кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2011ǯ08

ǤäǤˤĤơݼΩΩʤⴿޤƤ
ȻפΤǤ
ʬޤ

ؤδطԡ

СĤĽпȤǤ͡Ǥ⡢ǤϤޤ

ֽпȹϴطʤΡ

礢Ǥ

ĤϡαؤǤ⤷Ρ

¤ϡĤϾнΤνпȤʤΤǤ

ˤ롢¼ΤΤȡޤΡ

ǤϤޤ󡣾Ŵݡѥʥ˥åξǷ󤬺äнΤνп
ʤΤǤнΤ
Ƿǯ˹ȻƳԤΰŪȤƺäΤǡ
70ߤλꤸȤϡԤˤ롢ȡ

ϷƤʤ褦Ǥǯ200̾ʾ夬λʼԤ10̤
ȡ
ʤȡˤʤꡢνˤǽʤ顢ǯָ
ǤƤءкѳءؤʤɤ顢ƻƻܻҡ
θ⡢ƻī3Υ祮󥰡100ޤ褦Ǥ

θʤ󤫤⤹ǤʤȤʤǤޤ͡¿ȱ
ۤäƤͳ


֤С͡нΤνпȼԡ

ĻᡢᡢջᡢᡢʡᡢîᡢᡢǤ

ϡɤפޤ

֤ɤפȸƤšǤ⡢äȡ

̤ˤơˤνʽФƤꡢƺĤڽФ
ޤǤˤʤäΤǤ

֤Ƿϡš

⡢פޤнΤäŪãǤȡ礤˵ʨΤǤ
¿ν˿ʽФơƹȤ꡼ɤޤǤˤʤäΤǤ
Ͽ⤷ƤΤȡɤפޤ

ʤ󤫡ɤڤȤʤʡȤͤ¿⤹ΤǤ

ĤƤϡνʤ󤺤¢νۤƤ褦ʻ⤢äΤǤ礦
ϡнΤ¢νˤȤääȤäƤ⤤ΤǤξڵˡ̱
ΤʤˤϺ̳ʽпȼԤ¿¸ߤˤ⤫餺ؤäΥݥȤˤϤĤƤʤ
ʤΤǤ

ĤޤꡢΤʤ֤Ͽޤ礭ɤؤƤΤǤ̱ޤ̱ޤʬ
ͻˡϡ˻٤ˤʤäƤΤǤ
䡢нνпȤǤʤ
ȽǤƤ⤤ȻפΤǤ

֤ˤʤޤäƾнΤϤ礭ʤäƤƤǤ줬
ܤθˤĤʤäƤΤ

ʤȤؤɹͤʤȸäƤǤ礦

Ψľ˸ޤϡ;ˤкѤܤʤǤΡΤǤɤʷкؤ
ǤȤΤǤ礦θ䡢祮󥰡⤤ΤǤ礦ɤ
ʤαĹˤߤʤΤǤä顢̤λŻˤĤƶϫٶˤʤ
⤷ޤ

⤽⡢ǽ餫顢Ȥˤʤ뤿̤ʽΤʤƤɤפޤ

ޤ͡

Ǥ̤͡λŻˤĤȤʤȤˤʤ뤿νΤ̤ȤǤΤϡ
;͵ʤȤǤ뤳ȤǤϤޤ󡣥ץ饹֤äꤷƤʤȡƻ򤷤褦
פͤϤʤǤ礦

Ĥޤꡢ㤯Ȥ֤ͤϡͤäꤷƤȤߤʤȤǤ뤫
ޤ󤬡ȿ̼ռȤοͤ¿ȤΤǤ


ˤƤ⡢ξнΤɤΤ褦Ṳ̄̿Ƥ뤫ȤСܤκ
ϤβȤȻפΤǤ
ܤޤܻؤ٤ȱǯƤ
ޤˤʤȲ褯ʤ뤫;ͤ⤻ܤ⤤Ĥ餫λ
ƤȤäƤ⤤ΤǤ

Ǥ⡢ޤȤΤϡꥫζ޵ڤ̱ޤΤɤ餬򰮤äƤ⡢
륹ȥ꡼Ȥϡ򹪤ȥǤ褦ΤȤʤΤǤĤޤꡢܲȤˤȤä
ϡɤäžǤ¿Ƥ롢ȡ

ܤǤϡޤɽŪˤϡ̱ޤ̱ޤǤ礭ʰ㤤褦ʼߤ
ƤǤ¤ϤǤʤΤǤܤ⥢ꥫƱۤʤΤǤθϼԤ
СȤ̱ޤݻƤ⡢ʬȥ뤬ǤȤȤʤΤǤäˡ
Τ褦˾нΤФ뤳ȤǤˤϡ顢⳦ϡ
򴿷ޤƤ⤤ΤǤ

ޥͥǥ󥭤󡢤ȤǷδꤤ֤ȤȤʤΤǤϤʤΤǤ


Ĥ󤬡ƷԤʤɤȤϡˤή򸫤Ƥʤ

äƤǤ礦̱ޤݻ줿ΤǤϤޤ󡣾нΤλۤ
ȤȤǤΤǤ




ΤٶȤˤʤä褦ʿͤꡢ̤˶ϫȤˤʤä褦ʿͤޤ
Ȼפå򤪴ꤤפޤ

͵blog󥭥󥰤


Υȥ꡼ϤƤʥ֥åޡɲ

褦ȤƤޤǤ⡢¿ι̱ˤȤäƤϡĻȤϤɤʿ͡פȤ
֤ǤϤʤǤ礦

ΤˡϤߤȤ롣ǻǤ顪ľȤ⡢ĥȸä
⤷ޤ

Ǥ⡢ΤäƤƤ⡢ɤλʤΤ

󤳤Ȥ̱ؤɤΤʤΤˡˤʤäƤäפʤΤǤ礦

ǤѶŪʤΤǤ硩

̱ΤäƤ뤳ȤȸС١ȤϡɤʤΤǤ礦

֤Ǥ⡢ͤϤޤǤ礦

ޤפĤDzǤФ褦ǤϤʤǤšޤˤԤ򤤤Ȥ
ǡ

֤ɤ򤤤ȡ

ȤϻˤʤäƤ뤱ɡѥǤ⻰ޤǤ

֤줬򤤤Ρ

αؤNOVANODA

֤

ǯݸʧäƤʤäȤϡäȤɤä

֤ϡƤ롣äȤɤä

ǤϡΡʤ䤸㥰ߤʤȤΤʤΤ

ϡबǯԱ򤷤ƤǤϤʤΤǤ礦
̡ȤԱ
ʤơʹȻפޤ͡äƤܿͤޤᡣʤʤ̤Τ
äƤΤǤϳƤʤ줬طʤˤΤȻפޤˡʬȤ
Ƥ⡢ޤˤޯǤʤȿȤʤȡ

פˡ̤Τ䤸Ȥȡ

ȤϡХ˥֤᤬ʤΤȤ

Ǥ⡢Ǥϡ桹Υ꡼ɤʹͤäƤ뤫ʬʤΤΡ֤

ǡפƤߤ뤳Ȥˤޤ

ɤ

ѳ

ʿ21ǯ86

äȤˡμ̱ޥޥ˥եȤκϡĻ̵פȸޤ
⡢ǯξޥ˥եȤˤƱȤ񤤤ƤϤǤȿȿʤʤ
̵Ǥˤϡɤޤ󡣵դˡָ԰١פ־㳲ԼΩٱ
ˡפʤɤϡΥޥ˥եȤˤϵܤƤʤäˤ⤫餺Ժη褵ޤ

ޥ˥եȤ˺ܤȤ̿Ǽ¸롢ܤʤäȤˤϴŪˤϼĤʤ
ΰյ狼äƤʤ̱ޤˤϡ⤽ޥ˥եȤʤޤ

äơڶλѤ߾夲뤷ǽʤäĤ¢ХޥǻȤ̤
ζˤäݤˤξޤ˺⸻ʤ⤢ޤ̱ޤϡǶ̵̤Ť
Ű줷ƤʤͽȤؤ䤿Υޥ˥եȤɬ¸и

ʿ21ǯ98

ȷդȯ­褤æν¸פưޤͤˤϤȤۤ
ޤϺ̳ä̿ޤ

ȤϡͤλȤǶλȤӤѤ뤳Ȥ˺ΰյޤΤȤ
ľܷȤ뤳ȤǤȴȡǤν礵ҤҤȴĥȤʣʿ
Ǥ

ˤơʤˤϷäޤޤ̱޶ؤμǤƣ͵׺̳äȤϡӤ
դ߸路ƤǤΤӤˡѡ˴ѡѤ򤴶Ƥޤ
ƬǾǤǤʤ;̣θǤꡢ䤬ºɤƤޤʤڤǤ
Ȥˤ⤫ˤƣä򤷤äȤ٤ƤդǤ


ʿ22ǯ610

ϡֶкѡҲݾΤȤƼ¸פɽƤޤ̳
äϤΰôդǤޤ˿Ȥΰޤפޤ

ޤǽ˼Ȥϡ壳ǯ֤ͽκнкȤ򼨤ե졼
ȡळ10ǯ֤ˤ錄ؤƻڤ򼨤ֺάפκǤʹ
ƺƷץ󤬤ޤʤΤܤǤֹɴǯספȤޤǤϤޤ
󤬡¤˼ڶλ򸺤餷ƤΡֹȽǯηספĤդǤ


ʿ23ǯ19

ˡХҲǡܤݶ򾡤ȴƤˤϡʿγפ
ǤκݡȤΥܥȥͥåȤʤޤΤޤޤʤäƤƤܤ
ȤϤϤǤϳˤθݶϤζȤäȺ
ǰƬ֤ʤ顢ڹ٤٤ȤʤäƤ׹Ȥι⤤٥ΣţУƣ
ؤμȤߤʤƤͤФʤޤ󡣤󡢣ԣУФޤߤޤ


ѽ

ɤ顢बǤٻΤϡƣ椵ȺդȤȤ⤢ΤǤ礦

Ǥ⡢ˤƤ⡢ɤΤ褦˴ؤƤ⡢ȼΰոȤΤϤʤʤĤ
ꤹ褦ʻϤ褯ʤȤǤֵˤʤΤϡ
ϵ岹ȲкʤɤˤĤƤϡոȯƤʤȤȤʤΤǤ

ȤƤϡѵˤʤȤǤŤޤޤǤޤǤǤäˡ;
ĥäƤϤʤΤ⤷ޤ

ĻϡĴΥפȸޤĤޤꡢ꡼ޥҲˤ褯褦ʿͤȡ褷
ơͤ褦ʤȤϤʤǤ礦꡼ȤפǤϤʤ⤷ޤ

Ǥ⡢Ǥ⤤Ǥ㤨Сݤ߲ǡ꡼ޥ󤿤ȵ˰ո򴹤
Ƥ褦ʤȤԤȻפޤ

ԳǤä顢Ǥޤ礦

äȤɤääȤɤäĥ


񤬡ޤؤΤƸäƤ뤱ɡŤޤʤΤȻפä
å򤪴ꤤޤȺ۹ȤǤϡ̱ܤޤäƤ

͵blog󥭥

Υȥ꡼ϤƤʥ֥åޡɲ

ֱǰϽˤޤ礦סֻϡˤϤʤޤ󡣥ɥ祦ʤΤǤ

ɥ祦ۤǤ3ܤǤ

ˤʤäȤơϤ褯ʤΤǤ礦

ޤޤǤΤͤ;ˤ⤢ä顢Ϥ褯뤫⤷ޤ󡣤˹
̱δͤ㤯ʤäƤΤạ̇̄ǴԤ΢ڤäƤ뤫⤷ޤ

Ǥ⡢äѤԤʤǤߤƤȻפޤ

ǰϽˤޤ礦ȤäƤ⡢ǰϻĤǤ礦͡줬ʹ֤ȤΤǤ

Ǥ硩ĤޤǤ⡢ͤͤƤͤŤʤΤͥ

ޤˤƤ⡢襤ä̾ͤҤȤ󤲡Ǥ̾
Ƥޤ빽ȤʤΤǤ礦

ֻԤƤߤ褦ʡ

ɤ硪



ˤƤ⡢ޤǤ2ͤ᤮Ȥå򤪴ꤤפޤ

͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

2ǯƱ褦¿οͤ礭ʴԤȻפΤǤǡ
ܤǤ뤫⤷ʤȡ

Ʊ褦¿οͤä᤿ܤįƤǤ礦

Ǥ͡

⤽ݤȤơ̥Ϥ򴶤ͤʤ

ޤĴˤСMο͵⤤Ǥŷɡϸܤ礭ƶ
Ƥ뤳ȤǤ礦Ť˹ͤ顢M3ǤäƼ᤿Фꡣˡ
⤽⤳᡼ˤҤääǤ餵줿ǤΤȤΤʼպ
ƤʤΤǤóݤΤǤ

ˡǺλٻԤݤƤΤKǤKϡȯǡ
ǤäƼȤäΤˡŤϡɤɤʤäΤǤ礦

ޤȤϤƤơкФΩԤιͤʹƤȡŤ⤦
˾ŪˤʤäƤޤΤǤ

֥ǥե줫æѤסŪ¤ǡơեɸǤƥǥեæѤ٤
ֺ󤬥ǥեæѤκǸΥ󥹤⤷ʤסַкѤĹСǼ䤹Ȥ
סֺϡܵˤʤäƥǥեæѤΤˡȤ뤳Ȥ

ϤääơǤԤǤʤ

ïʹƤޤֺޤ20ǯ֡ʵ褯ʤʤäΤˡɤƷʵ褯
ǤȻפΤǤɡĤޤǤǤʤȤȤǤ

ϡפΤǤ⤦Ψľä򤷤ɤСäȿ͵ФȦȡ

ǥեæѤƤǤʤǤϤʤʤƸäƤ⡢⤽⤽ʸդï
礦Ȥ̱ΤʤˤϰƳäȿƤޤͤ뤫⤷ޤ󡣤
դȼȤ餯ʤȤ򿮤ʤǤ礦ϡ⤷ʤȿƤͤ
СˤޤǤηаޤٶƤʤȡ

ǤȿФΤʹ줿顢Ǥ˻ȡ͵夬ʤǤפ

Τä顢ѤʬפʤƤľʿͤʬ롣

򤹤ΤϡͤΤǤϤʤȤȤǤ

ݡǤʤƤ⤤ΤǤ衣ȸ˷ʵΤǤ硩פʤ
Ƹȡä٤ͤΤǤ

ä顢ԽʹΡǥեˤʤäƤΤ

ΤǤ礦䤬ܵǤʤä顩Ȥư­ʤ

Ǥ⤦10ǯʾܤûϤۤܥξ֤³ƤǤˡۤ
ư³Ƥ顢ǰֹĤȯԻĹGDP٤ơˤ⤤ΤǤ

ˤ⤦Ĥʹܤ䤬ΤȤʤäƤ˶ͻ¤롢ȸǤ
βɤΤǤ礦

ˤ٤ȡϤ뤳ȤΤʤ顢ˤäƤȦǤϤʤǤ礦
ˤ⹴餺ޤޤͻ¤ȸäƤ

ɴäơä˽в뤪̤䤹ȤΤǤСܶԤΤ
ŻǤϤʤܤλŻǤȤȤ5ͤθԤʬäƤΤǤ礦

ʬäƤޤ

˺ʾˤ֤֤󤹤ΤϡܶԤλŻǤϤʤȤȤϡ
ܶԤϡ§Ȥơθ֤ʤդ뤳ȤǤʤʤΤǤĤޤꡢ
̱˥ץ쥼Ȥ뤳ȤϤǤʤȤȤǤ

褯СǥեϲǤʤɤȸͤǤϥإꥳץ餪
򻵤Фʤơš

򻵤Ĥޤꡢץ쥼Ȥ뤳ȤˤϤǤʤΤǤǤȤ
СܤǤꡢܤնٵ뤹뤳Ȥإꥳץޥ͡Ȥ

ȤˤʤΤǤ

Ĥޤꡢ㤨С̱ޤäƤΧλҤɤλٵΤ褦ʤȤإꥳץޥ͡
ʤΤǤǡҤɤ򡢺ޤǰʾˡơ٤Ϥ˲äϷ
ǯ䡢ȿȼȹͤդȤ̱ˤФ黵³Сľ
˥եˤʤǤ礦

ϡ̵ꥤե򵯤ơˤäƷкѤ³ŪĹƻ˾뤫
ȤǤ

кѤĹƻ˾ޤɤǤ

ΤˡŪˤϡʵ褯ʤ뤫⤷ޤ󡣤ϻ³ǽʤΤǤ礦
ƯʤƤ⤤ʼܤٵ뤵ȤʤС̱Ưʤʤǽ
ǤΤǤ

̱¿ƯʤʤäơɤäƷкѤĹΤǤ礦̱¿Ưʤʤ
гΤ˥­ˤʤꡢե줬Ǥ礦Ǥ顢˥ӥͥ򵯤٤
Ψ礭ʤǤ礦¿οͤƯʤʤǤŷкѤĹʤƤȤ
ʤΤǤ

5ͤγϡΤȤƬäѤǤ礦䤬ƶ褹Τϡ̱
¿äƤ뤷ؤɴԤƤʤȤȤΤäƤ餤ʤΤǤˤƤ
⤦̱θȤʹߤʤƤ⤳2ǯ֡ʤ

Τϡ̱ʹǤФΤǤСܿʤȥå
μˤʤʤȹͤʤΤǤϴְäͤǤ̱¿
ʹǡˤǤФΤǤС̱¦ˤϰ´Ϥʤ̱ϥ꡼ˤ
ƹԤǤ礦


򤱤ƤȤå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

Сʥ󥭵ĹĤ˶ͻα̤ȯɽޤ

֤á礷ȤϸʤäΤǤϡ

ǤϡʹƤߤޤ礦

In light of its current outlook, the Committee recently decided
to provide more specific forward guidance about its expectations
for the future path of the federal funds rate.

ָθ̤˾Ȥ餷ơѰϡǶᡢξ踫̤˴ؤ٤ɥ饤
󶡤뤳Ȥ˷ꤷ

In particular, in the statement following our meeting earlier
this month, we indicated that economic conditions--including low
rates of resource utilization and a subdued outlook for inflation
over the medium run--are likely to warrant exceptionally low levels
for the federal funds rate at least through mid-2013.

äˡβʸΤʤǡ桹ϡкѾΨ㤵Ū
ե츫̤㤤ȤޤࡽϡʤƤ2013ǯȾФޤǤϡ㳰Ū㤤
ݾڤ˸ȤȤ򼨤


That is, in what the Committee judges to be the most likely
scenarios for resource utilization and inflation in the medium
term, the target for the federal funds rate would be held at
its current low levels for at least two more years.

¨ѰȽǤ롢ΨŪʥեΨκǤ⤢ꤽʥʥꥪΤʤǡ
ɸͤϡʤƤ2ǯȾϸߤ㤤˰ݻǤȤȤ

In addition to refining our forward guidance, the Federal Reserve
has a range of tools that could be used to provide additional monetary
stimulus.

־Υɥ饤Ūˤ뤳Ȥ˲äϢϡʤͻɷΤ˻ȤȤ

ǤϢμʤͭƤ

We discussed the relative merits and costs of such tools at our
August meeting. We will continue to consider those and other pertinent
issues, including of course economic and financial developments,
at our meeting in September, which has been scheduled for two days
(the 20th and the 21st) instead of one to allow a fuller discussion.

ֲ桹ϡ8βǤʤΥåȤȥǥåȤƤ桹ϡ³
ˤĤƸƤ뤬Τʤˤϡ9βǤηкѤȶͻοŸ˴ؤ븡Ƥޤ
롣9βϡʬʸƤǽʤ褦1ǤϤʤ2֡2021ˤȤʤ뤳Ȥͽ
Ƥ


ǡǤ礦ѤʤȤʤΤǤ

ֲ2ǯȾ³뤳ȡ

ǤϤޤ󡣰ѰϤޤǤ2ܤϤȤΤǤ

ֲΤȡ

2ܤǤ衢2ܡ⤷Ư֤2ܤ䤻Сμ2ܤȤϸʤ
⡢2ܤ˶ᤤΤˤʤȦǤ

֤顢

Ǥ顢ԾѰ񤬡ޤǤɤ1ǤϤʤ2֤⸡ƤԤȤΤǤ
줳FEDα̤ǤΤǤ

2֤ơƤȲ̾Ƥ⤫֤Ρ

⤫֤餤ä顢ȯɽƤǤ礦

9ΰѰϡɤʤΤʡQE3ϡʤʡ

٤ϡ2֤ǤϤʤ3³ƲԤŤʤơ

ʤϤʤΤˡʤ뤫ΤȤʤФʤԤȤϤĤ餤Τʤ
Ǥ


ɥβͤ򲼤Ʒʵ뤳٤ϤʤΤʡʤƻפå
ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

⤬1900ɥ˾ꡢ2000ɥᤤʤƻפäƤ顢쵤100
ʾⲼƤޤ

ʬʤΤǤ͡ݤ

ǡȿȤС24ȯɽˤʤäѵ׺οͤ褫äȡ

ǤϡϤɤʤΤ㲼žΤϡ˾夲뤿˰ٻ
֤ǤΤ

⤬夬ȤҤ͡ϡ⤬夬ͳĤȸޤ

ʣŪʺФ԰¤Τʤǡ̲ߤФ뿮ǧɤ餤Ǥ뤳ȡ

ʣϢĹ㤤Ƴͽۤ뤳ȡ

ʣƹĶ֤³ȡ

ȿ̡кѤ϶ͽۤ褦ˤʤСʤ㲼Ĵ
Ȥ⤢ȡ


ǯξQȤƤϡեǰȡβʤ夬ŤȤȤˤʤäƤ
ǤŲΤȤСʰ¶ġˤǤϤʤͭƤСեˤʤ
Ƥ⡢񻺲ܸͤꤷʤɤλ񻺲ͤä뤳Ȥʬ˴ԤǤ뤫
ΤǤ

ϡषкѤԤǰ졢ͽۥեΨ㤤Ǥ

ϤʤΤǤŪ˥ɥгŪͤ㲼褦ǤСե줬ʤ
Ƥ⡢Ϸɥեˤʤäƻ񻺲ͤ򼺤ȤƱ褦ʤΤǤ顢äѤƨ
褦ȤưФƤȤȤΤ褦ʤΤǤ


ХΤϡꥫϲ⤽ǤäȥץAιǤ³ȸ
ޤʤ徺³Τȿ㤷ơꥫγդϲ뤳ȤˤʤǤ

񻺤򤿤ޤͭƤ뵮ϡ򤷤Ƥޤ

¶⡩ġ⡩

ޤʤ⤤⤷ޤ󤬡ʬ񤹤Τֳμ¤⤷ޤ

ݡִ

ޤ⤽⡣


äѤꡢäϡϾ夲ĴǤϤʤΤȻפå򤪴ꤤޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

̳ʤ߹бΤ1000ɥδߤΤȤˤϡֱ߹б
ޥեƥפȸΤȡ

ɤפޤ

֤ȸƤš

Ǥ͡ȤʬʤȤˤϥȤǤʤǤ礦̳ʤϼΤ褦˸äƤ
ޤ

ʲѡ

ֺ̡ε޷ʱ߹οʹԤб٤֤֤뤳ȤȤޤ
߹б۵ޥեƥ1,000ɥˤ

Ū
޷ʱ߹οʹԤбֱ̱߻γߤؤžʤˤ¥ʤˤ롢
ΰ경
ĹŪʹ٤

ڴȡ
òΥɥ򡢹ݶ϶ԤͳƳ
Ūˤꥹޥ͡ζͻˤꡢ
ܴȤˤ볤Ȥ䡢
񸻡ͥ륮γݤʤɤ¥ʤ̱αθƤӿȤ

ڶۡ
ͻκ⸻Ȥơò񤫤ݶ϶ԤФ1,000ɥ򡢣LIBOR
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ݶ϶Ԥ1,500ߵϤл

ڴ֡
1ǯ֤λ

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ʬˤʤޤ

ʬä褦ʡʬʤ褦ʡš֤⤦ʬפʸϤˤǤʤΡֲͤƤ
Τ͡äȤɤääȤɤä

䡢äȤɤäȤդפФޤϡפޤ󤫡ǯ3
ʤƿ󤬸äƤĤϡ֤äȤɤäפʤƸäƤǤ
˫դǤϤޤ

ʥäïޤȸΤǤ礦

Τ褦ʥबʤȡܤִ̱ȤϡǤäƽФꡢϳδȤ
뤳ȤǤʤȤǤΤǤ礦

Ȥ̿ǡʤФʤνȤƤߤ顢ʤΤäƤؤ
ɸ̤ʤɤʤȤϻפĤĤ⡢ʤȤʤΤǡ

ΡɽʸνʤƤΤäǤ˴㤷ƴʸ񤯤ΤǤС
ϤޤʺʸǤʤΤǤͽ޽񤬷ƤơŤǡܤɤǤ
ⴶʤΤˡǤⴶۤ񤫤ʤȤʤäΤȤΤȤפФ

ʸäơɤ񤤤餤Ρ

ޤνƵ٤ߤνȻפäơޤȤ褦Ƥ˲᤮ޤ
ΥबͭʤΤǤС⤽θ̱ʬפ
ȤǤΤǤʤФʤʤȦǤšǤȤפޤ
Ĥޤꡢؤ
ɺäƤʤ˲᤮ʤǤ

äȤɤääȤɤä

Ρֱ߹б۵ޥѥåפˤϡֳؤλפޤޤƤǤ
ˤä굡ڤǤ򤫤֤褦ȤɤƤĤƤޤΤǤ

Τˡ굡ڤưطʤˤ뤳Ȥ¤ǤϤȻפΤǤ⤽ⲿα߹ˤʤ
Τ

֥ɥäƱߤ㤦ͤ¿

ǤϡïɥΤǤ礦

֤顢굡ڡ

Τ굡ڤΤʤˤϡɥ¤ҤƤͤ¿Ǥ礦Ť⤽ϡܤ
ƹǰ״ط¦ˤȤäƹŪ˹ˤʤ빽¤³Ƥ뤿ˡĤޤꡢ
͢дȤ͢ФDzԤɥ򥬥󥬥ߤ˸򴹤Τǡɥ±߹ˤʤϤ䤨
äƤ뤳Ȥ˺ƤϤޤ

Ĥޤꡢ߹ˤƤΤϡ͢Ф٤Ƥ椬͢Х᡼ǤȸΤǤ
顢դ˱߰¤ˤȻפΤǤС͢дȤФơ͢ФǤ줿ɥߤ˸
褦ʤȤϡκݤ߲ȸСϱ߹⤬ޤȤΤǤ

Ǥ⡢͢дȤϡܡäȤƤȾס߹ˤʤäơ»򤷤Ƥޤ顢ä
äɥľߤ˸򴹤ȻפΤǤ礦

֤͡

ǡäƥɥߤ˸򴹤褦Ȥ뤫顢ɥ±߹ˤʤäƤޤȤȤʤΤǤ

ܤ͢дȤ⡢إꥹȤΤϡӻΤȤǤ顢ܤ˲褦
Ȥϻߤ᤿ǡǤ礦
ϡδȤܤ˲ԤƤʤΤˡ
ܤǤäƤȤȤʤΤǤ礦

ˤƤ⡢Υϸ̤ʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

Ķ߹⤬ߤߤޤ󡣶ϤȤȤ1900ɥޤơƹкѤԤ
ߤǰ뤫ǤΤǤ

ʤСܤƹ񤫤ƨ򤷻ϤƤΤ

줬ۤɤǤʤΤǤΤ˥ɥ㲼ƤꡢΤȤϡɥФ͵
Ƥ뤳Ȥ̣ΤǤϤΤǤŤǤϡƹĤο͵ϤɤȤСŤ
Τ褦˳դҤΤʤˤϡƹĤγդȤ⤢ΤǤƹĤή
ϡŪʿǿܤƤΤǤ

ĤƤϡ10ǯʪĤȤС654٤̤οफȻפäƤΤȤȤ
轵ϽִŪǤϤΤǤ2ڤäƤޤäΤǤǡäƤ2.11ȶˤ
㤤αޤäƤΤǤ

ȤȤϡƥɥФ뿮ǧϾ㲼ƤΤΡƹĤФ뿮ǧϡ
Ū˾夬äƤޤäƤȸΤǤ

Ĥޤꡢ⤬1900ɥˤ褦ȡƹкѤϡޤΰ̣ǤδǤϤʤΤǤ

δϡƹĤ˽˻ϤޤʤΤǤ

ƹĤ˽뤳ȤϡĹ޾徺Ϥ뤳Ȥ̣ǤĹ
ΤˤĤͳΤǤ

Ĥϡʪξ徺ˤΤǤĤޤꡢʵޤ졢ʪ夬ΤǤϤʤ
ȤԤޤ䡢ʵϸޤʤǤ⡢餫ͳˤäʪ
ȸޤˤϡĹ夬뤳ȤˤʤǤ礦

⤦ĤͳϡƹܤμڶֺǽϤ㲼ˤΤǤĤޤꡢȤƹ
μڶֺǽϤ˵ꤲ뤳ȤˤäƹĤο͵ФȡˤäĹ
ƭ뤳ȤˤʤǤ礦

ơΤ褦ˤĹ夬ˤϡ⤤פԤǤǤ⡢
γƨ򤬵ꡢξ徺ˤ⹴餺ɥ뤬뤳ȤˤʤǤ礦

ȤΤƹˤȤäƤΰ̴ǤǤ

ǡܤ߹кΤ˹ԤزȤΤϡɥεɻߤ뤿
ΤΤǤΤǡƹФѤʶϤ򤷤Ƥ뤳ȤˤʤΤǤ

ˤƤ⡢ʵȤϻפʤΤˡƹĹ徺뤳ȤС
ΤȤƹкѤδ뤳ȤˤʤΤǤ

ơʤСܤ˥ɥ㤤٤褦˰ز򤷤ߤȵ㤭ĤȤˤʤ
ޤǤϤʤ褦ǤǤ⡢5ǯ⤹СǺ褦ʻˤʤ
ΤǤϤʤǤ礦

դƹĤο͵ФΤ顢ʤΤȴå
ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ĺ̳äʤȤޤ

ְŪФä߹ư˶ޤäƤ롣ʤӽɬפˤʤǸ
֤

ȤʡǸǤ֡

ΡɤʼʤȤΤǤ礦ȯʹơ⤷Υޡåȴط
֤ĤˤμʤʤΤפʤɤȿȿ̤褦Ǥ顢ɤ˥ޡåȤ
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ºݤˤϡŪ¿οͤϡβ¾ˤɤʼʤȤΤŤ
ƻפäƤȻפΤǤ⡢ˤäơƤǤΤ褦ʤΤǡ̤Ϥ
äƤޤޤ

פΤǤ֤ʤӽšפʤɤȸȤϡμʤԤȤʤΤǤ
͡ˡƻΥץǤΤǤСϴԤ⤹Ǥ礦
ȤäƤ͡


ȤʤȤäƤ⡢ȹͤȤΤǤ礦

֤ɤïʤ󤫤ˤƤؤ󤫤ʡ

ʤʤʤΤǤ͡ηäϡ

֤ʤΤϤɤ

ʤΤȤϡ

֤顢̳äꥫȸ̸Ĥ򤷤ơ㤨Сƺ3٤ϡ1ɥ85
٤᤹ȤǧƤ餦ȤΤϡ

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֤顢㤨Фä

ޤˡʤȤ򥢥ꥫǧƤΤǤСʤäϱͺˤʤ
礦ְ㤤ʤкѳ⡢򴿷ޤ뤫⤷ޤ

֤äʤ顢90ߤȤοǸ1ǯ٤ǧƤȤȤǤСʤ
͡

ä顢ȾʵŪ˥ɥȱߤꤹ뤳Ȥˤ顩

ϡˤ˻Ĥˤʤ뤫⤷ʤ͡

꤬ΤǤʡ

֤äơܤ͢дȤϾ褬«줿ߤʤΤʤΤ衪

Ǥ͡

֤Ǥͤäơ

㤨Сƴ֤1ɥ100ߤǸꤷ褦ȤäޤȤޤäȤޤ

֤⤦ưꥹˤϻʤ͡

ܷкѤȥꥫкѤߤĴ碌ΤǤС礭ȯʤ⤷
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֤ʤȱסɥ±߹ˤʤ͡ǡΤȤˤ1ɥ100ߤ¿͢Ф

ΤˡʤϥꥫǥХ줹Ǥ礦ΤʤСϤʤʤäɥǤʤ
ܤι⤤ʤ㤦ȤǤ뤫ʤΤǤ

֤顢ܤ͢дȤϷ褷ƺλ줷ʤ

ܤ͢дȤ͢ΥɥϡѲͤ㲼ΤˤʤäƤ
ΤǤ

֤ʤȤϤʤ衣1ɥ100ߤΤޤޤ

ϿͰŪʥ졼ȤǤˤޤ󡣤Υ졼Ȥݻ뤿˶餯
ϵۤΥɥ򳰲߽ȤͭƤ뤳ȤǤ礦ǤС1ɥ50ߤˤʤ
ƤƤ⤪ʤ⤷ޤ

Ĥޤꡢ1ɥ50ߤμϤʤɥ1ɥ100ߤμϤΤ¦ǧ
夲Ƥ뤳ȤˤʤΤǤפˡʲͤβäɥܤϤĤޤͭ񤬤³
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󡢺ߤϥɥϴ̲ߤǤ뤷ƹʥСηкǤ顢
ͭ뤳Ȥˤ̣ΤǤź塢ˤΥɥʤѤäƤΤǤ

ƹ񤬡ʤ򤳤줫㤤³Ƥ뤤դǤäƤ⡢Τդ
ȯԤɥβͤ礭ǤޤСʥɥäƤ餦ˤϡ̤
ɥϤƤʤäʤȤȤˤʤΤǤ

ȤȤǡĺ̳ä1ɥ85ߤǡ1ǯ֤Ȥ«ƹ¦ȷ֤ȤǤ
Сͺˤʤ뤫⤷ޤ󤬡1ɥ85ߤǡ20ǯ֤Ȥ«֤ȤС
ŪʤХˤʤǽǤΤǤ

ޤ˱߹򿩤ߤ᤿ȻפΤǤС⤽ⲿα߹⤬Ƥ뤫褯ͤ
ȻפΤǤ

ֲ

ĹŪˤϡǰפФꡣĤޤꡢ¤Ūܤ͢ĶˤʤäƤơꥫ͢Ķ
ʤäƤȤȤǤ

֤ä顢ܤ͢Ф򸺤餹Ρ

ʤȤϤǤޤ󡣤ǤϤʤơܤΥꥫ͢䤹ΤǤ⡢
ΤΤǤϤʤŪƹ񤫤äȤʤΤ㤦ȡܤڡ򷫤깭
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ܤʤСꥫϤä紿ޤǤ礦ơܤ͢д
⺣Τ褦Ķ߹ǺळȤϤʤʤΤǤ

äȥꥫʤ㤦ΤΤǤΤˤϡ߹δΤǤϤ

Ԥ̴Ϳ褦ʥࡼɤФΤ⤤⤷ޤ

ꥫʤ㤦ʤ󡢤ʤˤȤˤα߹кǤȻפΤǤ


ΰ̤ΤȤȤʤ餤ʤ㡪


ܤꥫʤ㤨Сꥫηʵ褯ʤǤơȥꥫ
ܤʤ¿㤦Ȥˤʤ櫓Ǥ

¸ǤȤѥꥫ鴿ޤ뤳ȤǤ礦ܤ򸫤ܤޤ
褦ˤʤΤǤ


ȯۤѤ뤳ȤɬפȻפäå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

1ɥ뤬75դ褦ʤȤˡ֤ʤ˥åܷкѡפʤɤȤȥε
񤤤顢ɤʤ㤦Ȥ

Ǥ⡢Ͻ񤤤ƤޤΤǤȤΤ⡢;ˤ¿Ȥܤϥǥեȸäɬ
װʾòƸ뤫ʤΤǤ

ΤˡĶ߹ǺλʤʤäƤȤ¿ȤǤ礦Τ褦ˤϡ
ˤȸäƤ
ȸäܤΥҥǤΤ

ˤƤ⡢кѤФոȤΤϡɤƤХäƤޤΤʤΤ
ξڵˡܤǤĶ߹ǤǤꥫǤȿϤʤȿ
ФˡܤǤϡꥫ10ǯʪĤ꤬2äȤɤοͤΤäƤ


ۤĹȤȤϡʵԤƩˤʤäƤ뤳ȤξڤǤ
ǤʤȤ˴ؿ򼨤ܿͤѾʤʤΤǤ

ϤȡľפĤι񡹤٤ơܤϤۤỴʾ֤ˤΤ

ѹ񡢥ɥġե󥹡ꥢꥫ񡢴ڹ񡢥ȥꥢ

ǡкѤ̤餫ܤͥƤȸ񤬴ĤȤΤǤ礦

ꥫΨ9Ǥ˹⹻Ψ˹⤤ڶΤ

ƸȤʤ

ѹ񡩡ɥ˽ưƤޤ˶ͻ̤ȤơηкѤμϤϡ

ɥġΤѤ餺ǰפǤ٤Ƥ褦Ǥե󥹤ȤȤκ
ͻؤɺĸʤɡ仳ѤǤ

ꥢϡꥷβФķӰܤꤽǤŤˤ⤽⥴­˲
ʤ褦ʹǤ顣ηǧ᤿ǡ鼫ʬȯ뤳Ȥ
Ѥ˴ʤȤȸäΤѤ˰Τ

񡩡ʥС2ηк񡣷кĹΨ⤤򤦤ޤȻפ
ͤϤʤǤ礦

ڹ񡩡ڹ֤Τϡ¤ΤȻפΤǤʬ̲ߤβͤ
㤯ʤꡢιԤŤ餯ʤäƤΤǤ

ޤŤ˹ͤƤߤȡܤޤʤؤɤʤȤʬΤǤ

Ǥ⡢ܤȤϡǥե쥹ѥ򲿤ȤƤ򤻤Ȥ褦ʤȤФ

ǥեǥեʤȤǡ⡹ʪǯΨ12󲼤٤ää
ʤΤǤ⡢ʪȤߤ顢⹻μ̵빽ƶƤꤷƤ
ơ
ۥޤ˥ۤʤ

ɤäޤȤǤˤطԤϵǯȸƤǤΤǤǥե
եȸäƤ͡빽ϵǯ˸ƤΤǤ

١˽Фʥİ⡢Ǥˡ褺ϥǥե줫æѤɬפʤƤ
ɤȤäƤޤʥδϵäݤޤ󤫡

Τ褦˥ǥեæѤˤȤ¿Ǥեˤʤʤ̣ͭ⾯ϴ
ǡǤ礦

ĤޤꡢɤѤƤ⡢եˤʤʤ顢ޤǤͻ¤³
뤳ȤǤΤǤΤΤ꤬ߤ򴶤뤳ȤǤʤΤǤ礦

˥եˤʤ餤餳ǤĤȯǽǤΤǤ줬⤷
ե줬®ƤС̺Τ˹ĤȯɬפȤϤäƤ⡢
ñˤϹĤȯˤƧڤʤϤʤΤǤĤޤꡢʪ夬ʤ餳κ
괺Ǥ餺ݤ뤳ȤǤΤǤ

꤬䡪

줬⤷եɤ˾̤ꥤեˤǤʤä顢ޤʤ
ʤǤĤȯ񤷤ʤǤ礦ʤݤǤǤ»ܤʤ
ΤǤäơޤǤǤΤ⡢ե줬ʤǤȸΤǤ

ʥİδꤤɤꡢǯ˥ǥե줫æѤ뤳ȤǤȲꤷƤߤޤ礦
ʤƤʪξ徺Ψ34٤ˤʤŤơ¼кĹΨ34ۤɤ˾徺
롢ȡޤʤС̾GDPϡ1ǯ68Ͼ徺뤳ȤˤʤǤųΤ˷
ȼ´ǤǤ礦

Ȥ顢ƤϥåԡˤʤΤ

Ǥ⡢٤ĹΨǤϡ˺̾GDP500ߤȤСǯˡ530ߡ
560ߤä٤Ǥ顢ǹĤοȯԤˤʤۤɤǼä
ϤȤƤͤ뤳ȤǤʤΤǤĤޤꡢäΥڡȤƤ⡢Ĥȯ
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ˡ⤷ʤ˷ʵ褯ʤСš٤ϹĤο͵ळȤˤʤǤ礦
Τ⡢ԤߤȻפȤä뤳Ȥˤʤ뤫Ǥǡʤʤ
ĤȯԤ³뤿ˤϡɤƤҤ夲ŤơäĹ
夬ȤȤϡȤʤĤ˽򤹤ȤȤǤ¿ζԤηб
ˤʤꡢͻȯ뤳ȤǰΤǤ

Ǥ⡢οۤϤɬפϤʤǤ礦ΤʤСޤܤηʵΤΤ褦ˤ褯ʤ
ϤʤʤʤǤ

ˤƤ⡢ܤޤȤΤϡʤƤȸΤʤˤϸ
ȤϻפʤΤǤ


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