ02ｨｨｨｦ ｨｰｨ 05ｨｺｨｨ09ｨ 06ｨｰ ｨｦ09ｨｰ09ｨｨ02ｨｬ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｴｨｨ ｨｨ ｨｮ ｨｨｨｦ09ｨｺ ｨｪｨｺｨ ( ﾂｨｰ06 05ｨｨ03ｨｹ ｨｪｨ 0706ｨｬｨｨｨｪｨ 02ｨｰ ｨｰｨ ｨｺｨｨ02 06 ﾂ0209ｨｨ01ｨｪ ｨｴｨｨ, ﾂｨｰ ｨ 06ｨｦ 0708ｨｨｨｰ06ｨｺ ｨｮ ｨｬ060302ｨｰ 09ｨｬ02ｨｪｨｨｨｰｨｹ ｨｰｨｰ06ｨｺ06ｨｬ, 0708ｨｨ ﾂ02ｨｬ 0708ｨｨ ﾂｨｨｨｪ04 09ｨｬ02ｨｪ04 ｨｪｨ 09ｨｰ080602ｨｪｨｨｨｦ ｨｬ0600ｨｮｨｰ ｨ ｨｰｨｹ 01ｨ 0502ｨｺ06 04ｨ ｨ ｨｬｨｨ 06ｨ ｨｲ02ｨｺｨｰｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ), 05ｨｰ ｨ 02ｨｰ ｨｪ0206ｨ ｨｨｨｬ04ｨｬ ｨ ｨｪｨ 05ｨｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07 09ｨｪ0203ｨｪｨｨ01 08ｨｨ09ｨｺ ｨｬ ｨｰ060006, ｨｪ0206ｨ ｨｨｨｬ ｨｪｨｨｨｰｨｹ, ｨｪｨ 09ｨｺ0605ｨｹｨｺ06 ｨｪｨ 03ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｨ ｨｨｨｪ02ｨｨ ｨｰ ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｬｨｮ 08ｨ 0409ｨｨｨｰｨｨ ｨ 04ｨｰｨｨｨｦ ｨｪｨ 0804ｨｪｨｺ02 09 ｨｮ ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ. 07 ﾂｨｨｨｰ0409ｨ ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨ 0605ｨｹ ｨｰｨ ｨｪ0609ｨｨｨｰ ｨ ｨｲ02ｨｺｨｰ06ｨｬ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｪｨｨ ｨｰ060806ｨｪ04 ｨｪｨ ｨｪｨｨ07 ｨｨ ｨｨｨｪｨ ｨｬｨｨｨｺｨ 0708ｨｨ06ｨ 0802ｨｰｨ 02ｨｰ, ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｪ02 ｨｰ0605ｨｹｨｺ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ06, ｨｪ06 ｨｨ ｨｨｨ 05ｨｹｨｪｨｮ ｨｰｨ ｨｴｨｮ06, ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 0502ｨｬ04 ｨｰ0802ｨ ｨｮ06ｨｰ ｨｰ02ｨｬ ｨ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨ ｨｪｨ 05ｨｨ04ｨ. 06ｨｬ02ｨｪｨｪ ｨｰ06ｨｬｨｮ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｰ0607ｨｪｨｪ ｨｨ090502ｨｺｨ 06ｨｰ ｨｺ 0902ｨ 02 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 08ｨｮｨｺ ｨｰ09ｨ 09ｨｰ08ｨ ｨｪ04 ｨｨ 09ｨｰｨ 0907ｨｰ ｨｪｨ ｨｰｨｺｨｮ 01ｨｪ ｨ 0408ｨ ｨ 06ｨｰｨｺ02 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ

217 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 00 ｨｬｨｨ0802 ｨｰｨ ｨｺ ｨｪｨｨ09ｨ 06ｨｰ 08ｨｨ09ｨｺｨｨ ｨ ｨ 05ｨｹｨｪ ｨｮ ｨｦ 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ. 03ｨｴ ｨｦ ｨｨｨｪ ｨｨｨｪ090209ｨｰ ｨｰ0605ｨｺｨｪｨｮ05ｨｨ09ｨｹ 09 07ｨ 0102ｨｪｨｨ07ｨｬｨｨ ｨｪｨ 0006ｨｪ ｨｪｨｺｨ 01, ｨｪｨｨｨｺ03ｨｨｨｬｨｨ ｨｨ04-04ｨ ｨｪｨ ｨｪｨｨ07 ｨｪｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨｨ0706ｨｰ02 ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ ｨｪｨｨ0302ｨｪｨｪ ｨｺｨ ﾂ0209ｨｰ09ｨ 03 ｨｨ ｨｮ09ｨｨ05ｨｨ0903ｨｨｨｬｨｨ0907 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ04ｨｬｨｨ ｨｪ ｨｰ07ｨｬｨｨ 09 ｨ 04ｨｨｨ ｨｰ09ｨｺｨｨ ｨｪｨｺ ｨｺ06ｨｰ ｨｬ ｨｮ09ｨｰ07 ｨ ｨｨｨｦ ｨ ｨｰ0205ｨｹ ｨｨｨｪ090702ｨｪ ｨｺｨ 04ｨ ｨｺｨｨｨｰｨ ｨｦ09ｨｺ ｨｪ ｨｪｨｺｨ, ﾂｨｰ06 09ｨｪ0609ｨｹ 06ｨｰ08ｨ 04ｨｨ050609ｨｹ ｨｪｨ ｨｬｨｨ ｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨｨｨｪ0102ｨｺ09ｨ ｨ ｨｺ06ｨｪ0202, ﾂｨ 09ｨｰ ｨｬｨｨｨｪｨ 05ｨｨ 0906ｨ 04ｨｰｨｨ ｨ 0102ｨ ｨｰｨｨ0502ｨｰｨｪ02ｨｦ 01ｨ 09ｨｪ0609ｨｰｨｨ, ｨｺ060001ｨ ｨｨ ｨ 09ｨ 05 ｨｪｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｬ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｺｨｰ07ｨ ｨｨ 09 05ｨｰｨｨｨｬ ｨｬ ｨｰ0607ｨｪｨｪ ｨｪｨｨｨｺｨ 02ｨｰ , ｨｪｨ 09ｨｺ0605ｨｹｨｺ06 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ 05 ｨｬｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨ 0102ｨｺ09ｨ ｨｰ02ｨｪ ｨｪ060906ｨｬｨｮ ｨｬｨ 0903ｨｰｨ ｨ ｨｮ ｨ ｨ 05ｨｹｨｪ ? 01ｨ 09ｨｺ0605ｨｹｨｺ ｨｬ0603ｨｪ ｨｬｨｨ080609ｨ ｨｪｨｨ02 ｨ 05ｨｹｨｰ0208ｨｪｨ ｨｰｨｨ09ｨｪ0401 ｨｰ06 ﾂ02ｨｺ ｨｨ ｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｰｨ ｨｰｨｨ ｨｬ0603ｨｪ04ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｬ ｨｰ02ｨｪ0102ｨｪ02ｨｨ07ｨｬ? ｨ 02ｨｪｨｪ0609ｨｰｨｹ ｨｬ02ｨｪｨｪ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｰｨ 07ｨ 0006ｨｪ ｨｪｨｺｨ ｨｰ0907 ｨｰ06, ﾂｨｰ ｨ 09ｨｰ08ｨ ｨｪ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨｨｨ, 06ｨｪ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｪ ｨｪ02ｨｪ. 06ｨｰｨｨ ｨ 02ｨｪｨｪ0609ｨｰｨｨ, 0706 ｨｺ08ｨ ｨｦｨｪ02ｨｦ ｨｬ ｨｮ ﾂｨ ｨｨ02ｨｦ, ｨ 0405ｨｨ 0708ｨｨ09ｨｮｨｴｨｨ 02ｨｬｨｮ 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ. 03ｨｴ ｨｬ04 ｨｮｨｺｨ ｨ 05ｨｨ 06 ｨｪｨ 05ｨｨ ﾂｨｨｨｨ ｨｰｨ ｨｺ ｨｪｨｨ07, ｨｺ060001ｨ ﾂ0208ｨｺｨｨ09ｨ 05ｨｨ, ﾂｨｰ06 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ 00ｨｪ ｨｪｨｺｨ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06ｨｦ ﾂｨ 09ｨｰｨｨ ｨｨｨｦ09ｨｺｨｨ01 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨ ｨｺｨｰｨｨ ｨ ｨｺｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｬ ｨ ｨｪ0702ｨｰ0907 ｨｨ 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ 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,

218 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 Price-to-book ratio (P/B) ｨｰ08ｨ ｨｪ 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF, 2008, ｨ 05ｨｰ06ｨｬ ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ02ｨｰ ｨｰｨｪ060302ｨｪｨｨ ｨｪ06 ﾂｨｪ06ｨｦ ｨｨ ｨ ｨ 05ｨ ｨｪ ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ, 0706 ｨｺ06ｨｰ060806ｨｬｨｮ ｨｨ07 ｨｪｨ ｨｨｨｰ ｨｰ060806ｨｦ ﾂｨ 09ｨｰｨｨ 00ｨｰｨｮ08ｨｪｨｨ08ｨｪ06ｨｦ ｨｰｨ ｨ 05ｨｨ ｨｺｨｰｨｮ ｨｪ ｨｪｨｺｨｨ ｨ 09ｨｰ09ｨｮ02ｨｰ ｨｰｨ ｨｺ ｨ ｨｺｨｰ0608 ｨｪ ｨｪ02ｨｪｨｪ ｨｺｨｮ0809ｨ 08ｨｮｨ 0507, ｨｺ06ｨｰ060804ｨｦ 0708ｨｨ ﾂ02ｨｰ ｨ 02ｨｰ ｨｺ06ｨｪ02 ﾂｨｪｨｮ ｨｪｨｮ (090408ｨ 0302ｨｪｨｪｨｮ ｨ 0506ｨｰ02) ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨｺ02ｨｨｨｦ ｨ ｨｪｨｨ04ｨｺ06ｨｦ. (02 ｨｺｨｮ ｨｰ02ｨｪ0102ｨｪ02ｨｨ0701 ｨｬ ｨｨ05ｨｨ ) ｨｮ02ｨｰ ｨｬ 06ｨｰｨｬ02ｨｰｨｨｨｰｨｹ ｨ 03ｨｪ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ ｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨ ｨｺ02ｨｨｨｦ ｨｪ ｨｨ0102ｨｪｨｰ04 ｨｨ0008ｨ 06ｨｰ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06 ｨ 0605ｨｹ03ｨｮ ｨｹ (08ｨｨ ). 0308ｨｨ ﾂ02ｨｬ ｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｰｨ ｨｹ ｨ 0405ｨ ｨ ｨ ｨｰｨｪ ｨｬｨｨｨｪｨｨ08ｨｮ06ｨｴ02ｨｦ, ﾂｨｰ ｨｨ ｨｪｨ 0804ｨｪ06ｨｺ ｨｬ, ｨ 09 ｨｺ06ｨｪ02 ﾂｨｪ06ｨｬ ｨｨｨｰ ｨｨ ｨｺ ｨ 09ｨ 05ｨｮ (ｨｺ060001ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｨｨｪ090209ｨｰ ｨｰｨ 05ｨｨ ｨ 0409ｨｰ0806 ｨｨ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨ 09ｨ ｨｰｨｹ ｨｨｨｦ09ｨｺｨｨ02 ｨ ｨｮｨｬｨ 00ｨｨ ｨｨ ｨｨｨｰｨｹ ｨｰ09ｨ 04ｨ 08ｨｮｨ 0203). 220

219 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 04ｨｨ ｨｪ0609ｨｰ08ｨ ｨｪｨｪ0602 ｨｮ ﾂｨ 09ｨｰｨｨ02 ｨｪｨ 0804ｨｪｨｺ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 (% 06ｨｰ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0804ｨｪｨｺ0609) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: World Bank, ｨｨｨｬ02 ﾂｨ ｨｪｨｨ ｨｪ02ｨｺ06ｨｰ060804ｨｬ ｨｪｨｺｨ ｨｬ, ｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｺ % ｨｪ ｨ ｨｪｨｪ ｨ ｨｺ02ｨｰ0609 ｨ ｨｺ02ｨｨｨｦ (ｨｰ.02. ｨ ｨｺ02ｨｨｨｦ, 0802ｨ 05ｨｹｨｪ06 06ｨ 08ｨ ｨｴｨ 06ｨｴｨｨ ｨｪｨ 0804ｨｪｨｺ02) 0708ｨｨｨｪｨ ｨ 0506 ｨｪ ｨｨ0102ｨｪｨｰｨ ｨｬ ｨｨ 05ｨｰ06ｨｬ 09 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｪ0204ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨ ｨｲ02ｨｬｨ 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｪｨ 0804ｨｪｨｺ02 01ｨ 0302 ｨｪ02ｨ 0605ｨｹ03ｨｨｨｬｨｨ ｨｰ09ｨ ｨｬｨｨ ｨｬ0603ｨｪ06 ｨ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｦ09ｨｰ090609ｨ ｨｰｨｹ ｨｪｨ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07 ｨｺ06ｨｰｨｨ ｨｺ. 06ｨ ｨｺ, 0706ｨｰ08ｨ ｨｰｨｨ09 09ｨｮｨｬｨｬ ｨ ｨｬ05ｨｪ , ｨｬ0603ｨｪ06 ｨ ｨｪｨ ｨｰｨｺｨｨ ｨｪｨｰ ｨ 08ｨｮ03ｨｨｨｰｨｹ ｨｺ06ｨｰｨｨ080609ｨｺｨｨ 0506ｨ ｨｬｨｨｨｰ02ｨｪｨｰｨ ｨｨ 05ｨｰ06ｨｬ, ｨｺ060001ｨ 06ｨ ｨｲ02ｨｬ ｨｰ ｨｪｨ 0804ｨｪｨｺ02 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｺ ｨ , 0802 ﾂｨｹ ｨｬ060005ｨ ｨｨ01ｨｰｨｨ 06 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｬ02ｨｪｨｹ03ｨｨ01 09ｨｮｨｬｨｬｨ 01, ｨｺ06ｨｰ ｨｬ060005ｨｨ ｨｨ07ｨｰｨｹ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪｨ ｨｺ06ｨｰｨｨ080609ｨｺｨｨ 0601ｨｪ ｨｬｨｨｨｰ02ｨｪｨｰｨ, ｨｪ06 ｨｨ ｨｪｨ ｨｹ 0804ｨｪ06ｨｺ. 2 06ｨｺ ｨｰ ｨｨ ｨｬ07ｨ ｨｪｨｨ ｨｨ

220 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? 08ｨｪｨ ｨｨ ﾂｨｪ06, ｨｪｨ ｨｰｨ ｨｺ06ｨｬ 09ｨ 03ｨｪ06ｨｬ ｨｬ02ｨｪｨｰ02 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｺｨ ｨｺ , 0708ｨｨ ｨ ｨｴ02ｨｬ 06ｨ ｨｲ02ｨｬ02 ﾂｨｮｨｰｨｹ ｨ ｨｬ ｨｬ ｨｨ010601ｨｨ050609ｨｹ ｨｪｨ ｨｪ ｨｨ0102ｨｪｨｰ ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨｨｨｦ09ｨｺｨｨｨｦ 0006ｨｪ ｨｦ 0804ｨｪ06ｨｺ 09ｨｰｨ 05, ｨｺ06ｨｪ02 ﾂｨｪ06, ｨ ｨｬ, ｨｨ ｨｹ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨ ｨｪ ｨｨ0102ｨｪｨｰ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｬｨ 05ｨｹｨｪ ｨｰｨ ｨ 06ｨｺ %. 0201ｨｪｨ ｨｺ ｨｨ 05ｨｰ06ｨｬ ｨｪ0206ｨ ｨｨｨｬ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ, ﾂｨｰ06 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0602 ｨｮ ﾂｨ 09ｨｰｨｨ ｨｮｨｴ0209ｨｰ ｨｰ0907 ｨｨ ﾂ ｨｨｨｦ09ｨｺｨｨ ｨ ｨｰ020502ｨｦ (09 ｨｰ06ｨｬ ﾂｨｨ ｨ ｨ ｨｪｨｺｨｨ ｨｨ0102ｨｪｨｰ04 09 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ ｨｮ ﾂｨ 09ｨｰｨｨ02ｨｬ) ｨｨ 0108ｨｮ00ｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｰｨｮ07ｨ ｨｰｨｹ 09 ｨｺｨ - ﾂ0209ｨｰ0902 ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ ｨ ｨｰ020502ｨｦ, ｨｰｨ ｨｴｨｨ01 ｨｨｨｪｨｰ ｨｪ ｨｨ0102ｨｪｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ02, 0706 ｨｬｨｪ02ｨｪｨｨ06 05ｨｺ ｨｰ0609, ｨｪ ｨｨ0102ｨｪｨｰ0609 ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨ ｨｺ02ｨｨｨｦ ｨｰｨ ｨｰ ｨｪ02 ｨｬ02ｨｪ %. 02 ﾂ0209ｨｨ01ｨｪ06, ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ ﾂｨ 09ｨｰ ｨｨ02ｨｪｨｰｨｨ08ｨｮ06ｨｰ0907 ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪｨ ｨｰ0607ｨｪｨｨ ｨｨｨｦ09ｨｺ ｨｪｨｺｨ, ｨｪ06 ｨｨ ｨｪｨ ｨ ｨ 05ｨｹｨｪｨｮ06 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪｨｮ06 09ｨｰ08ｨ ｨｰ0200ｨｨ06 ｨｬｨ ｨｰ0208ｨｨｨｪ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ ｨｨ 05ｨｰ06ｨｬ ｨｪｨｨ02 ﾂｨ 09ｨｰ ｨｨｨｪｨｨｨｬｨ 06ｨｰ ｨｪｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ ｨｰ , 08ｨｮｨｺ ｨｰ09ｨｮ0709ｨｹ 09ｨｨｨｰｨｮｨ 02ｨｨ02ｨｦ ｨｪｨ ｨｬｨｨ ｨｪｨｺｨ ｨｬ, ｨｨ 0506ｨ ｨ 04ｨｰｨｨ ｨ 0409ｨｨｨｰ0401 ｨｨ05ｨｨ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪｨ 01 (01ｨ 0302 ｨｪ ｨｴｨｨ ｨｪ ｨｰ0902ｨｪｨｪ04ｨｬｨｨ 06ｨ ｨｲ02ｨｺｨｰｨ ｨｬｨｨ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｪｨｨ07) ｨｬ0600ｨｮｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｨ07ｨｰｨｹ ｨｪｨ 06ｨ ｨｲ02ｨｬ04 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ, ｨ ｨｪ ｨｬ.: 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, 2000; 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, ｨｮ02ｨｰ ｨｰｨ ｨｺ0302 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ ｨｨｨｦ09ｨｺｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｮ080904, ｨｪｨｪ ｨ ｨｪ ｨ 08ｨｮｨ 0203, ｨｬ0600ｨｮｨｰ ｨｰｨ ｨｺ ｨ ｨｴｨ ｨｰｨｹ ｨｰ08ｨ ｨｪｨｮ, ｨｬｨ 05ｨｹｨｪ06 ｨｨｨｬ ｨｰｨ ｨｰｨｮ09 ｨｪ ｨｨ0102ｨｪｨｰ

221 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 04ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ｨ ｨｺ02ｨｨｨｦ ｨｪｨ * (06ｨｺｨｰ , %) * ｨ ｨｲ02ｨｬｨｮ ｨｰ ｨｰ06 ﾂｨｪｨｨｨｺ: ｨ ｨｰ09 09 ｨ ｨｺｨｰｨｨ0904, 09 ﾂｨｨｨｰｨ 06ｨｴｨｨ ｨ ｨｪｨ ｨｪ04ｨｬｨｨ. 06ｨ ｨｺ, ｨｨ ｨｰｨ ｨｪｨｨ ｨｰｨｬ02 ﾂｨ ｨ 02ｨｪｨｪ0609ｨｰ02ｨｦ, ｨ ｨｪｨｪ ｨｮ01ｨｮ010302ｨｪｨｨ02ｨｬ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨ ｨ 05ｨｹｨｪ0401 ｨｨｨｪ090209ｨｰ , ﾂｨｹｨｨ 0006ｨｪ ｨ 05ｨｨ ｨｪ ｨｪｨｨ02 (ｨｨ04-04ｨ 08ｨ 0909ｨｬ06ｨｰ0802ｨｪｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ ｨｪｨ 0804ｨｪｨｺ02 ｨｨ0706ｨｰ02ｨｺｨｨ ｨｨ 0108ｨｮ00ｨｨ ｨｨ ﾂｨｨｨｪ). 00 ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ0701 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｨｨｪ090209ｨｰ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ ｨ 06ｨｰ ﾂｨ 09ｨｰｨｹ ｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨｺｨｰｨｨ090609, 0708ｨｨ ﾂ02ｨｬ ｨ 06ｨｰ 05ｨｰ ｨｰ020702ｨｪｨｪ06 ( ﾂｨｰ06ｨ 04 ｨｪ02 06ｨ 09ｨ 05ｨｨｨｰｨｹ 0804ｨｪ06ｨｺ ｨｨ ｨｪ ｨｰ020807ｨｰｨｹ 06ｨｰ 07ｨ 0102ｨｪｨｨ07 ｨ ｨｺ02ｨｨｨｦ). 05ｨ ｨｬｨｨ ｨ 03ｨｨ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, 0609ｨｮｨｴ0209ｨｰ ｨｰ ｨｬ06ｨｬ02ｨｪｨｰ 0506ｨｺｨ 05ｨｹｨｪ ｨｲ02ｨｬｨ ｨｺ06ｨｰｨｨ ｨｺ, ﾂｨｰ06 ｨｪｨ 08ｨｮ03ｨ 02ｨｰ ｨｮ05ｨｹｨｰｨ ｨｰ02 06ｨ ｨｴｨｮ06 01ｨｨｨｪｨ ｨｬｨｨｨｺｨｮ ｨｲ02ｨｬｨ ｨｨ ｨｪ ｨｰ 02ｨｬｨｮ 0708ｨｨ06ｨ ｨｰｨｨ ｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ07 ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｬ (0006ｨｪ ｨｬ) 0804ｨｪｨｺ02 09ｨｨｨｰｨｮｨ 02ｨｨ ｨ ｨｬｨｨ ｨｨｨｦ- 223

222 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? 09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪ0702ｨｰ ｨｴ02 ｨｨ ｨｰ02ｨｬ, ﾂｨｰ06 06ｨｪｨｨ ｨ 0605ｨｹ0302ｨｦ ｨｬ ｨｪｨ ﾂｨｨｨｪｨ 06ｨｰ 04ｨ 09ｨｨ0902ｨｰｨｹ 06ｨｰ 09ｨｪ0203ｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｨｨｪｨ ｨｪ ｨｮ ｨ 03ｨｪ04 ｨｰｨ ｨｺ0302 ｨｨ ｨｬ ｨｮ09ｨｨ0502ｨｪｨｨ06 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰｨ 0006ｨｪ ｨｪｨｺｨ, ｨｺ06ｨｰ ｨｪｨ ﾂｨ 05ｨｨ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｪ02ｨｺ06ｨｰ ｨｬ07 ｨｪｨ 04ｨ 01 ｨｨ ｨｮ ｨ 06ｨｰ ｨｪｨｪ ｨｮ05ｨｹｨｰｨ ｨｰ04 (08ｨｨ ). 04ｨｨ ｨ ｨｲ02ｨｬ IPO/SPO ｨｨｨｦ09ｨｺｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ (ｨｬ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ｨ ｨｨｨｬ04 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ ｨｪ ｨｪｨｺｨ ｨｨ ｨ ｨｴ02ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ04ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｰ06ｨｺｨ ｨｮ , ｨ ｨｰ0209ｨｪ06 ｨｨｨｪｨｰ020008ｨｨ08ｨｮ ｨ 05ｨｹｨｪｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ. (06ｨｰ06ｨｬｨｮ ｨｰｨ ｨｺ0302 ｨ ｨｮ01ｨｮｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ﾂｨｨ090502ｨｪｨｪ ｨｬ ｨｪｨｨ ｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ ｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨ06 ｨｺｨ ｨｪｨ ｨｪ0203ｨｪ ｨｪｨｨ07.) 0306ｨｺｨ ｨｨｨｦ09ｨｺｨｨｨｦ 0006ｨｪ ｨｦ 0804ｨｪ06ｨｺ 0905ｨ ｨ ｨ ｨｪ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ ｨｨ ｨｮｨｰｨｨ ｨｬｨｨ08ｨｮ02ｨｰ0907 7ｨC8 ｨｺ08ｨｮ07ｨｪ04ｨｬｨｨ, ｨｨｨｬｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｹ020904ｨｬｨｨ, 05ｨｬｨｨｨｰ02ｨｪｨｰｨ ｨｬｨｨ, ﾂｨｹ ｨｪｨｨ02 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ02 ｨｪ02 06ｨｰ08ｨ 03ｨ 02ｨｰ ｨｨ ｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ( ) ｨ ｨｪ0402 ｨｪ ｨｰ0902ｨｰ09ｨｰ09ｨｨ07 ｨｨｨｬ0206ｨｰ ｨｪｨ 09ｨｰ0608ｨ - 224

223 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 03ｨｨ09ｨ 06ｨｴｨｨ02 ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨ02 ｨ ｨｪｨ ｨｨｨｨ ｨｬｨｪｨｨｨｬ ｨｰ ｨｺ060904, ｨｺ06ｨｰ ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｪｨ ﾂｨ 05ｨ , ｨｺ060001ｨ 06ｨｪ ｨｮ 0105ｨｨｨｰ0205ｨｹｨｪ ｨ 0102ｨｪｨｨ ｨ 06ｨ ｨｴｨ 07 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨ07 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨｪ ｨｪｨｺｨ ｨｰｨ ｨ ｨｪ02ｨｬｨｪ0600ｨｨｨｬ ｨ ｨｰ0805ｨｪ , 0708ｨｨ ﾂ02ｨｬ ｨｪｨ 10 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ 00ｨｪ060906ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ010601ｨｨ050609ｨｹ 0706 ﾂｨｰｨｨ 25%. 0308ｨｨ 05ｨｰ06ｨｬ 08ｨ ｨｬ020301ｨｮ 0202ｨｪｨ ｨｬｨｨ ｨｪｨ ｨ ｨｺ02ｨｨｨｨ 00ｨｪ ｨｨ 0009ｨｰｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｰｨｨ00ｨ ｨｦ 0306ｨｺｨｨ08ｨｮ06ｨｴｨｨ01 08ｨ 04ｨｬ ｨｨｨｬ0208ｨｮ, ｨ ｨｺ02ｨｨｨｨ ｨｰｨ ｨｺ06ｨｦ ｨｮ09ｨ 03ｨ 02ｨｬ06ｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｺｨ ｨｺ US Steel, ｨｪｨｨ09ｨ 05ｨｨ09ｨｹ 0804ｨｪｨｺ06ｨｬ 0706 ﾂｨｰｨｨ (!) 08ｨ , ﾂ02ｨｬ ｨ ｨｺ02ｨｨｨｨ Intel ｨｨ05ｨｨ Microsoft. 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 08ｨ ｨｪ06 ｨｨ05ｨｨ ｨｪ ｨ 05ｨｹｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｰｨｪ060302ｨｪｨｨ07 ｨｨ 04ｨ ｨｺ06ｨｪ06ｨｬ0208ｨｪ0609ｨｰｨｨ ｨｪ04 ｨ 0405ｨｨ 09ｨｪ0209ｨｰｨｨ ｨｨ ｨｺ ｨｺｨｰｨｨ0904 ｪ 09 ｨｨｨｰ ｨｰ0605ｨｹｨｺ06 04ｨ ｨｨｨｪ0102ｨｺ09 NASDAQ 09ｨｪｨｨ04ｨｨ ﾂｨｰｨｨ ｨｪｨ 60%, ｨ ｨｬ 07ｨ 0102ｨｪｨｨ ｨ ｨｹ ｨ ｨｰ. 06, ｨｺｨ ｨｺ ｨｮ ｨｨ050609ｨｹ, ｨｨｨｬ02ｨｪｨｪ06 04ｨ 05ｨｰ ｨｬ ｨ ｨｪｨｮ030102ｨｪ 13 08ｨ 04 09ｨｪｨｨ03ｨ ｨｰｨｹ ｨｮ ﾂ02ｨｰｨｪ ｨｰｨ 09ｨｺｨｨ, ﾂｨｰ06ｨ ｨ ｨｰｨｹ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ, ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 0804ｨｪ06ｨｺ. 03ｨｴ02 08ｨ ｨｪ0604ｨ ｨｰ06ｨｦ ｨｨ ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 02ｨｴ02 ｨｪｨ ｨｲ02ｨｬ02 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨｪｨｺｨ ｪ ｪ ｨｨ 04ｨ ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨｬ ｨｪｨ ﾂｨ 05ｨ 07ｨ 0102ｨｪｨｨ07 ｨｺ06ｨｰｨｨ ｨｺ ｨｪｨ ｨｬｨｨ ﾂ0208ｨｺｨｨ09ｨ ｨｹ: 0002 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨｨｦ 0006ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｰ ｨｰ ｱ ｨｨ 0706ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ06 ｨｬ060302ｨｰ ｨｨ0406ｨｦｨｰｨｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ 0102ｨｪｨｨ02 ｨｺ06ｨｰｨｨ ｨｺ ｨｺｨ 0102ｨｬｨｨｨｺ ｨｨｨｬ06ｨｪｨｨ07, ｨｨｨｦ ｨｰ ｨｬ07 ｨ ｨｺｨ 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 : 06ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ

224 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? ｨｬｨｨｨｺ06ｨｬ-0902ｨｺ0802ｨｰｨ 0802ｨｬ 06ｨｰ ｨｪｨｨ07 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｰｨｪ060302ｨｪｨｨｨｦ , 07ｨｨ09ｨ 05: 0008ｨｪｨｨ00ｨ ( ｨ. ｪ ) ｨ 0405ｨ ｨｨ09ｨ ｨｪｨ ﾂｨ ｨｰｨｹ 09 06ｨｺｨｰ07ｨ ｨ 0006ｨｪ02 06ｨ ｨｴ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ 05ｨ ｨｮ ﾂｨｨ , ｨ 05ｨ ｨｨ07ｨｰｨｪ ｨｺｨ 04ｨ ｨｰ020502ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨｪｨｨ04ｨｺ ｨｮ080609ｨｪ07 ｨ ｨ ｨ 06ｨｰｨｨ0204, ｨｪ02ｨｮｨｺ0506ｨｪｨｪ ｨｪｨｨ07 ｨｺ06ｨｰｨｨ ｨｺ ｨｰｨ ｨｺ06ｨｦ ｨｬ0600 ｨ ｨｺｨ 04ｨ ｨｰｨｹ0907 ﾂ080204ｨｬ0208ｨｪ06 ｨ 05ｨ 08ｨｬｨｨ09ｨｰ09ｨｺｨｨｨｬ ｨｬ02ｨｪ ｨｮ000601ｨ, ｨｨ ｨｺ ｨｨｨｪ02 ｨ ｨ 0604ｨｪｨ ﾂｨｨ050609ｨｹ ｨｺ ｨ 0102ｨｪｨｨ02 ｨｨｨｪ0102ｨｺ09ｨ NASDAQ03 ( ｨｰｨｨ ｨ 0708.) ｨｰ060001ｨ ｨｪｨ ｨ 09ｨｰ0902ｨｪｨｪ04ｨｦ 0006ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨｨ0008ｨ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｪ02ｨ 0605ｨｹ03ｨｮ ｨｹ. 0502ｨｦ ﾂｨ , ｨｮ ﾂｨｨｨｰ0409ｨ 07 ｨｨ 09ｨｰ020702ｨｪｨｹ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ ｨｪｨ 0302ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｨ ｨｪｨ ﾂ02ｨｪｨｨ02 09ｨ ｨｬ ｨｪ ｨｪｨｺｨ, ｨｪｨｮ03ｨｪ06 06 ﾂ02ｨｪｨｹ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨｪｨｨ09ｨ ｨｰｨｹ ｨｺｨ ｨｺ ｨｬｨｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ, ｨｰｨ ｨｺ ｨｨ ｨｬ0603ｨｪ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ02 ｨｬ ｨｪｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ ｨｺ0605ｨｹｨｺｨｮ ｨ ｨ 05ｨｹｨｪ0402 ｨｨ0706ｨｰ02 ﾂｨｪ ｨ 0502ｨｬ04 ｨｪｨｨｨｺｨｮ01ｨ ｨｪ02 ｨｨ09 ﾂ020405ｨｨ, ｨ ｨｺ08ｨｨ04ｨｨ09ｨｮ 05ｨｨ03ｨｹ ｨｪ02 01ｨ 05ｨｨ 08ｨ 0409ｨｨｨｰｨｹ0907, ｨｮｨｬ02ｨｪｨｹ03ｨｨ ｨｰ0806ｨｰｨｮ 09 ｨｰ02ｨｺｨｮｨｴ02ｨｬ 0705ｨ ｨｪ02, ｨｬ0603ｨｪ ｨｪｨｨ ｨｰ09ｨｨｨｦ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｪ ｨｺｨ ｨｺ ｨ ｨｪ02 07ｨ 0102ｨｪｨｨ07 ｨｺ06ｨｰｨｨ ｨｺ, ｨｰｨ ｨｺ ｨｨ ｨｪｨｪ06ｨｦ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｬ. 06ｨｰ ｨ 02ｨｰ ｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｰ02ｨｬ ｨ ｨｺ06ｨｦ ｨｺｨ 07 ｨｺ06ｨｪ0202ｨｪｨｰ08ｨ 02ｨｨ07 ｨｪ02ｨ 0605ｨｹ0306ｨｦ 0008ｨｮ ｨ ｨｺ02ｨｨｨｦ, 01ｨ 08ｨ ｨｺｨｰ0208ｨｪｨ ｨｪｨ ｨｪｨｺｨ, ｨ 02ｨｰ ｨｬ02ｨｪ0202 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｬ ｨ 09ｨｪ02ｨｪｨｨ ｨｪｨｺｨ ｨｬｨｨ 08ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ (08ｨｨ ) ｨｰ060006, ｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ05ｨｨ 06ｨｰ08ｨ ｨｦ ｨｪｨ 0804ｨｪｨｺ02 ｨｪ02 06ｨｰ08ｨ 03ｨ 02ｨｰ ｨｨ01 04ｨｪｨ ﾂ02ｨｪｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｨ ｨｨ ｨｨ (08ｨｨ ), ﾂｨｰ ｨ 02ｨｰ ｨｰｨ ｨｺ0302 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04ｨｬ ｨｰ06ｨｬ, 226

225 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 04ｨｨ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ 09 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨ 0006ｨｪ ｨｪｨｺ0609 ( , %) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: , The World Federation of Exchanges. ｨｪｨ 09ｨｺ0605ｨｹｨｺ ｨｺｨｰｨｨ09ｨｪ04ｨｬ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ06ｨｬ ｨｰ0907 ｨｪｨ ｨｪ ｨｦ 0804ｨｪ06ｨｺ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ07 06ｨ ﾂ02ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ ｨｰ06ｨｺｨ ｨｮ ｨｨ 06ｨｰ08ｨ 0302ｨｪｨｨ ｨｪ06 ﾂｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｬ. 02 ﾂ0209ｨｨ01ｨｪ06, 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ07 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｪｨ ｨｮ090205ｨｨ ﾂｨｨｨｰｨｹ ｨｰ06 ﾂｨｺｨｨ , 0601ｨｪ ｨｬ02ｨｪｨｪ06 08ｨ 0903ｨｨ08ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｰ06ｨｺｨ ｨｰ09 ｨｬ020301ｨｮ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ (ｨｨ 0902ｨｺｨｰ0608ｨ ｨｬｨｨ) ﾂ ｨｹ, ｨｮｨｺｨ 04ｨ ｨｪｨｪｨ 07 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ ｨｪｨ ｨ 04ｨｰｨｹ ｨｰ09ｨｨ02ｨｬ 227

226 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 ) 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｰ ｨｨ ｨ ｨｺ02ｨｨ07ｨｬｨｨ ｨｪｨ ｨｺｨｰ0608ｨ ｨｬ ｨ ) ｨｨ ｨｪ0609ｨｪ ｨｰ08ｨ 0905ｨｨ, ｨｬｨｨ08ｨｮ06ｨｴｨｨ ｨｪ ｨｦ 0804ｨｪ06ｨｺ, ｨｨ ｨｨ , ｨｨ07 (%) * 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｺ02ｨｨｨｦ 8 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ 5 ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ01 ｨ ｨ ｨｪｨｺ ｨ ｨｴ02ｨｬ 06ｨ ｨｰ02 ｨｰ ｨｨ ｨ ｨｺ02ｨｨ07ｨｬｨｨ (01ｨ ｨｪｨｪ0402 ｨｪｨ ｨｨｨｪｨｮ 0102ｨｺｨ ｨ ). 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｰｨ ｨｰｨ, ｨｬ ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨ ｨｺｨｮ09ｨｨ080609ｨ ｨｪｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ0609ｨｰ08ｨ ｨｪｨｪ0602 ｨｮ ﾂｨ 09ｨｰｨｨ02 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ02 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 06 ﾂ0209ｨｨ01ｨｪ06 ｨｪ02ｨｨ04ｨ 0203ｨｪ ｨｪｨ ｨｺ06 09ｨ 03ｨｪ ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06ｨ 04 ｨｪｨ ｨｬ ｨｨ090302ｨｬ ｨｪｨｺ ｨｪ0609ｨｮ ｨｰｨ ｨｨ, , ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ, ｨ ｨｰ , ｨｮｨｴｨｮ ｨｹ ｨｨ0008ｨ 05ｨｨ ｨ 04 ｨｪ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｮ ｨｰ06 ｪ ｨｪｨ 07 ｨｬｨｪ060006ｨｮ080609ｨｪ0209ｨ 07 04ｨ 01ｨ ﾂｨ, ｨｺ06ｨｰ0608ｨ 07 09ｨｺ0506 ﾂｨ 02ｨｰ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ0402, 00ｨｨｨｪｨ ｨｪ , ｨ 0502ｨｬ04 09ｨ 0506ｨｰｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｰ ｨｪｨ ｨｺ06 01ｨ ｨｦ ﾂｨ 09, ｨｨ ｨｪｨ ﾂｨ ｨｰｨｹ ｨ 09ｨ ｨｰｨｹ ｨ 0102ｨｺ09ｨ ｨｰｨｪｨｮ06 09ｨｪｨｮｨｰ0802ｨｪｨｪ0606 ｨ ｨ 04ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｬｨｨ08ｨｮ ｨｨ 05ｨｰ06ｨｬ 09ｨｰｨｨｨｬｨｮ ｨｨｨｦ09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨ ｨ 06ｨｰｨ ｨｰｨｹ 09ｨｪｨｮｨｰ- 228

227 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 08ｨｨ, ｨｰ ｨｺ ｨｰ060806ｨｪｨｮ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ07 ｨｨ ｨ ｨｪｨｪ ｨｰｨｨｨｬ 08ｨｨ09ｨｺｨｨ ｨｬ0600ｨｮｨｰ ｨｰ020702ｨｪｨｪ06 ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ ｨ ｨｴ02, ｨｨ 0802 ﾂｨｹ ｨｨ0102ｨｰ ｨｪ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ06ｨｬ ｨｺｨ 07ｨｨｨｰｨ 0502, ｨ ｨ 05ｨｹｨｪ0401 ｨｨｨｪ090209ｨｰ0608ｨ 01, ｨｰ06 06ｨ 04 ﾂｨｪ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｮ06ｨｰ ﾂｨｰ02ｨｪｨｨ ｨｪｨｺｨ 03 ( ｨｪｨｨ02, ｨｮ ﾂｨｨ ｨｪｨ 0409ｨ ｨｪｨｨ02 home bias ｪ ｨｬｨ 03ｨｪｨｨ ｨｪ02ｨｨｨｦ03) (08ｨｨ ). 04ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 0905ｨ ｨｹ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ ｨ ( , % ｨｺ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: BIS; IMF; McKinsey; 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ. 0201ｨｪ ｨｬ02ｨｪｨｪ ｨｮ02ｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ 0804 ﾂｨ 00ｨｨ, ｨｪｨ 0708ｨ ｨｪｨｪ0402 ｨｪｨ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｰ09 (ｨｪｨ 0708ｨｨｨｬ0208, ｨｮ09ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 07 ｨｪｨ ｨｨ 0708ｨｨ ｨ ｨｰ08ｨｨｨ 02ｨｨｨｨ 09 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ ｨｺｨ ｨｪｨ ｨｪｨｨ07 ｨｪｨ 0804ｨｪｨｺ02), ｨｴ ｨｰ ｨｬ ｨｨｨｰ06ｨｺ ｨ ｨｨｨｪｨｪ ｨｮ ｨ ｨｺ, ｨｮｨｺ ｨｪｨｨ07 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 0609ｨｪ ｨｪ ｨｪｨｺｨ ｨｨ ｨｮ09ｨｨ0502ｨｪｨｨ ｨｪ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ ｨ 0405ｨｨ ｨｪ04 08ｨ 0405ｨｨ ﾂｨｨ ｨｰｨｨ07ｨ ｨｬ ｨ ｨｺ02ｨｨｨｦ (ｨｺ ｨ ｨｺ02ｨｨ07ｨｬ ｨｰｨｨ07ｨ 08 ｨ 0405ｨｨ ｨｮｨｴ02ｨｪ04 ｨｰ0605ｨｹｨｺ ｨｨ0102ｨｪｨｰ04, ｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ0402 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ ｨｮ09ｨｺｨ 05ｨｨ09ｨｹ ｨｰ0605ｨｹｨｺ06 ｨｺ ｨ ｨｺ02ｨｨ07ｨｬ ｨｺｨ ｨｰ ｨｨｨｨ 00 (ｨｨ ｨｮ09ｨｺｨ 02ｨｰ 05ｨｨ03ｨｹ ｨｪ02ｨ 0605ｨｹ ﾂｨｨ ｨｮｨ 05ｨｨ ﾂｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ)). 0906ｨｰ ｨｰｨ ｨｬ060302ｨｪ ｨｰｨｮ07 229

228 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? ｨｨｨｪ0609ｨｰ08ｨ ｨｪ ｨｺ ｨ ｨｺ02ｨｨ07ｨｬ ｨｰｨｨ07ｨ 08 (ｨｺ060001ｨ ｨ 0405ｨｨ ｨｪ ｨｨｨｪ02ｨｨ ｨ 05ｨｨ00ｨｨ02ｨｨ080609ｨ ｨｪｨｪ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮ02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｨｨｪ090209ｨｰ0608ｨ 03 ｪ qualified foreign institutional investors, 05ｨｰｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07ｨｬｨｨ ｨ ｨｲ02ｨｬｨ ｨｬ, ｨｪｨ ｨｪｨｨ06 ｨｪｨ 0804ｨｪｨｺ02 ｨｨ ｨ ｨｰ08ｨｨｨ 02ｨｨｨｨ ｨｰ ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 ｪ ｨｨｨｪ090209ｨｰ ｨｪｨ ｨｨｨｬ02ｨｰｨｹ 09ｨｰｨ 03 ｨｪ02 ｨｬ02ｨｪ ｨｰ 08ｨ ｨ 06ｨｰ04 ｨｪｨ 0804ｨｪｨｺ02 ( ｨｰ08ｨ ｨｨ05ｨｨ ｨｮ0708ｨ ｨｴｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ) ｨｨ 06ｨ ｨｲ02ｨｬ ｨ ｨｺｨｰｨｨ ｨｮ0708ｨ ｨｪｨｨｨｨ ｨｪ02 ｨｬ02ｨｪ ｨｬ ). 06ｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪｨ 07 ｨｺ0906ｨｰｨ 01ｨ ｨｰｨ ｨｺｨｨ ｨｹ0204ｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｺｨ ｨｺ Citibank ｨｨ05ｨｨ HSBC, ｨｰｨ ｨｰ ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06 06ｨｺ ｨｬ05ｨｪ ｨｨ 300 ｨｬ05ｨｪ ｨｰｨｺ06 00ｨｨｨｺ09ｨｨ08ｨｮ06ｨｰ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨ ｨｲ02ｨｬ ｨｪｨｨｨｦ (ｨｪ02 ｨ % 06ｨ ｨｴ ﾂｨｨ0905ｨ ｨ ｨｺ02ｨｨｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ), ｨｨ0601 ｨｪｨ ｨｪｨｨ ｨｰ ｨｰ08ｨ ｨｪ02 (ｨｪ02 ｨｬ02ｨｪ0202 1ｨC3 0502ｨｰ 09 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ 09ｨｨ01ｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ) ｨｨ ｨｮ ｨｨ ｨ ｨｰ08ｨｨｨ 02ｨｨｨｨ, ｨｺ06ｨｰ0608ｨ ｨｪｨ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｬｨｨ 09 ｨｰ02 ﾂ02ｨｪｨｨ ｨｨ0601ｨ 06ｨｰ 4 ｨｬ ｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07 08ｨ 0903ｨ ｨｰ0409ｨ 06ｨｴ ｨｦ09ｨｰ09ｨｨ07 ｨｪｨ 0804ｨｪ06ｨｺ ｨｬ0603ｨｪ ｨｮ05ｨｨ080609ｨ ｨｰｨｹ ｨｬｨ 0803ｨｨｨｪｨ 05ｨｹｨｪｨｮ06 ｨｰ , ｨｺ06ｨｪｨｰ080605ｨｨ080609ｨ ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ﾂｨ 03, ｨｨ ｨｹ040609ｨ ｨｰｨｹ 09ｨｰ08ｨ ｨｨｨｰ04 ｨｨ ｨｰ ｨｨ 05ｨｰ06ｨｬ 0802 ﾂｨｹ ｨｪｨ ｨｨ01ｨｰｨｨ ｨｨ 06 00ｨｹ06 ﾂ020809ｨｪ ｨｺｨ ｨｨｨｪ02ｨｨ0702, ｨｬ020804, ｨｰ0908ｨ ｨｴｨ 06ｨｴｨｨ02 06ｨ 09ｨ ｨｪ ｨｪｨｺｨ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨ 0405ｨｨ ｨｪ02 08ｨ 04 ｨ ｨ ｨｨ080609ｨ ｨｪ ｨｬ ｨｨ 09 09ｨ ｨｬ06ｨｬ 06ｨ ｨｴ02ｨｬ 09ｨｨ ｨｰ0907 ｨｺ 0109ｨｮｨｬ 0609ｨｪ0609ｨｪ04ｨｬ ｨ ｨｬ ｨｮ ﾂｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｨｨｪｨ ｨｪ ｨｮ ｨｦ ｨ 00ｨ 02ｨｰ ｨｬ020804, ｨｰ0608ｨｬ060407ｨｴｨｨ ｨｰ 0202ｨｪ ｨｪｨ ｨ ｨｺｨｰｨｨ0904, ｪ ｨｪｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ, ｨｪｨｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ01 ｨｬ ｨｰ060806ｨｦ ｨｪ ｨ 02ｨｰ0907 ｨｪｨ ｨ ｨ 01ｨｨｨｺｨ 05ｨｹｨｪ ｨｪｨｨ0701 ｪ 0007ｨｮ ｨ 06ｨｰ

229 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｪｨｮｨｰｨｹ, ｨ 04ｨ ｨｰ02ｨｬ ｨｨ ｨｹ04ｨｮ02ｨｰ ｨｹ ｨ ｨｪｨ ｨｰ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ07 ｪ ｨｪｨ 0804ｨｪ06ｨｺ 09ｨ 08ｨ ｨ 02ｨｰ ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ, 09ｨｪｨｨ03ｨ 06ｨｰ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ ｨｨ ｨｰ ｨ ｨｬ ｨｨ ｨｨｨｰ ｨｨ ｨｮ ﾂｨ 02 ｨｪ ｨｺｨ 04ｨｮ02ｨｬ ｨ 0102ｨｪｨｨ07 ｨｺ06ｨｰｨｨ ｨｺ. 0806ｨｪ ｨｺ08ｨｨ04ｨｨ ｨｪｨｨ ｨｰｨｨ0502ｨｰｨｨｨｦ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨ 05ｨｨ09ｨｹ ｨｪｨ 0609ｨｪ ｨｰ ｨ. 02ｨｺｨｰ07ｨ 08ｨｹ ｨｪｨｰ08ｨ 05ｨｹｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ｨｨ0008ｨ 06ｨｰ ｨ 06ｨｴｨｮ ｨｹ, 0802ｨ 00ｨｨ08ｨｮ07 ｨｪｨ ｨｺｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｰ ｨｪｨｨ0703, ｪ 09ｨｺｨ 04ｨ ｨｨｨｪ090702ｨｪ ｨｪｨ 0905ｨｮ03ｨ ｨｪｨｨ ｨｪ ｨ , ﾂ0208ｨｺｨｨ09ｨ ｨｪ ｨ 00ｨ 06ｨｴｨｮ ｨｹ ｨｮ0507ｨｰ ｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｬ06ｨｬ02ｨｪｨｰ ｨ 04ｨ 0601ｨｨｨｪ 0102ｨｪｨｹ ｪ 19 06ｨｺｨｰ07ｨ ｪ ｨｨｨｪ0102ｨｺ09 S&P ｨｮ07ｨ 05 ｨｪｨ 20%, ｨｬ00ｨｪ060902ｨｪｨｪ ｨｨｨｪ0705 ｨｬ ｨｪ0608ｨｬｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ07: ｨ 0405ｨ 09ｨｪｨｨ0302ｨｪｨ 09ｨｰｨ 09ｨｺｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ( ﾂｨｰ ｨ ｨｪｨｨ0302ｨｪｨｨ ｨｮ00ｨｨ01 09ｨｰｨ 0906ｨｺ ｨｨ ｨｮ ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｮ ). 0201ｨｪ ｨｬ02ｨｪｨｪ06 ｨ 0405ｨ 0106ｨ ｨ ｨｪｨ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ 09 00ｨｨｨｪｨ ｨｪ090609ｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ ﾂ ｨ 02ｨｨｨｨ ｨｪｨ 06ｨｰｨｺ0804ｨｰ06ｨｬ 0804ｨｪｨｺ02, 05ｨｨｨ 0208ｨ 05ｨｨ040609ｨ ｨｪｨ 09ｨｨ09ｨｰ02ｨｬｨ ｨｰ ｨｨ ｨｺｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｺｨｨｨｬｨｨ 06ｨ 05ｨｨ00ｨ 02ｨｨ07ｨｬｨｨ, ｨｮ090205ｨｨ ﾂｨｨ05ｨｨ09ｨｹ ﾂｨ ｨ ｨ 06ｨｰ04 ｨｰ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬ ｨ ｨ ｨｪｨｺｨ ｨｬ ｨ 0405ｨｨ ｨｰｨ ｨｪ ｨｮ ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ ｨｮ00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 ﾂｨｰ06ｨ 04 ｨｮ090706ｨｺ06ｨｨｨｰｨｹ 0804ｨｪ06ｨｺ, ｨｮ0302 ｨｪｨ ｨｮ06ｨｴｨｨｨｦ 0102ｨｪｨｹ ｨ 0709ｨｨ05: ｨ 05ｨｹｨｪ04ｨｦ , ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ ｨｨｨｬｨｨ 06ｨ 0704ｨ ｨｪｨｪ0609ｨｰ07ｨｬｨｨ 0002ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ 01ｨ 02ｨｨｨｨ (Nation ｯs central bank), ｨｰ ｨ 02ｨｰ 0006ｨｰ0609ｨｪ0609ｨｰｨｹ 0905ｨｮ03ｨｨｨｰｨｹ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｺｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨ ｨ 06ｨｰｨ ｨ 09ｨｹ ｨｨ ｨｪｨ ｨｪｨ 05ｨｹｨｪ06ｨｬ ｨｮ080609ｨｪ02 ｪ 231

230 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? 09ｨｰｨ 0803ｨｨ ｨｰ08ｨｮ01ｨｪｨｨｨｺｨｨ ｨｺ06ｨｪｨｰｨ ｨｺｨｰｨｨ080609ｨ 05ｨｨ 09 08ｨｮｨｺ ｨｰ0906ｨｬ ｨｮｨｴｨｨ01 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609, ｨｺ ｨｨｨｪｨｨ08ｨｮ ｨｰｨ ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ0609 ｨｺ05ｨｨ08ｨｨｨｪ ｨｬ 0106ｨｬｨ ｨｬ ｨｨ ｨｨｨｪ04ｨｬ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｬ ｨｮ05ｨｹｨｰｨ ｨｰ02 05ｨｰｨｨ01 ｨｨ ｨｨｨｪ0401 ｨｬ ｨｨｨｰｨｮｨ 02ｨｨ07 ｨ 0405ｨ 0909ｨｺ ｨｰｨ ｨｪｨ ｨｺ06ｨｪｨｰ080605ｨｹ ｨｪｨｹ ﾁｨｰ06ｨ 04 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ080609ｨ ｨｰｨｹ 0804ｨｪｨｺｨｨ ｨｺ08ｨｨ04ｨｨ ｨｰ06 ﾂｨｪ06ｨｦ 0804ｨｨｨｨ ｨｨ ｨｨｨｨ, ｨｰ0605ｨｹｨｺ ｨｪｨｰ07ｨ 0802-ｨｪ0607ｨ ｨ 04ｨ 09ｨｪｨｨ03ｨ 05ｨ 09ｨｰｨ 09ｨｺｨｮ ｨ 05ｨｹｨｪ04ｨｬ ｨｰ09ｨ ｨｬ, ｨ ｨｰｨ ｨｺ ｨｨ09ｨｺ06ｨｪｨｰｨｪｨｮ06 09ｨｰｨ 09ｨｺｨｮ ｨｪ07ｨｰｨｨ07 ｨｪｨ ｨｪｨｨ ｨｨｨｪｨ ｨｪ090609ｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ ｨ 0405ｨ 0106ｨ ｨ ｨｪｨ ｨｪ0206ｨ ｨｨｨｬｨ 07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ﾂ ｨｺｨｮ07ｨｺｨｮ 0202ｨｪｨｪ0401 ｨ ｨｮｨｬｨ ｨｪｨｰ07ｨ 08ｨｹ ｨ 0903ｨｰｨ ｨ 0306ｨｺｨ 0906ｨ 04ｨｰｨｨｨｦ ｨｪｨｰ07ｨ , ｨ ｨｰｨ ｨｺ ｨｨ00ｨｨｨｺｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, 09ｨｰｨ ｨｦ ｨｮ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｨ ｨ 00ｨ 06ｨｴ02ｨｦ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｨｨｪ06ｨｦ ｨｮ ｨｪｨｹ 08ｨｨ09ｨｺ0609, 0604ｨｪｨ ﾂｨ 05 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｨ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｨｨｪ , ｨｺ06ｨｰ ｨｰ ｨｰｨ ｨｺ06ｨｬ 06ｨ ｨｲ02ｨｬ02 ｨｪ02 ｨｨ ｨｹ040609ｨ 05ｨｨ09ｨｹ ｨｮ09ｨｨ010205ｨｨ, ｨｺｨ ｨｺ0602 ｨｺ0605ｨｨ ﾂ0209ｨｰ ｨｰ08ｨ ｨｪ ｨｨ 09 ｨｺｨ ｨｺ06ｨｦ 09ｨｨｨｪ010806ｨｪｨｪ0609ｨｰｨｹ06 09ｨｪｨｨ04ｨｨ05ｨｨ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ ｪ , ｨｪｨ, ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07, ｨｦ02ｨ 08ｨｨ07, 08ｨ ｨｪｨ 01ｨ, ｨｨ07, ｨｪｨｨ07, 02ｨ ｨｪｨｨ07, 0108ｨｮ00ｨｨ02 09ｨｰ08ｨ ｨｪ ｨｨ 05ｨｰ06ｨｬ 09ｨ ｨｬｨｨｨｬｨｨ ｨｰｨ 09ｨｺｨ 09ｨｪｨｨ03ｨ 05ｨ 09ｨｹ 04ｨ ｨｺ060806ｨｰｨｺ ｨｬ07 ｨｪ0209ｨｺ0605ｨｹｨｺ06 08ｨ ｨｬ02 ｨｰ060006, ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｺｨｮ0809ｨ ｨ 08ｨ ｨｨ ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｰｨｨ0005ｨｨ ｨ 0302ｨｪｨｨ07 06ｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨ 02ｨｨ07ｨｬ ｨ 08ｨ ｨｬｨｨ ｨｪｨｨ 08ｨ ｨ 06ｨｰ ｨｪｨｺ ｨｪｨｰ07ｨ ｨｪ ｨｬ02ｨｪｨｪ06 ｨ 0405ｨ ｨｰｨ ｨｪｨ ｨｪｨｨｨｰ0205ｨｹｨｪｨ 07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ 0804ｨｪｨｺｨｮ ｨｪ07ｨｰｨｨ07 07ｨ ｨｪｨｨｨｺｨｨ ｨｬ ｨｬ0603ｨｪ04ｨｬ ｨｺｨ ｨｪｨ 05ｨ ｨｬ. 06ｨ ｨｺ,

231 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 06ｨｰｨｺ ｨｨｨｪｨｨｨｨ ｨｮ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ0609 (030009, ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨｨｨ, 08ｨ ｨｪｨ 0104) ｨｪｨ 09ｨｮｨｬｨｬｨｮ 06ｨｺ ｨｬ , ｨｮ09ｨｬｨ ｨｰ08ｨｨ09ｨ 0903ｨｨ02 06ｨ ｨｬ02ｨｪ ｨｨ01 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 0506ｨｰ ｨｪｨ ｨ ｨｴ02 06ｨｺ ｨｬ ｨ ｨ ｨ ｨｪ ｨｨｨｪｨ ｨｪ090609ｨｮ06 09ｨｨ09ｨｰ02ｨｬｨｮ ﾂ ｨｺｨｮ07ｨｺｨｮ ｨｨ ｨ 0405ｨｨ ﾂｨｪ ｨｨｨｪｨ ｨｪ ｨ ｨｺｨｰｨｨ ｨ 03ｨｪ02ｨｦ03ｨｮ ｨｹ ｨ 05ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, 06ｨ ｨｲ02ｨｬ04 ｨｺ06ｨｰ ｨ 0405ｨｨ ｨｺ06 08ｨ 0903ｨｨ0802ｨｪ ｨｹｨｺ06 04ｨ ｨｪｨｰ07ｨ ｨ ｨｲ02ｨｬ ｨｮ , ｨｮ ﾂ02ｨｪｨｪ0401 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨｮ ﾂ ｨｨ09ｨｺ06ｨｪｨｰｨｪ ｨｺｨｪ0603, ｨｨ ｨｪｨｨ ｨｺｨ 04ｨ ｨｰ0205ｨｨ 06ｨ 04 ﾂｨｪ ｨｪ02ｨｦ ｨ ﾂ02ｨｬ (!) 08ｨ ｨｨ0609ｨｰｨ ｨｪ ｨｪｨｨ07 07ｨ 0102ｨｪｨｨ07 ｨｺｨｮ ｨ ｨｺ02ｨｨｨｦ ｨ 0405 ｨｨ ｨｹ040609ｨ ｨｪ ｨｨ ｨｬ ｨｪ02ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ04ｨｦ 03ｨ 00, 0709ｨｪ06 ｨｪ02 06ｨｰｨｪ060907ｨｴｨｨｨｦ0907 ｨｺ 0804ｨｪ06 ﾂｨｪ04ｨｬ ｨｬ02ｨｰ0601ｨ ｨｬ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07: ｨ 0405ｨｨ ｨ ｨｹｨｪ ｨｪ04 09ｨ ｨｬ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨｺ060806ｨｰｨｺｨｨｨｬ ｨ 02ｨｨ07ｨｬ ｨｰ060806ｨｪ04 09ｨ ｨｬｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ( ｨｪ ｨｨ 0108.) ｪ ｨｬ0208ｨ, ｨｺ ｨｺ06ｨｰ060806ｨｦ 0609ｨｪ0609ｨｪ06ｨｦ ｨｮ0507ｨｰ0608 ｪ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨ 07 ｨｺ06ｨｬｨｨ0909ｨｨ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 ｪ 06ｨｰｨｪ020905ｨ 09ｨｹ ｨｴ08ｨｨｨｰ0205ｨｹｨｪ06. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 00ｨｺ060806ｨｰｨｺｨｨ ｨ 02ｨｨｨｨ (ｨｰ ｨｨｨｪ07ｨｰｨｨ02 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09 ｨｪｨ ｨ 03ｨｮ ｨ ｨｮｨｬｨ 00ｨｨ ﾂｨ 09ｨｰ ｨｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺ06ｨｬ 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨｨｨ ｨｮ ｨ 0902ｨ ｨｨ 0706ｨｺｨｮ07ｨｺｨ ｨ ｨｰ02ｨｬ ｨｪｨ 0804ｨｪｨｺ ｨ ｨｪｨｨ04ｨｺ06ｨｦ 0202ｨｪ ｨｪ02ｨｪｨｨ07 05ｨｰｨｨ01 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09) ｨｰ ｨｪｨｨｨｬ ｨｨ ｨｪ ｨ 00ｨ 06ｨｴｨｨ ｨｬ02ｨｪｨｰ ｨｨｨｪｨ ｨｪ ｨｺｨｮ050702ｨｨｨｦ ｨｨ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ (ｨｨ ｨｺｨｰ ｨｬｨｮ05ｨｹｨｰｨｨ0705ｨｨ02ｨｨ08ｨｮ02ｨｰ ｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｰ09 ｪ 04ｨ 02ｨｬｨｪ ﾂｨ ). 0308ｨｨ ｨｨ ｨｪｨ 0706ｨｪｨｨ0302ｨｪｨｨ02 05ｨｰｨｨ ｨ 02ｨｨｨｨ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 06ｨｰ 0005ｨｮｨ ｨｨｨｪｨｮ 07ｨ 0102ｨｪｨｨ ｨｪｨｺｨ. 06ｨ ｨｺｨｨ ｨｬ ｨｨ0008ｨ 05ｨｨ ｨ 0605ｨｹ03ｨｮ ｨｹ 09 ｨｺｨ ﾂ0209ｨｰ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ07 08ｨ 0409ｨｨｨｰｨｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ. 00 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｨ05ｨｨ

232 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? ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ, ｨｪｨ ｨｺ06ｨｰ ｨｰｨ ｨｺｨｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ07 08ｨ ｨｰ08ｨ ｨｪ0705ｨｨ09ｨｹ ( ) 7. 01ｨ ｨｨ02 ｨｬ ｨｨ ｨｮ0507ｨｰ ｨ 09ｨｰ08ｨ ｨｪ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｨｨｨ (ｨｰｨ ｨ ). 07ｨｺｨ 0302ｨｬ, ﾂｨｰ ﾂ02ｨｪｨｪ0609ｨｰｨｹ ｨｬｨｪ0600ｨｨ ｨｮ01ｨ 0809ｨｰ09 09 ｨｬ020309ｨｰ08ｨ ｨｪ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ02ｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ06 ｨｪ04ｨｪ0203ｨｪｨｨｨｦ ｨｬｨ 0903ｨｰｨ ｨ ｨ 0502ｨｬ 09ｨｰ0605ｨｹ ｨｹ020402ｨｪ, ﾂｨｰ ｨｨ ｨｪｨｨ07 ﾂｨ 09ｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨｬ0209ｨｰｨｪ0402 ｨｮ09ｨｨ05ｨｨ07 ｨｪｨ 0609ｨｪ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 03ｨｨ0806ｨｺ ｨｨｨ 07ｨ 0406ｨｪｨ ｨｬ ｨ 09ｨｰｨｮｨｴｨ ｨｹ ｨ ｨｺ02ｨｨｨｦ 00ｨ 0903ｨｰｨ ｨ 04 ｨｨ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ 0804ｨｪｨｺｨ ｨ ｨｺ02ｨｨｨｦ ｨ ｨ 05ｨｨ ｨｰ02ｨｪ02ｨｨｨ 05ｨｹｨｪ04ｨｬ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ06ｨｬ ｨｺ08ｨｨ04ｨｨ ｨｰｨ ｨ ｨｨ0906ｨｺ ｨｰ ｨｨ04 19 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｨ 09ｨｺ0506 ﾂｨ 05: 1 BNP Paribas Securities Corp. 2 Bank of America Corporation HSBC Holdings PLC ADS 12 J. P. Morgan Chase & Co 3 Barclays PLC 13 Lehman Brothers Holdings Inc. 4 Citigroup Inc. 14 Merill Lynch & Co., Inc. 5 Credit Suisse Group 15 Mizuho Financial Group, Inc. 6 Daiwa Securities Group Inc. 16 Morgan Stanley 7 Deutsche Bank Group AG 17 UBS AG 8 Allianz SE 18 Freddie Mac 9 Goldman, Sachs Group Inc. 10 Royal Bank ADS 19 Fannie Mae

233 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 0502ｨｬｨ 09ｨｰｨ 05ｨ ｨ 02ｨｪｨｪ06 04ｨｪｨ ﾂｨｨｨｬ06ｨｦ 0708ｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨｨｨ ｨｨ 05ｨｰ ｨｪｨｺｨ ｨｺｨ ｨｺ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ﾂｨｰ06 09ｨｰｨ ｨｰ ﾂ02ｨｰ05ｨｨ ｨｰｨｬ02 ﾂｨ ｨｰｨｹ0907 ｨｺ ｨｨｨｪ (08ｨｨ ). 04ｨｨ ｨｰ06 ﾂｨｪｨｨｨｺｨｨ ｨｰ09 ﾂｨ 09ｨｰｨｪ0401 ｨｪ0200ｨｨｨｪｨ ｨｪ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｦ ｨｪｨｨｨｨ ｨｨ (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: 09ｨ ｨｪｨｺ ｨｪｨｨｨｨ; U.S. Fed ｨｨ ﾂ02ｨｪｨｨ02 ｨｪ ｨｺｨ 04ｨｮ02ｨｬ0609ｨｰｨｨ 05ｨｰ ｨｪｨｺｨ 09ｨｰｨ ｨｴ02 ｨ ﾂ0209ｨｨ01ｨｪ04ｨｬ ｨｰ06ｨｬ ｨｨ ｨｪｨ ｨｪ02ｨｬ 09ｨｪ0203ｨｪｨｨ01 ｨｨｨｪ090209ｨｰ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ02 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ ｨ 0405ｨｨ 0601ｨｪｨｨｨｬｨｨ ｨｨ04 ｨｰ0201, ｨｺｨｰ ｨC ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ06 ｨ 0409ｨｰ ｨｰｨ 05ｨｨ ｨｪｨ 08ｨ ｨｴｨｨ09ｨ ｨｰｨｹ ｨｨ ｨｰ000205ｨｨ ｨ ｨｺ02ｨｨｨｦ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01 (08ｨｨ ). 0906ｨｰ ｨｨ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｪｨｨｨｨ 04ｨ 08ｨｮｨ ｨ ｨｹ 08ｨ 0405ｨｨ ﾂｨｪ ｨｨ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00, ｨｨｨｬ02ｨｪｨｪ06 ｨ ｨｺ02ｨｨｨｨ ｨｪｨ ｨｨｨ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｮ090205ｨｨ ﾂｨｨ05ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｰ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ (08ｨｨ ). 01ｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺ02 ｨ ｨｺ02ｨｨｨｦ ｨｪ ｨｨ0102ｨｪｨｰ04 ｨｨ0008ｨ 06ｨｰ ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06 ｨ 0605ｨｹ03ｨｮ ｨｹ (ｨｬ ｨｨ05ｨｨ 06ｨ 05ｨｰ06ｨｬ ). 06ｨｰｨ 09ｨｨｨｰｨｮｨ 02ｨｨ07 ｨｮ09ｨｮ00ｨｮｨ ｨｰ0907 ｨｰｨ ｨｺ0302 ｨｰ02ｨｬ, ﾂｨｰ06 ｨｨ ｨｰｨ 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 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｹ 09ｨｪ0203ｨｪ

234 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 ｨｨｨｪｨ ｨｬｨｨｨｺｨ 06ｨ ｨｲ02ｨｬｨ 04ｨ 08ｨｮｨ 0203ｨｪ0401 ｨ ｨｺ02ｨｨｨｦ ｨｮ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ ｨ ｨｰ020502ｨｦ (ｨｰ0805ｨｪ )* * ｨｰ0607ｨｪｨｨ06 ｨｪｨ ｨｺ06ｨｪ ｨ. 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: NBER, June 2006; U.S. Department of Treasury; FRS of New York, Dec. 2005, Dec ｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 04ｨ 08ｨｮｨ 0203ｨｪ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 ｨｮ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ ｨｨ0102ｨｪｨｰ0609 (ｨｬ )* * ｨｰ0607ｨｪｨｨ06 ｨｪｨ ｨｺ06ｨｪ ｨ. 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: U.S. Department of Treasury, FRS of New York, Dec. 2005, Dec

235 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ 0006ｨｪ01ｨｨ080609ｨ ｨｪｨｨ ｨｺｨ. 0308ｨｨ ﾂ02ｨｬ ｨｺ08ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ 09ｨ 03ｨｪ06 ｨｰ06 06ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ0906, ﾂｨｰ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ ｨｪ02ｨｬｨｮ 0609ｨｪ ｨ 02ｨｰ0907 ｨｪｨ 0708ｨｨｨｰ06ｨｺ02 09ｨ 0506ｨｰ04, ｨ ｨｪ02 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ 01 (06ｨ 05ｨｰ06ｨｬ ｨｬ ｨ ｨｪ ｨｨ05ｨｨ ), ﾂｨｰ06 ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ 08ｨｨ09ｨｺｨｨ 09ｨｪ0203ｨｪｨｨ ｨｺ0609, ｨｮ09ｨｨ05ｨｨ09ｨ 07 ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ 0006ｨｪ ｨｪｨｺｨ ｨｨ ﾂ02ｨｬ ｨｨ ｨｬ ｨｺ08ｨｨ04ｨｨ09 ｨｪ0209ｨｺ0605ｨｹｨｺ06 09ｨｪｨｨ04ｨｨ05 06ｨ ｨｲ02ｨｬ ｨｨ ﾂ02ｨｪｨｨ ｨｨｨｦ09ｨｺｨｨｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ ｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨ 01, ｨｰ ｨｺｨｮ07ｨｪｨ ｨｪ0203ｨｪ ｨｪ01ｨｨ080609ｨ ｨｪｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ ｨｺｨｰ0608ｨ 0609ｨｰｨ 09ｨ 05ｨ 09ｨｹ ｨｺ06ｨｦ (08ｨｨ ). ｨ ) 09ｨｪ0203ｨｪｨｨｨｦ ｨｨｨｦ09ｨｺ ﾂｨ 09ｨｰｨｪ ｨｺｨｰ0608ｨ (ｨｬ ) ｨ ) ｨｰ09 ｨｪ ｨｨ0102ｨｪｨｰ ｨ 0909ｨｨ09ｨ ｨｨｨｦ09ｨｺ ｨ ｨ ｨｪｨｺ060909ｨｺ ｨｺｨｰ0608ｨ (%) 04ｨｨ ｨｰ09ｨ, 0708ｨｨ ﾂ02ｨｪｨｪ ｨｪ0203ｨｪｨｨ ｨｪｨｺ ｨｰ06 ﾂｨｪｨｨｨｺ:

236 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? 0308ｨｨ 05ｨｰ06ｨｬ ｨｮ ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨ 0605ｨｹ03ｨｮ ｨｹ ｨｪｨ 0804ｨｪｨｺ02 ｨｨ0008ｨ 06ｨｰ ｨｪ ｨｨ0102ｨｪｨｰ04, ｨｮｨｺｨ 0302ｨｬ, ﾂｨｰ ｨｪｨｨ01 09ｨ 03ｨｪｨ 09ｨｰｨ 09ｨｺｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 09 ｨｨ01 09ｨｰ08ｨ ｨｪｨ 01, 06ｨｰｨｺｨｮ01ｨ 06ｨｪｨｨ 0708ｨｨ090502ｨｺｨ 06ｨｰ ｨｮ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｰ06ｨｬｨｮ 01ｨ ｨｨ ｨｪｨ 03ｨ 09ｨｰｨ 09ｨｺｨ ｨｨ 04ｨ 08ｨ ｨ 06ｨｰｨ 02ｨｰ, ｨｰ ｨｺｨｰ ｨ ｨｮ0102ｨｰ 08ｨ 04ｨｬ0409ｨ ｨｰｨｹ0907 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬ ｨｮ ﾂｨ 09ｨｰｨｨ02ｨｬ. 06ｨｰ06 ｨｰ02ｨｬ ｨ ｨｴｨｮｨｰｨｨｨｬ06, ｨｺ060001ｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ 08ｨ 0409ｨｨｨｰ04 ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｨ ｨ o05ｨｹ03ｨｮ ｨｹ ｨｪｨ ﾂｨｨｨｪｨ 06ｨｰ 0708ｨｨ06ｨ 0802ｨｰｨ ｨｰｨｹ 09ｨｪ0203ｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｪｨ ｨｺ06ｨｰ ｨｨ08ｨ 02ｨｰ ｨｨｨｦ09ｨｺｨｨｨｦ ｨ ｨｨ04ｨｪ0209, 09ｨｪ0203ｨｪｨｨｨｦ ｨｺ06ｨｰ ｨｰ0607ｨｪｨｪ06 08ｨ 09ｨｰ02ｨｰ ｨｨ 09 05ｨｰｨｨｨｬ ｨｪｨｨｨｺｨ 06ｨｰ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｨ09ｨｰ02ｨｬｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｮ09ｨｨ0502ｨｪｨｨ07 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ ｨｬｨｨ080609ｨ ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ 09 09ｨｰ08ｨ ｨｪ ｨｰ060006, 03ｨ 00ｨｨ 09 05ｨｰ06ｨｬ ｨｪｨ 0708ｨ ｨｪｨｨｨｨ ｨｮ09ｨｨ0507ｨｰ ｨｹ ｨｬ020301ｨｮ 0006ｨｪ ｨｬ 0804ｨｪｨｺ06ｨｬ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｮ ｨｹ ｨｪ ｨ ｨｰｨｹ ｨｮ09ｨｰｨ ｨｪ ｨｪｨｨ02 ｨ ﾂ02ｨｰｨｺｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｨ02ｨｪｨｰｨｨ ｨｪｨ 09ｨ ｨｬ06ｨｬ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｮ02ｨｰ ﾂ02ｨｰｨｺｨ 07, 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ 06ｨ 0609ｨｪ0609ｨ ｨｪｨｪｨ 07 01ｨｨ09ｨｨ0102ｨｪ01ｨｪｨ ｨｨｨｰｨｨｨｺｨ, ｨｺ06ｨｰ0608ｨ 07 ｨ 0405ｨ ｨ ｨ ｨｪｨ ｨ 05ｨｹｨｪ04ｨｬｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 0706ｨｺｨ 04ｨ ｨｰ020507ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ 06ｨｰ08ｨ 03ｨ 05ｨ ｨ 04 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｨ09ｨｺｨｨ. 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 09 ｨｪ04ｨｪ0203ｨｪｨｨ01 ｨｮ ｨｨ ｨｪ ｨｰｨ ｨ ｨｺ02ｨｨｨｦ, 0708ｨｨ ｨｰ06ｨｬ ﾂｨｰ06 02ｨｴ02 ｨｪ02 ｨｮ09ｨｰ060705ｨ 09ｨｹ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 09ｨ ｨｬ ｨｪｨｺｨ, 01ｨｨ09ｨｨ0102ｨｪ01ｨｪｨ ｨｨｨｰｨｨｨｺｨ ｨｨ0008ｨ 02ｨｰ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｬｨ ｨｪｨ ﾂｨｨｨｬｨｮ ｨｹ 0708ｨｨ 0708ｨｨｨｪ07ｨｰｨｨｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｪｨｨｨｦ. 06ｨｰ06 09 ｨｨｨｰ ｨ 02ｨｰ 0006ｨｪ ｨｦ 0804ｨｪ06ｨｺ 02ｨｴ02 ｨ 0605ｨｹ ｨｴｨｹ ｨ 0203, ｨ ｨｹ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ ｨｨ 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｨｨｪ01ｨｨｨｺｨ ｨｰ0608ｨ ｨｬｨｨ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ02 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ﾂ02ｨｰｨｺ ｨｬｨ 05ｨｨ040609ｨ - 238

237 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨｪｨ ｨｪｨ ｨｺ02 02ｨｨ0008, ﾂｨｰ06 05ｨｨ03ｨ 02ｨｰ ｨｨｨｪ090209ｨｰ ｨｪ0206ｨ ｨｨｨｬ ｨｨ02ｨｪｨｰｨｨ ｨｮ ﾂ02ｨｰ06ｨｬ ｨｪ ｨｪｨｺｨｨ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨｺ02ｨｨｨｦ, ｨ ｨｰｨ ｨｺ ｨｨ09ｨｨ0102ｨｪ01ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｰｨｪ060302ｨｪｨｨ02 P/E ｨｨｨｦ09ｨｺ ｨｪｨｺｨ ｨｪｨ ｨｨｨｰ0907 ｨｪｨｨ0302 ｨｮ080609ｨｪ07 ｨｬｨｪ0600ｨｨ01 09ｨｰ08ｨ ｨｪ (08ｨｨ ), 06ｨｰ08ｨ 03ｨ 07 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｬ0603ｨｪ0402 ｨ ｨｺｨｨ02 08ｨｨ09ｨｺｨｨ 0804ｨｪｨｺｨ 8. 04ｨｨ Price-Earning ratio (04/03) ｨｰ08ｨ ｨｪ (060202ｨｪｨｺｨｨ) 0609ｨｰ06 ﾂｨｪｨｨｨｺｨｨ: The Economist, Oct. 2010; Morgan Stanley, Feb ｨ 04ｨｰｨｨ ｨｰ ｨｬ0603ｨｪ06ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｪ ｨｪｨｨｨｦ ｨｪｨ ｨ ｨ 05ｨｹｨｪ06ｨｬ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｨ ｨｪｨ 08ｨ ｨｪｨｪｨｨ01 05ｨｰｨ 07ｨ ｨ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ, ｨｺｨ ｨｺ 0708ｨ 09ｨｨ0506, ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07 ｨｪｨ 0006ｨｪ ｨｪｨｺｨ 01 08ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ ( ｨｮ06 06 ﾂ ｨｹ ) 0908ｨ 04ｨｮ ｨｰ08ｨ 03ｨ 05ｨｨ09ｨｹ 8 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ ｨｨ ﾂｨｨｨｪｨ, 06ｨ 08ｨ ｨｰｨｪｨ 07 04ｨｪｨ ﾂ02ｨｪｨｨ06 04/03, 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0706ｨｺｨ ｨ 02ｨｰ ｨｮ ｨｪｨｹ ｨｪ0609ｨｰｨｨ 01ｨ ｨｪｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ (ｨｰ.02. ｨｰ06, ﾂ02ｨｬ 09 ｨ 0605ｨｹ0306ｨｦ 09ｨｰ020702ｨｪｨｨ 08ｨｮｨｺ ｨｰ09ｨｮ02ｨｰ0907 ｨｨｨｪ090209ｨｰ ｨｨ 0708ｨｨｨｪ07ｨｰｨｨｨｨ ｨｪｨｨｨｦ 06 08ｨ 04ｨｬ02ｨｴ02ｨｪｨｨｨｨ ｨｰ09) ｨｪｨ 0804ｨｪｨｺ02, ｨｬ0603ｨｪ ｨ ｨｰｨｹ , ﾂｨｰ06 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪｨ ｨｪ0609ｨｰｨｹ ｨｨｨｦ09ｨｺｨｨ01 ｨ ｨｺ02ｨｨｨｦ ｨ ｨｺｨ, ﾂ02ｨｬ ｨｪｨ 0108ｨｮ00ｨｨ ｨｪｨｺｨ 01 ( ｨｰｨ ｨｨ ﾂｨｨｨｪｨ ｨｬ ｨｺ ｨｪ01ｨｨ08ｨｮ02ｨｰ ｨｪ0609ｨｰ07ｨｬｨｨ 0108ｨｮ00ｨｨ01 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｨ, ｨｺｨ ｨｺ ｨｮ02ｨｰ ｨｨ ｨ 00ｨｨｨｺｨ, ｨｰｨ ｨｰ 0708ｨｨｨｬ0208ｨｪ06 7ｨC10%). 239

238 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 0609ｨｰｨ 05ｨｹｨｪ06ｨｬ ｨｬｨｨ0802, ｨｰ06 ｨｪ02ｨｺ06ｨｰ ｨｪｨｨ ｨｨｨｬ ｨｰ ｨｨｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ02 ｨｪ02ｨｺ06ｨｰ060806ｨｦ ｨ 09ｨｰ06ｨｪ06ｨｬｨｪ0609ｨｰｨｨ 0006ｨｪ ｨｪｨｺ0609 ｪ ｨｺ060001ｨ 07ｨ 0102ｨｪｨｨ02 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺｨｨ01 ｨ ｨｺ02ｨｨｨｦ ｨｪ ｨ 06ｨｰ08ｨ 03ｨ ｨｹ, ｨｪｨ 0708ｨｨｨｬ0208, ｨｪｨ ｨ 04ｨｨｨ ｨｰ09ｨｺｨｨ01 ｨｨ05ｨｨ ｨｨｨｦ09ｨｺ06ｨｬ 0804ｨｪｨｺｨ 01, ｨ ｨｬｨ ｨｦ ｨｰ09 ｨｨｨｪ090209ｨｰ ｨｨ04 ｨ ｨｺ02ｨｨｨｦ 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ (ｨｪｨ 0708ｨｨｨｬ0208, 09 ｨｺ06ｨｪ ｨｰｨ ) ｨｺｨ 09ｨ ｨｪ0609ｨｪ06ｨｬ 05ｨｨ03ｨｹ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｰ060001ｨ ｨｺｨ ｨｺ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ02 ｨｨｨｪ090209ｨｰ060804, ｨｬ0603ｨｪ06, ｨｪｨ ﾂｨ 05ｨｨ ｨｨ09ｨｺｨ ｨｰｨｹ 0804ｨｪｨｺｨｨ ｪ 00ｨｮｨ 0203ｨｨｨｴｨ ｨ ｨｪ02ｨｪｨｨ ｨｨ01 ｨ ｨｺｨｰｨｨ ｨｨ 0609ｨｰｨ 09ｨｨ05ｨｨ ﾂｨ 09ｨｰｨｹ ｨｨ ｨｮ ｨｪｨ 0804ｨｪｨｺ02. 06ｨｰｨｨ ｨｪｨｨ07 ｨｪ0609ｨｨ05ｨｨ ｨｺ08ｨ ｨｰｨｺ ｨｬ02ｨｪｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, ｨｨ ｨ ｨｰ060006, 09ｨ ｨｬｨ ｨｺ06ｨｪ ｨｨ07 00decoupling03 09ｨｰｨ 05ｨ ｨｬ ｨ 08ｨｨ09ｨ ｨｰｨｹ ｨｬ ｨｪ02 ｨｬ02ｨｪ0202, ｨｨ 05ｨｰｨｨ ｨｪｨｨ07 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨ ｨｮ01ｨｮｨｰ 0708ｨｨ06ｨ 0802ｨｰｨ ｨｰｨｹ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208, ｨｰ06 05ｨｰ06 ｨｮ090205ｨｨ ﾂｨｨｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪ ｨｪｨｺｨ ｨｨ ｨ 02ｨｰ ｨｬ0603ｨｪ04ｨｬ ｨ ｨｪｨｨ02 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ ｨｰ ｨｪｨ 0609ｨｪ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪｨｺ0609, ｨｮｨｬ02ｨｪｨｹ03ｨ 06ｨｴｨｨ01 08ｨｨ09ｨｺ ｨ ｨ 05ｨｹｨｪ ｨ 0102ｨｪｨｨ ｨｬ. 08ｨｪｨ ｨｨ ﾂｨｪｨ 07 ｨ 09ｨｰ06ｨｪ06ｨｬｨｪ0609ｨｰｨｹ ﾂｨ ｨｴ ｨｬ ｨｨ09ｨ 05ｨ 09ｨｹ ｨｨ 09 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｰ02ｨｪ0102ｨｪ02ｨｨ0701, ﾂｨｰ ｨｨ ﾂ ｨ ｨｲ0709ｨｪ0702ｨｰ ｨｪｨｨ02ｨｬ 04ｨｪｨ ﾂ02ｨｪｨｨ07 00ｨ ｨｺｨｰ ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ, 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ02ｨｦ ｨｰｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｨ ｨｪ060904ｨｬｨｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ ｨｬｨｨ ｨｰｨ. 05ｨ ｨｬ 00ｨ ｨｺｨｰ ｨｪｨｨ07 ｨｰｨ ｨｺｨｨ01 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｦ ｨ 09ｨｰ06ｨｪ06ｨｬｨｨ04ｨ 02ｨｨｨｨ 0804ｨｪｨｺ0609 ｨｨ ｨ ｨｪ02ｨｪｨｨ07 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｪｨｨｨｦ 09 ｨｰ02 ﾂ02ｨｪｨｨ ｨｪｨｪ ｨｬ02ｨｪｨｨ 04ｨ 0905ｨｮ03ｨｨ09ｨ 02ｨｰ 09ｨｪｨｨｨｬｨ ｨｪｨｨ07 ｨｨ ｨｬ060302ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ｨｪ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｬｨｨ08ｨ. 0602ｨｬ ｨ ｨｮ ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨｰ02ｨｪ0102ｨｪ02ｨｨ ｨ 09ｨｰ06ｨｪ06ｨｬｨｨ04ｨ 02ｨｨｨｨ ｨｬ060302ｨｰ 09ｨｰｨ ｨｰｨｹ ｨ ｨｰ ﾂ02ｨｰ05ｨｨ0906ｨｦ, ｨｨ 09 ｨｮ ｨｨ0701 ｨｪ ｨｨ09ｨｺ0609 ｨ ｨｮ01ｨｮｨｰ ｨｮ09ｨｨ05ｨｨ09ｨ ｨｰｨｹ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ09ｨｰ09ｨｺｨｨ02 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｨ 08ｨ 0903ｨｨ0807ｨｰｨｹ0907 ｨｬ

239 130806ｨｪ ｨｦ 0804ｨｪ06ｨｺ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｨ0302ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ , ｨ ｨｰｨｺｨｨ 00ｨｬｨｨ ｨ ｨｴ0209ｨｰ09ｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ ｨｪｨｨ07 ｨｰｨ ｨｺｨｨ01 ｨｬ0208 ｨ ｨｮ01ｨｮｨｰ ｨ 0204ｨｮ ｨｪ ｨｰ06 02ｨｴ02 ｨ 0605ｨｹ ｨ 02ｨｰ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ0609ｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ. 00ｨ 03ｨｪ06 09ｨｨ09ｨｰ02ｨｬｨｪ ｨｪｨｨ02 04ｨ 01ｨ ﾂ ｨｪｨｨ07 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨｰｨ 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, ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｨｨｪｨ ｨｪ ｨｮ , ｨ ｨ 06ｨｰｨｺｨｨ ｨｺｨｰｨｨ09ｨｪ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ. 00ｨ 03ｨｪ02ｨｦ03ｨｨｨｬ ｨｬ02ｨｪｨｰ06ｨｬ ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｪ06 ｨ 04ｨｰｨｹ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ07 00ｨｨｨｪｨ ｨｪ ｨｮ , ﾂｨｰ06 ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰ 09ｨｰ020702ｨｪｨｹ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ ｨｬｨｨ ｨｦ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ0804 ｨｨ ｨ 09ｨｰ ｨｪｨｨｨｰ0205ｨｹｨｪ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ02 ｨｰ06 ﾂｨｺｨｨ ｨ ｨｮ01ｨｮｨｴ ｨ 0409ｨｨｨｰｨｨ07.

240 ｨｪｨｺｨｨ, 06 ﾂ0209ｨｨ01ｨｪ06, ｨ 06ｨｰ ｨｹｨｬｨ ｨｪｨ ｨｪｨｪ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｨ ｨｴ ｨｬ06ｨｰ0807 ｨｪｨ ｨｪｨ ｨｬ02 ﾂｨ 06ｨｴｨｨｨｦ ｨｬ 09 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ0401 ｨｰ02ｨｪ0102ｨｪ02ｨｨ0701 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ (ｨｪｨ ﾂｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨｬ ｨｪｨｪ0602 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ07, ｨ ｨｪ ｨｪｨｨ02 05ｨｬｨｨ0909ｨｨｨｨ 0202ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00), ｨｦ ｨｺ ｨｪｨｪ0401 ｨｨｨｪ01ｨｨｨｺｨ ｨｰ , ｨｺ06ｨｰ ｨ 04 ﾂｨｪ ｨｰ ｨｦ ｨｨ ｨｰ08ｨ 02ｨｨ02ｨｦ 0802ｨ 05ｨｹｨｪ ｨｪｨ 09ｨｰ080602ｨｪｨｨ07 ｨｨｨｪ090209ｨｰ , ｨｰ 06 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｨ01ｨ ｨｪｨｨ0701 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ. 0709ｨｰ06ｨｦ ﾂｨｨ0906 ｨｪｨ ｨ ｨ 02ｨｰ ｨｰ ｨｺ06ｨｰｨｨ ｨｺ ｨｰｨ ｨｨ ｨ 08ｨ, ｨｺ06ｨｰ ｨ ｨｹ06ｨｰ 0202ｨｪ ｨｺ , 06ｨｰ08ｨ 03ｨ ｨｺｨｮ06 ｨｪ02ｨｮ ｨｪｨｪ0609ｨｰｨｹ ｨｨｨｪ090209ｨｰ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｺｨｰｨｨ09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｨ ｨ ｨｪｨｨ02 ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｰｨｹ ｨｨ ｨｰ09ｨ 09 ｨｪｨ ｨｨｨｬ02ｨｪ ｨｨ09ｨｺ ｨ ｨｺｨｰｨｨ ｨｮ ｨｨ0701 ｨｨ04ｨ 04ｨｰｨｺｨ ｨ ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ 08ｨｨ09ｨｺｨ ｨ ｨｬ ｨ 08ｨ ｨｨ ｨｦ 09ｨ 0506ｨｰｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ 08ｨ 09ｨｰｨｨ ｨｹ ｨｦ02ｨ

241 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 09ｨｺ ｨ ｨｪｨｺｨ, ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06ｨｦ 0009ｨ 0506ｨｰ04-ｨｮｨ 0203ｨｨｨｴｨ ｨｬ02ｨｪｨ ｨｺ08ｨｨ04ｨｨ (08ｨｨ ). ｨ ) ｨｮｨｺ ｨｪｨｨ ｨｦ02ｨ 0809ｨｺ ｨ ｨｪｨｺｨ ｨｺ ｨｨ ｨ 08ｨｮ (ｨｨ0605ｨｹ ｪ 0902ｨｪｨｰ07ｨ 08ｨｹ ) 04ｨｨ ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｪｨｪ ｨ 0502ｨｬ04 ｨｪｨ 0804ｨｪｨｺ02 ｨｨ0706ｨｰ02ｨｺｨｨ ｨｰｨ ｨｺ ｨ 06ｨｰ 08ｨｨ09ｨｺｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0609ｨｰ0802ｨｪｨｨｨｦ. 01ｨｨ04ｨｺ ｨ ﾂ02ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ ｨ ｨ ｨｬｨｨ (090606ｨｰｨｪ060302ｨｪｨｨ02 LTV ｪ loan-to-value) ｨ ｨｪ0702ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨ ｨｮ01ｨｮｨｴｨｨ ｨｰ0609 ｨｨ ｨｨ09ｨ 02ｨｰ 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 (060906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0907). 0906ｨｰ07 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ ｨｨｨｪｨｨｨｬｨ 06ｨｰ0907 ｨｬ ｨｺｨｨ ｨｨ0706ｨｰ02 ﾂｨｪ ｨｪｨｺｨ (09ｨｺ0506 ﾂｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨ 03 ｨｺ080201ｨｨｨｰ ｨｪ ｨｰｨ ｨｰ06 ﾂｨｪ04ｨｬ 06ｨ ﾂ02ｨｪｨｨ02ｨｬ), ﾂｨｰ06 ｨｬ060302ｨｰ ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨｮ090706ｨｺ06ｨｨｨｰｨｹ 0804ｨｪ06ｨｺ, 09 ｨ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｬ 0705ｨ ｨｪ ｨｮ02ｨｰ 0706ｨｬｨｪｨｨｨｰｨｹ, ﾂｨｰ ｨｺ ｨｺ08ｨ ｨｴ02ｨｪｨｨ02 ｨ ｨｺ- 243 ｨ ) 0202ｨｪｨ ｨ 08ｨ ｨｨ ｨｰｨ ( /ｨｰ08. ｨｮｨｪ02., = 100)

242 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 ﾂ02ｨｪｨｨ02 ｨｺ080201ｨｨｨｰ ｨ ｨ ｨｬｨｨ (LTV, %) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF. 04ｨｨ S&P Case-Shiller ｨｨ ｨｪ ｨｰ06 ﾂｨｪｨｨｨｺ: US department of Housinq and Urban Development; US department of Treasury. Sept ｨｰｨｨ ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ09, ｨ ｨｪｨｪ0602 ｨｺ08ｨｨ04ｨｨ0906ｨｬ, ｨｬ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ ｨｪｨｨ ﾂｨｨ09ｨ 02ｨｰ ｨｨ0706ｨｰ02 ﾂｨｪ04ｨｦ

243 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 04ｨｨ ｨｰｨｰ06-ｨ ｨｺｨｰｨｨ ｨｬｨ 03ｨｪｨｨ ｨｦ09ｨｰ * (ｨｰ0805ｨｪ ) * ｨｪ ｨ ｨｰ06 ﾂｨｪｨｨｨｺ: US Fed ｨｰ 08ｨ ｨｨ 09 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｬｨｨ ｨｬ0208ｨ ｨｬｨｨ ｨｮ09ｨｨ05ｨｨ09ｨ 02ｨｰ ｨ 0502ｨｬ04 ｨ ｨｰｨｪ ｨｨ02ｨｨｨｰ0609 ｨｨ ｨ ｨｪ0604ｨ ｨｬ, 01ｨ ｨｮ ﾂ02ｨｰ06ｨｬ ｨｪｨ ｨｬ02ｨｰｨｨ090302ｨｦ0907 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｺ ｨｰｨ ｨｪ ｨｪｨｨ06 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06- ｨ ) ｨｪ ｨ ｨ 05ｨｹｨｪ ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ09ｨ, ｨ ｨｪｨｪ04ｨｦ 0106 ｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ * 245 ｨ ) ｨｨ02ｨｨｨｰ ｨ 05ｨｹｨｪ ｨ ｨｰｨ 04ｨｨ : ｨｨ ｨ 05ｨｹｨｪ04ｨｦ ｨ ｨｰ (% ｨｺ ) * ｨｪ ｨ ｨｪ ｨｺ ｨｨ 07ｨｪ ｨｰ06 ﾂｨｪｨｨｨｺ: Hearings in Financial Crisis Inquiry Commission, January 13, 2010; Congressional Budget Office.

244 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? ｨｬｨｨｨｺｨｨ ｨｨ02ｨｨｨｰ ｨｪ ｨｪ02ｨｰ0907 ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｬｨｮ ｨｮ080609ｨｪ06 ｨｺ ｨｰ0605ｨｹ 0302 ｨｪｨ 09ｨｰ0608ｨ 03ｨｨ09ｨ 06ｨｴ02ｨｦ ｨｨｨｰ ｨｪｨｺｨ ｨｺｨｰｨｨ ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ09ｨ 08ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ (08ｨｨ ｨ, ｨ ). ｨ ) ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨ ) ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨｨ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨ 04ｨｪ ｨｰ08ｨ ｨｪ (% ｨｺ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: IMF. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪｨ ｨ 05ｨｨ03ｨ ｨｦ03ｨｨｨｦ ｨｮ ﾂｨ ｨｨ010601ｨｨｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪｨ 07 09ｨｮｨｬｨｬｨ 0705ｨ ｨｰ020302ｨｦ ｨｮ. 08ｨｨｨｪｨ ｨｪ ｨ 0502ｨｬ ｨ 09ｨｰ08ｨ ｨｪ (060805ｨ ｨｪ01ｨｨｨｨ, ｨｰｨｮ00ｨ 05ｨｨｨｨ, ｨｨｨｨ ｨｨ 0108.) 09 ｨｮ ｨｨ ｨ 0506ｨｰｨｪ06ｨｦ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 04ｨ 09ｨｰｨ 09ｨｨ05ｨｨ ｨ ｨｺｨｰｨｨ09ｨｪ06 06ｨ 09ｨｮ0301ｨ ｨｰｨｹ ｨ ｨｮ01ｨｮｨｴ ｨｨｨｪ06ｨｦ ｨｦ09ｨｺ06ｨｦ 09ｨ 0506ｨｰ04. 05ｨｺ0605ｨｹ 0005ｨｮｨ 06ｨｺｨｨ ｨ ｨｮ01ｨｮｨｰ ｨ 0502ｨｬ04 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨｨ ｨｪｨ 09ｨｺ0605ｨｹｨｺ ｨ 05ｨｹｨｪ06 06ｨｪｨｨ 06ｨｰ08ｨ 0407ｨｰ0907 ｨｪｨ 09ｨｮ01ｨｹｨ , 06ｨ 09ｨｮ0301ｨ ｨｰｨｹ ｨ ｨｪ0609ｨｰ ｨｦ ﾂｨ 09 ｨｪｨ ｨｪ0602 ｨｪ02 246

245 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 ｨｨｨｬ0202ｨｰ 09ｨｬ040905ｨ, ｨｺ0605ｨｹｨｺｨｮ 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｰｨ ｨｰ06 ﾂｨｪ06 01ｨｨｨｪｨ ｨｬｨｨ ﾂｨｪｨ ｨｨ ｨ 0409ｨｰ0806 ｨｬ02ｨｪ0702ｨｰ ｨｪｨ ｨｺ ｨｰｨ ｨｰ0907, ﾂｨｰ06 ｨｺｨ ｨｺ 0708ｨｨ ｨ ｨｪｨｨｨｨ ｨ 06ｨｴｨｨｨｬ ｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｦ 00ｨ ｨｺｨｰ0608, ｨ ｨｪ02 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ, ｨｰｨ ｨｺ, ｨｰｨｪ06, ｨ ｨｮ0102ｨｰ ｨｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ. 0308ｨｨ ｨｰ06ｨｬ, ﾂｨｰ06 09 ｨｺ06ｨｪ ｨ 0409ｨｨｨｰｨｨ02 ｨｨｨｪｨｰ020008ｨ 02ｨｨ06ｨｪｨｪ ｨｰｨｨ ｨｰｨ ｨｰ06 ﾂｨｪ ｨｮ080609ｨｪ07, 05ｨｰ06 ｨｰ02ｨｬ ｨｪ02 ｨｬ02ｨｪ0202 ｨｪ02 ｨｮ09ｨｰ08ｨ ｨｪ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ 0405ｨｨ ﾂｨｨｨｦ, ｨｺ06ｨｰ ｨｰｨｬ02 ﾂｨ 05ｨｨ09ｨｹ ｨｬ020301ｨｮ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ (ｨｪｨ 0708ｨｨｨｬ0208, ｨｬｨ ｨｪｨｨ07 ｨｨ 0808ｨ ｨｪ02ｨｨ ｨｪ06ｨｦ 09ｨｰ060806ｨｪ04 ｨｨ ｨｨ07 ｨｨ ｨｰｨｮ00ｨ 05ｨｨ07 ｪ ｨｮ0006ｨｦ) ｨ 05ｨｹｨｪ06ｨｦ 00ｨｮｨｪｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ ｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ (ｨｺ06ｨｰ0608ｨ 07 ｨ 0405ｨ ｨ 04 09ｨ 03ｨｪｨ ｨｺｨｰｨｨ09ｨｪ06ｨｦ ｨｨｨｪｨｰ020008ｨ 02ｨｨｨｨ) 05ｨｰｨｨｨｬ 09ｨｰ08ｨ ｨｪｨ ｨｬ 02ｨｴ ｨｰ ｨｦｨｰｨｨ ｨ 0605ｨｹ0306ｨｦ 07ｨｮｨｰｨｹ. 0201ｨｪｨ ｨｺ06 08ｨ 0405ｨｨ ﾂｨｨ07 ｨｪ ｨｨ05ｨｨ09ｨｹ ｨｰ09ｨｰ09ｨｨ02ｨｬ ｨｺ 06ｨ ｨｲ0201ｨｨｨｪ02ｨｪｨｨ06, ｨｺ0605ｨｹｨｺｨｮ 0708ｨｨｨｪ07ｨｰ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪｨｨ ｨｰｨ 09ｨｨ05ｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｨ0903ｨｨｨｬ ｨ ｨｺｨｰ06ｨｬ ｨｨ 04ｨ 09ｨｰｨ 09ｨｨ05ｨｨ ｨｰ08ｨ ｨｨ09ｨ ｨｰｨｹ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｨ ｨｨ ｨｪ060906ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨ 0801ｨｨｨｰ02ｨｺｨｰｨｮ0806ｨｦ ｨｰ06ｨｦ ｨｨ ｨｰｨ ｨｰ0907, ﾂｨｰ ｨｨ 0201ｨｨｨｪｨ 07 09ｨ 0506ｨｰｨ 0909ｨｰｨ ｨｪ02ｨｰ ｨ 0502ｨｬ06ｨｦ 00ｨ 04ｨｰｨｹ ｨｨ05ｨｨ ｨｪ02 ｨ 04ｨｰｨｹ03 ｨｨ ｨｪｨ ｨｰｨｺｨｮ 01ｨｪ ｨｮｨｰｨｨ ｨ ｨｮ0102ｨｰ ｨｰｨ ｨｪ ｨｬ0603ｨｪ06ｨｬ ｨｬ06ｨｪｨｰｨ ｨｨ090302ｨｦ ｨｨｨｪｨ ｨｪ ｨｦ ｨ 0801ｨｨｨｰ02ｨｺｨｰｨｮ ｨｪ ｨｰｨｨ0502ｨｰｨｨ ｨｬｨｨ 0904ｨｰ02ｨｺｨ 06ｨｴｨｨｨｬｨｨ ｨｨ04 ｨｰｨ ｨｺ ｨｪｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ ｨｨ ｨ ｨ 05ｨｹｨｪ04ｨｬｨｨ 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｬｨｨ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07ｨｬｨｨ, 09 ｨｰｨ ｨｺ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 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 09ｨｪ0609ｨｹ ｨ 05ｨ 01ｨ 02ｨｰ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨｨｦ 00ｨ ｨｺｨｰ ｨｬ02ｨｪｨｪ06 ｨｪｨ ｨｰｨ ｨｺ06ｨｬ ｨｮ080609ｨｪ02 ｨｨ 09 ｨｰｨ ｨｺ06ｨｬ ｨ ｨｺｨｰ ｨｪ04 ｨ ｨｮ01ｨｮｨｰ ｨ 04ｨｰｨｹ 0708ｨｨｨｪ07ｨｰ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｪｨｨ07, ｨｺ06ｨｰ ｨ ｨｰ02ｨｬ ｨｪ0206ｨ ｨｨｨｬ06 ｨ ｨｮ0102ｨｰ ｨ ｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ ｨｬｨｨ ｨｨ 0804 ﾂｨ 00ｨ ｨｬｨｨ ｨｨ ｨｪｨ ｨｰｨｺ02 01ｨｪ07 ｨｪ02 09ｨｰ06ｨｨｨｰ ｨ ｨ 05ｨｹｨｪｨ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨ07, ｨｰ06 06 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ

246 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07 ｨｬ020301ｨｮｨｪｨ ｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪ04 ｨ 04ｨｰｨｹ ｨｪｨ 0708ｨ ｨｪ04 ｨｪｨ ｨ ｨｪ02ｨｪｨｨ ｨｨ02ｨｨｨｦ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 09ｨ 0506ｨｰｨｪ06-00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｰｨｨ ｨ 0502ｨｬ04 06 ﾂ0209ｨｨ01ｨｪ06 ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｰ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨ ｨ 05ｨ ｨｪ ｨｨ 05ｨｰ06ｨｬ ｨｪｨ 05ｨｨ ﾂｨｨ ｨｨ02ｨｨｨｰ ｨ 02ｨｰ ｨｪ02ｨｨ04ｨ 0203ｨｪ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨ06, 0708ｨｨ ｨｺ06ｨｰ060806ｨｦ 09ｨｰ08ｨ ｨｪ04 09 ｨｨ04ｨ 04ｨｰ06 ﾂｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ06 (ｨｨ ﾂｨ 09ｨｰ ｨｺ06ｨｦ ｨｪ0608ｨｬ06ｨｦ 09ｨ ｨｪｨｨ07) ｨ ｨｮ01ｨｮｨｰ, ｨｺｨ ｨｺ ｨｨ 0106 ｨｺ08ｨｨ04ｨｨ09ｨ, 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｨ02ｨｨｨｰｨｪ ｨｮ01ｨ 0809ｨｰ09ｨ, ﾂｨｰ06 ｨ ｨｮ0102ｨｰ 0708ｨｨ090601ｨｨｨｰｨｹ ｨｺ ｨｰ06ｨｺｨｮ 09 05ｨｰｨｨ ｨ 0502ｨｬｨｪ ｨｰ08ｨ ｨｪ04 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｨ02ｨｨｨｰ ｨｰ06ｨｺ ｨｮ ｨｬ060302ｨｰ 0709ｨｨｨｰｨｹ ｨ ｨｺｨｰ060806ｨｬ, 06ｨｺｨ ｨ 06ｨｴｨｨｨｬ 0706ｨｪｨｨ03ｨ ｨｰ0205ｨｹｨｪ ｨ ｨｪｨｨ02 ｨｪｨ ｨｮ ｨｪｨｹ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ (ｨｺ06ｨｰ , ｨｪｨ 0706ｨｬｨｪｨｨｨｬ, ｨｰｨ ｨｬ ｨｨ ｨｰｨ ｨｺ ｨｪｨｨ04ｨｺｨｨ) ｨｮ05ｨｹｨｰｨ ｨｰ02 ｨ ｨｮ0102ｨｰ 09ｨｪｨｨ03ｨ ｨｰｨｹ ｨｪ0609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨ 02ｨｨｨｦ, ﾂｨｰ ｨｨ ｨｰ ｨｺ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｪｨｨ07 ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨ ｨ ｨｨ09ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｹ06 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨｨ 0405ｨｨ. 00 ｨｮ ｨｨ0701, ｨｺ060001ｨ ｨｪ0609ｨｰｨｹ ｨｪ ｨｺｨ, 06ｨｪｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｬ02ｨｪ0202 ｨｺ08ｨｨｨｰｨｨ ﾂｨｪ04 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨ ｨｺｨｰｨｨ ｨｨ ｨｪｨ ﾂｨｪｨｮｨｰ 09 ｨ o05ｨｹ03ｨｨｨｬ ｨｨｨｪｨｰ ｨｬ 09ｨｬ06ｨｰ0802ｨｰｨｹ ｨｪｨ ｨ ｨｺ06-248

247 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ｨｪ0402 ｨｨ 0601ｨｪ ｨｬ02ｨｪｨｪ ｨｺ0608ｨｨ09ｨｺ ｨｪｨｨ ｨｰ ｨｰｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨ07 ｨｮ0302 ｨｪｨ ﾂｨ 05ｨ 06ｨｰ ﾂ02ｨｰ05ｨｨ ｨｰｨｹ ｨｰ02 ﾂ02ｨｪｨｨ , ｨｺ060001ｨ, , ｨｮ090205ｨｨ- ﾂｨｨ05ｨｨ09ｨｹ 05ｨｬｨｨ0909ｨｨｨｨ ｨｨ ｨｪｨ 06ｨ 05ｨｨ00ｨ 02ｨｨｨｨ ｨｪｨｨ04ｨｺ ｨｺｨ ﾂ0209ｨｰ09ｨ (junk bonds) ｨｨ, ｨｺ0806ｨｬ02 ｨｰ060006, 0906ｨｺ08ｨ ｨｴｨ 06ｨｰ ｨ 0405ｨｨ ﾂｨｨ ｨｪ0609ｨｰｨｨ ( ) ｨｬ020301ｨｮ ｨ ｨｮｨｬｨ 00ｨ ｨｬｨｨ ｨｨ 06ｨ 05ｨｨ00ｨ 02ｨｨ07ｨｬｨｨ ｨｺｨｨｨｬ 08ｨｨ09ｨｺ06ｨｬ. 04ｨｨ ｨｮ090608ｨｪ ｨ 05ｨｨ00ｨ 02ｨｨｨｨ03 09 ｨｬｨｨ ｨｰ06 ﾂｨｪｨｨｨｺ: The Economist, ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 01ｨ 0302 ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ02 ｨｨ ｨ ｨｪｨｨ ﾂｨｨｨｰ0205ｨｹｨｪ0402 ｨｬ020804, ｨｮ ｨ ｨ ｨｪｨｺ ｨｬｨｨ ｨｪ0609ｨｹ ｨ ｨｮ0102ｨｰ 08ｨ 09ｨｰｨｨ ｨｺ080201ｨｨｨｰｨｪ ﾂ06 ｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｪ ｨ 0901ｨ ｨｪｨｪ06 08ｨ 0401ｨｮ09ｨ ｨｰｨｹ0907 ｨｨ ｨ ｨｰ06, ﾂｨｰ06 ｨｰｨ ｨｺｨｨ02 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨｬ0600ｨｮｨｰ ｨｰｨｹ 08ｨ 0409ｨｨｨｰｨｹ0907, ｨｬ04 ｨｮｨｺｨ ｨ 05ｨｨ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨ ｨｪ0202: 0806ｨｪ ｨｪ02ｨｨ ｨｨ09ｨｺｨｮ0909ｨｨ06ｨｪｨｪｨ 07 07ｨ ｨｪ0205ｨｹ ｨｬｨ ｨｺ080605ｨｺ06ｨｪ06ｨｬｨｨ09ｨｰ ｨｺｨｰｨｨ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨｨｨ03 (10ｨC ｨｺｨ ｨ ). 00ｨ ｨｦ

248 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 05ｨ ｨｪ ｨｮ00ｨｨｨｬｨｨ ｨ ｨｬｨｨ, 09ｨｪ0609ｨｹ ｨｪｨ ﾂｨｨｨｪｨ 06ｨｰ ｨ 09ｨ ｨｰｨｹ0907 ｨｰ02 08ｨｨ09ｨｺｨｨ, ｨｺ06ｨｰ ｨｰ090609ｨ 05ｨｨ ｨｪ02ｨｬｨｮ ｨｺ08ｨｨ04ｨｨ09ｨｮ ｨｨ ﾂ02ｨｬ 05ｨｰ06, 0209ｨｰ0209ｨｰ0902ｨｪｨｪ06, 09ｨｪ0609ｨｹ ｨ ｨｮ0102ｨｰ ｨｪ0609ｨｨｨｰｨｹ ｨｬｨ ｨｦ, 09ｨｨ09ｨｰ02ｨｬｨｪ04ｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨ ｨｺ ｨ ｨｨ0906 ｨｮｨｺｨ ｨ ｨ 09ｨ 09ｨ ｨｪｨｺｨ ｨｪｨｨｨｨ, 00ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ0906 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ ｨｨ 09ｨｬ0600ｨｮｨｰ ｨｰｨｨ ｨｦ09ｨｰ090609ｨ ｨｰｨｹ 01ｨ ｨｪｨｨ ｨｰ060806ｨｪ04 ｨ ｨｺ02ｨｨ06ｨｪ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｪｨｨ ｨｪ0609ｨｰｨｨ ｨ 02ｨｨｨｦ ｨ ｨｪｨｪ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09ｨ 0706ｨｺｨ ｨ 06ｨｰ, 09ｨｺ0605ｨｹ 0108ｨｮ07ｨｺ06ｨｦ ｨｰ ｨｰｨｨ00ｨｪｨｮｨｰｨ 07 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨ07 ｨｨ 09ｨｺ0605ｨｹ ｨｺｨｨ 08ｨｨ09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 06ｨｰ010205ｨｹｨｪ ｨｰ08ｨ ｨｪ ｪ ｨｰｨｹ 0106 ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨ07 09ｨｰ08ｨ ｨｪ ｨｰ ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ02ｨｬ ｨｺ ｨｬ06ｨｴｨｪ ｨｨｨｰｨｨ ﾂ0209ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨ 09 ｨｬｨｨ ｨｰ ｨ 03ｨｪ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ0906, ｨ 06ｨｴ0202 ｨ ｨｮ01ｨｮｨｴｨｨ02 08ｨｨ09ｨｺｨｨ, ｪ 05ｨｰ06 ｨｨ04ｨ 04ｨｰ06ｨｺ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ (ｨｬ Shirakawa M. Some thoughts on incentives at micro and macro level for crisis prevention. BIS, Papers No 53, June P. 25ｨC

249 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ｨｨ05ｨｨ 06 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ06ｨｬ 0708ｨｨ080609ｨｰ02, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ ｨ 08ｨ , ｨｺ06ｨｰ0608ｨ 07 ｨｮ ｨｨ05ｨ 2 ｨｰ0805ｨｪ ｨｨ ｨｬ060302ｨｰ 0909ｨｺ ｨｨｨｰｨｹ 2,5 ｨｰ0805ｨｪ , ｨｰ ｨｺｨ 04ｨ ｨｰｨｹ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 300%-ｨｦ ｨｰ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｮ080609ｨｪ07) ｨｮ05ｨｹｨｰｨ ｨｰ ｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ ｨｮｨｴｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｨ ｨｰ ｨｨ (08ｨｨ ). 04ｨｨ ｨｨ080609ｨｰ 0102ｨｪ0203ｨｪ06ｨｦ ｨｬｨ (002) ｨｨ ｨｪ0609ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺ** ｨC (0102ｨｺｨ ｨ 08ｨｹ ｨｺ 0102ｨｺｨ ｨ 0806, %) * 0308ｨｨ080609ｨｰ ｨｪ06ｨｬｨｨｨｪｨ 05ｨｹｨｪ ** ｨｪｨ, , ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07, ｨｪｨｨ07, 08ｨｨｨｰｨ ｨｦ, ｨｨ07. 04ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ Eurostat, US Fed, BEA, Bank of England, Bank of Japan, National Bureau of Statistics of China, ｨｰｨ ｨｰｨ, ｨｰｨｨ ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ 02ｨｴ02 ｨ ｨｮ09ｨｨ0507ｨｰ ｨｨ01ｨｮ 0705ｨ ｨｪｨｨ08ｨｮ02ｨｬ ﾂ ｨｪ ｨｰｨ ｨｦ 05ｨｬｨｨ0909ｨｨｨｨ (08ｨｨ ). 07ｨｺｨ 04ｨ ｨｪｨｪ ｨｮ080904, 06 ﾂ0209ｨｨ01ｨｪ06, ｨ ｨｮ01ｨｮｨｰ ｨｨ09ｨｺｨ ｨｰｨｹ ｨｬ0209ｨｰｨ ｨｨｨｬ02ｨｪ02ｨｪｨｨ07 ｪ 09ｨｪｨ ﾂｨ 05ｨ 0708ｨｨｨｰ02ｨｺｨ 07 ｨｪｨ 0804ｨｪｨｺｨｨ, ｨｮ05ｨｹｨｰｨ ｨｰ02 08ｨ ｨ 07 ｨｨ01, ｨ 04ｨ ｨｰ02ｨｬ ｨｮ010601ｨｨｨｰｨｹ 09 ｨｪｨｨ01, ｨ 09ｨ 07 08ｨｨ09ｨｺ ｨｨ01 06ｨ 08ｨｮ0302ｨｪｨｨ ｨｮ ｨｨ ｨ 0601ｨｪ ｨｨ0302ｨｪｨｨ07 251

250 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? ｨｺｨ 07ｨｨｨｰｨ ｨｰ06 ｨ ｨｮ0102ｨｰ ｨｮ09ｨｨ05ｨｨ09ｨ ｨｰｨｹ 08ｨｨ09ｨｺｨｨ ｨｪ ｨｨ06ｨｪｨ 05ｨｹｨｪ0401 ｨｺ08ｨｨ04ｨｨ ｨｨ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｺｨ ｨｺ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺ0609, ｨｰｨ 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 ｨｬ. 08ｨ ｨｺ ｨ ｨｨ0906 ｨｮｨｺｨ ｨ ｨｹ 09 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ ｨ 01, 0008ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ ｨｨ03ｨｺ06ｨｬ ｨ 0409ｨｰ ｨｨ05ｨｨ ｨ 0605ｨｹ03ｨｨ ｨｮ ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ. 06ｨｰ ｨｨ ｨｺ 07ｨｮ ｨ ｨｺｨｰｨｨ ｨｨ0706ｨｰ02ｨｺ02 ｨｨ ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ02, ｨ ｨｰｨ ｨｺ0302 ｨｺ ｨｮ ｨ ｨｪｨｨ06 09ｨ 0506ｨｰ ﾂ0209ｨｨ01ｨｪ06, 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨｨｬｨｨ ｨｪｨｺｨ ｨｬｨｨ 0708ｨｨ 05ｨｰ06ｨｬ ｨ ｨｮ01ｨｮｨｰ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ0907 ｨｬ020804, ｨｪｨ 0708ｨ ｨｪｨｪ0402 ｨｪｨ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ 05ｨｹｨｪ ｨ 02ｨｨｨｦ ｨｨ ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨ06 ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｺｨｰｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｨｨｰ06ｨｺｨ 00ｨｺ060806ｨｰｨｺｨｨ ｨｪ ｨ ｨｰｨ ｨｺｨｨ02 03ｨ 00ｨｨ ｨｮ ｨｨ ｨｰ08ｨ ｨｪ (09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 0908ｨ 04ｨｨ05ｨｨ07, ), ｨｨ, ｨｰｨｪ06, ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｰｨ ｨｺｨｨ ｨｬ060302ｨｰ 09ｨｰｨ ｨｰｨｹ ｨ ｨｨ0806ｨｺｨｨｨｬ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪｨ 01, ｨｮ06 06 ﾂ ｨｹ , ｨｪ02 ｨｨ09ｨｺ0506 ﾂ02ｨｪ06, ﾂｨｰ ｨｬ0700 ﾂ02ｨｪｨｨ07 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ ｨｺｨｰｨ ｨ ｨｬ ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ, ｨｰｨｪ06, ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨ ｨｪｨ ｨｰｨｺｨ 09ｨｪｨ ﾂｨ 05ｨ ｨｰ08ｨ ｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｦ 07ｨｮ040408ｨｹ 09 06ｨ ｨｴ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ, 0904ｨｰ0605ｨｺｨｪｨｮ , ｨｪｨ 09ｨｺ0605ｨｹｨｺ ｨｬ0603ｨｪ06, ｨｨ04 00ｨｨｨｪｨ ｨｪ ｨｦ ｨ 05ｨｹｨｪｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ. 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ ｨｪ0609ｨｪ04ｨｬ ｨｮ ﾂｨ ｨｰ020502ｨｬ 0706ｨｬ06-3 Gallagher K.P. Losing Control: Policy Space to Prevent and Mitigate Financial Crises in Trade and Investment Agreements, UN report. No 58. May

251 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 ｨｴｨｨ ｨｰ ｨｨｨｪｨ ｨｪ090609ｨ ｨ, ｨ 09ｨｰｨ 0506 ｨ 04ｨｰｨｹ, 06ｨｪｨ ｨｰ ｨ 09ｨｪ04ｨｬ ｨｮ ﾂｨ ｨｰ020502ｨｬ ｨｨｨｰ0205ｨｹｨｪ ｨｺｨｰｨ 06ｨｰ 06ｨｺｨ ｨ 02ｨｬ0401 ｨｬ ｨｺｨｨ, 06 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ ｨｮ09ｨｨ0502ｨｪｨｨ02 ｨ ｨｮ0102ｨｰ 09 05ｨｰ06ｨｬ 0905ｨｮ ﾂｨ ｨｨ ｨｨｨｰｨｹ 04ｨ 09 ﾂ02ｨｰ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨ ｨ 0502ｨｪｨｨ ｨ 05ｨｹｨｪ ｨｺｨｰ0608ｨ ｨｪｨｨｨｺｨ 02ｨｰ ｨｰｨｪ0609ｨｰｨｹ ｨ ｨ 09ｨｪ06ｨｬ0208ｨｪ ｨ ｨｰ06 ﾂ02ｨｪｨｨ07 08ｨｨ09ｨｺｨ, ｨｮ06 06 ﾂ ｨｹ ｨ ｨ ｨｨ ｨ ｨｬ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ (ｨｺ06ｨｰ0608ｨ ｨｰｨ 02ｨｰ ｨ 09ｨｪ06ｨｦ ｨｰ06 ﾂｨｺ06ｨｦ ) 04ｨ 09 ﾂ02ｨｰ 0609ｨｰｨ 05ｨｹｨｪ0401 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609, ｨｬｨｨ 0904ｨｰ02ｨｺｨ 06ｨｴｨｨｨｬｨｨ ｨ 0502ｨｬｨ ｨｬｨｨ ｨｮ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｪ ｨｨｨｪ ｨｨ06ｨｪｨｪ04ｨｬｨｨ, 0902ｨｺｨｰ0608ｨ 05ｨｹｨｪ04ｨｬｨｨ, 09ｨ 0506ｨｰｨｪ04ｨｬｨｨ ｨｨ ｨｰ ｨ ｨｰ02ｨｬ, ｨｨ ｨｰ 09ｨｺ05ｨ ｨ 06ｨｴｨｨ ｨｮ ｨｨ07, ｨｬｨｨｨｰ02ｨｪｨｰｨ ｨｮｨｴ02ｨｦ ｨｪ06ｨｦ 09ｨ 0506ｨｰ04 ｨ ｨｮ0102ｨｰ ｨ ｨｰ0205ｨｹｨｪ ｨｰ0605ｨｺｨｪｨｮｨｰｨｹ 07ｨｮ040408ｨｹ ｨｪ0203ｨｪ ｨｮ, ｨ ｨｪ ｨｬ02ｨｪｨｪ06 ｨｨ 04ｨ 01ｨ ﾂｨｮ ｨｺｨｰｨｨ09ｨｪ ｨ 04ｨｬ02ｨｴ02ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ (060906ｨ 02ｨｪｨｪ ｨｨ 09ｨｪ0203ｨｪｨｨ02 ｨ ｨｺｨｰｨｨ0904 ｨ ｨｮ01ｨｮｨｰ ｨｪ ｨｪ02ｨｪｨｪ04ｨｬｨｨ), ｨｨ ｨｮ ｨ ｨｬ0603ｨｪ ｨ ｨｪ02ｨｪｨｨ ｨ 08ｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｪ 09ｨ 03ｨｪｨ 07 ｨｨ 02ｨｬｨｺｨ ｨ ｨｰｨ ｨｺ ｨｰｨｰ0700ｨｨ09ｨ ｨｪｨｨ ｨｰ ｨｨ 05ｨｰｨｨ 09ｨｰ08ｨ ｨｪ ｨｪｨ 06ｨｰ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ ｨ 07 08ｨｨ09ｨｺｨｨ ｨｨ04ｨ 04ｨｰｨｺｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ ｨｨｨｬｨｮｨｰ ｨｬ020804, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 06ｨｴｨｨ ｨｨ0302ｨｪｨｨ02 00ｨｺ060806ｨｰｨｺｨｨ ｨｪ0200 ｨｨ04 09ｨｰ08ｨ ｨｪ 09 ﾂ

252 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? ｨｬ0208ｨｪ06ｨｦ 05ｨｬｨｨ0909ｨｨ02ｨｦ, ｨｰ06 05ｨｰ06 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｪｨｨｨｰ ｨｰｨｨ0302ｨｪｨｨ02 ｨｪ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 09ｨｪｨｨ09ｨ ｨｪｨｨ07. 06ｨｬ02ｨｪｨｪ ｨｰ06ｨｬｨｮ ｨｺ05ｨ 08ｨ 02ｨｨｨｨ 0506ｨｪ0106ｨｪ09ｨｺ06ｨｦ ｨ 0102ｨ ｨｰｨｺｨｨ03, ｨｺ060001ｨ 0802 ﾂｨｹ 04ｨ ｨｨｨｰ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬｨｮ (06ｨ 05ｨｰ06ｨｬ 09 ｨｰｨ ｨｺｨｨ ｨｺｨｮｨｬ02ｨｪｨｰｨ ｨｨｨｰ ｨｪ ｨｬ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ ), 06ｨｰ010205ｨｹｨｪ06 ｨｮｨｺｨ ｨ 02ｨｰ0907 ｨｪｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬｨ ｨｨ ｨ 02ｨｪｨｪ06 ｨｬ0208, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 06ｨｴｨｨ01 ｨｬｨｨ ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ , ｨｮ06 06 ﾂ ｨｹ 09 08ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ ｨ ｨｬ06ｨｬ 01ｨｮ010302ｨｬ ｨｪｨ 08ｨｨｨｨ ｨｪ0205ｨｹ0407 ｨｨ09ｨｺ0506 ﾂｨ ｨｰｨｹ ｨ ｨｪｨ 05ｨ ｨｪ02 ｨｰ0605ｨｹｨｺ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01, ｨｪ06 ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｰ09, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ 04ｨ 0102ｨｦ09ｨｰ090609ｨ ｨｪ ｨｪ0609ｨ 0202ｨｪｨｰ08ｨ ｨｰ ｨｰｨｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｮ00ｨｨ02 ｨｰ06 ﾂｨｺｨｨ ｨｬｨｨ08ｨ ｨｮ06ｨｴ02ｨｦ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨ02ｨｦ. (06ｨｰ06 ｨｬ060302ｨｰ 0601ｨｪ ｨｬ02ｨｪｨｪ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｪｨｨ06 ｨｪｨ ｨｺ0607ｨｨ0903ｨｨ ｨ 0502ｨｬ.) 0604ｨ 04ｨｰ06 ﾂｨｪｨ 07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨ ｨｮ0102ｨｰ ｨｰｨ ｨｺ ｨｪｨ ﾂｨ ｨｰｨｹ, ﾂｨｰ06 09 ｨｪ060906ｨｦ 0609ｨｰ0806ｨｰ06ｨｦ ｨｬ0600ｨｮｨｰ ｨｪｨｨｨｺｨｪｨｮｨｰｨｹ 08ｨｨ09ｨｺｨｨ ｨ 08ｨ ｨｪ ｨｨ 09ｨｰｨ ｨｨ09ｨｺｨ ｨ 08ｨ 09ｨｮ01ｨｮ ﾂｨｨ 09ｨ 03ｨｪ02ｨｦ03ｨｨｨｬ ｨｪ06ｨｬ ｨｬ02ｨｪｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04, ｨｪｨ ｨｺ06ｨｰ ｨ ｨ ｨｪ ｨｬｨｪ ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ02 ｨｨｨｪｨｰ ｨｮｨｴｨｨ ｨｪｨｰ ｨｨ0504, ｨ 08 ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨ 04ｨ ｨｪｨｨｨｬｨ 05 ｨｰｨ ｨｬ ｨｮｨｴｨｨ ｨｨ02ｨｨｨｨ. 06ｨｪｨｰ ｨ ｨｪ02ｨｪｨｨ ｨｰｨ ｨｰｨｮ09ｨ ｨ 0405ｨｨ 09ｨｰ0605ｨｹ ｨｺｨｨ, ﾂｨｰ06 02ｨｬｨｮ ｨｬ 01ｨ 0302 ｨｪ ｨｬ0203ｨ 05 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ ｨｮｨｰｨ 02ｨｨ06ｨｪｨｪ04ｨｦ 0306ｨｺ03, 4 G-20, 00The Global Plan for Recovery and Reform03, 2 April

253 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 ｨｺ060001ｨ ｨｪ0609ｨｰ060806ｨｪｨｪ02ｨｬ ｨｺ02 06ｨ ｨｲ0709ｨｨ05ｨｨ ｨｰ ｨｨｨｬ 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｬ ｨ ｨｬ02ｨｪｨｮ ｨ ｨｪｨ ｨｰ06, ﾂｨｰ ｨｨ ｨｺ ｨｺ08ｨｮ0302ｨｪｨｨ 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 ｨｰ07 05ｨｰｨｨ 0906ｨ 04ｨｰｨｨ07 ｨｬ0600ｨｮｨｰ ｨｨｨｪ02ｨｨ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ 01ｨ 0502ｨｺ , 0804ｨｪ06ｨｺ ｨｰ02ｨｬ ｨｪ02 ｨｬ02ｨｪ0202 ﾂｨｮ0909ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨ 00ｨｨ08ｨｮ02ｨｰ ｨｪｨ ｨｪ ｨｨ09ｨｺｨｨ ｨ 08ｨ, 0706ｨｬｨｪ ｨｪ02ｨ 0204ｨｮ ﾂｨｪｨｮ06 00ｨｺ080201ｨｨｨｰｨｪｨｮ06 ｨｨ09ｨｰ0608ｨｨ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 09ｨ 0506ｨｰｨｪ ｨｪｨｺｨ ｨｪ ｨｪ06 06ｨｰ0802ｨ 00ｨｨ080609ｨ 05ｨｨ ｨｪｨ 0708ｨｨｨｪ07ｨｰ ｨｪｨｨ ｨｪｨｨｨｰ0205ｨｹｨｪ06ｨｦ 05ｨｬｨｨ0909ｨｨｨｨ , 09 ﾂｨｨｨｰｨ 07, ﾂｨｰ ｨ 08ｨｮ ｨ ｨｮ0102ｨｰ ｨｪｨ ｨｪ020902ｨｪ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ04ｨｦ ｨｮ0806ｨｪ ｨｬｨｪ02ｨｪｨｨ06 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｺ ｨｰ0609, ｨｪｨ 00ｨｪ060906ｨｬ 09ｨｨｨｰｨｺ02 ｨｨ09ｨｰ0608ｨｨｨｨ ｨｬ04 ｨｪｨ ｨ ｨ 02ｨｬ ｨｺ06ｨｪ ｨｨｨｬｨ ｨｪｨ 0306ｨｰ06ｨｬｨ ｨｺ ｨ ｨ ｨ 02ｨｰ0907 ｨｪｨ ﾂｨ ｨ 08ｨｮ0302ｨｪｨｨ07 ｨｬｨｨ ｨｦ ｨｪ06ｨｦ 09ｨ 0506ｨｰ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06, ｨ 08 ｨｬ060302ｨｰ 0906ｨｦｨｰｨｨ 09 ｨｰｨｮ ｨｮ 08ｨｨ09ｨｺ0609, ﾂｨｰ06 ｨｨ ｨｺ08ｨｮ0302ｨｪｨｨ02ｨｬ 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 ﾂｨ , ｨｺ060001ｨ ｨｮｨｰ08ｨ ｨｰｨｨ05 ｨｪ0206ｨ ｨｨｨｬ ｨ ﾂ02ｨｪｨｨ ｨｰ06ｨｬ (08ｨｨ ). 5 Bloomberg ｨｬ. ｨｰｨ ｨｬ

254 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 ) 09ｨｪ0203ｨｪｨｨ ｨ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｨ 04ｨ 07ｨ ｨｰｨ (ｨｬ ) ｨ ) 06ｨ ﾂ02ｨｪｨｪ0609ｨｰｨｹ ｨ 08ｨ ｨｰ0609ｨ 0506ｨｰｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ (%) 04ｨｨ * 00ｨｺ0506 ﾂｨ 02ｨｰ 09ｨ 0506ｨｰｨｪ , ｨｪｨｮ ｨｨ02ｨｨ , , 0600ｨｨ02ｨｨｨ 05ｨｹｨｪ ｨｰ ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｰｨ 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪｨ ｨｪ06 ﾂｨｪ06ｨｦ 0202ｨｪ02. ** 00ｨｺ0506 ﾂｨ 02ｨｰ 09ｨ 0506ｨｰｨｮ 09 06ｨ 08ｨ ｨｴ02ｨｪｨｨｨｨ (ｨ 0204 ｨｮ ﾂ02ｨｰｨ 09ｨ 0506ｨｰ ｨ ｨｪｨｨ05ｨｨｨｴｨ ｨｪ0203ｨｪ ｨ 09ｨｰ02ｨｦ), ｨ ｨｰｨ ｨｺ ｨｪ ｨｰ09ｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨｪｨ 09 ﾂ02ｨｰｨ ｨ 05ｨｹｨｪ ｨｪ0401 ｨ ｨ ｨｪｨｺｨ 01. *** 00ｨｺ0506 ﾂｨ 02ｨｰ 0102ｨｪ0203ｨｪｨｮ06 ｨ ｨ 04ｨｮ, ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｪ04ｨｦ ｨｪｨ ｨｨ ﾂｨｨｨｪｨｮ ｨｺｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｺｨｨ01 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09, ｨｪｨ ｨｴｨｨ ｨｪｨ ｨ ｨ 05ｨ ｨｪ ｨｰ06 ﾂｨｪｨｨｨｺ: IMF; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ US Fed, IMF. 0308ｨｨ 05ｨｰ06ｨｬ ｨ 0108ｨｮ00ｨｨ01 09ｨ 0506ｨｰ ｨｨ01 06ｨ ﾂ02ｨｪｨｨ ｨ ｨｬｨｨ ｨｨｨｰ ｨ ｨ ｨ 05ｨ ｨｮ ﾂｨｪ04ｨｬ (08ｨｨ ). 01ｨ ｨｰｨ ｨｺｨｨ02 08ｨｨ09ｨｺｨｨ ｨ 08ｨ ｨｬ04 ｨｮｨｺｨ ｨ 05ｨｨ 08ｨ ｨｪｨｹ ｨｪ0604ｨ 01: ( ): ｨｺｨｰｨｨ0904 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨ 08ｨ ｨｨ ｨｺｨ ｨｺ ｨｰ09ｨｨ ｨｦ 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 ｨｬ ｨｰ 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｹｨｬｨ ｨ 0502ｨｬｨ ｨｰｨｨ ﾂｨｪ 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,

255 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ｨｺ ( ): 0005ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ 75% ｨｰｨｪ0609ｨｰｨｹ 09ｨ 0506ｨｰｨｪ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｰ02 ﾂ02ｨｪｨｨ02 ｨ 05ｨｨ03ｨ ｨｦ03ｨｨ ｨｰ03. 04ｨｨ ｨｰｨｪ060302ｨｪｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ ｨｨ 0102ｨｪ0203ｨｪ06ｨｦ ｨ ｨ 0404 ( , %) * ｨｰ0607ｨｪｨｨ06 ｨｪｨ 0902ｨｪｨｰ07ｨ 08ｨｹ ** 00ｨｺ0506 ﾂｨ 02ｨｰ 09ｨ 0506ｨｰｨｪ , ｨｪｨｮ ｨｨ02ｨｨ , , 0600ｨｨ02ｨｨｨ 05ｨｹｨｪ ｨｰ *** 00ｨｺ0506 ﾂｨ 02ｨｰ 0102ｨｪ0203ｨｪｨｮ06 ｨ ｨ 04ｨｮ, ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪ04ｨｦ ｨｰ06 ﾂｨｪｨｨｨｺ: 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ0402 ｨ ｨ ｨｪｨｺｨｨ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ01 09ｨｰ08ｨ ｨｪ, IMF ｨｬ, 04ｨ ｨｪ ｨｬ ｨ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨｮ 0105ｨｨｨｰ0205ｨｹｨｪ ｨｨ09ｨｰ02ｨｬｨｪ ｨ ｨｪ02ｨｪｨｨ07 (08ｨｨ ). 0308ｨｨ ﾂ02ｨｬ ｨ 06ｨ ｨｲ ｨｪｨｪ04ｨｬｨｨ ｨｬ0208ｨ ｨｬｨｨ ｨｺｨｮ ｨ ｨｪｨｨ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｬｨｪ0600ｨｨ01 09ｨ 0506ｨｰ (08ｨｨ ) ｨ ｨｰ0205ｨｹ ｨC (The Economist November, 13th. P. 88.) 257

256 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 05ｨｹｨｪ04ｨｦ ｨｺｨｰｨｨ09ｨｪ04ｨｦ ｨｺｨｮ ｨ 08ｨ ( = 100) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BIS. 04ｨｨ ｨ ｨｪ02ｨｪｨｨ ｨ 08ｨ (ｨｬｨ 08ｨｰ ｪ 0902ｨｪｨｰ , %) * 00ｨ 08ｨｰ ｪ 06ｨｺｨｰ ｨｰｨ ｨｪ0609ｨｨｨｰ ﾂ0209ｨｨ01ｨｪ04ｨｬ, ﾂｨｰ ｨ ｨｲ ｨｪｨｪ04ｨｬ ｨｰ06ｨｬ 05ｨｬｨｨ0909ｨｨｨｨ ｨ ﾂ02ｨｪｨｨ02 ｨｪ0206ｨ ｨｨｨｬ04ｨｬｨｨ ｨ ｨｬｨｨ, 0106ｨｰ07 ｨ ｨ ｨｪｨｨ ｨｺ06ｨｦ09ｨｰ09ｨｨ ｨｪｨｺ0609 (060906ｨ 02ｨｪｨｪ06 09 ｨｮ ﾂ02ｨｰ06ｨｬ 00ｨ ｨｺｨｰ0608ｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ ), ｨｰ ﾂ02ｨｪｨｹ 0905ｨ ｨ 04ｨｬ. 02 ﾂ0209ｨｨ01ｨｪ06 ｨｰｨ ｨｺ0302, ﾂｨｰ ｨ 0602 ｨｪ ｨｮ01ｨｮ010302ｨｪｨｨ02 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ ｨ ｨ 07 ｨｪｨ ｨｺｨ ﾂｨｺｨ 09 08ｨ ｨｬｨｺｨ 01 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｬ0208, ｨ ｨｮ01ｨｮｨｰ ｨｪ07ｨｰｨｹ ｨｨ02ｨｨｨｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 09ｨ 0506ｨｰ

257 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ｨｬ0603ｨｪｨ 07 ｨｮｨｰ08ｨ ｨｰｨ ｨ 0806ｨｬ ｨｨ02ｨｨｨｦ 07ｨｺ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ, 06 ﾂ0209ｨｨ01ｨｪ06, ｨｦ 0609ｨｰ0806ｨｰ06ｨｦ ｨｰｨ 09ｨｨｨｰ ｨｰ06ｨｬ, ｨｪｨ ﾂｨｰ ｨｪｨ ｨ ｨｮ0102ｨｰ 0607ｨｨ08ｨ ｨｰｨｹ ｨ 0506ｨｰｨｪｨ 07 09ｨｨ09ｨｰ02ｨｬｨ. 00 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨ 04ｨｪ ｨ 08ｨｨｨ ｨｪｨｰ ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ 09 ｨｰ06ｨｦ ｨｨ05ｨｨ ｨｨｨｪ06ｨｦ ｨｬ ｨｪｨｮｨｰｨｹ0907 ｨｺ 0608ｨｨ02ｨｪｨｰｨｨ08ｨ ｨｬ ｨｰｨｰ06ｨｪ-00ｨｮ0109ｨ -203 ｨｨ ｨｪｨｨ ｨｨ ｨｰｨ. 06ｨ ｨｺ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨ ｨｬ ｨｨ0102ｨｪｨｰｨ ｨｬｨｨ08ｨｪ ｨ ｨ ｨｪｨｺｨ ｨｨｨｺｨ, ｨ ｨｰ0205ｨｹｨｪ06 06ｨ 08ｨ ｨｰｨｨｨｰｨｹ0907 ｨｺ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｰｨ 09 ｨｺｨ ﾂ0209ｨｰ0902 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｨ02ｨｪｨｰｨｨ08ｨ ｨｪｨｺｨｨ 0804ｨｪ06 ﾂｨｪ ｨｨ01ｨ ｨｪｨｨｨｦ ｨｮ ｨｨｨｪ ｨｨｨｨ, ｨｨｨｨ ｨｨ 09ｨ 0506ｨｰｨｪ0401 ｨｺｨｮ ｨ 08ｨ 04ｨｪ0609ｨｰｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｨ 0108ｨｮ00ｨｨ01 09ｨ 0506ｨｰ ｨｨ ｨｨ ｨｰｨ 0708ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｪ02ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ ｨｬ ｨｨ05ｨｨ 02ｨｴ02 ｨｪｨ ｨｪｨ ﾂｨ 05ｨｹｨｪ ｨ 04ｨ 01 ｨｺ08ｨｨ04ｨｨ09ｨ. 02 ｨｪ02ｨｺ06ｨｰ ｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ (08 05ｨ ｨ ｨｪｨｨ ｨｬｨｨｨｰ02ｨｰｨ 0706 ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ) ｨｺｨｨ02 08ｨｨ09ｨｺｨｨ ｨｨ ｨｪｨｪｨ 07 ｨｰｨｮ08ｨ ｨｮ0502ｨｪｨｰｨｪ0609ｨｰｨｹ ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨC , ｨ ｨｰｨ ｨｺ ｨ ｨｪｨｪ ｨｰｨｨｨｬ ｨｺｨｮ ｨｺ060502ｨ ｨ ｨｪｨｨ07 09ｨ 0506ｨｰ ｨ 05ｨｨ ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ04ｨｬ ｨｺ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ03 09 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 09ｨ 0506ｨｰｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ02, ｨ ｨｰｨ ｨｺ ｨｪｨ ｨｪｨｨｨｨ ｨ ｨｺｨｰｨｨ090609, 09 ｨｪｨ ｨｨｨｬ02ｨｪｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｪｨｪ ｨｨ09ｨｺｨ ｨｬ ｨｰ06ｨｦ ｨｨ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 9 Robert Zoellick. FT ｨｪ02ｨｺ06ｨｰ ｨ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ ｨ ｨ ｨｪｨｨ ｨｬｨｨｨｰ02ｨｰｨ 0706 ｨ ｨ ｨｪｨｺ060909ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ

258 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? 09ｨｪ0609ｨｹ ｨ ｨ 08ｨ ｨｴ02ｨｪ06 ｨｪｨ ｨｰ06, , ｨｺｨ ｨｺ ｨｪｨ ｨ ｨｺｨｰｨｨ09, ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06 09 ﾂｨｨｨｰｨ 06ｨｴｨｨｨｦ0907 ｨｪｨ ｨｨｨ ｨｪｨ ｨｪ04ｨｬ 09 ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｨ, ｨｰ , ｨｺｨ ｨｺ ｨ ｨｺｨｰｨｨ09, ｨｺ06ｨｰ060804ｨｦ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 02ｨｰ ｨｪｨｨ ｨ. 07 ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 ｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ 09 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｬ0600ｨｮｨｰ ｨｨｨｰｨｹ ｨ 0409ｨｨｨｰｨｨ02 09 ｨ 05ｨｨ03ｨ ｨｦ03ｨｨｨｦ , ﾂｨｰ06 ｨｬ060302ｨｰ 0708ｨｨ090209ｨｰｨｨ ｨｺ ｨｺｨｮ ｨｬ 0706ｨｰ020807ｨｬ, ｨｪ0206ｨ ｨｨｨｬ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｬ ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ ｨｰ0609ｨ 0506ｨｰｨｪ ｨｰ08ｨ ｨｪ04 07ｨｮｨｰ02ｨｬ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 09 ｨｪｨｨ ｨｰ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰｨ ｨ ｨｨｨｬ06 ｨｰｨ ｨｺ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｪｨｨ0302ｨｪｨｨ02 ｨｺｨｮ0809ｨ ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ ｨ 08ｨ ｨｰｨｪ060302ｨｪｨｨ06 ｨｺ ｨｮ 09ｨ 0506ｨｰ ( , ｨｦ02ｨ 0809ｨｺｨｨｨｦ 0008ｨ ｨｪｨｺ, 00ｨｮｨｪｨｰ 09ｨｰ020805ｨｨｨｪ000609, 06ｨ ｨｪｨｹ, 08ｨｮｨ 05ｨｹ) 09 ｨｰ02 ﾂ02ｨｪｨｨ ｨｪｨｨ ｨｨ03ｨｪｨｨｨｬ 0502ｨｰ. 0308ｨｨ 05ｨｰ06ｨｬ, ｨｪｨｺｨ ｨｬ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｦ, ｨ ｨｪ02ｨｬｨｮ 0609ｨｰｨ 02ｨｰ ｨｪ02ｨｪｨｪ04ｨｬ ( ﾂｨｰ ｨｪｨ ﾂｨ 02ｨｰ ｨ ｨｪ02ｨｪｨｨ ｨｰ02ｨｪ02ｨｨｨ 05ｨ ｨ 05ｨｹｨｪ02ｨｦ ｨｪｨｨ0302ｨｪｨｨ ｨｺｨｮ0809ｨ ). 05ｨｪｨｨ0302ｨｪｨｨ ｨ 08ｨ ｨｬ0600ｨｮｨｰ ｨｰｨ ｨｺ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ 09 ｨ ｨｬ0208ｨｨｨｺｨ ｨｪ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｨ 09ｨｪｨｨ0302ｨｪｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ, ｨ 06ｨｴｨｨ02 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨ 0804 ｨｬ02ｨｪ ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ04ｨｬｨｨ. 05 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｨ ｨｪｨｪ ｨ 08ｨ 04ｨｪ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｰ020702ｨｪｨｪ06ｨｦ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ 09ｨ 0506ｨｰｨｪ ｨｰ ｨｰ0609ｨ 0506ｨｰｨｪ (ｨ ｨｰｨ ｨｺ ｨ 0506ｨｰｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｪ0203ｨｪ02ｨｰ ｨ ｨｰｨ ) 07ｨｮｨｰ02ｨｬ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 09 ｨｪ02ｨｬ ｨｨ 0108ｨｮ00ｨｨ01 09ｨ 0506ｨｰ. 0102ｨｺ06ｨｰ0608ｨ 07 01ｨｨｨｪｨ ｨｬｨｨｨｺｨ 09 05ｨｰｨｨ ｨ 01 ｨｪｨ ﾂｨ 05ｨ 06ｨｰｨｬ02- ﾂｨ ｨｰｨｹ ｨｮ ｨｨ0701 ｨｺ08ｨｨ04ｨｨ09ｨ, 0601ｨｪｨ ｨｺ ｨｬ ｨｺｨ 08ｨｰｨｨｨｪｨ ｨｬ02ｨｪ0702ｨｰ ｨｺｨ ｨｪ020708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 (08ｨｨ ). 260

259 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 ｨ ) 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｬ020301ｨｮｨｪｨ ｨｪ (%)* * ｨｰ ﾂｨｨｨｰｨ ｨｪ ｨｪ06 ﾂｨｪ06ｨｦ 0202ｨｪ02. ｨ ) 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｪ ｨ 0506ｨｰｨｪ0401 ｨ ｨｺｨｰｨｨ ｨ ｨｪｨｺｨ ｨｨｨｨ (%) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｨ ｨｮｨｪｨ ｨｪ ｨｰ ｨｪｨｪ0609ｨｰｨｹ 0804ｨｪｨｺ0609 ｨｨ 06ｨ ｨｴｨ 07 ｨｪ ｨｪｨｪ0609ｨｰｨｹ 01ｨ 05ｨｨ ｨｪ0609ｨｹ ｨｪ07ｨｰｨｹ ｨｪ ｨｪ ｨ 0506ｨｰｨ ｨ ｨｬｨｨ ｨｮ ｨｨ050609ｨｹ, ﾂｨｰ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨ ｨｬ02ｨｴ02ｨｪｨｨ ｨ 08ｨ 0108ｨｮ00ｨｨｨｬｨｨ 09ｨ 0506ｨｰｨ ｨｬｨｨ ｨｪ02 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨ 0409ｨｰ- 261

260 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? 0804ｨｬ ｨｨ, 06 ﾂ0209ｨｨ01ｨｪ06, ｨ ｨｮ0102ｨｰ ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ ｨｰｨｹ0907 ｨｪｨ ｨｬ06ｨｴｨｪ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ02 ｨｺｨ ｨｺ ｨｪｨ ｨｨｨｰｨｨ ﾂ0209ｨｺ06ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨｪｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ ｨｮ080609ｨｪ ｨｨ 05ｨｰ06ｨｬ ｨｺｨｰｨｨ ｨ ｨ 05ｨｹｨｪ ｨ 0409ｨｨｨｰｨｨ07 ｨ ｨｮ01ｨｮｨｰ 0906 ｨｬｨｪ060006ｨｬ 04ｨ 09ｨｨ0902ｨｰｨｹ 06ｨｰ ｨｰ060006, 0706 ｨｺｨ ｨｺ06ｨｬｨｮ 07ｨｮｨｰｨｨ ｨ ｨｮ01ｨｮｨｰ 0609ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｬ ｨｮｨｴｨｨ01 04ｨ 07ｨ 01ｨｪ ｨｪｨｺ0609 ｨｨ ｨｨ ｨｪ0609ｨｪ ｨｮ0507ｨｰ ｨ ｨｪｨｨｨｬｨ ｨｪｨｨ07 04ｨ 0905ｨｮ03ｨｨ09ｨ 02ｨｰ , ｨｺ06ｨｰ0608ｨ ｨｨ05ｨｮ ｨｺｨ ｨｺ 06ｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ0401, ｨｰｨ ｨｺ ｨｨ 09ｨｮｨ ｨｲ02ｨｺｨｰｨｨ09ｨｪ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09 09ｨｰｨ 05ｨ ｨｮｨｴｨｨｨｬ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｬ ｨ ｨ ｨｪｨｺ06ｨｬ ｨｬｨｨ08ｨ ｨｨ 0102ｨｦ09ｨｰ09ｨｨ07 ｨｺ06ｨｰ060806ｨｦ ﾂｨ 09ｨｰ06 06ｨｺｨ ｨ 06ｨｰ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｨ07ｨｪｨｨ02 ｨｪｨ 0609ｨｰｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｬｨｨ ｨｦ ｨｪｨ ｨｨ 0202 ｨ ｨｮ01ｨｮｨｴｨｮ ｨｹ 0209ｨｰ0806ｨｰｨ ｨｺ08ｨｨ04ｨｨ09ｨ ｨｰ0605ｨｺｨｪｨｮ05ｨ ｨｮ0507ｨｰ ｨｺ ｨｰｨｺ02 ｨｨ04ｨｬ02ｨｪｨｨｨｰｨｹ ｨｪ02ｨｺ06ｨｰ ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮ02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ 08ｨ ｨｺｨｰ0208ｨ 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ07 09ｨｨ09ｨｰ02ｨｬ04, ｨｺ06ｨｰ ｨｪ060907ｨｰ 0609ｨｪ ｨ 00ｨ 06ｨｴｨｨｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨｨ06ｨｪ ｨ ｨ ｨｲ ｨｪ ｨｬ02 00ｨｨｨｪｨ ｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07. 05ｨｪｨ ﾂｨ 05ｨ ｨｨ0102ｨｪｨｰ 02ｨ ｨ ｨｬｨ, ｨ 04ｨ ｨｰ02ｨｬ ｨｬｨｨｨｪｨｨ09ｨｰ08 00ｨｨｨｪｨ ｨｪ ｨ ｨｦｨｰｨｪ ｨｰｨ 09ｨｨ05ｨｨ 08ｨ ｨｪｨｮｨｰｨｮ ｨ ｨｬｨｬｨｮ ｨｪ ｨ ｨｺ ｨｰｨ ｨｰ0907, ｨ ｨｬｨｬｨ ｨ 00ｨ 02ｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ0402 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ ｨｺｨ ｨｰ ｨｨｨｦ ｨｮ0507ｨｰ , ｨ 0902ｨｪ09ｨｰ09ｨｮ06ｨｴｨｮ ｨｹ, ｨｺｨ ｨｺ 0705ｨ ｨｪｨｨ080609ｨ ｨｹ ｨｨ04ｨｪｨ ﾂｨ 05ｨｹｨｪ06, ｨｪ06 ｨ ｨｮ0102ｨｰ ﾂｨ 09ｨｰ06 ｨｨ0008ｨ ｨｰｨｹ ｨｪ , ｨ 08ｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ ｨｰ ｨ 04ｨｮ ｨ 09ｨｰｨ - 11 Financial Regulatory Reform. A New Foundation: Rebuilding Financial Supervision and Regulation. US Department of the Treasury

261 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 09ｨｨ ｨｨｨｰｨｹ 06ｨ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨｨｨ 0106 ｨｰ ｨｬｨｪ ｨｰｨｪ02ｨｦ ｨｪ0204ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 09ｨ ｨｬ ｨｨ ｨ ｨｴ02ｨｪｨｨ ｨｮ- ﾂｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 09 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ ｨｪｨｨ02 08ｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ09ｨ. 06ｨ ｨｺ, 09 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, ｨｮ09ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｹ: ｪ ｨ ｨｪｨｨ02 01ｨ ｨ ｨ ｨｰ0205ｨｹｨｪ ｨｰｨ ｨｨｨｪｨ ｨｪ ｨｬ ｨｮ0905ｨｮ00ｨ ｨｬ ｪ Financial Services Oversight Council ｪ ( ｨ ｨｰ ｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ0906ｨｬ; 09ｨｺ0506 ﾂｨ 02ｨｰ 0609ｨｪ0609ｨｪ ｨ 05ｨｹｨｪ ｨｮ0507ｨｰ , 09 ｨｰ06ｨｬ ﾂｨｨ ); ｪ ｨ ｨｪｨｨ02 01ｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ ｨｪｨｺ060909ｨｺ ｨ ｨｪ ｨ ｨｪｨ ｪ National Bank Supervisor (ｨｪｨ 0708ｨ 09ｨ 01 06ｨｰ010205ｨｹｨｪ ｨ 0002ｨｪｨｰ09ｨｰ09ｨ 09 06ｨｰ010205ｨｹｨｪ04ｨｬ 09ｨｰｨ ｨｰｨｮ0906ｨｬ 09 08ｨ ｨｬｨｺｨ 01 08ｨ 04ｨｪｨ - ﾂ02ｨｦ09ｨｰ09ｨ ), ｨｺ06ｨｰ060804ｨｦ ｨ ｨｮ0102ｨｰ 06ｨｰ0902 ﾂｨ ｨｰｨｹ 04ｨ ｨ 05ｨｹｨｪ ｨｨｨｰｨｪ0402 ｨｮ ﾂ ｨｪｨｨ07. 07ｨｺｨ 0302ｨｬ, ﾂｨｰ06 01ｨ ｨｪｨｪ ｨｮｨｪｨｺ02ｨｨｨｨ 09ｨｺ ｨｪ04 ｨ 0405ｨｨ ｨ ｨｰｨｹ ｨ ｨｰｨｨ0906ｨｦ , ｨ 0706ｨｰ06ｨｬｨｮ ｨｪ ｨｪｨｨ07 ｨｬ0600ｨｮｨｰ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ ｨｪｨｪ04ｨｦ ｨｪ ｨｪｨｰ08ｨ ｨｰ ｨｰｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨｨｨ 09 09ｨｰ060806ｨｪｨｮ 08ｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ09ｨ ; ｪ ｨｪ ｨｪ06ｨｬ06 ﾂｨｨ07 09ｨ ｨｬ06ｨｦ , ｨｺ06ｨｰ0608ｨ ｨｪｨ ｨ 0405ｨ ｨ ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｪｨ ｨｪ02 ｨｰ0605ｨｹｨｺ06 04ｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ, ｨｪ06 ｨｨ 04ｨ 0108ｨｮ00ｨｨｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ, ﾂｨｹ ｨｪｨｨ02 ｨｬ060302ｨｰ ｨｰｨ ｨｰｨｹ ｨｮ ｨｮ 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 ｨｰｨ ｨｰ0907, ﾂｨｰ06 09ｨｰ0605ｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ ｨｮｨｪｨｺ02ｨｨｨｨ ｨｬ0600ｨｮｨｰ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 04ｨ ｨｰ08ｨｮ01ｨｪ07ｨｰｨｹ 08ｨ ｨ 06ｨｰｨｮ , ｨｮｨｰｨｨ ｨ ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06ｨｦ 04ｨ 00ｨｨｨｪｨ ｨｪ ｨ 06ｨｨ ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｺｨｰ0608ｨ ; ｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｨ ｨｰｨ ｨｪｨｨｨｨ 02ｨｦ ﾂ ﾂｨ ｨｦｨｪ0401 ｨｺ080201ｨｨｨｰ0609 ｨｨ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｹ ｨｮ- ﾂ02ｨｪｨｨ ｨｰ ｨ 08ｨｨｨｰ0205ｨｹｨｪ ｨｨ09ｨｹｨｬ02ｨｪｨｪ ｨｮｨｰ ｨｪｨｨ ｨｰ060806ｨｪ04 08ｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ09ｨ. 00 ｨｺ06ｨｪｨｰ02ｨｺ09ｨｰ02 06ｨ 09ｨｮ030102ｨｪｨｨ07 05ｨｰｨｨ01 ｨｨ ｨｨｨｪ0401 ｨｨｨｪｨｨ02ｨｨｨ ｨｰｨｨ09 ｨｪｨ ﾂｨ 05ｨｨ ﾂｨ 09ｨｰ ｨｬｨｨｨｪｨ ｨｰｨｹ ｨ 02ｨｪｨｪ0609ｨｰｨｨ 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ

262 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? 09ｨ ｨｪｨｨ07 09ｨ ｨｬ06ｨｦ ｨ 0706ｨｬｨｪｨｨｨｬ, 06ｨｪｨ 09ｨｺ0506 ﾂｨ 02ｨｰ ｨ ｨ 05ｨｹｨｪ ｨｪ0401 ｨ ｨ ｨｪｨｺ0609 (080409), 09ｨｰ020702ｨｪｨｹ ｨｪ0204ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ ｨｺｨ ｨｨ04 ｨｺ06ｨｰ , 0706 ｨｺ08ｨ ｨｦｨｪ02ｨｦ ｨｬ de jure, ｨｬ060302ｨｰ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ ｨｰｨ ｨｰ06 ﾂｨｪ ｨｺｨ ｨｺ02ｨｨ06ｨｪ ｨｺｨ ｨ 05ｨｹｨｪ ｨｪ ｨ ｨ ｨｪｨｺｨ ｨｪ0209ｨｮｨｰ 06ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ0609ｨｰｨｹ 0706 ｨｨｨｪ01ｨｨ09ｨｨ01ｨｮｨ 05ｨｹｨｪ04ｨｬ 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｬ 05ｨｰ ｨ ｨ ｨｪｨｺｨ (ｨｪ06 ｨｪ ｨｮ00ｨｨ ｨ 05ｨｹｨｪ0401 ｨ ｨ ｨｪｨｺ0609) ｨｨ 09 05ｨｰｨｨｨｬ ｨｬ0603ｨｪ06, ｨｪｨ 0708ｨｨｨｬ0208, ｨｬｨｪｨｨｨｰｨｹ ｨｪｨｰ04, ｨｺ060001ｨ ﾁｨｨｨｺｨ ｨｰｨｺｨ 04ｨ ｨｰ ｨ 02ｨｨｨｦ, ｨｪｨ 0708ｨ ｨｪｨｪ0401 ｨｪｨ ｨｺｨｮ ｨｹ ｨｺｨ ｨｪｨｪ04ｨｦ ｨｨ ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｺ06ｨｪ090605ｨｨ01ｨｨ080609ｨ ｨｪｨｪ04ｨｦ ｨ ｨ 05ｨ ｨｪ ｨｬ060302ｨｰ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ0907 ｨｰｨ ｨｺ060904ｨｬ ｨｪｨｪ04ｨｬｨｨ ｨｺｨ ｨｬｨｨ. (0906ｨｰ07 06 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨ ｨｺ02ｨｨ06ｨｪ0208ｨ ｨｬｨｨ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪ0401 ｨ ｨ ｨｪｨｺ ｨｰ ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ ﾂｨ 09ｨｰ ｨｪｨｨ01 ｨｨ ｨｰ ｨｬｨ ｨｰ0208ｨｨｨｪ09ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 ｨｨ 09 ｨｪ04ｨｪ0203ｨｪｨｨｨｬ ｨｺｨｨｨｬ ｨｮ080609ｨｪ02ｨｬ 0202ｨｪｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨ ｨｮ0708ｨ ｨｬ0609ｨｰｨｨ ｨｬ ｨ ｨｪ0402 ｨｺ060505ｨｨ04ｨｨｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｨ ｨｬ0603ｨｪ04.) 0602ｨｬ ｨｪ02 ｨｬ02ｨｪ ｨｰｨｨ 06ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｮ02ｨｰ ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ 0708ｨｨ ｨｪｨｺ02 08ｨｨ09ｨｺ0609 ｨ ｨ 05ｨ ｨｪ09ｨ ｨｨ ｨｰｨ ｨｰｨｮ09ｨ. 01ｨ ｨｺ06ｨｪ0202, ﾂｨ ｨｴ02 09ｨｰｨ 0907ｨｰ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ05ｨｨ ﾂｨ ｨｰｨｹ ｨｪ0204ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨｪ06ｨｦ 09ｨｰ060806ｨｪ04, ｨｨ ｨｪ0204ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 09ｨ ｨｬ06ｨｦ ｪ ｨｮ0006ｨｦ. 0602ｨｬ ｨ ﾂｨｰ06 ｨ ｨｺ02ｨｨ06ｨｪ ｨｨ06ｨｪｨ 05ｨｹｨｪ ｪ 05ｨｰ06 ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ02 ｨ ｨ ｨｪｨｺｨｨ ｨｪ02 ｨｺ06ｨｪｨｺ0802ｨｰｨｪ04ｨｬｨｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｬｨｨ ｨｨｨｪｨｰ ｨ ｨｬｨｨ ｨｨ ｨｨｨｪｨｰ ｨ ｨｬｨｨ ｨｨ01 ｨ ｨｺ02ｨｨ06ｨｪ Federal Reserve Act (December 23, 1913). Sec. 2, partly incorporated in 12 USC 222 and 223. As amend by act of July 7, 1958 (72 Stat. 350); March 18, 1959 (73 Stat. 12); 12 USC Meltzer, Allan H. A History of the Federal Reserve, Volume 1: 1913ｨC1951. University of Chicago Press,

263 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ｨｪ ｨｬ07 06ｨ 08ｨ ｨｴｨ 02ｨｰ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ 09ｨｰ020702ｨｪｨｹ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ (08ｨｨ ). 04ｨｨ ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨ01 ｨ ｨ ｨｪｨｺ0609 * 05ｨ ｨｨ ｨC ** 05ｨ ｨｨ ｨC ｨｰ06 ﾂｨｪｨｨｨｺ: IMF; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ IMF. 04ｨｨ ｨｪｨｰｨ ｨ 0205ｨｹｨｪ0609ｨｰｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ｨｨｨｦ09ｨｺ ｨ ｨ ｨｪｨｺ060909ｨｺ ｨｺｨｰ0608ｨ, % (090708ｨ 0906 ﾂｨｪ06) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ; 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪ ｨ ｨｪｨｪ04ｨｬ ｨｰ060006, 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07 09 ｨｺ06ｨｪ ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ ｨ ｨｺ06ｨｪ ｨｺｨｰ, ｨ 00ｨ 06ｨｴｨｨｨｦ

264 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 ｨｮ01ｨｨｨｰｨ ｨｨ04ｨｨ09ｨｪｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｰ0605ｨｺｨｪｨｮ05ｨ 04ｨ ｨｺ06ｨｪ0601ｨ ｨｰ020502ｨｦ ｨｺ ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｮ ﾂ02ｨｪｨｨ07 ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪ ｨｪ06ｨｦ ｨｨｨｪ000608ｨｬｨ 02ｨｨｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ06ｨｬ02ｨｪｨｰｨ ｨｪ02ｨｬｨｮ ｨｪ02 ｨ ｨｮ01ｨｨｨｰｨｨ08ｨｮ06ｨｰ0907 ｨｰｨ ｨｺｨｨ02 09ｨ 03ｨｪ02ｨｦ03ｨｨ02 06ｨ 05ｨ 09ｨｰｨｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ, ｨｺｨ ｨｺ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ ｨ 02ｨｨｨｨ, 09 ｨｰ06ｨｬ ﾂｨｨ ｨｺ080201ｨｨｨｰ04 ﾂ ｨｨ09ｨｺ06ｨｪｨｰｨｪ ｨｺｨｪ0603 ( ｨｴｨｨ ｨｮｨｴ0209ｨｰ090507ｨｰｨｹ ｨｬ0602 ｨｺ080201ｨｨｨｰ0609ｨ ｨｪｨｨ02 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 02ｨｨｨｨ ｨｪｨ 06ｨｰｨｺ0804ｨｰ06ｨｬ 0804ｨｪｨｺ02; ｨ 02ｨｨｨｨ 09 ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ 0708ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ09ｨ ｨｬｨｨ ｨｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ04ｨｬｨｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ04ｨｬｨｨ ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨ 02ｨｰ 0706 ｨｬ02ｨｪｨｹ0302ｨｦ ｨｬ ｨｪ020106ｨｮｨｬ02ｨｪｨｨ02 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ06 09ｨ 03ｨｪ02ｨｦ03ｨｨ02, ｨｮｨｰｨｨ ｨｦ 0609ｨｪ0609ｨｪ0402, 00ｨｮｨｪｨｺ02ｨｨｨｨ 0202ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ (ｨｰｨ ｨｺｨｨ02 ｨｺｨ ｨｺ 0102ｨｪ0203ｨｪ06ｨｺ080201ｨｨｨｰｨｪｨ ｨｨｨｰｨｨｨｺｨ ) ｨｪ ｨ ｨｰ ｨｺ06ｨｪｨｰ ｨｰ060806ｨｪ04 ｨｪｨ ｨ ｨｰ0205ｨｹｨｴｨｨｨｺ ｨｰ020702ｨｪｨｹ 04ｨ ｨｺ0804ｨｰ0609ｨｰｨｨ ｨｮ0507ｨｰ0608ｨ 06ｨｺｨ ｨ 02ｨｰ ｨｰ0605ｨｹ ｨｺ06ｨｦ, ﾂｨｰ06 ｨｪ ｨｰ 0802ｨ 05ｨｹｨｪ ｨｪｨｨｨｰｨｹ 01ｨ 08ｨ ｨｺｨｰ ｨｨｨｪｨｨｨｬｨ 02ｨｬ0401 ｨｨｨｬ 0102ｨｦ09ｨｰ09ｨｨｨｦ ｨｪ0206ｨ ｨｨｨｬ ｨｰｨ ｨｰ06ｨｦ ｨｨ ｨ ｨｴ02 ｨｪ ｨｪ07ｨｰｨｪ06, ｨｺｨ ｨｺ ｨｨｨｪ02ｨｨ ｨｬ02ｨｪｨｪｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨ 07 09ｨｨ09ｨｰ02-14 Federal Reserve Transparency Act, HR 1207, February US General Accounting Office, Federal Reserve System Audit, October 27,

265 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 ｨｬｨ, ｨ 03ｨ 06ｨｴｨ ｨ 07 06ｨｰｨｺ0804ｨｰ06ｨｦ ｨｨ ｨｰ08ｨ ｨｪ0907ｨ 0802ｨｪｨｰｨｪ06ｨｦ ｨｨ ｨｰ0802ｨ ｨｮ06ｨｴｨ 07 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ 06ｨｰ 0108ｨｮ00ｨｨ01, 0609ｨｰｨ 02ｨｰ ｨｰ0605ｨｹ ｨｪ02ｨｰ08ｨ ｨｪ0907ｨ 0802ｨｪｨｰｨｪ06ｨｦ 09 ｨｺ0506 ﾂ ｨｪ0609ｨ ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ ﾂ02ｨｬｨｮ 09 09ｨｨ09ｨｰ02ｨｬ02, 09 ﾂｨｨｨｰｨ 06ｨｴ02ｨｦ ｨｬ06ｨｺ08ｨ ｨｰｨｨ ﾂ0209ｨｺ06ｨｦ, 05ｨｰ06ｨｰ ｨｪ02 ｨ ｨｨｨｪ02ｨｨ0702 ｨｰｨｮｨｰ ｨｰｨ ｨｪ ｨｪｨ ｨｰｨｺｨｮ 01ｨｪ07 (0708ｨｨ ﾂ02ｨｬ 05ｨｰ ｨｪ06 ｨ ｨ 04ｨｰｨｹ ｨ ｨｪ06 02ｨｴ02 ｨｬｨｪ ｨｰｨｨ0502ｨｰｨｨｨｦ ｨｪｨ 04ｨ 01!) ｨｨ 0908ｨ 04ｨｮ ｨｨｨｰ0205ｨｹｨｪ ｨｪ? ｨｰｨ ｨｺ06ｨｦ ｨｰ020702ｨｪｨｨ ｨ ｨ 0405ｨｨ ﾂ02ｨｪ (ｨｨ05ｨｨ ｨ ｨ 0902ｨｪ?) ｨｪｨ ｨ ｨｰ0205ｨｹｨｴｨｨｨｺ 09 ｨｮ ｨｨ0701 ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ06ｨｦ 0008ｨ 0409ｨｨｨｰ06ｨｦ 0102ｨｬ06ｨｺ08ｨ ｨｰｨｨｨｨ03, ﾂｨｰ06ｨ 04 ｨｨ00ｨｪ0608ｨｨ080609ｨ ｨｰｨｹ 09ｨｰ0605ｨｹ 09ｨ 03ｨｪ ﾂｨｰ06 ｪ , ﾂｨｰ06 ｨｬ0600 ｨｬｨ 0903ｨｰｨ ｨ ｨｪ04ｨｦ ｨｨ 0005ｨｮｨ 06ｨｺｨｨｨｦ ｨｺ08ｨｨ04ｨｨ09, ｪ 05ｨｰ06 05ｨｨ03ｨｹ ｨ ｨｰｨｹ ｨｬ0603ｨｪ06ｨｦ ｨｰｨｺｨｮ ｨｮ ﾂｨｨｨｰｨｹ 01ｨ ｨｪｨｪｨｮ ｨ 0502ｨｬｨｮ ｨｨ ｨｪｨ ｨｨ03ｨｹ 0106ｨｰ07 ｨ 04 06ｨｰ ﾂｨ 09ｨｰｨｨ ｨｨｨｰｨｹ? 01ｨ ｨｺ06ｨｪ0202, 09 ｨｪ0607ｨ ﾂ0502ｨｪ ｨｪ ｨ ｨｨｨｪｨｨ02ｨｨｨｨ080609ｨ 05ｨｨ 04ｨ ｨｺ06ｨｪ, ｨｺ06ｨｰ060804ｨｦ ｨ 00ｨ 02ｨｰ 0906ｨｺ08ｨ ｨｴ02ｨｪｨｨ ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｪ060906ｨｦ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｨ ｨｪ ｨｮｨｴ02ｨｪｨｨ07 ｨｨｨｪ ｨｨｨｨ. 08ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ 00ｨ 02ｨｰ ｨｨ03ｨｨｨｰｨｹ ｨ 03ｨｪ ｨｮｨｪｨｺ02ｨｨｨｦ ｨ ｨｪｨｨ06 04ｨ ｨｪ07ｨｰ0609ｨｰｨｨ, ｨ ｨ ｨｰ0205ｨｹｨｪ06, ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ ｨｮ ﾂｨ ｨｨｨｪ07ｨｰｨｨ07 01ｨ ｨｪｨｪ ｨ ｨｺ06ｨｪｨ ｨｬ06-267

266 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? 0302ｨｰ ｨｮｨｰ08ｨ ｨｰｨｨｨｰｨｹ ｨｨ 09ｨ 03ｨｪ02ｨｦ03ｨｨ02 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨ02 00ｨｮｨｪｨｺ02ｨｨｨｨ ｨｨ ｨｪ02 09ｨｬ060302ｨｰ 09 ｨｰｨ ｨｺ06ｨｦ 0302 ｨｬ020802, ｨｺｨ ｨｺ 08ｨ ｨｪｨｹ0302, 0905ｨｨ07ｨｰｨｹ ｨｪｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｰ08ｨ ｨｪ02 ｨｨ 09 ｨｬｨｨ ｨ ｨｺ ｨ 0409ｨｨｨｰｨｨ02 ｨ ｨｮ01ｨｮｨｴｨｨ ｨ 04ｨｰｨｨｨｦ ｨｰｨ ｨｰ0907 ｨｪ02 06 ﾂ02ｨｪｨｹ ｨｰｨｪ04ｨｬ, ｨｺ0605ｨｹｨｺｨｮ 0905ｨｨ03ｨｺ06ｨｬ ｨｨｨｺｨｨ 0202ｨｪｨｰ0804 ｨｨｨｪｨｰ , 09ｨｰ0607ｨｴｨｨ02 04ｨ ｨ ｨｪ02ｨｪｨｨ ｨｪｨｨ ｨｪｨ ｨｺ ｨｺｨ ｨｪ ｨｪ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0502ｨｬ04, 09ｨｰ060806ｨｪｨｪｨｨｨｺｨｨ ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07 ｨ ｨ 05ｨ ｨｪ09ｨ 09ｨｨ05 ｨ ｨｮ01ｨｮｨｰ, 09ｨｺ , ｨ ｨｰｨｹ ｨｨ ｨｰｨｺｨｨ ｨｨ ｨｰｨ ｨｺｨｨ ｨｦ09ｨｰ09ｨｨ07 ｨ ｨｮ01ｨｮｨｰ ｨ ｨｰ0205ｨｹｨｪ04, ｨｰ06 ｨｪ0205ｨｹ0407 ｨｨ09ｨｺ0506 ﾂｨｨｨｰｨｹ ｨｰ060006, ﾂｨｰ06 ｨｪ04ｨｪ0203ｨｪ0707 ｨｺ08ｨｨ04ｨｨ09ｨｪｨ 07 09ｨｨｨｰｨｮｨ 02ｨｨ07 ｨｬ060302ｨｰ 0709ｨｨｨｰｨｹ0907 ｨｰ0605 ﾂｨｺ06ｨｬ ｨｹ0204ｨｪ ｨｨ09ｨｰ02ｨｬｨｪ0401 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨｨｦ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ 00ｨｮｨｪ01ｨ ｨｬ02ｨｪｨｰｨ 05ｨｹｨｪ ｨｪ0609, ｨｺ06ｨｰ ｨｰ 09ｨｰ020702ｨｪｨｹ ｨｮ ﾂｨ 09ｨｰｨｨ ｨｪｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ 09ｨｨ ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨｨｨ ｨｬ02ｨｪｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨ ｨｪｨ 07 00ｨｬ ｨｬ09ｨｰ0902ｨｪｨｪｨ ｨｰｨｨｨｬｨｨ04ｨ 02ｨｨ0703 ｨｨ ｨ ｨｪｨｪ04ｨｦ 09 ｨｪ02ｨｦ ｨｨ07ｨｪｨｨ07 ｨｺｨ ｨｺ ｨｪｨ ｨｮ0507ｨｰｨｨ09ｨｪ06ｨｬ, ｨｰｨ ｨｺ ｨｨ ｨｪｨ ｨｺ ｨ ｨｰｨｨ09ｨｪ06ｨｬ ｨｮ080609ｨｪ0701 ｨｬ0600ｨｮｨｰ 0708ｨｨ090209ｨｰｨｨ ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ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 ｨｺ06ｨｪ00ｨｨ00ｨｮ08ｨ 02ｨｨｨｨ ｨｬ02ｨｪｨｪ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｰ06ｨｬ 0106ｨｺｨｮｨｬ02ｨｪｨｰ02, ｨｺ06ｨｰ060804ｨｦ ｨ ｨｪ 0502ｨｰ06ｨｬ , ｨｦ ｨ 0604ｨｪｨ ﾂ02ｨｪｨｪ , 08ｨ 09ｨｪ06 ｨｺｨ ｨｺ ｨｨ ｨｪ , 09 ｨｰ06ｨｦ ｨｨ05ｨｨ ｨｨｨｪ06ｨｦ ｨｬ ｨｪｨ 0305ｨｨ ｨｺｨｮ 04ｨ ｨｺ06ｨｪ0601ｨ ｨｰ020502ｨｦ ｨｺ06ｨｰ ｨｰｨｺｨｨ 0706 ﾂｨ 09ｨｰｨｨ ﾂｨｪ06ｨｬｨｮ ｨｪ0609ｨｮ 0202ｨｪｨｰ08ｨ ｨｰ ｨｰｨｨ 06ｨｰ ｨｺ 08ｨ 04ｨｪｨ ﾂ02ｨｦ09ｨｰ09ｨｮ (09 ｨｰｨ ｨｺｨｨ01 09ｨ 03ｨｪ02ｨｦ03ｨｨ ｨ 01, ｨｺｨ ｨｺ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ02 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06ｨｦ 09ｨ 0506ｨｰ04) ｨ 05ｨｨ09ｨｹ ｨｪｨｨｨｦ 08ｨ ｨｨ ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 02ｨｨｨｨ ｨｪｨｪ0201ｨｨ, ｨｺ060001ｨ ｨｨ0102ｨｪｨｰ 0705ｨ ｨｪｨｨ080609ｨ 05 ｨｪｨ ｨｨｨｰｨｹ 05ｨｬｨｨ0909ｨｨ06ｨｪｨｪ04ｨｬｨｨ 00ｨｮｨｪｨｺ02ｨｨ07ｨｬｨｨ ｨｦ 00ｨｨｨｪ00ｨｨｨｪ. 0608ｨ 00ｨｨ ﾂ0209ｨｺｨｨ ｨ 04ｨｰｨｨ07 00ｨｨｨ 0205ｨｨ ｨｨ0102ｨｪｨｰｨ, ｨｨ01ｨｨｨｬ06ｨｬｨｮ, ｨｪ02 01ｨ 05ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ 05ｨｰｨｨｨｬ 0705ｨ ｨｪｨ ｨｬ 0609ｨｮｨｴ0209ｨｰ09ｨｨｨｰｨｹ ｨｰ ｨｺ 05ｨｰｨｨｨｬ 0705ｨ ｨｪｨ ｨｬ 0706 ﾂ02ｨｬｨｮ-ｨｰ06 ｨｪｨｨｨｺｨｰ06 ｨｪ ｨ ｨｴｨ

267 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ｨｨ 05ｨｰ06ｨｬ ｨｦ ｨｴ ｨｰ06ｨｨｨｰ 06ｨ 09ｨｮ01ｨｨｨｰｨｹ ｨｨ 0708ｨｨｨｪ07ｨｰｨｹ ｨｰ0902ｨｰ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｪｨｨ ｨｨ 09ｨ 03ｨｪ ｨｨｨｪ07ｨｰ0401 ｨｨｨｪｨｨ02ｨｨｨ ｨｰｨｨ09 06ｨｰｨｬ02ｨｰｨｨｨｬ ｨｪｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨｨ ｨｹ040609ｨ ｨｪｨｨ06 ｨｺ05ｨｨ02ｨｪｨｰ09ｨｺｨｨ ｨｰ ｨｨ09ｨｺ0609ｨ ｨｪｨｪ ｨｪｨｨｨｦ ｨ ｨ ｨｪｨｺ0609 (proprietary trading). 06ｨｰ06 09ｨ 03ｨｪ06, ｨｰ02ｨｬ ｨ ｨｨｨｪｨｨｨｬｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｰ06 06ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ0906, ﾂｨｰ06 ｨｬｨｪ0600ｨｨ02 ｨｨ04 ｨｰｨ ｨｺｨｨ ｨｰ09 ( ｨｨｨｰ0609) 00ｨ 08ｨ ｨｪｨｰｨｨ08ｨｮ06ｨｰ ｨ 09ｨｨｨｰ0205ｨｹ09ｨｰ0906ｨｬ ( ｨ ｨｴｨｨｨｰ04 ｨｨｨｪｨｰ ｨｺ05ｨ 01 ﾂｨｨｨｺ0609), ｨｰ060001ｨ ｨｺｨ ｨｺ ｨ ｨ ｨｪｨｺｨｨ ｨｬ0600ｨｮｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｨ ｨｨ01 ﾂｨ 09ｨｰ ｨｰｨ ｨｰ06 ﾂｨｪ06 08ｨｨ09ｨｺ0609ｨ ｨｪｨｪ0401 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ. 02ｨ ｨｪｨｪ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ02 ｨ ｨｮ ｨｪ06 ｨｪｨ 0409ｨ ｨｪ ｨ 09ｨｨ0506ｨｬ ｨｺ0208ｨ 03 (ｨ ｨ , ｨｺ06ｨｰ060804ｨｦ ｨ 0405 ｨ 09ｨｰ060806ｨｬ ｨｮｨｺｨ 04ｨ ｨｪｨｪ06ｨｦ ｨｬ020804) ｨｨ09ｨ ｨｰｨｨ09ｨ ｨｬｨｨ ｨｪｨ ｨ ｨｮ0102ｨｰ ｨｰｨｨ09ｨｹ ﾂ ｨｨｨ 05ｨｹｨｪ ｨ ｨｪｨｪ0402 ｨ ｨ ｨｪｨｺｨ ｨｬｨｨ ｨ 0000ｨｨ05ｨｨ080609ｨ ｨｪｨｪ ｨｪｨｨｨｬｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨｨ ｨｪｨｹ06-ｨｦ0608ｨｺ09ｨｺ , ｨ 09ｨ ｨ ｨｮ0102ｨｰ ｨｪｨ 04ｨｪｨ ﾂｨ ｨｰｨｹ0907 ｨｪ ｨｰ06ｨｬ 01ｨｨ0802ｨｺｨｰ , ｨ ｨｨ0102ｨｪｨｰ06ｨｬ 09ｨｰ08ｨ ｨｪ ｨ ﾂ02ｨｪｨｨ07 ｨｨｨｪｨｰ ｨｰ0802ｨ ｨｨｨｰ020502ｨｦ ｨ 02ｨｰ ｨｪｨｰ09ｨｰ ｨ ｨｴｨｨｨｰ ｨｰ0802ｨ ｨｨｨｰ020502ｨｦ, ｨｺ06ｨｰ , ｨｺｨ ｨｺ 0705ｨ ｨｪｨｨ08ｨｮ02ｨｰ0907, ｨ ｨｮ0102ｨｰ 00ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 00ｨｮｨｪｨｺ02ｨｨ06ｨｪｨｨ080609ｨ ｨｰｨｹ ｨｺｨ ｨｺ ﾂｨ 09ｨｰｨｹ ｨ 05ｨｹｨｪ06ｨｦ ｨｪ06ｨｦ 05ｨｨ09ｨｰ02ｨｬ ｨ 02ｨｰ0907 ｨｪｨ ｨ ｨ ｨｰ0205ｨｹｨｪ04ｨｦ ｨｰ 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, ｨｺ06ｨｰ060804ｨｦ ｨ ｨｮ0102ｨｰ ｨ ｨｰｨｹ ｨ 0906ｨｦ 00ｨｨｨｪ00ｨｨｨｪｨ ｨｨ 09ｨｺ0506 ﾂｨ ｨｰｨｹ ｨ 07 08ｨｮｨｺ ｨｨｨｰ020502ｨｦ ｨｮｨｴｨｨ01 05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｨ ｨｬ09ｨｰ ｨ 00ｨ 02ｨｰ0907 ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ06 06ｨｰ ｨｨ09ｨ ｨｰｨｹ 0706ｨｺｨ 04ｨ ｨｰ0205ｨｨ ｨｺ080201ｨｨｨｰｨｪ ﾂｨ, 04ｨ ｨ ｨ 05ｨ ｨｪ ｨ 02ｨｨｨｨ ｨｮ ﾂｨ 02 ｨｺ08ｨｮ07ｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ (ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ ｨｨｨｪ ｨｨ ﾂｨｨｨｪ06ｨｦ ｨ ｨｺｨｰｨｨ090609, ｨ 06ｨｴ02ｨｦ 50 ｨｬ , ｨｨ ｨｪ02ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ01 00ｨｨｨｪｨ ｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｪｨ ｨ ｨｪｨｨ02ｨｬ ) ｨ ｨｪｨｨ ﾂｨｨ09ｨ ｨｰｨｹ ( ｨｮ ﾂｨ 02 08ｨｨ09ｨｺ ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ) ｨ 02ｨｨｨｨ 0905ｨｨ07ｨｪｨｨｨｦ ｨｨ ｨｴ02ｨｪｨｨｨｦ, ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｪｨｨ

268 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ｨｮｨｺｨｰ ｨｮ09ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ ｨ ｨｺ06ｨｬ02ｨｪ010609ｨ ｨｰｨｹ ｨｰｨ ｨｺｨｨｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬ ｨ 03ｨｨ ﾂｨ 09ｨｰｨｨ ｨ ｨ 05ｨ ｨｪ ｨｨ 04ｨ ｨ ｨ 05ｨ ｨｪ ｨ ｨｺｨｰｨｨ ｨｰ0802ｨｰｨｹｨｨｨｬ 05ｨｨ02ｨ ｨｬ (ｨｪ02ｨ 0000ｨｨ05ｨｨ080609ｨ ｨｪｨｪ04ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬ). 0305ｨ ｨｪｨｨ08ｨｮ02ｨｰ0907, ﾂｨｰ ｨ ｨｮ0102ｨｰ ｨｺ06ｨｪｨｰ080605ｨｨ080609ｨ ｨｰｨｹ ｨｺ08ｨｮ07ｨｪ02ｨｦ03ｨｨ02 ｨｨ 0904ｨ ｨｨｨｬ ｨ ｨｪｨｪ ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ04 (ｨｪ06 ｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ 09ｨ 03ｨｪ ｨｨ07ｨｰｨｨ07, 04ｨｪｨ ﾂｨｨｨｬ 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 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｺｨ ｨｺ 05ｨｰ06 ｨ ｨｮ09ｨｬ06ｨｰ0802ｨｪ ｨｪｨ ﾂｨ 05ｨｹｨｪ ｨｪｨｨ0701). 0606, ﾂｨｰ06 ｨｨ04ｨｪｨ ﾂｨ 05ｨｹｨｪ ｨｰｨｺｨｨ ｨｪｨｨ ｨｮ0507ｨｰ ｨｪｨ ｨｰ0605ｨｺｨｪｨｮｨｰ0907 ｨｪｨ ｨｬ06ｨｴｨｪ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ02 ｨ ｨ ｨｪｨｺ060909ｨｺ ｨ ｨ ｨｨ, ｨ ﾂ0209ｨｨ01ｨｪ ｨ 04ｨｮ ｨｪ07ｨｰｨｪ06 ｨｨ ｨｰ06, ﾂｨｰ06 00ｨ 0707ｨ 08ｨ ｨｰｨｪ04ｨｦ ｨｮ ｨｨ ｨｨ ｨｪ0609ｨｰｨｪ ｨｨ02 ｨｨ ｨｮ0507ｨｰ ｨ ｨｮ0102ｨｰ 09ｨｰｨ 08ｨ ｨｰｨｹ ｨ ｨｰｨｹ ｨｨ04 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨｬｨ ｨｺ09ｨｨｨｬｨｮｨｬ ｨｬ0603ｨｪ ｨｮ02ｨｰ ｨｰｨ ｨｺ0302 ｨｨｨｬ02ｨｰｨｹ 09 09ｨｨ01ｨｮ, ﾂｨｰ06 09ｨ ｨｬｨ 09ｨｨｨｰｨｮｨ 02ｨｨ ｨｰｨ ｨ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ 0706 ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨｨｬ ｨｬ0208ｨｺｨ ｨｬ 03ｨ ｨｪ09 ｨｨ04ｨｬ02ｨｪｨｨｨｰｨｹ ｨ ｨ 05ｨ ｨｪ09 09ｨｨ05 06ｨｰ ｨ 05ｨ 01ｨ ｨｨ ｨｰ09ｨ 00ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ ｨｺ ｨｬ0603ｨｪ04ｨｬ ｨｨｨｪ04ｨｬ ｨｪｨｰ08ｨ ｨｬ 0708ｨｨｨｰ070302ｨｪｨｨ ｨｨ09ｨｺ0506 ﾂ02ｨｪ06, ｨｪｨ 0708ｨｨｨｬ0208, ﾂｨｰ ｨｰｨ 09ｨｨｨｰ0205ｨｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ 0802ｨ 05ｨｹｨｪ ｨｺｨｰ0608ｨ, ｨｺ06ｨｰ060804ｨｦ 09 ｨｪ060902ｨｦ0302ｨｦ ｨｨ09ｨｰ0608ｨｨｨｨ ｨｪ0209ｨｺ0605ｨｹｨｺ06 ｨｮｨｰ08ｨ ｨｰｨｨ ｨｨ 0005ｨ 0902ｨｪ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｨ02ｨｨｨｨ, ｨｮ09ｨｰｨｮ07ｨｨ09 ｨｨ01 09 ｨｺｨ ｨｺ06ｨｦ-ｨｰ06 09ｨｰ020702ｨｪｨｨ ｨｰｨ 09ｨｨｨｰ020507ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 04ｨ 0106ｨｰ07ｨｰ 09 ｨｪ ｨｮ ｨｨ ｨｰｨ ｨｰｨｹ ｨｪ0609ｨｹ ｨｮ09ｨｨ05ｨｨｨｰｨｹ ｨｨ ｨｨ02ｨｨｨｨ, ｨｬｨｮ05ｨｨ08ｨｮ ｨｨ 05ｨｰ06ｨｬ ｨ

269 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ ﾂｨｰｨｨｨｰ0205ｨｹｨｪ ｨ ｨ 09ｨｨ05ｨ ｨｨ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｬ ｨ ﾂｨｰ06 ｨｰ02 ｨｬ ｨｺｨｨ, ｨｺ06ｨｰ ｨｮ ｨｺｨ 04ｨ ｨｪ04, ｨｺｨ ｨｺ ｨｰｨ ｨｰ0907, ｨｪ ｨ ｨｰｨｹ 0706ｨｺｨ ｨ ｨｰｨｪｨｮ0903ｨｨ ｨｨ02ｨｨｨｨ 00ｨｨｨｪｨ ｨｪ ｨｺｨｰ0608ｨ. 0201ｨｪｨ ｨｺ ｨｰ0605ｨｹ ｨｬ02ｨｪ0706ｨｴ02ｨｦ ｨ 09ｨｰｨ ｨｪ0609ｨｺ02 05ｨｰ06 ｨｪ ｨｰ ｨｺ06ｨｪ ﾂｨ ｨｰ0205ｨｹｨｪ04ｨｬ. 01ｨ ｨｦ0102ｨｪｨｪ04ｨｦ 0706ｨｺｨ ｨｬ0203ｨｮｨｰ06 ﾂｨｪ04ｨｦ ｨｺ06ｨｬ070806ｨｬｨｨ0909, ｨｰｨｪ06, ｨ ｨｮ0102ｨｰ 09 01ｨ 05ｨｹｨｪ02ｨｦ0302ｨｬ ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ ｨｮ ﾂ02ｨｰ06ｨｬ ｨｪ060906ｨｦ ｨｮ0707ｨｨ080609ｨｺｨｨ 09ｨｨ05, ｨ ｨｰｨ ｨｺ ｨ 0409ｨｨｨｰｨｨ07 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｰ06ｨｦ ｨｨ 06ｨ 08ｨ ｨｴｨ 02ｨｰ ｨｪｨ 0902ｨ 07 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 00ｨ ｨｺｨｰ ｨｮ010601ｨ ｨ ｨｺ ｨｰｨ ｨｪｨｪ ｨｮｨｪｨｺ02ｨｨ06ｨｪ ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 02ｨｨｨｨ 09 06ｨｰ09ｨｰｨ 09ｨｺｨｮ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｺ060806ｨｰｨｺ ｨｨ0601ｨ ｨｪｨ ｨｪｨｨ07 ｨｪｨ ｨｨ ｨｰｨ ﾂｨｹ, ｨｨ01ｨｨｨｬ06ｨｬｨｮ, ｨｬ060302ｨｰ ｨｨ01ｨｰｨｨ 05ｨｨｨ 06 06ｨ ｨｮ09ｨｨ0502ｨｪｨｨｨｨ 09ｨｪｨｮｨｰ08ｨｨｨ 0707ｨ 08ｨ ｨｰｨｪ ｨｨ 09ｨｪｨｮｨｰ08ｨｨ09ｨｨ09ｨｰ02ｨｬｨｪ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ07 ( ﾂｨｰ ｨｦ09ｨｰ0902ｨｪｨｪ ｨ 06ｨｦ 09ｨｨ09ｨｰ02ｨｬ02), 05ｨｨｨ ｨ ｨｹ0204ｨｪ ｨｴｨ 01, ｨ ｨｪｨｪ ｨｨ01 09ｨｨ0102ｨｪｨｨ02ｨｬ ｨｺｨｰｨｨ09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪ ｨ ｨｪｨｨ02ｨｬ ｨｪ0209ｨｰｨｨ 06ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ0609ｨｰｨｹ 04ｨ ｨｪ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0609ｨｰ0802ｨｪｨｨ ｨ ｨｺ ｨｰｨ ｨｰ0907, ｨｪ02 06 ﾂ02ｨｪｨｹ 06ｨｰ01ｨ 0502ｨｪｨｪ0602 ｨ ｨｮ01ｨｮｨｴ ｨｺｨ 0302ｨｰ, ﾂｨｰ ｨｨ050609ｨｹ 0708ｨｨ ﾂｨｨｨｪ06ｨｦ ｨｪｨ 09ｨ ｨｬ06ｨｬ ｨｪ02 ﾂｨｪ06, ｨｬ02ｨｪｨｪ0401 ｨｮ ｨｨ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｮ02ｨｰ ｨ 0605ｨｹ ｨ ｨｨｨｬ ｨｰ02ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｬ020301ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ 0802ｨ 05ｨｹｨｪ04ｨｬ 0902ｨｺｨｰ0608ｨ ｨｬｨｨ, ｨｨ ｨｮ ｨｬｨｪ0600ｨｨ ｨｨ07ｨｰｨｨｨｦ 0802ｨ 05ｨｹｨｪ ｨｺｨｰ0608ｨ 0209ｨｰｨｹ ｨｨ ｨｨｨｪｨｰ ｨｨ ｨｮ ﾂｨ 09ｨｰｨｨ ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ 05ｨｰ06ｨｬ ｨｬｨｪ0600ｨｨ02 ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ ｨｬ ｨｪｨｪ ｨｬｨ, ｨｺ06ｨｰ ｨｰ060705ｨｨ ｨｮ ｨｨ09ｨｰ06ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｨ ｨｪ ｨｰ08ｨ ｨｪ04, ｨｰｨｪ06, 0106ｨｰ0205ｨｨ ｨ ｨｪｨｮｨｰｨｹ 0902ｨ ｨｮｨｴｨｨ02 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨ ｨｨ, ｨｺ06ｨｰ ｨｪｨｨ ｨｨ0008ｨ 05ｨｨ ｨｨ04ｨｪｨ ﾂｨ 05ｨｹｨｪ06 ｨｨ ｨｺ06ｨｰ ｨｨｨｬｨｨ ｨ 0405ｨｨ 04ｨ ｨｰ02ｨｬ ｨｮｨｰ020807ｨｪ ｨｰ060806ｨｦ ｨｨｨｪ ｨ 01ｨｬｨｨｨｪｨｨ09ｨｰ08ｨ 02ｨｨ ｨｺｨｨｨｪｨｮ05ｨｨ ｨｬ0208, ｨ ｨ ｨｰ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ ｨｰｨｪｨｨｨｺ ｨｨ ｨｨ0102ｨｪｨｰ02, ｨ ｨｺ ｪ 01ｨｨ0802ｨｺｨｰ ｨ ｨｰｨｪ04ｨｬ ｨ ｨｬ, ｨ ｨｬｨｬ ｪ 01ｨｨ0802ｨｺｨｰ0608 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ ｨｨ 0601ｨｨｨｪ ｨｨ ｨｪ0609ｨｪ0401 ｨｺ ｨｨｨｪｨ ｨｰ ｨ ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 0708ｨｨ ｨｨ0102ｨｪｨｰ

270 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? 03ｨｴ02 08ｨ ｨｨｨｦ09ｨｺｨｨ01 08ｨｨ09ｨｺｨ ｨｨ ｨｬ0603ｨｪ04ｨｬｨｨ 08ｨｨ09ｨｺｨ ｨｬｨｨ ｨｰ02ｨｬ ｨ ｨ 03ｨｪ ｨｬｨｨ080609ｨ ｨｪｨｨ02 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｨｨｨ, ｨｺ06ｨｰ0608ｨ 07 ｨ 04 ｨｨｨｬ0205ｨ ﾂｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ ｨ 0409ｨｨｨｰｨｨ07 ｨｨ ｨｪ02 04ｨ 09ｨｨ090205ｨ 06ｨｰ ｨｺ060502ｨ ｨ ｨｪｨｨｨｦ ｨｬｨｨ ｨｦ ｨｺ06ｨｪｨｲ06ｨｪｨｺｨｰｨｮ ｨｨ09ｨｰ02ｨｬｨｪ06ｨｬ 0705ｨ ｨｪ02 08ｨｨ09ｨｺｨｨ 0609ｨｰｨ 06ｨｰ ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ ｨｺ08ｨｨ04ｨｨ09ｨ 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ02 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｲ02ｨｬ ｨｪ01ｨｨ080609ｨ ｨｪｨｨ ｨｮ09ｨｰｨｨｨｬ06ｨｦ 0202ｨｪ02 ｨｨ ｨｺｨ ｨｬ ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪ02ｨｬ 0804ｨｪｨｺ ｨｪｨｮ0301ｨ ｨｨｨｦ09ｨｺｨｨ ｨｬ ｨｪｨｪ0402 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨ ｨ ｨｪｨｺｨｨ ｨｨｨｰｨｹ ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨｨ ｨｨ 0607ｨｨ08ｨ ｨｰｨｹ0907 ｨｪｨ 09ｨｪ0203ｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 (ｨｨ01 ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｨ 04ｨ 4ｨC5 0502ｨｰ, ｨｰ090609ｨ 0903ｨｨ01 ｨｺ08ｨｨ04ｨｨ09ｨｮ, ｨｨ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｬｨｨｨｪｨｨｨｬｨ 05ｨｹｨｪ ｨｪｨ ﾂ02ｨｪｨｨｨｦ 0106 ｨ ﾂ02ｨｬ 500 ｨｬ ) 06ｨｰｨ ｨ 0502ｨｬｨ 0706 ｨ 0605ｨｹ0306ｨｬｨｮ 09 ﾂ02ｨｰｨｮ ｨｪ ｨｪｨ, ｨｨ 09 06ｨｰ09ｨｮｨｰ09ｨｰ09ｨｨ ｨｨ09ｨｰ02ｨｬｨｪ ｨｪｨｨ ｨｨｨｦ09ｨｺｨｨｨｦ 0804ｨｪ06ｨｺ ｨ ｨｮ0102ｨｰ ｨｨ ｨｹ ｨ 06ｨｴ02ｨｦ 09ｨｰ020702ｨｪｨｨ 04ｨ 09ｨｨ0902ｨｰｨｹ 06ｨｰ 09ｨｪ0203ｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｪ02ｨｰｨ 08ｨｪ ｨ 09ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ02ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｨ09ｨｺ ｨｪｨ ｨ ｨｲ0709ｨｨ05ｨｨ ｨｬ ｨｪｨ ｨｬ020802ｨｪｨｨｨｨ ｨｬｨｨｨｰｨｹ 09ｨｨｨｰｨｮｨ 02ｨｨ06. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 09ｨ ｨｪｨｺ ｨｨｨｨ ｨC ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺ ｨ ｨｬｨｪ0600ｨｨ ｨｪｨ ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｪ ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07, ｨｮｨｴｨｮ ｨｹ ｨｨ0008ｨ 05ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 (ｨ ｨｪ02 09ｨｪ0203ｨｪｨｨ02) ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ. 272

271 ｨｬｨ 01 ｨｨ ｨｺｨｰｨｨ09ｨ 01 06ｨｰ ｨｪ06 ｨ ｨｪｨ ﾂｨ ｨｰｨｹ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ02 09ｨｪ0203ｨｪｨｨ01 08ｨｨ09ｨｺ0609, ｨｪｨｨ ｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ, ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨ ｨｰ08ｨ ｨｪ09ｨｬｨｨ0909ｨｨ06ｨｪｨｪ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ, ｨｺ06ｨｰ060804ｨｦ ｨｪ ｨ ｨｨｨｰｨｹ 05ｨｰｨｨｨｬ ｨｮ0809ｨ ｨｬ ｨｰｨｨ00ｨ ｨｰｨｹ ｨｪ02 ｨｰ0605ｨｹｨｺ06 05ｨｺ ｨｰｨｪ0401, ｨｪ06 ｨｨ ｨｰｨ 05ｨｹｨｪ ｨｰ08ｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｰ ｨ 09ｨｪ06ｨｬ0208ｨｪ06 06ｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｪ01ｨｨ080609ｨ ｨｪｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨ, ｨ 09ｨｰ09ｨｮ07 ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ04ｨｬ ｨ 08ｨ ｨ ｨｪｨｨ07ｨｬ. 0404ｨｪ06ｨｺ ｨｨｨｪ0705 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｰｨｺｨｨ ｨｺｨ ｨｺ 0708ｨ 09ｨｨ05ｨｹｨｪ04ｨｦ 03ｨ 00, ｨ ｨｪｨｪ04ｨｦ ｨｪ060904ｨｬｨｨ 0802ｨ 05ｨｨ07ｨｬｨｨ. 0201ｨｪｨ ｨｺ06 ｨｺｨ ｨｺ ｨｰ0605ｨｹｨｺ ｨｰ0806ｨｰｨ ｨｺ08ｨｨ04ｨｨ09ｨ 09ｨｪｨｨ04ｨｨ05ｨ 09ｨｹ, ｨｪｨｨ ｨ 05ｨ 01ｨ ｨｪｨｨ06 09ｨ 0506ｨｰｨｪ0401 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ0609 ｨｬ06ｨｪ02ｨｰｨｨ04ｨ 02ｨｨｨｨ (0102ｨｪ0203ｨｪ ｨｪｨｨ07, 05ｨｬｨｨ0909ｨｨｨｨ) 09ｨｪ0609ｨｹ 09ｨｰｨ 05ｨｨ 0005ｨ 09ｨｪ04ｨｬｨｨ. 06ｨｰ ｨｪｨ ﾂｨ 02ｨｰ ｨ ｨｰ ｨｺ ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｬ 09ｨ 08ｨｨｨ ｨｪｨｰｨ ｨｬ 0102ｨｪ0203ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨｺ06ｨｰ ｨｬｨｪ060006ｨｬ ｨｮ09ｨｨ05ｨｨ05ｨｨ ｨｪｨ 03ｨｮ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ 06ｨｰ 09ｨｪ0203ｨｪ02ｨｦ ｨｨ 06ｨ 0609ｨｰ08ｨｨ05ｨｨ ｨｰ02 ﾂ02ｨｪｨｨ02 ｨｺ08ｨｨ04ｨｨ09ｨ. 06ｨｰ06 04ｨｪｨ ﾂｨｨｨｰ, 01ｨ , ﾂｨｰ06 ｨｪｨｮ03ｨｪ06 ｨ 04ｨｰｨｹ 0006ｨｰ060904ｨｬｨｨ ｨｺ ｨｰ06ｨｬｨｮ, ﾂｨｰ ｨｨ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ06 ｨｪ02 ｨｨ04ｨｬ02ｨｪ07ｨｰ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ , ｨｰ06 ｨｬ0600ｨｮｨｰ ｨｰ0608ｨｨｨｰｨｹ0907 ｨｬｨｪ0600ｨｨ02 08ｨｨ09ｨｺｨｨ, 09 ｨｺ06ｨｰ060804ｨｬｨｨ 09ｨｰ0605ｨｺｨｪｨｮ05ｨ 09ｨｹ ｨｨｨｦ09ｨｺｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ04ｨｦ ｨｨ ｨ ｨｺｨｨ02 00ｨ ｨｺｨｰ ｨ 02ｨｪｨｪ06 09ｨ 03ｨｪ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ 09 ｨｰ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, 09 ｨｺ06ｨｰ060806ｨｦ ｨｪｨ ｨｨｨｰ ｨｬ02ｨｪｨｪ04ｨｦ ｨｬｨｨ ｨｮ ｨｨ0701, ｨｺ060001ｨ 09 04ｨ 07ｨ 01ｨｪ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ 01 ｨｪ02ｨｨ04ｨ 0203ｨｪ06 ｨ ｨｮ0102ｨｰ ｨｨ ｨｨｨｰｨｹ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｨ04ｨ 02ｨｨ07 ｨ ｨ 05ｨ ｨｪ ｨ ｨ ｨｪｨｺ0609 ( , 273

272 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? ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ ｨｨ01 ｨ ｨｺｨｰｨｨ090609), 05ｨｰ06 ｨ ｨｮ0102ｨｰ ｨｪ06 ｨｺｨ ｨｺ 09 07ｨ 0102ｨｪｨｨ02ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ, ｨｰｨ ｨｺ ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨ ｨｺｨｰｨｨ09ｨｪ0609ｨｰｨｨ ｨｬ ｨｨｨｪｨｨｨｬｨ 02ｨｬ0402 ｨｬ ｨｮ09ｨｨ0507ｨｰ 08ｨｨ09ｨｺ ｨｪ ｨｨｨｰｨｺ ｨｰｨ ｨ (070609ｨｺ0605ｨｹｨｺｨｮ ｨｺ06ｨｬｨｬ0208 ﾂ0209ｨｺｨｨｨｦ ﾂｨ 09ｨｰ ｨｪ ｨ ｨｮ0102ｨｰ ｨｰ08ｨ ｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨ ｨｴ0209ｨｰ0902ｨｪｨｪ04ｨｦ) 09 ｨ 0605ｨｹ03ｨｨｨｪ09ｨｰ ｨ 0409ｨｨｨｰ ｨｰ08ｨ ｨｪ, 06ｨ 0609ｨｰ ｨｪ02ｨｺ06ｨｰ ｨｨ04 ｨｪｨｨ01 ｨｮ ｨｮ 09ｨｰ08ｨ ｨｪ ｨｰ ｨ 04ｨｰ06ｨｺ ｨ ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ ｨｪ ｨ ｨｪ ｨ 05ｨｹｨｪ02ｨｦ0302ｨｬｨｮ ｨｪｨ 08ｨ ｨｴｨｨ09ｨ ｨｪｨｨ06 (08ｨｨ ) 06 ﾂ0209ｨｨ01ｨｪ06 ｨｮ09ｨｨ05ｨｨ09ｨ 06ｨｰ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴｨｨ02 08ｨｨ09ｨｺｨｨ ｨｺｨ ｨｺ ｨｰ08ｨ ｨｪ, ｨｺｨｮ01ｨ 05ｨｰｨ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ 0708ｨｨ010601ｨｨｨｰ (ｨ 04ｨ ｨｰ02ｨｬ ｨｮ010601ｨｨｨｰ), ｨｰｨ ｨｺ ｨｨ ｨ ｨｬ ｨ 08ｨ ｨｹ040609ｨ ｨｪｨｨ02 09ｨｰ0605ｨｹ ｨｬｨ 0903ｨｰｨ ｨ ｨｪ0401 ｨｬ0208 ｨｰｨ ｨｺ ｨｺｨ ｨ 02ｨｰ, ﾂｨｰ06 09ｨｨｨｰｨｮｨ 02ｨｨ ｨ ｨｬｨｨ ｨｨｨｪ02ｨｪｨｪ ｨｰｨ ｨｰｨ ｨｰｨ 02ｨｰ0907 ｨｪ ｨｰ06ｨｦ ｨｨ ｨｪ0608ｨｬｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｪ02ｨｬｨｮ ｨｪｨｮ03ｨｪ04 09ｨｰ0605ｨｹ 06ｨ ｨｲ02ｨｬｨｪ0402 ｨｬ ｨｺｨｨ. 04ｨｨ ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ ｨ 08ｨ (ｨｰ0805ｨｪ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: ｨｰ ｨｪ0702ｨｰ ｨｺｨｰｨｨ0904 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ07 09 ｨｬｨｨ0802 ｨｨ ｨｰ0802ｨ ｨｮ02ｨｰ 06ｨｰ ｨｨｨｦ09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ0609 ｨ 0102ｨｺ09ｨ ｨｰｨｪ06ｨｦ 09ｨｰ020702ｨｪｨｨ 0006ｨｰ0609ｨｪ0609ｨｰｨｨ, ﾂｨｰ06ｨ 04 ｨ 04ｨｰｨｹ ｨｰ0607ｨｪｨｨｨｨ ｨｰｨｨ ｨｦ09ｨｰ090609ｨ ｨｰｨｹ ｨｪ060904ｨｬ ｨ ｨ 05ｨｹｨｪ04ｨｬ 08ｨｨ09ｨｺｨ ｨｬ ｨｨ 06ｨ ﾂｨｨｨｰｨｹ ﾂｨｪ0402 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｪ ｨｮｨｺ ｨｪｨｨ 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.

273 ｨ 0903ｨｰｨ ｨ ｨｪ0609ｨｰｨｹ ｨ ｨ 05ｨｹｨｪ ｨｨ09ｨｺ ｨ 09ｨｰｨ 09ｨｨ05ｨ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｬ06ｨｰ0802ｨｰｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ , ｨｺ06ｨｰ ｨｨｨｬ02ｨｪ0705ｨｨ09ｨｹ 0609ｨｪ0609ｨｪ04ｨｬｨｨ 09ｨｰ08ｨ ｨｪｨ ｨｬｨｨ ｨ 09ｨｮ ｨｮ0005ｨ ｨ ｨｰｨ ｨｪ 08ｨ 04ｨｮｨｬｨｪ04ｨｦ 0708ｨ 00ｨｬｨ ｨｰｨｨ04ｨｬ ｨｰ06, ﾂｨｰ ｨｰ0902ｨｰ09ｨｰ090609ｨ ｨ 0906ｨｬｨｮ 09ｨｬ040905ｨｮ ｨｨ ｨ ｨｪｨｮ03ｨｪ ｨ ｨｰｨｹ ｨｪ07ｨｰｨｨ ｨｰ0806ｨｰ04 ｨｺ08ｨｨ04ｨｨ09ｨ, ｪ ｨ ｨｹ ｨｨ 04ｨ ｨ 04ｨｰ04 08ｨ 0909ｨｮ030102ｨｪｨｨ07 ｨｨ ｨｨ ｨｨ ﾂ0209ｨｺｨｨ ｨｬ04 06 ｨｪ0209ｨｬ0203ｨ ｨｰ0205ｨｹ09ｨｰ ｨｮ01ｨ 0809ｨｰ09ｨ, ｨ 0601ｨｪ06ｨｬ 0804ｨｪｨｺ02 ｨｨ ｨｬｨｪ ｨｮ000602, ﾂｨｰ06 08ｨ ｨｪｨｹ ｨ 09ｨ ｨｹ ｨｺｨ ｨｺ ｨｪ ｨｺｨ 02ｨｬ0402 ｨ ｨｺ09ｨｨ06ｨｬ ｨｹ 01ｨ 0302 ｨｰｨ ｨｺｨｨ02 ｨ ｨｰ04, ｨｺｨ ｨｺ , ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨ ｨｰｨｪ ｨｨ02ｨｨｨｰ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨ ｨｰｨ ｨｺｨｨ02 09ｨｰ060806ｨｪｨｪｨｨｨｺｨｨ ｨ 0601ｨｪ ｨｪｨｺｨ, ｨｺｨ ｨｺ , ｨｰ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｬ ｨｪｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, 0708ｨｨ ﾂ02ｨｬ, ｨｺ060001ｨ ｨｪ0206ｨ ｨｨｨｬ06, ｨ ｨｴ02 06ｨｺｨ ｨ 06ｨｰ ｨｬｨ 0903ｨｰｨ ｨ ｨｪｨｮ ｨｮ01ｨ 0809ｨｰ0902ｨｪｨｪｨｮ ｨｬ06ｨｴｨｹ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02, ｪ ｨｰｨｹ 0106 ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｨ04ｨ 02ｨｨｨｨ (ｨｺ060001ｨ ｨｰ0802ｨ 0609ｨ ｨｹ). 0208ｨｮ00ｨｨ02 09ｨｰ08ｨ ｨｪ04 (ｨｪｨ 0708ｨｨｨｬ0208, ｨｨｨｺ06ｨ 08ｨｨｨｰｨ ｨｪｨｨ07) ｨｪｨ - ﾂｨｨｨｪｨ 06ｨｰ ｨｨｨｰｨｹ 06 ｨｪ0206ｨ ｨｨｨｬ0609ｨｰｨｨ ｨｺ06ｨｪｨｰ ｨ 0109ｨｨ0302ｨｪｨｨ02ｨｬ 00ｨｺ060806ｨｰｨｺｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｪ0200, ｨ 02ｨｴ02 275

274 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? ｨｮ01ｨ 0809ｨｰ ｨｨｨｰ ｨｬ020804, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 06ｨｴｨｨ ｨｨ0302ｨｪｨｨ02 ｨｺｨ 07ｨｨｨｰｨ ｨｬ, ｨｮ ｨ ｨｮ09ｨｨ0502ｨｪｨｨ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ04ｨｬｨ 09ｨｰｨ 05ｨ ｨ ｨｰ ﾂ02ｨｰ05ｨｨ0906 ｨｬｨ 07 ﾂｨｨｨｰｨｹ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ06ｨｦ. 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ ｨｮ ﾂｨ 02 ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 ｨｪ ｨｨ09ｨｺ0609 ｪ ｨｰ09ｨｨ ｨｬ0603ｨｪ06ｨｦ 09ｨｰ060806ｨｦ ｨｪ04 ｨｺ08ｨｨ04ｨｨ09ｨ ｨｨ05ｨｨ ｨｨ04-04ｨ ｨｮ ｨ ｨ 05ｨｹｨｪ ｨｨ0302ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ (090604ｨｪｨｨｨｺ0302ｨｦ 06ｨｰ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ 05ｨｬｨｨ0909ｨｨｨｨ), ｨ ｨｰｨ ｨｺ ｨｮ00ｨｨ ｨｨ ﾂｨｨｨｪ ｪ ｨｰ02ｨｺ02ｨｨ06ｨｪｨｨ09ｨｰ09ｨｺｨｨ02 ｨｰ02ｨｪ0102ｨｪ02ｨｨｨｨ ｨ ｨｮ01ｨｮｨｰ ｨｰ0605ｨｹｨｺ06 ｨｪｨ 08ｨ 09ｨｰｨ ｨｰｨｹ ｨｨ 0601ｨｪ ｨｬ02ｨｪｨｪ06 ｨｪｨ ｨｰｨ 05ｨｺｨｨ09ｨ ｨｰｨｹ0907 ｨｪｨ ｨｰｨｺ ｨｰｨｨ0906ｨ ｨｰ ｨｰ060806ｨｪ04 08ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ. 0202ｨｦ09ｨｰ09ｨｨ07 06ｨ 02ｨｨ01 09ｨｰ060806ｨｪ ｨｪ ｨｪ07ｨｰｨｪ ｨ 0409ｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨｨｺ, ｨｪｨ ｨｴｨｨ ｨｺ08ｨｨ04ｨｨ0902 (ｨｨ05ｨｨ ｨｪ020006), ｨｪ06 ｨｨｨｬ02ｨｰｨｹ ｨ 0605ｨｹ ｨｺ0605ｨｨ ﾂ0209ｨｰ0906 ｨｰ06 ﾂ02ｨｺ ｨｬｨ ｨｪ020908ｨ. 06ｨｬ 09ｨ 03ｨｪ04 ｨｺｨ ｨｪｨ ｨｰ06ｨｺｨ ｨｨ 0904ｨｰｨ 05ｨｺｨｨ09ｨ ｨｪｨｨ ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｪ ｨｪ02ｨｪｨｪ ｨｪ0203ｨｪｨｨ02 ｨ ｨｺｨｰｨｨ0904, 09 ｨｺ06ｨｰ ｨｰｨｮ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ ｨｬ0603ｨｪ ｨｨｨｰｨｹ, ｨｨ 0108ｨｮ00ｨｨ02 09ｨｪ0203ｨｪｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ, ｨｰ06ｨｬｨｮ 06ｨｪｨｨ, 0209ｨｰ0209ｨｰ0902ｨｪｨｪ06, ｨｰｨｮ07ｨ 06ｨｰ ｨｰｨｨ ｨｦ09ｨｰ09ｨｨｨｦ, 0704ｨｰｨ 06ｨｴｨｨ ｨｰｨ ｨｺｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨ ｨｪｨｨ ﾂｨｨｨｰｨｹ. 04ｨ 0409ｨｨ09ｨ 06ｨｴｨｨ ｨｰ08ｨ ｨｪ04 ｨｰｨ ｨｺ ｨｪ07ｨｰｨｹ ｨｬ0603ｨｪ06 ( ﾂ02ｨｬ, ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｨ01): 09 ｨｮ ｨｨ ｨｨ0102ｨｬｨｨｨｨ ｨ 0209ｨｰｨｹ ｨ ｨｪｨｨ ｨｰｨｨ ｨｺｨ 08ｨ ｨｪｨｰｨｨｨｪ, ﾂｨｰ06ｨ ｨ 01ｨｨｨｰｨｹ 0902ｨ 07 06ｨｰ ｨｪ0200ｨ ｨｰｨｨ09ｨｪ ｨｦ09ｨｰ09ｨｨ ｨｺ0605ｨｹｨｺｨｮ ｨｬ02ｨｪｨｪ0401 ｨｮ ｨｨ ｨｪｨｨｨｬｨｨ ｨ ｨｪｨｨ- ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｬｨｨ ｨｬ0208ｨ ｨｬｨｨ ｨ 0502ｨｬｨｮ ｨｨ ｨｬ0603ｨｪ ｨｨｨｰｨｹ (01ｨ ｨｨ ｨｨｨｪ02ｨｨ0702 ｨｨ01 09ｨｰ06ｨｨｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ 05ｨｨ03ｨｹ 0708ｨｨ 01ｨ 05ｨｹｨｪ02ｨｦ0302ｨｬ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨｨｨ 08ｨｨ09ｨｺ0609), ｨ 0506 ｨ ｨｮ06 06 ﾂ ｨｹ 0609ｨｪ0609ｨｪ06ｨｦ ｨ ｨｺ0202ｨｪｨｰ ｨ ｨｰｨｹ ｨｪｨ ｨｮ09ｨｨ0502ｨｪｨｨｨｨ 09ｨｪｨｮｨｰ08ｨｨ05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｪｨｨ07, ｨｺ06ｨｰ ｨｨｨｰ ｨｨｨｬ02ｨｰｨｹ ﾂｨｪ ｨｨ02ｨｨｨｨ 01ｨ ｨｮ ｨｨ0701 ｨｰｨｮ08ｨ ｨｮ0502ｨｪｨｰｨｪ0609ｨｰｨｨ. 0201ｨｪ ｨｬ02ｨｪｨｪ06 ｨｪ0206ｨ ｨｨｨｬ06 ｨｮｨｺ ｨｰｨｹ ｨｺ ｨｨｨｪｨ 02ｨｨ06 ｨｬ020309ｨｰ08ｨ - 276

275 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) ｨｪ , ｨ ｨ ｨ 0302ｨｪｨｪ06ｨｦ ｨｨ ｨｮｨｬ02ｨｪｨｹ03ｨ ｨｨ 05ｨｰ06ｨｬ 08ｨｨ09ｨｺｨｨ ｨｬ020309ｨｰ08ｨ ｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｺ06ｨｪ0005ｨｨｨｺｨｰ0609, ｨｰ ｨｨ 09ｨ 0506ｨｰｨｪ ｨｦｨｪ, ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｺ06ｨｰ ｨｪ0609ｨｹ ｨｪｨ ﾂｨｨｨｪｨ 02ｨｰ ｨ 09ｨｰｨ ｨｰｨｹ. 00ｨ 03ｨｪ ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06ｨ ｨｨｨｬ02ｨｪ02ｨｪｨｨ02 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｨ ｨｨｨｪ0401 ｨｰ02ｨｺｨｮｨｴｨｨ01 ｨｬ0208 ｨｪ02 04ｨ ｨｪ ｨｨ09ｨｰ02ｨｬｨｪ ｨｨ0406ｨｪｨｰｨ ｨｺ ｨｪｨｨ ｨ 0502ｨｬ ｨｮ0507ｨｰ ｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ 0804ｨｪｨｺｨ ｨｪ04 ﾂ02ｨｰｨｺ ｨｰｨ ｨｰｨｹ (ｨｪｨ 09ｨｺ0605ｨｹｨｺ06 ｨｰｨ ｨｺｨ ｨｪｨｪ0609ｨｰｨｹ ｨ ｨｴ ｨｬ0603ｨｪｨ 09 ｨｪ04ｨｪ0203ｨｪ02ｨｦ ｨｺ0601ｨｨｨｪｨ ｨｬｨｨ ﾂｨｪ06ｨｦ ), ｨｺｨ ｨｺ06ｨｦ ｨｪｨ 09ｨｰｨ ｨｰｨｹ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪｨ 07 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨ, ｨｺｨ ｨｺ ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ ｨｺ06ｨｪｨｺ0802ｨｰｨｪ ｨｮｨｰｨｨ ｨ ｨｨ04 ｨｺ08ｨｨ04ｨｨ09ｨ, ｨ ｨｰｨ ｨｺ ｨｺ0605ｨｹ ｨｹ0204ｨｪ04 ｨｪ ｨｨ09ｨｺｨｨ. 00 ｨｮ ｨｨ0701 ｨｪ ｨ ｨ 05ｨｹｨｪ ｨｨ 01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 ｨｨｨｨ 09 ｨｬｨｨ080609ｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨｪ04 ﾂ02ｨｰｨｺ06 01ｨ 09ｨ ｨｰｨｹ ｨｰ0902ｨｰ04 ｨｪｨ ｨ 03ｨｪ ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴｨｨ ｨｮ0102ｨｬ 05ｨｨ ｨｬ ｨｰ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｰｨｮ07ｨ ｨｰｨｹ ｨｨ 06ｨ ｨｲ02ｨｺｨｰｨ ｨｨ05ｨｨ ｨｨ 09ｨｮｨ ｨｲ02ｨｺｨｰｨ? ｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ, ｨ ｨｮ01ｨｮｨｰ 05ｨｨ ｨｪｨ 09 ｨｨ ｨｹ040609ｨ ｨｰｨｹ 0108ｨｮ00ｨｨ ｨｨ ｨｰ0802ｨ ｨｪ0609ｨｰ02ｨｦ, ｨｨ05ｨｨ, ｨｪｨ ｨｰｨｨ09, ｨｬ04 ｨ ｨｮ0102ｨｬ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｰ02ｨｬｨｨ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ ｨｬｨｨ, ｨｺ06ｨｰ ｨ ｨｺ0506 ﾂ02ｨｪ04 09 ｨｬ020301ｨｮｨｪｨ ｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ02, ｨ 09ｨｰ0902ｨｪｨｪ ｨ 0409ｨｨｨｰｨｨ ｨｰ ｨｨ ｨｬ04 ｨｪｨ ｨｺ06ｨｪ ｨｰｨ ｨｰｨｹ ｨｰｨｹ 0706 ｨｰ02 ﾂ02ｨｪｨｨ06, ｨｺ06ｨｰ ｨｨ050609ｨｹ ｨ 0204 ｨｪｨ ｨ ｨｺｨｰｨｨ09ｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ07 (ｨｪｨ 277

276 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? 05ｨｰｨ ｨｰｨ ｨｪ ｨｪｨｨ07 ｨｮ ｨｪｨ ｨｪ06 ﾂｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609), ｨ ｨｪｨ - ﾂｨ ｨｰｨｹ ｨｨ0008ｨ ｨｰｨｹ ｨｪ ｨｨ 09 ｨｪ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｮ ｨｨ0701? ｨ ｨｪｨ 03ｨ ｨｨｨｪｨｰ020008ｨ 02ｨｨ07 09 ｨｬｨｨ080609ｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ ｨ ｨｮ0102ｨｰ 0604ｨｪｨ ﾂｨ ｨｰｨｹ ｨｪ02 08ｨ 0903ｨｨ0802ｨｪｨｨ02 ｨｪｨ 0302ｨｦ ｨｨ ｨｰｨ 09ｨｴｨｨｨｺｨ ｨｹ ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ, ｨ 0708ｨｨ ｨｰ ｨｺ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ06 ｨｪｨ ｨｬ0209ｨｰｨ 09 05ｨｰ06ｨｬ ｨｬｨｨ ｨｺｨ ﾂ0209ｨｰ ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ, ｨｴ ｨｪｨ 09ｨｪ0203ｨｪｨｨ ｨｪｨｺｨｨ 09 ｨｺｨ ﾂ0209ｨｰ0902 ｨｨｨｪ090209ｨｰ0608ｨ ｨｨ 0706ｨｺｨｮ07ｨ ｨｰ ｨｨ ｨｬ ｨｪｨｪ0401 ｨｨ ｨｨｨｪ0401 ｨ ｨｺｨｰｨｨ ｨｮ03ｨｪ06 ｨ ｨ ｨｺｨｰｨｨ09ｨｪ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｪｨ ｨｪｨｨ07 09 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, 0708ｨｨ ﾂ02ｨｬ ｨｪ02 08ｨ ｨｨ ｨｪｨｨ ｨ 08ｨ ｨｰ09ｨｺｨｨ02 ｨｬ0600ｨｨ050403, ｨｪｨ ｨ ｨｨ02 ｨｨ0706ｨｰ02 ﾂｨｪ ｨｨ00ｨ ｨｪｨｰ0609 Freddie Mac ｨｨ Fannie Mae, ｨｬｨｨｨｬ06 ｨｪｨ ｨ ｨｰｨ 02ｨｰ ｨｨｨｪ090209ｨｰ ｨｨ ｨｪｨ ｨ ｨ ｨｰｨｪ06 ｨｰ ｨｰ0907 (ｨｨ ﾂｨｹｨｨ ｨ ｨｺ02ｨｨｨｨ ｨｺ ｨｰ06ｨｬｨｮ ｨｹ0204ｨｪ06 06ｨ ｨｪｨｨ05ｨｨ09ｨｹ). 00ｨｬ0209ｨｰ06 05ｨｰ ｨｰ06ｨｨ0506 ｨ 04 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ 0706ｨｺｨｮ07ｨｺｨｨ 04ｨｪｨ - ﾂｨｨｨｬ ｨ ｨｺ02ｨｰ ｨｪ02ｨｺ06ｨｰ ｨｺ05ｨ 0909ｨｪ ｨ 07ｨ 01ｨｪ0401 ｨ ｨ ｨｪｨｺｨ 01, ｨｺ06ｨｰ060804ｨｬ ｨｪｨｮ03ｨｪ04 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ (ｨｺｨ ｨｺ 05ｨｰ06 ｨ , ｨｪｨ 0708ｨｨｨｬ0208, ｨｮ ﾂｨ Citi Group ｨｨ Mitsubishi, ｨｨ05ｨｨ ｨｺｨ ｨｺ 05ｨｰ06 ｨｬ ｨ 04 ｨ 04ｨｰｨｹ 0708ｨｨ 0706ｨｺｨｮ07ｨｺ02 06ｨ ｨ ｨｪｨｺ0806ｨｰｨｨ ｨ ｨ ｨｪｨｺｨ Lehman Brothers, ｨｨ ｨ 04 ｨ ｨｺｨｮ07ｨ ｨｰ0205ｨｹ). 05ｨｮｨｬ0202ｨｬ 05ｨｨ ｨｬ ｨ ｨｪｨｨｨｰｨｹ 05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, 0708ｨｨ ｨｺ06ｨｰ060806ｨｬ ｨｨｨｦ09ｨｺｨｨ ｨｮ0507ｨｰ ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ04ｨｦ ｨ ｨｨ04ｨｪ0209 ｨ ｨｮ01ｨｮｨｰ 06ｨ 05ｨ 01ｨ ｨｰｨｹ ｨ 06ｨｴｨｨｨｬ ｨｬ 0708ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨｨｨ ｨｨ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 0708ｨｨ0608ｨｨｨｰ02ｨｰ0609 ｨｪｨ ｨ 0409ｨｨｨｰｨｨ07, ｨｨｨｬ02ｨｰｨｹ ｨｴｨｨｨｦ ｨｨｨｪ07ｨｰｨｨｨｨ 0609ｨｪ ｨ 00ｨ 06ｨｴｨｨ ｨｪｨｨｨｦ, ｨｺｨ 09ｨ 06ｨｴｨｨ ｨｮ0102ｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 278

277 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ? 0605ｨｨ ｨｰｨ ｨｺｨｨ ｨｪｨｨ07 ｨ ｨｮ01ｨｮｨｰ 0708ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｰ ｨｮ00ｨｨ01 ｨｬ0209ｨｰｨ 01, ｨ ｨｨ ｨ ｨｰｨｨｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｮ06 ｨｰ020808ｨｨｨｰ0608ｨｨ0603, ｨｪ02ｨｺ ｨｰ08ｨ ｨｪ090008ｨ ｨｪｨｨ ﾂｨｪ0602, ｨｰ08ｨ ｨｪ09ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｰ08ｨ ｨｪ09ｨｰ090603, ｨｰｨ ｨｴ ｨｮ ｨｬｨｨ08ｨ? 02 ﾂ0209ｨｨ01ｨｪ06, ﾂｨｰ06 ｨ 0608ｨｹｨ ｨ 04ｨ 0708ｨｨ080601ｨｪ ｨｮ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｬ ｨｬｨｨ0802 ｨ ｨｮ0102ｨｰ ｨｰ0605ｨｹｨｺ ｨ 09ｨｰｨ ｨｰｨｹ. 04ｨｨ ｨ 07ｨ ｨｪ0401 ｨｨ09ｨｺ0607ｨ 02ｨｬ0401 (% 06ｨｰ ｨｬｨｨ ｨ ｨｲ02ｨｬｨ ) 0609ｨｰ06 ﾂｨｪｨｨｨｺ: BP, ｨｦｨｺｨ 02ｨｨｨ ｨｰ060006, 09 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｰ060006, ﾂｨｰ ｨｨ ｨｪｨ ｨｪｨｨｨｨ ｨｬｨｨ08ｨ ｨｬ02ｨｪ0202 ﾂ02ｨｬ 3% ｨｪｨ ｨｨ ｨｨ010601ｨｨｨｰ0907 ｨ % ｨｬｨｨ ｨ 07ｨ ｨｹ07, 06 ﾂ0209ｨｨ0102ｨｪ 08ｨｨ09ｨｺ ｨｰ060006, ﾂｨｰ06 06ｨ 0609ｨｰ0802ｨｪｨｨ02 ｨ 0608ｨｹｨ 04 04ｨ ｨｮ ｨｨ ｨｪ ｨｺ08ｨｨ04ｨｨ ｨ ｨｪ06 ｨｨ05ｨｨ ｨｪ ｨｰｨ 09ｨｨｨｰ ｨｪｨ ｨｰｨｺｨｮ 01ｨｪ ｨ ｨ ｨｨ0906ｨｬ 08ｨ ｨｪｨｨｨｨ03 ｨｰｨ ｨｺｨｨ ｨｮ ｨ ｨ 05ｨｹｨｪ06ｨｬ ｨ ｨｺｨｰ ｨｰｨ ｨｺｨｨ01 ｨｮ ｨｨ ｨｰ0802ｨ ｨｮ06ｨｰ ﾂｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ02 ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ060904, ｨｪ0206ｨ ｨｨｨｬ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｨｨ ｨ, ｨｴ ｨｪｨ ｨｬ ｨ ｨｪｨｨｨｰｨｹ 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｴｨｨｨｦ 09ｨｰｨ ｨｰｨｮ09-ｨｺ

278 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? ｨｰｨｨ 08ｨｨ09ｨｺｨｨ ｨ 06ｨｰ ｨｪ0206ｨ ｨｨｨｬ04ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ ﾂｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｪ 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 ｨｮ05ｨｮ ﾂ0302ｨｪｨｨ07 ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｨ02ｨｨｨｦ 09ｨｰ08ｨ ｨｪ04 ｨｨ ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｬ0603ｨｪ ｨｪ0203ｨｪｨｨ01 ｨｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 08ｨｨ09ｨｺ ｨｨｨｨ ｨｪ0206ｨ ｨｨｨｬｨ ｨ ｨ 06ｨｰｨｺｨ ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｬ0208, ｨｺ06ｨｰ ｨ ﾂｨ ｨｰ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ02 ｨｪｨ 0302ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 01ｨ ｨｮ ｨｨ0701 ｨｬｨｨ ｨｦ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｨ ｨｺ06ｨｰ ｨｰ ｨｮ09ｨｨ05ｨｨｨｰｨｹ ｨｨ02ｨｨｨｨ 09ｨｰ08ｨ ｨｪ04 09 ｨｪｨ 08ｨ 09ｨｰｨ 06ｨｴ02ｨｦ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｺ06ｨｪｨｺｨｮ0802ｨｪ02ｨｨｨｨ ｨ 00ｨ 02ｨｬ ｨｮ010205ｨｨｨｰｨｹ ｨ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨ ｨｬ, ｨｺ06ｨｰ ｨｬ060005ｨｨ ｨ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｪｨｨ06 05ｨｰｨｨ01 04ｨ 01ｨ ﾂ 09 ｨｪ ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ0401 ｨｮ ｨｨ ｨｰｨｨ ｨｬ ｨｺｨ 09ｨ 06ｨｰ ｨｨ0806ｨｺ ｨｺ06ｨｬ070502ｨｺ09ｨ ｨｨｨｪｨ ｨｪ ｨｦ, 09ｨ 0506ｨｰｨｪ06ｨｦ, 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, 09ｨｪ0203ｨｪ0205ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｨ ｨｪ04 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ ｨｨ ｨ ｨｨｨｬ ｨｨ ｨｺｨ ｨｺ 09ｨ 03ｨｪｨ 07 ﾂｨ 09ｨｰｨｹ 0201ｨｨｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ 09ｨｰ08ｨ ｨｪ ｨｰ07 ｨｪ02ｨｺ06ｨｰ ｨｨ04 ｨｪｨｨ01 ｨｪｨ ﾂｨｨｨｪｨ 06ｨｰ ｨ ｨｰｨｹ0907, 06 ﾂ0209ｨｨ01ｨｪ06, 02ｨｴ ｨｰ06ｨｨｨｰ ｨ 0605ｨｹ03ｨ 07 08ｨ ｨ 06ｨｰｨ ｨ ｨｪｨｨ ｨｰｨｪ06ｨｦ 09ｨｨ09ｨｰ02ｨｬ04 ｨｬ0208 ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0409ｨｨｨｰｨｨ ｨｪ02ｨｺ06ｨｰ ｨｬ0208ｨ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 0409ｨｨｨｰｨｨ ｨｪ04 ｨ 04ｨｰｨｹ ｨｬｨｮ05ｨｨ080609ｨ ｨｪ04 ﾂ02ｨｰｨｺｨｨ02 05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｨ ｨｨ0608ｨｨｨｰ02ｨｰ04 08ｨ 0409ｨｨｨｰｨｨ ｨｮ01ｨ 0809ｨｰ09ｨ ｨｰｨｺ08ｨｨ- 280

279 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) 04ｨｨ09ｨｪ06ｨｬ ｨｬｨｨ0802, ｨｺ06ｨｰ ｨ ﾂｨ ｨｰ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ- ﾂ0209ｨｺｨｨｨｦ ｨｰ ｨｨ 08ｨ 0409ｨｨｨｰｨｨ02 09ｨｰ08ｨ ｨｪ04, ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｬ0603ｨｪ ｨｪ0203ｨｪｨｨ02 08ｨｨ09ｨｺｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪ0206ｨ ｨｨｨｬｨ ｨ ｨｺｨｰｨｨ09ｨｨ04ｨ 02ｨｨ07 ｨ ｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, 0708ｨｨ ｨｺ06ｨｰ060806ｨｦ ｨ ｨｰ ｨｪ ｨｪｨ ﾂｨ ｨｰｨｹ ｨｪ07ｨｰｨｹ 00ｨｮｨｪｨｺ02ｨｨｨｨ ｨｬ06ｨｴｨｪ ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴ ｨｬ0201ｨ ｨｪｨｨ04ｨｬｨ, ｨ 09ｨｰ09ｨｮ06ｨｴ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ ｨｨ09ｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ ｨ 08ｨ ｨ ｨｪｨｨｨｦ, ｨｮ05ｨｮ ﾂ0302ｨｪｨｨ06 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨｰｨ, ｨｮ09ｨｨ0502ｨｪｨｨ ｨｨ02ｨｨｨｦ 09ｨｰ08ｨ ｨｪ ｨｬ ｨ ｨｨｨｬ06 ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ, ﾂｨｰ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ ｨｨ09ｨｪ ｨ 08ｨ ｨ ｨｪｨｨｨｦ 0601ｨｪ ｨｬ02ｨｪｨｪ ｨ ｨｪｨｨ02ｨｬ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ ｨｰ08ｨｮ01ｨｪ ｨｰｨｨ03ｨｨｨｬ06. 02ｨ 04 ﾂｨｪ ｨｹ0204ｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ0402 ｨｨ04ｨｬ02ｨｪ02ｨｪｨｨ07 ｨｪｨ 05ｨｰｨ 0702 ｨｨ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ ｨ 06ｨｰ 04ｨ ｨｬ ｨｪｨｨ ｨｰｨ (0706 ｨ ｨｪｨ ｨｨｨｨ ｨｰ06ｨｬ ｪ ｨｰ08ｨｮ01ｨｪ ｨｨ09ｨ ｨｰｨｹ ｨｪｨｨｨｦ ｨｰ02ｨｬ07 ｨ 0200ｨ, 0601ｨｪ ｨｬ02ｨｪｨｪ ｨ 0709ｨｹ 09 ｨ ｨｬ02ｨｪｨｪ0402 ｨｺ ｨｺｨｨ, ｨｺ06ｨｰ ｨｰ 0706ｨｰ06ｨｬ ｨ 0203ｨ ｨｰｨｹ ｨ 0409ｨｰ080202). 0201ｨｪｨ ｨｺ06 05ｨｰ06 ｨｪ02 04ｨｪｨ ﾂｨｨｨｰ, ﾂｨｰ06 ｨｰｨ ｨｺｨ 07 04ｨ 01ｨ ﾂｨ ｨ ｨ ｨｰｨｪ06 ｨｪ ｨｰｨｨ03ｨｨｨｬｨ. 0309ｨｰｨｹ ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｨ ｨｪ ｨｬ02ｨｪｨｪ06ｨｬｨｮ ｨｪｨｨ ｨｨｨｬ02 ﾂｨ ｨｪｨｨ ｨｪｨｨｨｬ ｨｨ ｨｬ0603ｨｪ0401 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｰｨ ｨｺ ｨｦｨｪ ｨｦ09ｨｰ09ｨｨ07 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 09ｨｪｨｨ0302ｨｪｨｨ02 ｨｪｨ ｨ ｨｪｨ 0106ｨ ｨ ｨｪｨｪｨｮ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ (010205). 0308ｨｨ ｨｰ06ｨｬ, ﾂｨｰ06 (ｨｺｨ ｨｺ ｨｨ 0506ｨ ｨｪｨｨ0302ｨｪｨｨ02 ｨｪｨ ) 06ｨｪ06 06ｨ ﾂｨｨｨｰ ｨｪｨｨｨｰ0205ｨｹｨｪ04ｨｦ ｨｨ, ｨｺｨ ｨｺ ｨｰ09ｨｨ02, 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｰ, 0005ｨ 09ｨｪ04ｨｬｨｨ ｨｮ ﾂｨ ｨｰ020507ｨｬｨｨ ｨｰ 09ｨｪｨｨ0302ｨｪｨｨ ｨ ｨｮ01ｨｮｨｰ 06ｨｰ08ｨ 0905ｨｨ ｨｺ06ｨｦ 0106ｨ ｨ ｨｪｨｪ06ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ06, ﾂｨｰ ｨ 02ｨｰ ｨｨ ｨｺ06ｨｬ06ｨｰｨｨ09ｨ ｨｬｨｨ03 ｨｰｨ ｨｺ ｨｰｨ, 09ｨｬ02ｨｴｨ ｨｪｨｰ08 ｨｰ ｨｰｨｨ ｨｹ ｨｰ08ｨ ｨｦ ｨｺ 06ｨｰ08ｨ ｨｬ 09 ｨ ｨｺ06ｨｦ 09ｨｰ020702ｨｪｨｹ ｨ ｨ 06ｨｰｨｺｨｨ. 281

280 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? 08ｨｪｨ ｨｨ ﾂｨｪ06, ｨｬ0603ｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ ﾂ02ｨｪｨｨ02 ｨ ｨｮｨｬｨ ｨｨ0608ｨｨｨｰ02ｨｰｨｪ ｨｨ09ｨｪ ｨｰ08ｨ ｨｦ, ﾂｨｰ ｨｨｨｰ 06ｨ ﾂｨｨｨｰｨｹ 0708ｨｨｨｰ06ｨｺ ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｪｨ ｨｪ ｨｮ ｨｰ08ｨ 0905ｨｨ ｨｪ060906ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｰ ｨｺ06ｨｰ ｨ ｨｮ0102ｨｰ ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｺｨ ｨｺ ｨｨ , ｨｰｨ ｨｺ ｨｨ 09ｨ ｨｬ ｨ ｨｨｨｬｨ ｨ 07 09ｨｨ09ｨｰ02ｨｬｨｪｨ ｨｨｨｰｨｨｨｺｨ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨｨ ｨｮ0708ｨ ｨｪｨｨ ｨｪ0203ｨｪ04ｨｬｨｨ ｨｮ0809ｨ ｨｬｨｨ 09 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ0401 ｨｮ ｨｨ ｨｪｨ ｨｪｨ 0607ｨｨ08ｨ ｨｰｨｹ0907 ｨｪｨ 03ｨｨ0806ｨｺｨｨｨｦ ｨｪｨ ｨ 0608 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ01 ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨ 02ｨｨ ｨｪ0203ｨｪｨｨ ｨｺ ｨｨ 06ｨ ﾂｨｨ09ｨ 06ｨｴｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨ 01ｨ ﾂｨ ｨｬ ｨｰｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｰｨ ｨｪ ｨｪｨｨ07 ｨｨ ｨ ｨｪ ｨｪｨｨ07 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ, ｨ 09ｨｰ09ｨｮ ｨｨ 05ｨｰ06ｨｬ ｨｺｨｰｨｨ09ｨｪ06ｨｬｨｮ ｨｰ06ｨｺｨｮ ｨｰ09 09 ｨｪ0206ｨ ｨｨｨｬ ｨ 03ｨｪ06 ｨｰｨ ｨｺ0302 ｨｨｨｬ02ｨｰｨｹ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｨ ｨｺｨｰｨｨ09ｨｪ0402 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｪ04 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｺ06ｨｰ0608ｨ 07 06ｨｰ08ｨ 03ｨ 05ｨ ｨ ｨ 05ｨｹｨｪ04ｨｦ ｨｪｨ 0102ｨｪｨｹ00ｨｨ ｨｰ060806ｨｪ04 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪｨｺｨ. 06ｨ ｨｺｨ ｨｨｨｰｨｨｨｺｨ ｨｪｨ ｨｮ06 06 ﾂ ｨｹ 0607ｨｨ08ｨ ｨｰｨｹ0907 ｨｪｨ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨ ｨｪｨｨ ｨｮ , ﾂｨｰ ｨ 02ｨｪｨｪ06 09ｨ 03ｨｪ06 09 ｨｮ ｨｨ ｨ ｨ 05ｨｹｨｪ06ｨｦ ｨｪ0209ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ. 00ｨｪ0203ｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 0006ｨｪ01ｨｨ080609ｨ ｨｪｨｨ07 ｨｪ0206ｨ ｨｨｨｬ ｨｰ020702ｨｪｨｪ06 04ｨ ｨｬ02ｨｴｨ ｨｰｨｹ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｬｨｨ ｨｨ 05ｨｰ06ｨｬ ｨｮ02ｨｰ ｨ ｨ 06ｨｰｨ ｨｰｨｹ ｨｺ06ｨｬ070502ｨｺ09ｨｪ ｨｺ ｨ 0502ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ07, ｨｮ ｨ 06ｨｴｨｨ ｨｨｨｰｨｨｨｺｨｮ ｨ 01ｨ ﾂｨ ｨｬｨｨ ｨ ｨｰｨｪ06ｨｦ, ｨｬ ｨｪｨｪ06ｨｦ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ. 01ｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨｪ0203ｨｪ ｨ 09ｨｰｨｨ ｨｪ ｨｬｨｨ080609ｨ ｨｰｨｹ 0609ｨｪ ｨｮｨｺｨ 04ｨ ｨｪｨｪ , 06ｨ ﾂｨｨ09ｨ ｨｬ

281 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) ｨｪ0609ｨｰｨｹ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｨ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ ｨ ｨｨ04ｨｪ0209ｨ 09 ｨｮ ｨｨ ｨｺ0601ｨｨｨｪｨ ｨｬｨｨ ﾂｨｪ06ｨｦ ｨ ｨ 05ｨｹｨｪ06ｨｦ , ｨｮｨｺ ｨｪ0206ｨ ｨｨｨｬ0402 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨ 0409ｨｨｨｰｨｨ07 ｨｨ ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨｨ08ｨｮ07 09ｨｪ0203ｨｪｨｨ02 08ｨｨ09ｨｺｨｨ. 00ｨ 03ｨｪ ｨ 09ｨ ｨｰｨｹ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｮ ｨｨ07 ｨｨ 09ｨｰｨｨｨｬｨｮ ｨ ｨ 06ｨｰ ｨｮｨ 0502ｨｬ, ｨｺ06ｨｰ ｨ 09ｨｪｨｨ09ｨ 05ｨｨ ｨ ｨｺｨｰ 0000ｨｨｨｪｨ ｨｪ ｨｦ 06ｨｰｨｺ0804ｨｰ0609ｨｰｨｨ03, ｨｰｨｨｨｬｨｮ05ｨｨ08ｨｮ07 06ｨｰｨｰ06ｨｺ 09ｨｪ0609ｨｹ ｨｬｨｨ08ｨｮ02ｨｬ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｪｨ 09ｨ 0506ｨｰｨｪ04ｨｦ 0804ｨｪ06ｨｺ, ｨｪｨ 08ｨｮ03ｨ 07 00ｨｨｨｪｨ ｨｪ090609ｨｮ06 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｹ ｨｪ04 ｨｪｨ ﾂｨ ｨｰｨｹ ｨｨ0008ｨ ｨｰｨｹ 0802ｨ 05ｨｹｨｪｨｮ06 ｨｨ ｨｰ0607ｨｪｨｪｨｮ ｨｹ 09ｨｰｨ 09ｨｺｨｨ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｺ06ｨｰ ｨ 09ｨ 05ｨｨ ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｹ0204ｨｪ ｨｨ07ｨｰｨｹ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｪｨ ｨｺ080201ｨｨｨｰｨｪ04ｨｦ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｦ 0804ｨｪｨｺｨｨ, ｨｪ06 ｨｨ ｨｪｨ ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ (ｨｺｨ ｨｺ 05ｨｰ ｨｨ ｨｨｨｰ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪｨ 01) ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｪ06 ｨ 04ｨｰｨｹ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｺ060806ｨｰｨｺｨｨｨｬ, ｨｪ06 ｨｨ ｨｰｨ ｨｰｨｹ0907 ｨｪｨ ｨ ｨｨｨｰ0205ｨｹｨｪ06ｨｦ 0609ｨｪ (ｨｪｨ 0708ｨｨｨｬ0208, ｨ, ｨｺｨ ｨｺ 05ｨｰ06 ｨ ｨｨ ｨｰ0806ｨｦ 00ｨ 0404 ｨｺ08ｨｨ04ｨｨ09ｨ ) ｨ ｨｴ02ｨｪｨｨ07 09ｨｰｨ 09ｨｺｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨ 05ｨｹｨｪ ｨｦ09ｨｰ09ｨｮ06ｨｴｨｨｨｦ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ, ｨｬｨｨ08ｨｮ06ｨｴｨｨｨｦ 0202ｨｪ ｨ 08ｨ ｨｬ02ｨｰ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｪ0206ｨ ｨｨｨｬ06, ﾂｨｰ06ｨ ｨｪ0203ｨｪｨ 07 ｨ ｨ 04ｨ ｨｬｨｨ080609ｨ 05ｨ 09ｨｹ ｨｪ02 04ｨ 09 ﾂ02ｨｰ 09ｨ 0506ｨｰｨｪ ｨｰｨｮ070502ｨｪｨｨｨｦ (ｨｺｨ ｨｺ 05ｨｰ ｨｨ ｨｨｨｰ 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07), ｨ ｨ o05ｨｹ03ｨｮ ｨｹ ｨｨ0008ｨ 05 ｨ 04 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ ｨｺ06ｨｬ0706ｨｪ02ｨｪｨｰ. 06ｨｰ ｨ 00ｨ 02ｨｰ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ ｨｮ06 06 ﾂ ｨｹ ｨｪｨ 0609ｨｪ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609 ｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, 09 ｨ 0605ｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ 06ｨｰ08ｨ 03ｨ 06ｨｴｨｨ01 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨｨｦ ｨｪｨ 0102ｨｪｨｹ00ｨｨ ｨｰ060006, ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｨｨｪ02ｨｨ ｨｰ, , 06ｨ ﾂｨｨｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｮ ｨｮ090704ｨｺ ｨ 01ｨ ﾂｨ ｨｬｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｨ, ｨｰ , 08ｨ 0903ｨｨ0807ｨｰ 0609ｨｪ0609ｨｮ ｨｨｨｪｨｪ ｨｮ ｨｮ05ｨｹ- 283

282 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? ｨｰｨ ｨｰ02 06ｨ ﾂｨｨ09ｨ 02ｨｰ0907 ｨｪ0206ｨ ｨｨｨｬｨ 07 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ07 ｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ, ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ, ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ, ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ0907 ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ04ｨｦ 0706ｨｰ02ｨｪ02ｨｨｨ 05 00ｨｨｨｪｨ ｨｪ ｨｮ ﾂｨｨｨｰ0409ｨ 07, ﾂｨｰ06 01ｨ 0302 ｨｪｨ ｨ ｨ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｪ0609ｨｮ ｨｨｨｪｨｪ ｨｮ ｨｬｨｨ08ｨｮ06ｨｰ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｬ06ｨｪ02ｨｰｨ 08ｨｪ ｨ 09ｨｰｨｨ (ｨｨ ｨｹ04ｨｮ07 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ), ｨｰｨ ｨｺｨ ｨ ｨｺｨｰｨｨｨｺｨ 04ｨ 0905ｨｮ03ｨｨ09ｨ 02ｨｰ ｨ 0605ｨｹ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｨｨｬ02ｨｪｨｨｨｰ0205ｨｹｨｪ06 ｨｺ ｨｨｨｦ09ｨｺ06ｨｦ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｺ0605ｨｹｨｺｨｮ ｨｬ060302ｨｰ 06ｨ ﾂｨｨｨｰｨｹ ｨｬｨｨ080609ｨ ｨｪｨｨ02 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｲ02ｨｬｨ ｨｨｨｪｨｪ ｨｮ , ｨｰ0802ｨ ｨｮ06ｨｴｨｨ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ ｨｮ0302ｨｪ ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ04ｨｦ ｨｬ06ｨｪｨｨｨｰ0608ｨｨｨｪ ｨｨ0302ｨｪｨｨ07 ｨｺｨ 07ｨｨｨｰｨ , 0708ｨｨ ﾂ02ｨｬ ｨｪ02 ｨｰ0605ｨｹｨｺ06 ｨｨ04 09ｨｰ08ｨ ｨｪ04, ｨｪ06 ｨｨ, ﾂｨｰ06 ｨｪ02 ｨｬ02ｨｪ ｨ 03ｨｪ06, 09 09ｨｰ08ｨ ｨｪｨｮ. 0308ｨｨ 05ｨｰ06ｨｬ ｨｪ ｨｮ02ｨｰ 08ｨｮｨｺ ｨｰ090609ｨ ｨｰｨｹ ｨｬｨ 05ｨｹｨｪ04ｨｬｨｨ 0708ｨｨｨｪ02ｨｨ07ｨ ｨｬｨｨ ｪ ｨ 0402 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ ｨｨ03 ｨｨ 00 ﾂ02ｨｬ ｨ 0605ｨｹ0302 ｪ ｨｰ02ｨｬ 05ｨｮ ﾂ ｨｬ02ｨｪｨｪ0401 ｨｮ ｨｨ0701, ｨ 02ｨｪｨｪ ｨｨ ｨｨ04ｨ 04ｨｰｨｺ ｨ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ, ｨｺ06ｨｰ0608ｨ 07 ｨｨｨｴ02ｨｰ ｨｪｨｨｨｦ, 09ｨ 03ｨｪ06 ｨｮ ｨｰｨｹ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｺｨ ﾂ0209ｨｰ09ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｺｨ ｨｬ, 01ｨ 08ｨ ｨｺｨｰ0208ｨｮ ｨｨ ｨｪｨ 0708ｨ ｨｪｨｨ07ｨｬ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07, 06ｨ ﾂｨｨ09ｨ ｨｰ0902ｨｰ09ｨｰ09ｨｨ02 ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨ 08ｨ ｨｬ02ｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨｨｬ 0708ｨｨ0608ｨｨｨｰ02ｨｰｨ ｨｬ ｨｮ ｨｨ0701 ｨｨ04ｨ 04ｨｰ06 ﾂｨｪ06ｨｦ ｨｬｨｨ ｨｦ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｰ02ｨｬ ｨ ｨ 03ｨｪ ｨｪｨ ﾂ02ｨｪｨｨ02 ｨｨｨｬ0202ｨｰ 06ｨ 0609ｨｪ0609ｨ ｨｪｨｪ04ｨｦ ｨｮ ｨｪｨｹ 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｮ09ｨｰｨ ｨｪ ｨｪｨｨ ｨｪｨ ｨ ｨｺ06ｨｬ ｨｮ080609ｨｪ ｨｨ ﾂ (ｨｪｨ ｨｮ ｨｮ00ｨｨｨｬｨｨ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ) ｨｰ ｨ ｨ ｨｮ ｨｬ, ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ04ｨｮ06ｨｴｨｨｨｬ ｨｪ ｨ ｨｰ0205ｨｹｨｪ ｨｨｨｰ06ｨｺｨｨ ﾂｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｪ0200, ｨ 07 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 09ｨ ｨｬｨｨ01 08ｨｮｨ ｨ ｨｺｨｰｨｨ090609, ｨ 09ｨｰｨ 0506 ｨ 04ｨｰｨｹ ｨｨ ｨｬ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 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 ｨｺ06ｨｦ. 00ｨｪ0203ｨｪ02ｨｰ ｨｰ- 284

283 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) 09ｨｨ07 ｨｰｨ ｨｺｨｨ01 ｨｬ0208 ｨｬ0600ｨｮｨｰ ｨ ｨ 05ｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ﾂｨ 00ｨ ｨｬｨｨ ｨｰｨ ｨｬ060302ｨｪｨｪ06ｨｦ ｨｨ ｨｰｨ 08ｨｨ00ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ, ｨ ｨｰｨ ｨｺ0302 ｨｬ0208ｨ ｨｬｨｨ ｨｺ02 05ｨｺ ｨｰ ｨ ｨｺ0302 ｨｪ0206ｨ ｨｨｨｬ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨｬ0603ｨｪ0609ｨｰｨｹ 0601ｨｪ ｨｬ02ｨｪｨｪ (ｨｨ05ｨｨ ｨ ｨｴ ｨｰｨ ｨｺ0602 ｨｮ ｨ ｨｪｨｨ02) ｨｨ ｨｹ040609ｨ ｨｪｨｨ ﾂｨ , ｨｪ ｨｮ09ｨｺｨ 06ｨｴｨｨ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨｨ08ｨｮ06ｨｴ ｨｦ09ｨｰ09ｨｨ ｨｨｨｰ06ｨｺｨ ｨｨ 06ｨｰｨｰ06ｨｺｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｰ ｨｨ 05ｨｰ06ｨｬ 0601ｨｪ ｨｬ02ｨｪｨｪ ｨ 06ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｨｨｦ09ｨｺ ｨ ｨｨ04ｨｪ0209ｨ ｨ ｨｪ ｨｪｨｨ07 ｨｪｨ 0804ｨｪｨｺｨｨ 0108ｨｮ00ｨｨ01 09ｨｰ08ｨ ｨｪ (070609ｨｺ0605ｨｹｨｺｨｮ 0706ｨｺｨｮ07ｨｺｨｨ ｨ ｨｺｨｰｨｨ ｨｰｨ ｨｬ ｨ ｨｮ01ｨｮｨｰ ｨｰ060001ｨ ｨｬ02ｨｪ ｨ ｨｰ08ｨ ｨｰｨｪ04ｨｬｨｨ) ｨｮ05ｨｹｨｰｨ ｨｰ02 05ｨｰ06 ｨ ｨｮ0102ｨｰ 0604ｨｪｨ - ﾂｨ ｨｰｨｹ ｨｰ020702ｨｪｨｪ ｨ 0903ｨｨ0802ｨｪｨｨ ｨｨ09ｨｮｨｰ09ｨｰ09ｨｨ ｨｨｨｦ09ｨｺ ｨ ｨｨ04ｨｪ0209ｨ ｨｪｨ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｪｨｺｨ 01 ｨｪ02 ｨｺｨ ｨｺ ｨｰｨ 09ｨｴｨｨｨｺｨ ｨｹ07 ( ﾂｨｰ ｨｰｨｨ00ｨ 02ｨｰ ｨｬ06ｨｴｨｹ06 06ｨ ｨｪ02ｨｪｨｨ07 09ｨ 0506ｨｰ04), ｨ 09 ｨｺｨ ﾂ0209ｨｰ ｨｨ09ｨｰ02ｨｬｨｪ0401 ｨｨｨｪ090209ｨｰ , 0708ｨｨ06ｨ 0802ｨｰｨ 06ｨｴｨｨ01 04ｨ 07ｨ 01ｨｪ0402 ｨ ｨｺｨｰｨｨ ｨｰ06ｨｦ ｨｨ ｨｪ0206ｨ ｨｨｨｬ06 ｨ ｨ ｨｺｨｰｨｨ09ｨｪ ｨｪｨｨ02 09 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, ｨｪｨ 0708ｨｨｨｬ0208, 07ｨｮｨｰ02ｨｬ 0706ｨｺｨｮ07ｨｺｨｨ 04ｨｪｨ ﾂｨｨｨｬ ｨ ｨｺ02ｨｰ ｨｺ05ｨ 0909ｨｪ ｨ 07ｨ 01ｨｪ0401 ｨ ｨ ｨｪｨｺｨ 01, ｨ ｨｰｨ ｨｺ0302 ﾂ ｨｮ00ｨｨ02 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｮ ｨｨ ｨｨｨ 0208ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰ0802ｨ ｨｮ06ｨｰ0907 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ0402 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04, ｨ ｨｪ0402 ｨｪ02ｨｦｨｰ08ｨ 05ｨｨ040609ｨ ｨｰｨｹ 0102ｨｦ09ｨｰ09ｨｨ02 09ｨｪ0203ｨｪｨｨ ｨｺ ｨｰｨｨ ｨｬ ｨｪ04 09 ｨ 0605ｨｹ0306ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｺｨ 09ｨ ｨｰｨｹ ｨｪ ｨｪｨｺｨ ｨｨ ｨ ｨ ｨｪｨｺ060909ｨｺ ｨｺｨｰ0608ｨ, ｨｺｨ ｨｺ ｨｪｨ ｨｨｨ ｨ 0409ｨｰ ｨ 00ｨｨ08ｨｮ06ｨｴｨｨ01 ｨｪｨ ｨｺ08ｨｨ04ｨｨ09, ｨ ｨｰｨ ｨｺ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ ｨｬ0603ｨｪ04 ｨｬ ｨ ｨｪｨｨ ﾂ02ｨｪｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨ ｨｪｨｨ07 ｨｪｨ 0804ｨｪ06ｨｺ (00ｨｺ060806ｨｰｨｺｨｨ ｨ 02ｨｨｨｦ, ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨｨ 0108.), ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨ 08ｨ ｨｰｨｪ ｨｺｨｮ07ｨ (buy-backs), ｨ ｨｰｨ ｨｺ ｨ ｨｪｨｨ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609 ｨｨ ｨｪ010609, ｨｰ09ｨ ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｨ ｨｹ- 285

284 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 ｨｰｨｹ ｨｨ ｨｪｨ 09ｨｰｨｮ070502ｨｪｨｨｨｨ ｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ 04ｨｰｨｨｨｦ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｮ ﾂｨ ｨｺ08ｨ ｨｴ02ｨｪｨｨ07 06ｨ ｨｲ02ｨｬ ｨ 0506ｨｰｨｪ , ｨ 06ｨｴｨｨ01 ｨｮ ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ 09ｨｰ08ｨ ｨｪ04, ｨ ｨｰｨ ｨｺ ｨｨ ｨ ｨｪ02ｨｪｨｨｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨ ｨｪｨｨ07 ｨｪｨ 08ｨｮｨ 05ｨｹ ｨｬ0603ｨｪ06 ｨｪｨ ｨｪ0206ｨ ｨｨｨｬ ｨｬ ｨｪｨｮｨｰｨｹ0907 ｨｺ 0708ｨ ｨｺｨｰｨｨｨｺ02 06ｨ 0704ｨ ｨｰ0205ｨｹｨｪ06ｨｦ ｨ 03ｨｨ 09ｨ 0506ｨｰｨｪ06ｨｦ ｨｮ ﾂｨｺｨｨ, ｨ ｨｰｨ ｨｺ0302 ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｪ0608ｨｬｨ ｨｰｨｨ ｨ 0506ｨｰｨｪ06ｨｦ ｨｨ02ｨｨｨｨ, 05ｨｨｨｬｨｨｨｰ0609 ｨｨ ｨｨｨｪ0401 ｨｬ0208, ｨｮｨｬ02ｨｪｨｹ03ｨ 06ｨｴｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ04ｨｦ ｨｪｨ 09ｨ 0506ｨｰｨｪ06ｨｬ 0804ｨｪｨｺ ｨｨ 09ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ07 05ｨｰｨｨ ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 ｨｬ0600ｨｮｨｰ ｨ 04ｨｰｨｹ 09ｨｪ0609ｨｹ ｨ ｨ 0502ｨｪ ｨｮ03ｨｪ06 ｨｮｨｺ ｨｰｨｹ ｨ ｨ ｨｪｨｺ060909ｨｺｨｨｨｦ 0902ｨｺｨｰ0608 ｨｺｨ ｨｺ 0609ｨｪ0609ｨｮ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ04, ｨ 09ｨｰ090609ｨ ｨｰｨｹ ｨｰｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ. 00ｨ 03ｨｪ ｨｨｨｰｨｹ ｨｹ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ ｨｰｨ ｨｰｨｹ ｨｨ ｨｬ00ｨｪ060902ｨｪｨｪｨｮ06, ｨｨ 09ｨｨ09ｨｰ02ｨｬｨｪｨｮ06 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｹ, ｨ ｨｰｨ ｨｺ ｨ 0903ｨｨ08ｨｨｨｰｨｹ 09ｨｪｨｮｨｰ0802ｨｪｨｪ0606 ｨ ｨ 04ｨｮ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｪｨｨ ｨ ｨｪｨｨ07 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨ 08ｨ 04ｨｪ06 06ｨ ﾂｨｨｨｰｨｹ ｨｰｨｮ07 ｨｺ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ06, 09ｨｺ0506 ﾂｨ 07 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨｪ ｨｪｨｺｨ ｨ 0302ｨｪ ﾂ02ｨｰｨｺｨｨｨｦ ｨｺ06ｨｪｨｰ080605ｨｹ 04ｨ 08ｨ 0409ｨｨｨｰｨｨ02ｨｬ ｨ ｨｺｨｰｨｨ09ｨｪ0401 ｨｨ 07ｨ 0909ｨｨ09ｨｪ ｨ 02ｨｨｨｦ 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰｨｨｨｰｨｮｨｰ0609, ｨｨ ｨｹ040609ｨ ｨｪｨｨ02ｨｬ ｨ ｨ 05ｨ ｨｪ ｨｨ 04ｨ ｨ ｨ 05ｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609, 04ｨ 06ｨ ﾂ02ｨｪｨｨ02ｨｬ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｮ080609ｨｪ07 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨ ｨｺｨｰｨｨ ｨｨ 07ｨ 0909ｨｨ ｨ 03ｨｪ06 ｨｰｨｴｨ ｨｰ0205ｨｹｨｪ ｨｨｨｰｨｹ 04ｨ 08ｨ 04ｨｬ0208ｨ ｨｬｨｨ ｨｺ080201ｨｨｨｰｨｪ ﾂｨ ｨｹ06 09ｨｪｨｨ0302ｨｪｨｨ07 08ｨｨ09ｨｺ0609 ｨ ｨｺｨｰｨｨ09ｨｪ ｨ 02ｨｨｨｦ 0708ｨｨ 04ｨ 01ｨ ｨｪｨｪ06ｨｬ 08ｨ 04ｨｬ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨ ｨｨｨｬ06 ｨｨ ｨｹ040609ｨ ｨｪｨｨ02 ｨｪ0608ｨｬｨ ｨｰｨｨ090609, ｨ ｨｰｨｺ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ01 06ｨ ｨｲ02ｨｬ04 ｨｺ ｨ ｨｰｨｨ09ｨｪ ｨｪ0203ｨｪｨｨ01 04ｨ ｨｨｨｬ09ｨｰ090609ｨ ｨｪｨｨｨｦ. 0201ｨｪ ｨｬ02ｨｪｨｪ ｨｮ02ｨｰ ｨｬｨｨ080609ｨ ｨｰｨｹ ｨｮ

285 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) 09ｨｨ07 ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 09ｨｪｨｮｨｰ0802ｨｪｨｪ ｨｪｨｺｨ, ｨ 06ｨｴｨｨ ｨｰｨ ｨｰ06 ﾂｨｪ04ｨｦ 06ｨ ｨｲ02ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｪｨｮｨｰ08ｨｨ ｨ ｨｨｨｬ04 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ ｨｪ ｨｪｨｺｨ ｨｨ ｨ ｨｴ02ｨｪｨｨ ｨｺｨｰｨｨ09ｨｪ04ｨｦ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｰ06ｨｺｨ ｨｮ , ｨ ｨｰ0209ｨｪ06 ｨｨｨｪｨｰ020008ｨｨ08ｨｮ ｨ 05ｨｹｨｪｨｮ06 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｮ. (06ｨｰ06ｨｬｨｮ ｨｰｨ ｨｺ0302 ｨ ｨｮ01ｨｮｨｰ ｨ 09ｨｰ090609ｨ ｨｰｨｹ ﾂｨｨ090502ｨｪｨｪ ｨｬ ｨｪｨｨ ｨｨ ｨｪｨｰｨｪ ｨｰｨ 0906ｨｺ ｨｨ 08ｨ 0903ｨｨ0802ｨｪｨｨ06 ｨｺｨ ｨｪｨ ｨｪ0203ｨｪ ｨｪｨｨ07.) 02 ﾂ0209ｨｨ01ｨｪ06, 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ07 ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ0609 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ ｨｪｨ ｨｮ090205ｨｨ ﾂｨｨｨｰｨｹ ｨｰ06 ﾂｨｺｨｨ , 0601ｨｪ ｨｬ02ｨｪｨｪ06 08ｨ 0903ｨｨ08ｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｰ06ｨｺｨ ｨｰ09 ｨｬ020301ｨｮ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰｨ ｨｬｨｨ (ｨｨ 0902ｨｺｨｰ0608ｨ ｨｬｨｨ) ﾂ ｨｹ, ｨｮｨｺｨ 04ｨ ｨｪｨｪｨ 07 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨ ｨｪｨ ｨ 04ｨｰｨｹ ｨｰ09ｨｨ02ｨｬ ｨｬ ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｬ ｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ06 ｨ ｨｺｨｮ09ｨｨ080609ｨ ｨｪｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ06ｨｦ ｨｨｨｰｨｨｨｺｨｨ ｨｪ04 ｨｨ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｰｨ ｨｺ ｨｰｨ ｨ ｨｨ05ｨｨ04ｨ 02ｨｨｨｨ ｨｪｨｨ07 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ02, ｨｺ0605ｨｹｨｺｨｮ ｨ ｨ 05ｨｹｨｪ0402 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨ ｨｨｨｬ0604ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 00ｨｨｨｪｨ ｨｪ ｨ 06ｨｰ ｨｪ0206ｨ ｨｨｨｬ04ｨｬ ｨｮｨｺ ｨｪｨｨ ｨｨｨｪ ｨｪ0609, ｨｺ06ｨｰ ｨｬｨｨ080609ｨ 05ｨｨ ｨ 04 06ｨ ｨｴｨｨｨｦ 01ｨ 08ｨ ｨｺｨｰ ｨ 0409ｨｨｨｰｨｨ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｪ0609ｨｰ08ｨ ｨｪｨｪ0602 ｨｮ ﾂｨ 09ｨｰｨｨ02 ｨｪｨ 0006ｨｪ ｨｬ 0804ｨｪｨｺ02 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 06 ﾂ0209ｨｨ01ｨｪ06 ｨｪ02ｨｨ04ｨ 0203ｨｪ ｨｪｨ ｨｺ06 09ｨ 03ｨｪ ｨｨ 05ｨｰ06ｨｬ, ﾂｨｰ06ｨ 04 ｨｪｨ ｨｬ ｨｨ090302ｨｬ ｨｪｨｺ ｨｪ0609ｨｮ ｨｰｨ ｨｨ, , ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨｨ, ｨ ｨｰ , ｨｮｨｴｨｮ ｨｹ ｨｨ0008ｨ 05ｨｨ ｨ 04 ｨｪ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｮ ｨｰ06 ｪ ｨｪｨ 07 ｨｬｨｪ060006ｨｮ080609ｨｪ0209ｨ 07 04ｨ 01ｨ ﾂｨ, ｨｺ06ｨｰ0608ｨ 07 09ｨｺ0506 ﾂｨ 02ｨｰ 0102ｨｪ0203ｨｪ06-ｨｺ080201ｨｨｨｰｨｪ0402, 00ｨｨｨｪｨ ｨｪ , ｨ 0502ｨｬ04 09ｨ 0506ｨｰｨｪ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ ｨｰ

286 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? 0201ｨｪｨ ｨｺ06 01ｨ ｨｦ ﾂｨ 09, ｨｨ ｨｪｨ ﾂｨ ｨｰｨｹ ｨ 09ｨ ｨｰｨｹ ｨ 0102ｨｺ09ｨ ｨｰｨｪｨｮ06 09ｨｪｨｮｨｰ0802ｨｪｨｪ0606 ｨ ｨ 04ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｮ , ｨｬｨｨ08ｨｮ ｨｨ 05ｨｰ06ｨｬ 09ｨｰｨｨｨｬｨｮ ｨｨｨｦ09ｨｺｨｨ01 ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨ ｨ 06ｨｰｨ ｨｰｨｹ 09ｨｪｨｮｨｰ08ｨｨ, ｨｰ ｨｺ ｨｰ060806ｨｪｨｮ ｨｨｨｪ0609ｨｰ08ｨ ｨｪｨｪ ｨｮ ﾂｨ 09ｨｰｨｨ07 ｨｨ ｨ ｨｪｨｪ ｨｰｨｨｨｬ 08ｨｨ09ｨｺｨｨ ｨｬ0600ｨｮｨｰ ｨｰ020702ｨｪｨｪ06 ｨｮｨｬ02ｨｪｨｹ03ｨｨｨｰｨｹ ｨｪ ｨｬ02ｨｪｨｪ ｨｮ02ｨｰ ｨｨ ｨｹ040609ｨ ｨｰｨｹ 0804 ﾂｨ 00ｨｨ, ｨｪｨ 0708ｨ ｨｪｨｪ0402 ｨｪｨ ｨｰｨｨｨｬｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｺｨｮ0507ｨｰｨｨ09ｨｪ ｨｰ09 (ｨｪｨ 0708ｨｨｨｬ0208, ｨｮ09ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 07 ｨｪｨ ｨｨ 0708ｨｨ ｨ ｨｰ08ｨｨｨ 02ｨｨｨｨ 09 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ ｨｺｨ ｨｪｨ ｨｪｨｨ07 ｨｪｨ 0804ｨｪｨｺ02), ｨｴ ｨｰ ｨｬ ｨｨｨｰ06ｨｺ ｨ ｨｨｨｪｨｪ ｨｮ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07 08ｨ 0903ｨ ｨｰ0409ｨ 06ｨｴ ｨｦ09ｨｰ09ｨｨ07 ｨｪｨ 0804ｨｪ06ｨｺ ｨｬ0603ｨｪ ｨｮ05ｨｨ080609ｨ ｨｰｨｹ ｨｬｨ 0803ｨｨｨｪｨ 05ｨｹｨｪｨｮ06 ｨｰ , ｨｺ06ｨｪｨｰ080605ｨｨ080609ｨ ｨｰｨｹ ｨｨ ｨｹ040609ｨ ｨｪｨｨ ﾂｨ 03, ｨｨ ｨｹ040609ｨ ｨｰｨｹ 09ｨｰ08ｨ ｨｨｨｰ04 ｨｨ ｨｰ ｨｨ 05ｨｰ06ｨｬ 0802 ﾂｨｹ ｨｪｨ ｨｨ01ｨｰｨｨ ｨｨ 06 00ｨｹ06 ﾂ020809ｨｪ ｨｺｨ ｨ 03ｨｪｨ 0609ｨｪ ｨ 00ｨ 06ｨｴｨ ｨｹ 0002ｨｪｨｰ08ｨ 05ｨｹｨｪ ｨ ｨ ｨｪｨｺｨ, ｨｬｨｨ08ｨｮ06ｨｴ ｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ ｨｨ 08ｨ ｨ 00ｨ 06ｨｴ ﾂｨ 00ｨ ｨｬｨｨ ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨｦ09ｨｰ09ｨｨ ｨｪ 09ｨｰｨ ｨｰｨｹ 0802ｨ 05ｨｹｨｪ04ｨｬ ｨｺ080201ｨｨｨｰ060806ｨｬ ｨｪ02ｨｦ ｨｨｨｪ09ｨｰｨ ｨｪ02ｨｨｨｨ, 06ｨｰ ｨｬ02ｨｪｨｪ0609ｨｰｨｨ ｨｨ 0708ｨ 09ｨｨ05ｨｹｨｪ0609ｨｰｨｨ 0102ｨｦ09ｨｰ09ｨｨｨｦ ｨｺ06ｨｰ ｨ ｨｮ01ｨｮｨｰ 04ｨ 09ｨｨ0902ｨｰｨｹ ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ ｨｦ , ｨｨ 08ｨ 0409ｨｨｨｰｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ. 0404ｨｪ06ｨｺ ｨｪ 04ｨｪｨ ｨｰｨｹ, ﾂｨｰ06 09 ｨｺ08ｨ ｨｦｨｪｨｨ01 06ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09ｨ 01 06ｨｪ ｨｬ060302ｨｰ 0607ｨｨ08ｨ ｨｰｨｹ0907 ｨｪｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 ｨｬ00ｨｪ060902ｨｪｨｪ ｨｰｨ ｨｪｨｨ07 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ 0108ｨｮ00ｨｨ ｨｬ04 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ06ｨｦ ｨｺｨｨ (ｨｺｨ ｨｺ 05ｨｰ06 ｨ ｨ 0900ｨｮ09ｨｰ ｨｨ ｨｪ0202 ｪ 09 08ｨ 0409ｨｨｨｰｨｨ02ｨｬ ｨｺ08ｨｨ04ｨｨ09ｨ, ｨｺ060001ｨ ｨ 0409ｨｰ0806ｨｰｨ 0802ｨ ｨｺ02ｨｨｨｨ ｨｪｨ ｨｪ020109ｨ ｨｰｨｺｨｮ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨｨ ｨｰｨ ｨｪｨｨ02 ｨｪ0206ｨ ｨｨｨｬ ｨｮ ﾂ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ02 09ｨｬ0700 ﾂｨｨ05ｨｨ 0609ｨｰ0806ｨｰｨｮ 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨｨ ｨ 0405ｨｨ ｨｪ ｨ 0901ｨ ｨｪｨｪ04) ｨｮ ﾂ02ｨｰ06ｨｬ 04ｨ 01ｨ ﾂ 0706 ｨｮ05ｨｮ ﾂ0302ｨｪｨｨ06 ｨｺｨ ﾂ0209ｨｰ09ｨ ｨｰｨ, ｨ ｨｪｨｨ ｨｰ02ｨｬ ｨｨ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ 0804ｨｪｨｺｨ ｨｪ02-288

287 1300ｨｬ0209ｨｰ ｨｨ07 (ｨｨ05ｨｨ ﾂｨｰ06 ｨｪ0206ｨ ｨｨｨｬ ｨ ｨｰｨｹ) 06ｨ ｨｨｨｬ06 08ｨ 0909ｨｬ06ｨｰ0802ｨｰｨｹ ｨ 0903ｨｨ0802ｨｪｨｨｨｨ 00ｨｮｨｪｨｺ02ｨｨｨｦ 0009, ｨｺｨ ｨｺ 05ｨｰ ｨｨ ｨｨｨｰ ｨｮｨｴｨｨ01 09ｨｰ08ｨ ｨｪｨ 01, ｨｬｨｨｨｬ06 09ｨ 0506ｨｰｨｪ ｨｺｨｮ0809ｨ ｨｨ 0202ｨｪ ｨｪｨ ｨｪｨｨ ｨ 00ｨ 06ｨｰ ｨ 01ｨ ﾂｨｨ ｨｺｨｨ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰｨ ｨｨ 04ｨ ｨｪ07ｨｰ0609ｨｰｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｪ ｨｰ06 ﾂ02ｨｺ ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｨ 06ｨ ﾂ02ｨｪｨｨ ｨ 0506ｨｰｨｪ06-00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 ｨｮ02ｨｰ ｨｨｨｰｨｹ 08ｨ ｨ 06ｨｰｨｮ ｨｬｨｨ080609ｨ ｨｪｨｨ06 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｨ 0708ｨ ｨｮ ｨｨｨｦ ｨ ｨｪｨｨ ｨｺ0902 ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｨｨｪｨ ｨｪ ｨｪｨｰ08ｨ ｨ ｨｨｨｬ06 ｨｪｨ ﾂｨ ｨｰｨｹ ｨ ｨ 06ｨｰｨｺｨｮ ｨｬ0603ｨｪ0609ｨｰ02ｨｦ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 08ｨｮｨ ｨｺｨ ﾂ0209ｨｰ ｨ 0506ｨｰ ｨｪ04 ｨｨ 09ｨ 0506ｨｰ04 08ｨ 09 ﾂ02ｨｰ ｨｨｨｦ09ｨｺｨｨｨｬ 05ｨｺ ｨｰｨｪ04ｨｬ ｨｰｨ 09ｨｺｨ ｨｬ, ｨｬｨｨ08ｨｮ ｨｪ0609ｨｮ ｨ ｨｴ02ｨｪｨｨ07 08ｨｮｨ ｨｬ020301ｨｮｨｪｨ ｨｪｨｮ06 09ｨ 0506ｨｰｨｮ 08ｨ 09 ﾂ02ｨｰ0609 ｨｨ 0202ｨｪ0606ｨ 08ｨ ｨ ｨｪｨｨ07 (ｨｪｨ ｨｬ 05ｨｰｨ 0702 ｪ 09 ｨｬｨ 0903ｨｰｨ ｨ ｨ ) ｨｨｨｪｨ ｨｪ090609ｨ ｨ ｨｬ ｨｪｨ 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ0907 ｨｺｨ ｨｺ 0201ｨｨｨｪ04ｨｦ 06ｨ ｨｲ02ｨｺｨｰ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ ｨｰ060806ｨｪ ｨｪ0203ｨｪ ｨ 09ｨｰ02ｨｦ ｨ ｨｨｨｬｨ ｨｰ0209ｨｪｨ 07 ｨｺ ｨｨｨｪｨ 02ｨｨ ｨｦ09ｨｰ09ｨｨｨｦ ｨｮ00ｨｨｨｬｨｨ ｨｮ0507ｨｰ0608ｨ ｨｬｨｨ 00ｨｨｨｪｨ ｨｪ ｨｪｨｺｨ (00ｨｨｨｪ00ｨｨｨｪ06ｨｬ, ｨｨ 0108.) ｨｨ ｨ ｨ 05ｨｹｨｪ04ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｬ 08ｨｨ09ｨｺｨ ｨｬ ｨ ｨｮ01ｨｮｨｰ ｨｰｨｨ ｨｰｨ ｨｪ04 05ｨｨ03ｨｹ 0102ｨｦ09ｨｰ09ｨｨ07 08ｨ 0406ｨ ｨｴ02ｨｪｨｪ ｨｮ0507ｨｰ ｨｪｨ 06ｨｰ010205ｨｹｨｪ ｨｬ02ｨｪｨｰｨ ｨｪｨｺｨ, ｨｰ06 ｨｪｨ ｨｮ ｨ 0909 ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨ ｨｮ0102ｨｰ ｨｰ08ｨｮ01ｨｪ ｨ ﾂ02ｨｪｨｨ07 ｨｺ ｨｨｨｪｨ 02ｨｨｨｨ 0708ｨｨ ｨ ｨ 06ｨｰｨｺ ｨ ｨ 05ｨｹｨｪ0401 ｨ ｨｪｨｰｨｨｨｺ08ｨｨ04ｨｨ09ｨｪ ｨ , ｨ ｨｰｨ ｨｺ ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｨ02ｨｨ06ｨｪｨｨ080609ｨ ｨｪｨｨ07 09ｨｨ09ｨｰ02ｨｬ0606ｨ 08ｨ 04ｨｮ06ｨｴ ｨｪｨｨ ｨｨｨｨ 09 ｨｮ ﾂ02ｨｰ06ｨｬ ｨｦ ｨｨ 09 ｨｬｨｨ ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺ02 ｨｪｨｮ03ｨｪ ｨｪ060202ｨｪｨｪ06 09ｨｺ0506 ﾂｨｨｨｰｨｹ ｨ ｨ 06ｨｰｨｮ ｨｬ020301ｨｮｨｪｨ ｨｪ0401 ｨｬ0201ｨ ｨｪｨｨ04ｨｬ ｨｮ05ｨｨ080609ｨ ｨｪｨｨ07 (09 08ｨ ｨｬｨｺｨ 01 G-8, G-20 ｨｨ 0108.). 0308ｨｨ 05ｨｰ06ｨｬ (ｨｺｨ ｨｺ ｨｨ 0506ｨ ｨｮ00ｨｨ02 ｨｬ ｨｬ020309ｨｰ08ｨ ｨｪ060906ｨｦ ｨｺ ｨｨｨｪｨ 02ｨｨｨｨ) ｨｮｨｺｨ 04ｨ ｨｪｨｪ ｨｪ

288 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 06ｨｴ02ｨｦ 09ｨｰ020702ｨｪｨｨ ｨｮ ﾂｨｨｨｰ0409ｨ ｨｰｨｹ ｨｪｨ 02ｨｨ06ｨｪｨ 05ｨｹｨｪ0402 ｨｨｨｪｨｰ ｨｨｨｨ ｨｨ 06ｨｰ0902 ﾂｨ ｨｰｨｹ 04ｨ 01ｨ ﾂｨ ｨｬ ｨｮｨｺ ｨｪｨｨ ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ 09ｨｪ0203ｨｪｨｨ ｨｨ02ｨｨｨｦ. * * * 0506ｨ 04ｨｰｨｨ07, ｨｺ06ｨｰ ｨｨ ｨｨ 09 ｨｬｨｨ ｨ ｨｪｨｨ , 01ｨ 05ｨｨ ｨｬ06ｨｴｨｪ04ｨｦ ｨｨｨｬ07ｨｮ05ｨｹ ｨ ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｨｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ ｨ ｨ 05ｨｹｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｨ09ｨｰ02ｨｬ ｨｪ0702ｨｰ0907 ｨ ｨ 05ｨ ｨｪ09 09ｨｨ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｬ ｨｬｨｨ0802, ｨｨ09 ﾂ0204ｨ 06ｨｰ ｨｬ06ｨｴｨｪ ｨｨｨｪｨ ｨｪ ｨｰ08ｨｮｨｺｨｰｨｮ0804, ｨｰ0907 ｨｪ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04 00ｨｨｨｪｨ ｨｪ ｨｮ ｨｰ0902ｨｰ ｨｪｨ ｨｺ08ｨｨ04ｨｨ09ｨ 0708ｨｨｨｪ02ｨｨ07ｨｨｨ 05ｨｹｨｪ ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｰ ｨｮ05ｨｨ08ｨｮ06ｨｴｨｨ02 ｨｬ02ｨｰ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ04, ｨｺ06ｨｰ ｨｪ04 06ｨ ﾂｨｨｨｰｨｹ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｹ 09 ｨｪ ｨｮ ｨｨ ｨｨ04ｨｨ09 ｪ 05ｨｰ06 ｨｪ02 ｨｰ0605ｨｹｨｺ ｨｮ ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ06, 09 ｨｨ09ｨｰ0608ｨｨｨｨ (060906ｨ 02ｨｪｨｪ06 ｨｪ060902ｨｦ0302ｨｦ) 0209ｨｰｨｹ ｨｪ02ｨｬｨ ｨ ﾂｨｰ ｨ ｨｰｨｹ 06ｨｰ0902ｨｰ ｨｺ08ｨｨ04ｨｨ09 ｪ 05ｨｰ06 02ｨｴ02 ｨｨ ｨｰｨｪ04ｨｦ 07ｨｮｨｪｨｺｨｰ03, ｨｺ06ｨｰ060804ｨｦ ｨｰ 0609ｨｬ040905ｨｨｨｰｨｹ ｨ ｨｪｨｪ0602, 08ｨ 09- ﾂｨｨ09ｨｰｨｨｨｰｨｹ ｨｪｨ ｨｺ0607ｨｨ0903ｨｨ ｨ 0502ｨｬ04 ｨｨ ｨｪｨ ｨｬ02ｨｰｨｨｨｰｨｹ ｨｪ ｨｪｨｨ ｨｦ ﾂｨ ｨｰ0907 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ0402 (0706 ｨｨ09ｨｰ0608ｨｨ ﾂ0209ｨｺｨｨｨｬ ｨｬ0208ｨｺｨ ｨｬ) ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｬｨｨ080609ｨ ｨｪｨｨ07 ｨｺｨ ﾂ0209ｨｰ0902ｨｪｨｪ06 ｨｨｨｪ ｨｨ ｨｬ0201ｨ ｨｪｨｨ04ｨｬ0609, ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ 04ｨ ｨｨｨｰｨｹ 0609ｨｪ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ ｨｨｨｨ ｨｪｨ ｨｬｨｪ0600ｨｨ , ｨｮ09ｨｨ05ｨｨ09ｨ ｨｬ020301ｨｮｨｪｨ ｨｪ ｨｨ02ｨｨｨｨ ｨｨ ｨ ｨｴｨ ｨｨｨｪ ｨｨ04 09ｨ 03ｨｪ ｨｪｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｨ ｨｨｨｰｨｨ ﾂ0209ｨｺ ｨｨ07ｨｪｨｨ07 09 ｨｬｨｨ ｨ ｨｺｨｨ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｪ0206ｨ ｨｨｨｬ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ.

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291 13ｧｰｧ ｧ ｧ ｧｴｧｰｧｲｧｦ ｧｦｧ筴爰ﾓ ｧｮｧﾚｧ遘ﾑｧﾚｧﾝ ｧ ｧﾝｧﾑｧﾕｧﾚｧﾞｧﾚｧ筴爰ﾓｧﾚｧ ｧ爰ﾜｧ爰ﾟｧ鬧ﾚｧﾝ ｧ讒ﾑｧﾜｧ蟋ﾝｧｧ荅ﾖｧ ｧﾞｧﾖｧﾘｧﾕｧ蟋ﾟｧﾑｧ筴爰ﾕｧﾟｧｧ ｧｧﾜｧ爰ﾟｧ爰ﾞｧﾚｧ鬧ﾖｧ罘ﾜｧﾚｧ ｧ爰荅ﾟｧ爰ﾖｧﾟｧﾚｧﾛ ｧｮｧ爰罘ﾜｧ爰ﾓｧ罘ﾜｧ爰ﾔｧ ｧ讒ﾚｧﾟｧﾑｧﾟｧ罘爰ﾓｧ爰ﾔｧ ｧﾚｧﾟｧ罘荅ﾚｧ荅蟋荅ﾑ (ｧﾓ ｧﾟｧﾑｧ罘荅爰ｧｧﾖｧﾖ ｧﾓｧ筴ﾖｧﾞｧ ｪ ｧｶｧﾚｧﾟｧﾑｧﾟｧ罘爰ﾓｧｧﾛ ｧ蟋ﾟｧﾚｧﾓｧﾖｧ筴罘ﾚｧ荅ﾖｧ ｧ皎筴ﾚ ｧｱｧ筴ﾑｧﾓｧﾚｧ荅ﾖｧﾝｧｧ罘荅ﾓｧﾖ ｧｲｧｶ). ｧｰｧﾜｧ爰ﾟｧ鬧ﾚｧﾝ ｧ爰鬧ﾟｧ蟋 ｧﾑｧ罘皎ﾚｧ筴ﾑｧﾟｧ荅蟋筴 ｧｪｧﾟｧ罘荅ﾚｧ荅蟋荅ﾑ ｧﾞｧﾚｧ筴爰ﾓｧ爰ﾛ ｧｧﾜｧ爰ﾟｧ爰ﾞｧﾚｧﾜｧﾚ ｧﾚ ｧﾞｧﾖｧﾘｧﾕｧ蟋ﾟｧﾑｧ筴爰ﾕｧﾟｧｧ ｧ爰荅ﾟｧ爰ﾖｧﾟｧﾚｧﾛ (ｧｪｧｮｧｿｧｮｧｰ) ｧ ｧｯ ｧｳｧｳｧｳｧｲ, ｧﾙｧﾑｧｧﾚｧ荅ﾚｧﾓ ｧﾜｧﾑｧﾟｧﾕｧﾚｧﾕｧﾑｧ荅罘ﾜｧ蟋 ｧﾕｧﾚｧ罘罘ﾖｧ筴荅ﾑｧ隗ﾚｧ ｧ皎 ｧﾞｧﾖｧﾘｧﾕｧ蟋ﾟｧﾑｧ筴爰ﾕｧﾟｧｧﾞ ｧﾓｧﾑｧﾝｧｧ荅ﾟｧ-ｧ讒ﾚｧﾟｧﾑｧﾟｧ罘爰ﾓｧｧﾞ ｧ皎筴爰ﾒｧﾝｧﾖｧﾞｧﾑｧﾞ. ｧ 1998 ｧﾔ. ｧﾙｧﾑｧｧﾚｧ荅ﾚｧﾝ ｧﾕｧ爰ﾜｧ荅爰筴罘ﾜｧ蟋 ｧﾕｧﾚｧ罘罘ﾖｧ筴荅ﾑｧ隗ﾚｧ ｧﾓ ｧｪｧﾟｧ罘荅ﾚｧ荅蟋荅ﾖ ｧｦｧﾓｧ筴爰皎 ｧｲｧ ｧｯ ｧ皎 ｧﾞｧﾖｧﾘｧﾕｧ蟋ﾟｧﾑｧ筴爰ﾕｧﾟｧｧﾞ ｧﾓｧﾑｧﾝｧｧ荅ﾟｧ-ｧ讒ﾚｧﾟｧﾑｧﾟｧ罘爰ﾓｧｧﾞ ｧ皎筴爰ﾒｧﾝｧﾖｧﾞｧﾑｧﾞ. ｧｲｧﾑｧﾒｧ爰荅ﾑｧﾝ ｧﾓ ｧﾜｧ筴蟋皎ﾟｧｧ ｧﾞｧﾖｧﾘｧﾕｧ蟋ﾟｧﾑｧ筴爰ﾕｧﾟｧｧ ｧﾚ ｧ筴爰罘罘ﾚｧﾛｧ罘ﾜｧﾚｧ ｧ讒ﾚｧﾟｧﾑｧﾟｧ罘爰ﾓｧｧ ｧﾜｧ爰ﾞｧ皎ﾑｧﾟｧﾚｧｧ ｧﾚ ｧﾒｧﾑｧﾟｧﾜｧﾑｧ. ｧ ｧ荅ﾖｧ鬧ﾖｧﾟｧﾚｧﾖ ｧ筴ｧﾕｧﾑ ｧﾝｧﾖｧ ｧﾓｧ爰ﾙｧﾔｧﾝｧﾑｧﾓｧﾝｧｧﾝ ｧﾜｧ爰ﾟｧ罘蟋ﾝｧｧ荅ﾑｧ隗ﾚｧ爰ﾟｧﾟｧｧﾛ ｧﾕｧﾖｧ皎ﾑｧ筴荅ﾑｧﾞｧﾖｧﾟｧ ｧﾞｧﾖｧﾘｧﾕｧ蟋ﾟｧﾑｧ筴爰ﾕｧﾟｧ爰ﾛ ｧﾑｧ蟋ﾕｧﾚｧ荅爰筴罘ﾜｧ爰ﾛ ｧ讒ﾚｧ筴ﾞｧ 00ｧ ｧﾖｧﾝｧ爰ﾛｧ ｧﾚ ｧｴｧ蟋 ｧｳｧｯｧ 03. ｧｱｧ筴ﾚｧﾟｧﾚｧﾞｧﾑｧﾝ ｧ蟋鬧ﾑｧ罘荅ﾚｧﾖ ｧﾓ ｧ筴ﾑｧﾒｧ爰荅ﾖ ｧｧﾜｧ罘皎ﾖｧ筴荅ﾟｧｧ ｧﾔｧ筴蟋皎 ｧﾔｧ爰罘蟋ﾕｧﾑｧ筴罘荅ﾓｧﾖｧﾟｧﾟｧｧ ｧﾚ ｧ爰ﾒｧｧﾖｧ罘荅ﾓｧﾖｧﾟｧﾟｧｧ ｧ爰筴ﾔｧﾑｧﾟｧﾚｧﾙｧﾑｧ隗ﾚｧﾛ. ｧ ｧ遘爰ﾕｧﾚｧ ｧﾓ ｧ罘爰罘荅ﾑｧﾓ ｧｮｧﾖｧﾘｧ筴ﾖｧﾔｧﾚｧ爰ﾟｧﾑｧﾝｧｧﾟｧ爰ﾔｧ ｧﾒｧﾑｧﾟｧﾜｧ爰ﾓｧ罘ﾜｧ爰ﾔｧ ｧ罘爰ﾓｧﾖｧ荅ﾑ ｧ皎筴ﾚ ｧｳｧ爰ﾓｧﾖｧ荅ﾖ ｧｶｧﾖｧﾕｧﾖｧ筴ﾑｧ隗ﾚｧﾚ. ｧｵｧ鬧ﾑｧ罘荅ﾓｧ爰ﾓｧﾑｧﾝ ｧﾓ ｧ筴ﾑｧﾒｧ爰鬧ﾚｧ ｧﾔｧ筴蟋皎皎ﾑｧ ｧ皎筴ﾖｧﾙｧﾚｧﾕｧﾚｧ蟋ﾞｧﾑ ｧ ｧ爰罘蟋ﾕｧﾑｧ筴罘荅ﾓｧﾖｧﾟｧﾟｧ爰ﾔｧ ｧ罘爰ﾓｧﾖｧ荅ﾑ ｧｲｧｶ: 6ｦ1 ｧ皎 ｧ皎筴爰ﾒｧﾝｧﾖｧﾞｧﾑｧﾞ ｧﾔｧ爰罘蟋ﾕｧﾑｧ筴罘荅ﾓｧﾖｧﾟｧﾟｧ爰ﾛ ｧ皎筴爰ﾞｧｧﾝｧﾖｧﾟｧﾟｧ爰ﾛ ｧ皎爰ﾝｧﾚｧ荅ﾚｧﾜｧﾚ (2003 ｧﾔ.); 6ｦ1 ｧ皎 ｧ皎筴爰ﾒｧﾝｧﾖｧﾞｧﾑｧﾞ ｧ筴ﾑｧﾙｧﾓｧﾚｧ荅ﾚｧ ｧﾒｧﾑｧﾟｧﾜｧ爰ﾓｧ罘ﾜｧ爰ﾔｧ ｧ罘ﾖｧﾜｧ荅爰筴ﾑ (2006ｧﾔ.); 6ｦ1 ｧ皎 ｧ皎筴爰ﾒｧﾝｧﾖｧﾞｧﾑｧﾞ ｧ皎爰ﾓｧｧﾖｧﾟｧﾚｧ ｧﾚｧﾟｧﾓｧﾖｧ罘荅ﾚｧ隗ﾚｧ爰ﾟｧﾟｧ爰ﾛ ｧ皎筴ﾚｧﾓｧﾝｧﾖｧﾜｧﾑｧ荅ﾖｧﾝｧｧﾟｧ爰罘荅ﾚ ｧ筴ﾖｧﾔｧﾚｧ爰ﾟｧ爰ﾓ ｧｲｧｶ (2010 ｧﾔ.). ｧｵｧ鬧ﾑｧ罘荅ﾓｧ爰ﾓｧﾑｧﾝ ｧﾓ ｧ筴ﾑｧﾒｧ爰荅ﾖ ｧ爰讒ﾚｧ隗ﾚｧﾑｧﾝｧｧﾟｧｧ ｧﾕｧﾖｧﾝｧﾖｧﾔｧﾑｧ隗ﾚｧﾛ ｧﾓ ｧ筴ﾑｧﾞｧﾜｧﾑｧ ｧﾓｧ罘荅筴ﾖｧ 00ｧ ｧ爰ﾝｧｧ爰ﾛ ｧ罘ﾖｧﾞｧﾖｧ筴ﾜｧﾚ03 (G-7). ｧ ｧﾓｧ荅爰 ｧﾒｧ爰ﾝｧｧ爰ﾔｧ ｧ鬧ﾚｧ罘ﾝｧﾑ ｧ皎蟋ﾒｧﾝｧﾚｧﾜｧﾑｧ隗ﾚｧﾛ ｧ皎 ｧﾓｧﾑｧﾝｧｧ荅ﾟｧｧﾞ, ｧﾒｧﾑｧﾟｧﾜｧ爰ﾓｧ罘ﾜｧﾚｧﾞ ｧﾚ ｧﾕｧﾖｧﾟｧﾖｧﾘｧﾟｧ-ｧﾜｧ筴ﾖｧﾕｧﾚｧ荅ﾟｧｧﾞ ｧ皎筴爰ﾒｧﾝｧﾖｧﾞｧﾑｧﾞ. ｧ ｧﾓｧ荅爰 ｧ荅筴ﾖｧ ｧﾚｧﾟｧﾕｧﾚｧﾓｧﾚｧﾕｧ蟋ﾑｧﾝｧｧﾟｧｧ ｧﾞｧ ｧﾟｧ爰ﾔｧ筴ﾑｧ讒ﾚｧﾛ. ｧ ｧﾟｧﾑｧ罘荅爰ｧｧﾖｧﾖ ｧﾓｧ筴ﾖｧﾞｧ ｧｧﾓｧﾝｧｧﾖｧ荅罘 ｧｳｧ荅ﾑｧ筴ﾚｧﾞ ｧﾓｧﾚｧ隗ﾖ-ｧ皎筴ﾖｧﾙｧﾚｧﾕｧﾖｧﾟｧ荅爰ﾞ ｧｲｧ爰罘ﾒｧﾑｧﾟｧﾜｧﾑ.

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293 13About the book of M. Ershov 00World Financial Crisis. What ｯs next?03 What are the main reasons behind the most powerful crisis in the newest history? Who won and who lost as a result? Why the efficiency of the modern financial capitalism (particularly its 00US-version03) was not enough to save its main players (investment banks etc.)? What risks lie ahead? It ｯs clear that measures used against crises helped to avoid collapse of the system but did not eliminate its core roots. Moreover, some old and new risks start to re-emerge again. What are the real in-depth reasons behind the events that can be seen 00on the surface03 ｪ stock market fluctuations, 00currency wars03, risks of sovereign defaults? Will they lead to major shifts in global economic and political power as well as change the role of forces and players that remain ｮbehind the scenes ｮ? Who will take over in the post-crises era? All these questions are being addressed in the book. The author explains why his previous forecasts happened to be correct. He also gives some new forecasts about the main risks of the global economy and of its main players.

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