ꆶ맺췢짧믡뿆톧ꆷ뛾ꇰꇰ웟쓪뗚튻웚뮻ꆣ평폚듳톧뷌폽뗄뺺헹솦좡뻶폚맺볊짧믡뗄쿠맺쓚믮웚샻싊짏짽100룶믹놾뗣,쏀맺뗄막볛듳뮥ퟷ폃돌뛈,틲듋춨맽퓚맺췢믱뗃뗄룷훖톧쫵폫풼믡붵뗍0175%,뛸얷훞뗄막볛믡붵뗍2%틔짏ꆣ컄뮯쳥퇩,톧짺뿉뻟놸좫쟲뮯뗄쫓튰ꆣ(2)울쟫맺쇭튻룶폐좤뗄뷡맻쫇,쏀맺뫍얷훞뗄믣싊뛔췢폅탣뗄뷌쫚붲뿎,쳡룟뷌폽쮮욽ꆣ캪듋,2004맺쓚샻싊늨뚯뗄랴펦튲늻쿠춬ꆣ퓚쏀맺,믮웚샻쓪몫맺뷌폽늿돯벯1118틚몫풪,울쟫쇋56쏻맺싊짏짽100룶믹놾뗣,쏀풪짽횵117%;뛸퓚얷훞,췢폅탣뷌쫚살몫맺붲뿎ꆣ(3)춨맽냑퓚뷌폽쇬폲믮웚샻싊짏짽100룶믹놾뗣믡듸살룼듳럹뛈뗄짽뇈뷏폐뺺헹솦뗄뷌톧쓚죝쳡릩룸맺췢듳톧,쳡룟횵,듳풼쫇517%ꆣퟷ헟죏캪,헢훖닮뇰뗄튻룶뿉몫맺뗄탎쿳,늢릲쿭횪쪶ꆣ(4)훆뚨떽2010쓪틽쓜뗄뷢쫍뻍쫇,얷훞뗄뺭볃뇈쏀맺뗄뺭볃룼볓뾪뷸5췲쏻췢맺쇴톧짺뗄볆뮮ꆣ춨맽쇴톧늩샀믡벰럅ꆣ췸싧쾵춳,믽벫탻뒫몫맺,삩듳몫맺폯뷌톧벰펢폯낣뛻싼ꆢ뢥삭쟐뫍샯룧놾뗄퇐뺿뷡맻잿뗷,뗈췢폯튵뷌톧ꆣ맺볊뷰죚뒫능뛔늻춬샠뇰뗄닺뫍룷룶뷰죚쫐뎡(컢솫벧햪ퟔhttp:ΠΠΠ)춬쪱닺짺틧돶킧펦ꆣ뺡맜맺볊뷰죚뒫능ퟮ듳뗄늨뚯랢짺퓚늻춬샠뇰뗄닺횮볤,떫쯻쏇랢쿖뿧뷰쏀맺뫍얷훞뷰죚쫐뎡뗄쿠뮥ퟷ폃죚쫐뎡뗄틧돶킧펦튲뫜듳ꆣ뇈죧,쏀맺믮웚샻싊뗄늨뚯뛔얷훞햮좯쫐뎡뫍막욱쫐뎡닺짺쇋훘듳뗄펰쿬,쫂쪵짏,얷훞햮좯쫐뎡10%뗄늨뚯쫇평쏀ꆡꆡ뺭볃좫쟲뮯뗄뇭쿖횮튻쫇맺쓚췢뷰죚쫐뎡뗄맺믮웚샻싊뗄늨뚯틽웰뗄ꆣ헢훖늨뚯뗄뒫능ퟷ폃훰붥죚뫏ꆣ훚쯹훜횪,맺췢뷰죚쫐뎡폫맺쓚뷰죚쫇쿠뮥뗄,얷훞믮웚샻싊뛔쏀맺햮좯뫍막욱쫐뎡쫐뎡쫇쿠뮥펰쿬뗄,좻뛸헢룶펰쿬뗄맣뛈뫍짮뛈튲폐훘듳뗄펰쿬ꆣ헢욪싛컄뮹뷸튻늽횸돶,늻춬좴뫜쓑놻쪶뇰뫍솿뮯ꆣ닺샠뇰횮볤뗄횱뷓뒫뗝닺짺뗄늨뚯럇뎣듳,뇈퓚ꆰ막욱ꆢ햮좯ꆢ믵뇒쫐뎡뫍믣싊:죧뫎뫢솿맺럇횱뷓뒫뗝뗄틧돶킧펦듳50%ꆣ볊뷰죚뒫뗝ꆱ헢욪싛컄훐,죽캻ퟷ헟싵뿋ꆤ낣뛻싼ퟷ헟뗃돶뷡싛:뷰죚쫐뎡뗄뫜뛠믮뚯튪쫜떽(MichaelEhrmann)ꆢ십주뛻ꆤ뢥삭쟐(Marcel맺췢닺볛룱뗄펰쿬ꆣ욽뻹살쮵,얷훞뷰죚닺Fratzscher)뫍싞늮췐ꆤ샯룧놾(RobertoRigobon)쳖26%뗄뇤뚯쫇평쏀맺뗄뷰죚쫐뎡틽웰뗄,뛸쏀맺싛뗄훘뗣뻍쫇춬쪱룸맺쓚뫍맺볊쿠맘뗄뷰죚닺뷰죚쫐뎡8%뗄늨뚯쫇평얷훞뷰죚쫐뎡틽웰뗄ꆣ붨솢쒣탍,틔뇣ힼ좷좫쏦뗘샭뷢맺볊뗄뷰죚맘쾵ꆣ쏀맺뷰죚쫐뎡뗄훘튪탔훷튪쳥쿖퓚막욱쫐뎡,쏀퓚뫢솿뷰죚늨뚯뗄뒫능쪱,죋쏇쏦쇙뗄ퟮ듳훆풼맺막볛뗄늨뚯쓜뒥랢얷훞막볛뗄쿠펦뇤뚯,쏀맺쫇닺볛룱뚼뇘탫놻춬쪱좷뚨,뛸헢췹췹뫜쓑ퟶ막쫐50%틔짏뗄늨뚯뚼믡랴펳떽얷훞뗄막쫐짏ꆣ떽ꆣ낣뛻싼ꆢ뢥삭쟐뫍샯룧놾닉폃쇋튻룶탂랽좻뛸,얷훞뗄막볛뛔쏀맺뗄막볛좴쎻폐뛠듳뗄펰램살닢쯣늨뚯뗄뒫능ꆣ헢룶탂랽램쓜춬쪱뾼싇좫쿬,헢횤쪵쇋쏀맺막욱쫐뎡퓚쫀뷧막욱쫐뎡훐뗄쟲ퟮ듳뗄뺭볃쪵쳥ꆪꆪꆪ쏀맺뫍얷훞횮볤뗄뷰죚뒫훐탄뗘캻ꆣퟷ헟뮹랢쿖쇋튻룶폐좤뗄쿖쿳,벴능ꆣ헢룶뺭퇩쒣탍맘힢뗄쫇1989ꆫ2004쓪웚볤71999쓪얷훞믵뇒솪쏋돉솢틔살,뷰죚뗄뿧맺솪쾵룶닺볛룱뗄죕쫕틦,헢7룶닺볛룱럖뇰쫇:솽룼볓뷴쏜,뺡맜뮹쎻폐쳘뇰쏷쿔뗄횤뻝살횧돖헢룶뺭볃쪵쳥룷ퟔ뗄믮웚샻싊ꆢ햮좯뫬샻뫍막욱뫬훖맛뗣ꆣ샻틔벰믣싊ꆣ(탭킦ꆡ햪ퟔhttp:ΠΠΠdigestΠsep05Π)ퟷ헟랢쿖쏀맺뫍얷훞맺쓚뷰죚쫐뎡뗄쿠뮥ퟷ폃폐뫜듳뗄닮뇰ꆣ퓚쏀맺,막샻짏짽믡떼훂믮웚샻싊뗄짏짽;뛸퓚얷훞,막욱쫐뎡뫍믮웚샻싊쯆뫵탐헾룄룯폫뺭볃랢햹쎻폐뛠듳뗄솪쾵ꆣퟷ헟쏇죏캪헢룶뷡맻쿠떱횱맛,헢뇭쏷폫얷훞뗄믵뇒떱뻖쿠뇈,쏀맺뗄믵뇒헾ꆡꆡ탐헾룄룯폫뺭볃랢햹뗄맘쾵쪮럖쏜쟐ꆣ놾컄닟룼뛠뗘뾼싇쇋막욱쫐뎡뗄뇤뚯ꆣ틲듋,얷훞뗄훷튪첽쳖폫탐헾룄룯뫍뺭볃랢햹쿠맘뗄훘튪샭싛막욱쫐뎡펦룃뛔믵뇒헾닟ퟷ돶룼듳뗄랴펦ꆣ죧맻뫍룅쓮,냼삨헾뢮퓚뺭볃랢햹훐뗄ퟷ폃ꆢ릫릲헾닟111
