кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2012ǯ08

ꥫζޤθ˻̾줿ˡޥ塼åĽλ̾ԤäΤǤ¸ΤǤ礦

֥ˡäơ

ɥ󥪥ԥå˥դꡢܤˤĤƤ⡢ꥫ1˶줷ܤΤ褦ˤϤʤʤʤƼͭ̾ʿͤǤ

֤Сš

ΥˡʤΤǤѤϤߤ򹭤ƤΤǤΤȸСѤ1200ʬ䤹ȸäƤǤ顣

1200͸ѤСΨϤɤۤɤοˤޤ뤫ʬǤ

¤ϡΨ1150ͤμȼԤ̣Τǡ12001508

Ĥޤꡢ8ݥȤ⼺Ψ㲼뤳ȤˤʤΤǤŤȼΨ1ڤä0˶᤯ʤäƤޤΤǤʤǤŤȻפǤ硩

ޤϤȤơǤϥˡϤɤäƸѤȤΤȤС


And unlike the President, I have a plan to create 12 million new jobs. It has 5 steps.

ֻϡΤȤϰ㤦ˤϡ1200ο¤ײ褬롣5ĤΥƥåפʤ

First, by 2020, North America will be energy independent by taking full advantage of our oil and coal and gas and nuclear and renewables.

ˡ2020ǯޤǤ̥ꥫϡúŷϡǽͥ륮եѤƥͥ륮˴ؤΩ

Second, we will give our fellow citizens the skills they need for the jobs of today and the careers of tomorrow. When it comes to the school your child will attend, every parent should have a choice, and every child should have a chance.

ˡ̱˿ŻɬפȤ뵻ѤȤ失롣Ҥɤ⤿̤عˤĤƤϡƤοƤ򸢤ͭƤλҶ˵ͿʤФʤʤ

Third, we will make trade work for America by forging new trade agreements. And when nations cheat in trade, there will be unmistakable consequences.

軰ˡǰ׶ФǰפʼʤȤ񤬤С̤פΤ餻

Fourth, to assure every entrepreneur and every job creator that their investments in America will not vanish as have those in Greece, we will cut the deficit and put America on track to a balanced budget.

ͤˡꥫˤ񤬡ꥷΤΤ褦˾äƤʤʤ뤳ȤʤȤƤεȲݾڤ뤿ˡ桹Ϻֻ︺ƥꥫѹպؤεƻ˾褻

And fifth, we will champion SMALL businesses, America's engine of job growth. That means reducing taxes on business, not raising them. It means simplifying and modernizing the regulations that hurt small business the most. And it means that we must rein in the skyrocketing cost of healthcare by repealing and replacing Obamacare.

ޤˡ桹ϥꥫθѤΥ󥸥Ȥ٤澮Ȥʸ롣ĤޤꡢȤˤǤ夲ΤǤϤʤ롣澮Ȥγư˳뵬Dz϶岽롣Хޥű󤹤뤳ȤˤꡢʤƤϤʤʤ

䡢̤˥ХΤθĵϤ餵ʤΤǤŤȤΤ⥪ХΤϡܤʤɴؿʤȤǤ⤢ޤŤϤʤΤǤˤƤ⡢1200ϽФȤΤʤ٤顢ޤϤä褦ʵΤǤᤤáХΤ͢ФƸѤϽФȤײˤϡʤθ̣äǤ

ˡǤޤˡϡ֥ꥷΤ褦ˡšפʤơʤƤ⤤äƤΤǤ

衢ˡ᤬ɤʥաgaffe)򤷤ǤѵˤʤΤǤ


Х޻ȥˡΤ٤ȸƤ⺤ʡȴå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

G7۵ȯɽΤ¸ΤǤ礦

ͥåȾǤϡФ⡡G7פʤ󤸤ƤΤǤ

ˤƤ⡢ǤշĤԤ褦ȤƤȤʤΤˡ̳äG7βĤ˽ʤƤΤŤʤƻפäƤȡȤ϶۵ʤΤȤ

ĤޤꡢäƤߤлյĤߤʤΤǡ¨äǴطԤƤǧơȯɽȻפΤǤϡääȤʤä򤷤⤷ʤΤǤ

ˤƤ⡢۵ޤȯɽۤɻ֤ƤΤȤפäƤޤΤǤ

ΤȸС椬ǤϤʤȤʤɰ󤸤ƤʤäǤƸСꥫǤϥåȤϥꥱ󤬶ŤŤȡ

ȤˤGζ۵ǤϡŪˤɤʤȤäƤΤơϲʤΤΤꤿƥͥåȤǸƤȡ̳ʤΡG7829ˡפ˥뤳ȤǤΤǤ

Ȥ¤ǧ뤳Ȥξˤϡ۵θʸǧ뤳Ȥ

褺ϡ̳ʤβɤǤߤƲ

桹ϡ³кѤФꥹ˷ٲƤ롣ʸ̮ˤơ⤤ʤ⤿餹ꥹαդơ桹ϡԾξ뤷Ƥ롣­ˤʤξ徺ϡŪʷǰζȿǤΤǤ롣桹ϡФ;ǽϤ򿵽ŤѤĤġפ褦̤礵褦¥ȤȤˡܥˤƥӥɬפʾˤϡʬʶݤ뤿ˡ¸;ǽϤưȥߥåȤȤ򴿷ޤ롣桹ϡݥͥ륮ءIEAˤФԾФʬŬ˶뤵褦Ŭڤʹư뤳ȤѰդ롣桹ϡ³Ŭڤ˵ǽƩι⤤ͥ륮Ծ˥ߥåȤƤ롣

ǡǤ礦

G7ʬˤʤäǤ礦

ߤФȻפäɡIEAŬڤʹư뤳ȤѰդȸäƤʤΡ

ʤΤǤޤºݤIEAǤϤʤΤȡ

ơIEAϡФƤɤͤƤ뤫ȸСβʤ夬äƤͳǤߤФΤǧʤȡ

֤ˤƤ⡢ʬˤܸ͡

ʤΤǤѸΤǤͤʤ顢ʸɤᤤȤפΤǤѸ줬ǤʤȡɤƤʸ餶ʸȤΤϡɤƤʬˤʤäƤޤΤǤ

ΡäʬפܸˤʤʤΤǤ礦

ϡʬפȤ⤢ǤʤȺ٤ϡΤǤϤʤȥ졼बĤ줬ꡢɡʬʤޤޤ˽äƤޤΤǤ

ơäˤƤ⡢äˤƤ⡢ƤޤʹԤˤƤ⡢Ϥɤ̣ʤΤȤ򤷤Ƥ⡢ʼ򤹤ȴνˤФꤵ줽ʤΤǡʬä򤹤롢ȡ

ǤϡκݡʸŰŪ˸ƤƤߤޤ礦

We remain vigilant of the risks to the global economy.

ֲ桹ϡ³кѤФꥹ˷ٲƤ

ʤꡢֲ桹ϡкѤФꥹ˷ٲƤפȤޤ̣ȤʬʤǤϤʤΤǤʤȤʤܸȤƤԼǤ礦кѤФꥹפǤϤʤкѤΤΥꥹפȸäʬפǤ礦

In this context and mindful of the substantial risks posed by elevated oil prices, we are monitoring the situation in oil markets closely.

֤ʸ̮ˤơ⤤ʤ⤿餹ꥹαդơ桹ϡԾξ뤷Ƥ

ʸϤϡ֤ʸ̮ˤơ⤤ʤ⤿餹ꥹαդơפȤս꤬ʬˤ

֤ΰ̣ǡƤޤʤιƭˤʥꥹαդĤġפȤǤǡǤ礦

The current rise in oil prices reflects geopolitical concerns and certain supply disruptions.

­ˤʤξ徺ϡŪʷǰζȿǤΤǤ

ʸϤϡְζפȤȤΰ̣ʬˤϲ̣Τ

ϡ֤붡̤κפ򤷤ǡǤ礦Ĥޤꡢåˤ븶ؤαƶ̣ƤΤǤ礦

We encourage oil-producing countries to increase their output to meet demand, while drawing prudently on excess capacity, and welcome Saudi Arabias commitment in Los Cabos to mobilize, as necessary, existing spare capacity to ensure adequate supply.

ֲ桹ϡФ;ǽϤ򿵽ŤѤĤġפ褦̤礵褦¥ȤȤˡܥˤƥӥɬפʾˤϡʬʶݤ뤿ˡ¸;ǽϤưȥߥåȤȤ򴿷ޤ롣

;ǽϤ򿵽ŤѤĤġפȤ̣ʬŤ餤Ǥˤä̤䤷ߤȤꤤǡֿŤѤĤġפȤϡ;ǽϤΤǤСѶŪ
ѤơȤǤȤǤ顣ֿŤˡפȤˤϡѤ򶲤ƤΤǤ礦prudently ϡǤϡָפФΤǤϤʤǤ礦Ĥޤꡢ;ǽϤ򸭤Ѥơפȡ

We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied.

ֲ桹ϡݥͥ륮ءIEAˤФԾФʬŬ˶뤵褦Ŭڤʹư뤳ȤѰդ

̣ϽʬΤǤʤ줿ܸˤʤСֻԾФʬŬ˶뤵褦פȤΤǤϤʤֻԾʬĥ꡼˶뤵褦ˡפɤǤ礦

We remain committed to well-functioning and transparent energy markets.

ֲ桹ϡ³Ŭڤ˵ǽƩι⤤ͥ륮Ծ˥ߥåȤƤ

ʸϤϡʸŵǤ礦νϤɤcommit򥳥ߥåȤȤʤΤǤơ̤ϡθɤʬŤ餤ȡ¿ʬ¿οͤʸϤΰ̣ǤʤǤ礦

ϡ֥ͥ륮Ծ줬ʬǽ뤳ȤƩݤĤȤƤפޤǤ礦
 
ȤȤǡΤȡ

ֲ桹ϡ³кѤνΥꥹٲƤ롣ΰ̣ǡƤޤʤιƭˤʥꥹαդĤġԾξտƻ뤷Ƥ롣ʤξ徺ϡŪʷǰȶ̤κȿǤƤ롣桹ϡ;ǽϤ򸭤ѤĤġפ˱뤳ȤǤ褦̤礵뤳Ȥ¥ȤȤˡӥܥˤơʬʶ̤ݤ褦ɬפ˱¸;ǽϤưȸȤ򴿷ޤ롣桹ϡݥͥ륮ءIEAˤФԾʬĥ꡼˶뤵褦Ŭڤʹư뤳ȤѰդ롣桹ϡͥ륮Ծ줬ʬǽ뤳ȤƩݤĤȤ򡢤ޤǤɤ꿮Ƥ롣

ǡǤ礦

βΤȤݾڤϤޤ󤬡ǤʬʬפʤäȻפΤǤʤƹ񤬲äΤ褯ʬäפΤǤϤʤǤ礦

ˤƤ⡢ƶ۵ޤǽФơʤιƭ褦ȤꥫʤΤǤäѤꤳǤ󤬶ŤƤȤȤƶƤΤǤ礦


ۤʤƤäʤιƭ򾷤̤⤢ΤˡŤȻפäå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

Ĩꤺпʹ̲ߥåפ³ȼĥƤΤǤ

828εʤΤǤͳϤȤСåȤ̾ƥ¤ˤʤäƤޤСܤγˤƶڤܤȡ

ơФϤˤκȤơɥޥ󥵥åڷˤСɥ桼ФƤХDZ߹⤬ʤȤ˳ϺǤⲼ䤹ȸäƤΤǤ

ޤʹҤɤʹͤȤȤϼͳǤǤ٤褦ˡڹǡԹʸư˽Ф褦ȡܤΥޥߤƴڹ˴Ť٤뤳Ȥڹ¦٤ĹƤΤǤ

ˤƤ⡢ʹҤ̳ȤϿ¤̱뤳ȤǤ顢ˤĤƤϤ٤ȻפΤǤ

ĤޤꡢФƱ߹ˤʤäȤ˳ϲ˸Τȡ

Ǥϡƥοܤ򸫤Ƥߤޤ礦

㤨СкѤޤĴä2007ǯ610.13٤ǤäΤθۤܰӤƲ³2009ǯ2ˤ0.064ߤۤɤˤʤäΤǤơθ2010ǯ40.08ߤĶȤ⤢äΤǤʹߤ10.07ǿܤƤΤ¤Ǥ

ơΥưäĹѥįȡ30ǯۤˤ10.3ߤ褦ʾˤäΤˡǶǤ0.07ȡŪ˸ƺǤ⥦󤬰¤ʤäƤ뤳ȤʬΤǤ

ǤϡΰʿѤϤɤܤƤ

ʿѤ12ߤäΤ꡼ޥ󥷥åε2008ǯ9ǤΤǤ¤ʿѤ⤽Υ꡼ޥ󥷥å1ǯۤ鲼ϤƤΤǤơ2009ǯ28000ߤڤˤޤ֤2009ǯƤˤ1ΤΡθ⤿ĤƤȤȤʤΤǤ

ȤȤǡΤ˥꡼ޥ󥷥å1ǯۤ饦ʿѤⲼƤΤǤ

Ǥ⡢ȸäơ󤬵˻פäƤͤɤǤ礦

ߤФƶʤСܤ͢дȤڹ͢дȤФ͢жˤʤ뤳Ȥ̣Ǥ߹dzͳϡɥФߤ⤯ʤСɥǼ͢ߤ˸򴹤ȤΡ߷ƤμۤƤޤȤΤľŪͳǤΤǤ

ФμĥϤɤƤٻǤʤȡ

ˡФμĥ˹ȤΤǤСʤ餽ǡڹܤȤϰ㤤Ƥΰոʤɤʤ˰زƤФƤɤư۵Ĥ򾧤ʤΤǤ礦

ڹ䤨ز򤷤ƥƥȡ

ɴäơ̲ߥåפȤΤǤСڹ񤬼Υ󶡤ȤΤʤ顢ܤߤ󶡤ˤȤɤ٤Ǥꡢɥޤ󶡤ɬפϤʤȻפΤǤ

ĤޤꡢɤޤǸäƤ⤳ڥåפȤΤϡڹٱǤʤ⡢ڹ񤬤ɤۤܤμ縢򿯳褦ʤȤ򤷤Ƥڹٱ³ȸΤǤϡڹϤĤˤʤäƤμ¸ۤߤʤȻפΤǤ

Τ褦ʵܤοʹҤǺܤΤǡڹǤ򤹤ͤΤǤ

Ǹ˰

ڹؤΥåפˤٱۤ700ɥǡ55鲯ߡȤȤϡ̱5ߡ

鲿ǤⵤɤǤϤʤǤ




ڹٱϤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

Ǥϥ˷¸ΤǤ礦

֥˷Υˡ˴ط롩

ʤĤǤ͡к40ǯʾꥫ줿֤襤ˡפʤȤܤǤǤ졢褯ƤΤʤΤǤߤ˻ϡֱޤפäȹߤǤ

áƻ˰ƤޤޤǤϤʤΤǤˡȸäƤǤϤʤ
кѤäǤΤǤ˷ʬ餱СĶϡ

Ƭˤʤꤽš

ϼ餷ޤĶʤƤȵѤä񤷤Ȼפ뤫⤷ޤ͡

Ǥ⡢¤ϡѴñʤΤʤΤǤ

ǤϡĶޤ礦ĶȤϡҲΤ٤ɤۤʿʬۤƤ뤫ʬʤΤǤϡɤ٤椷Ƥ뤫ʬΤȡ

ļˤϡפνꡢƲˤϼҲιγ롢ȡäơļξ¤1Ȥʤꡢαü1ȤʤΤǤ

ơξʤ˺鱦ؤȽ绻ƤäȤΡΤνФ뤽ι׳ۤγץåȤƤȡ̤ϱ夬αζʤΤǤ

ʤʤ᡼ͯʤͤϡüʥͤȤΥĶ򤷤䤹Ȼפޤ㤨СƤι̱ƱۤνƤȤСĶϡǤϤʤ45٤ľˤʤΤǤդˡ̱ͤ٤ƤνǡΰͤҲΤνȤᤷƤ֤ǤСĶL¦ˤҤä֤褦ʷˤʤΤǤ

ȤȤǡĶϡҲνʬۤԸʿǤФۤɡؤߤ礭ʤΤǤơΤؤ߶ͤǼΤ˷ȤȤˤʤꡢʿʬۤƤҲϡ˷׿ǤꡢȿФ˼ҲΤν1ͤοʹ֤ꤵƤȡͤ1ˤʤäƤޤΤǤ

ݤä򤷤ޤפˡкŪʿʼҲۤɥ˷㤯ȿФ٤κ礭Ҳۤɥ˷Ϲ⤤ΤǤ

Ǥϡ줫餬ʤΤǤ

㤨Сܤȥꥫ٤ɤ餬˷⤤Ǥ礦

ϡۤ񤷤ǤϤʤǤ礦ꥫϷкѤȯŸͳι񡢤ơꥫɥ꡼𤨤뤳ȤΤǤȤץ饹᡼ǡ٤κ礭ݸˤǤʤ͡¿¸ߤʤƤȤǤͭ̾ʹǤꡢäơ˷Ϲ⤤Ȥ¬ΤǤ

ХȤʿͤǶ̤ʤΤǤƹΥ˷0.37٤ǡܤ0.28٤ȤäȤǤ礦̳ʤΥǡˤ

ǤϡϤɤʤΤ

⤽͡ʿ뤳ȤǤҲܻؤǤäϤʤΤˡΥ˷ϡ30ǯۤܤ⤤0.3ͤ򼨤ƤȸΤǤ

Ǥϡ줫30ǯʾФ̤ηкˤʤäϡ

ʤΥ˷׿ϡʹߤۤܰӤƾ徺³ƤȸΤǤĤޤꡢȤȤƵ®ʷкĹ뤲ƤΤϤ̤ȤƤ⡢ष٤κϳ礷Ƥȿ¬ΤǤ

ơΤ褦ʿʹ

¼ٺ10ܰʾ塢˷Ϸٲ饤סīʹ824աˤꤹ뵭ǡֲ¼污̵21̱кѾפȯɽˤȡȤΣ긽ϣǯˣǯˣˤʤäȤΥ˷ϣǯˣãݷٲ饤Σäפȡ

ơλпʹ⡢¼Ǥνʺȴɤˡ̱˽ư԰¤פꤷ֥˷Ͻγʺ򼨤ɸǡĶȽ̱˽ưȯʤɼҲ԰¤䤹ʤפ󤸤ƤΤǤ

ȡ¼Υ˷0.4äƤƤ뤳Ȥ󤸤ƤǤǤΤȤƤϡɤʤäƤΤ

¼ϤǤкѤȯŸƤޤȡοͤ㲼ΤȻפ䡢¤ϡܤϡԻ¼ǤϽפμۤʤäƤ뤳Ȥ顢Υ˷ϽФʤȤ󥹤ǤΤȤ

ȤȤǡοͤϤʤΤΡθԤΤʤˤϡΥ˷׿ϴ0.5ĶȯɽԤޤǽФ

0.4饤ȸƤΤˡºݤˤ0.5ޤǹޤäƤǤ顢ŪиǡϤ͡Фȡ줬θ¤ǤΤǤ

ɤʸϤߤޤޤˤʤ̱罰ΰո򵤤ˤͳʬ褦ʵ⤹ΤǤ

ߵ̷褬ܤ˸ʤơ

GDP͢Ф˴ؤƤϡѥԡǥפɽǤťפ伺ΨοͤˤĤƤϡΤ̵뤵Ƥ


ιǤʤ٤κ礭ʤơʥۤʡŤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

䡢դ˴ؤ¸ߤʤȸϷǤΤȸСդͭä񤬡ֿ̱ͤΤߤʤ餺ɤȤƤդͭڤǤפȼĥƻߤޤʤǤ

դͭܤˤ뤳Ȥ餫ǤꡢˡΧȤդܤڤǤȤȤˤϵʤΤϤΤȤȻ⿮ΤǤΤȤȻ¾褤뤳ȤǤΤǤ

դ˴ؤ¸ߤʤȤ򤹤͡ˤढޤ

褺ϡ襯ȤɽΤɤʬޤ󤬡ڤʿ͡ˤСդ100ܤΤΤǤ뤫顢꤬¸ߤʤƸäƤޤСѤäܤפ»ʤȹͤƤΤǤ礦

⤦ĤΥ롼פܴطԡĤޤꡢ̳ʤʤܴطԤ⡢դ˴ؤ¸ߤʤȸΤǤդ100ܤΤΤǤȿƤΤǤ

ԤȸԤǤϡդ˴ؤ¸ߤʤȤϤΤΡŤɤб֤꤬㤦ΤǤȤԤˤϡб֤꤬ΤǤĤޤꡢ100ܤΤΤǤդ˴ؤơ񤬲ΩƤʤѤäܤפˤʤȤΩ줫顢ܤڤǤʤäܤڤ餷Ȥ٤ޤǡ

Ԥο͡ϤȸСɤδ鿧ФǤäƤΤǤ

դܤڤȤȤ餫Ǥäơդ˴ؤ꤬¸ߤʤʤ顢ɤܤդؤܿͤξΦػߤΤ

⡢դνͭԤֿ̱ͤǤäơܤñդڤƤ˲᤮ʤΤˡ

ɡ¸ߤʤȸĤĤ⡢꤬¸ߤƤΤƱ褦ˡϤʾˡĤޤθʬ뤫Τ褦˿äƤΤ̳ʤǤꡢܤǤΤǤ

ܤȤΤʤͤ餷顢θʬˤäơΤ˳̳ʤܤδˤθƤȤΤǤСʤ餽ʬΤǤ̳ʤΥۡڡߤޤǤʤ̳ʤդ100ܤڤȸäƤʤ顢ΰǡǧȿ褦ʹư˽Ф뤫̱ˤǤʤΤǤ

ΡԤվΦĤʤΤǤ礦ܤϡñ˼ڤƤμϿͤ˲᤮ʤΤˡơνͭԤԤˤϤƤ⤤ȸäƤΤˡܤڤ°ưˡܤĤ븢ΤǤ礦

ܤθưߤƤȡޤǶѰΤ褦бȤפʤΤǤ

Ѱϡ֤ϤʤפȸƳ̳ʤϡ¸ߤʤפȸ

ɤ꤬¸ߤʤʾ塢ä˲ư򵯤ɬפʤȸΤǤ礦

ξΥȤⶹΡ֤פȡפ˹פ뤫ɤ̤Ȥơ餫꤬ƤΤϻ¤ʤΤǤơ꤬Ƥˤ⹴餺Ƥߤʤդ򤷤褦ȡ

Ρ

⤷ƤޤȡθбݤȤˤʤ뤫Ǥ

դ˴ؤ¦Ĥ԰٤⡢줬ñʤǥ㱿ưǤȤɤޤäƤʤСμͳǤǤ礦顢ۤ¦ܤΩƤ뤳ȤʤǤ礦

¤˵äƤ뤳ȤȸСŹ򽱷⤷ƤߤŤ餫ȺǤΤǤȤξäƤѼ֤򽱤äơȤϡʤȤˡȤǵƤΤ

ˤȴۤϡ̳ʤ˸Ť˹ĤȸޤǤΤǤ礦

ϡȤ˴ؤƴšäȵȤ٤򼨤٤ȻפΤǤ

˴ؤƤ⡢֤Ϥʤäפȡդع¦򤢤ޤˤޤ޺ѤޤȤ뤫餤ĤޤǷФäƤ⤤ϻߤޤʤդФˡΦʤɤ¦βؤ˺Ѥޤ褦Ȥ٤ѤäĹ򾷤ƤޤΤǤ

ΡΤɤˡȤμ֤졢ޤǻۤäƤ񤬤ΤǤ礦

кѳγθȤʬޤ衣ɷ㤹ȡɤʤä֤򿩤餦
ʬʤȤΤǤ礦

Ǥ⡢ä֤ݤŤȸΤǤϡ˽Ĥ򤤤ĤޤǷФäƤǤʤΤƱǤϤʤΤǤ礦

ܤ˽ĤȤΤǽͤ򰭤ȤǤΤȡ

ڤ뤿˼Ϥ򤷤ʤ򡢤ɤ¾񤬽ƤǤ礦ƱǤ뤫ȸäơ


ܤФ٤ϴŤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

8ĤȤϤˤʤޤӤ뤫Ȼפ줿Ծ⺣ΤȤϤष夤ƤΤǤ

Ǥ⡢Ծư˴ؿΤϡޤդˤƤϤʤǤ礦

ʤΤǤԤ른㥯ۡǤιֱǡСʥFRBĹɤʤȤäΤܤƤΤǤ

ǤϡŪ˲˻ԾܤƤ뤫ȸСťХꡢQE3˥Сʥ󥭵Ĺڤ뤫ɤȡ

ȤǡפΤǤԾư˴ؿΤ̤ͤˤơǤʤͤϡQE3ȸƤ⡢֤ʤäפȡQE3ˤĤС֤äפʤƻפФĺȻפΤǤ

ǡϡQE3ˤĤƾ򤷤ƤߤȻפΤǤ

褺QEǤϲ餤ΤǤ礦

ŪºǤϡ

ޤΤ褦򤬰ŪȻפΤǤŤFRBȤϡQE3ȸƤФΤϡlarge-scale asset purchasesĤޤꡢĹλ񻺤̹ǤȸäƤΤǤ

ĤޤꡢϢ䤬ԤͭĹĤ̤˹η̡Ծˤ̤λ⤬Ф뤳Ȥˤʤ롢ȡ

ǤϡQE33ˤϤɤʰ̣ΤǤ礦

ϡ軰3ƤȤȤǡޤ2󡢤ĹĤ̹»ܤ줿ȤȤʤΤǤ

褺Ƥϡ꡼ޥ󥷥åζͻƥ԰¤ŲŪǡ2008ǯ112010ǯ3ˤƹԤޤλܺQEȸƤФƤΤǤϤʤTARP(סˤȸƤФƤΤǤ

TARPȤϡtroubled assets relief programάǡɻ񻺵ߺѥץ졢Ĥޤꡢⷫ˵礹褦ˤʤäԤFRBߺѤ뤿ˡ餬ͭ񻺤ХХ㤤夲ΤǤ

Ƥϡ2010ǯ8˥㥯ۡΥݥǥСʥ󥭵ĹˤäƸɽ졢ºݤˤ2010ǯ112011ǯ6ޤǹԤ줿ΤǤ

ơQE2ϲμ»ܤ줿ȸС˺ѤʤǤʾû;ϤΤʤϢ䤬ʪβܤΤĤƤŲƧޤʤ褦ˤȡ̤˻뤳ȤкѲ˴ͿȤȽǤʤ줿ΤʤΤǤ

ƤQE2ϡ㥯ۡǸɽ줿顢Υ㥯ۡǤιֱܤӤƤΤ͡

ΤȤꡣơǤʬΤ褦QE1QE2ǤŪ㤦ΤǤˤʤäƿ֤äƤߤ顢TARP⡢Ԥ̤ͭ㤤夲ȤΤǡQEȤƤФ򤹤褦ˤʤäΤǤ

ˤƤ⡢QE3Ԥ뤫ɤ礤˻ԾǤܤӤƤΤǤǤϡĤιϤɤΤ褦ʥᥫ˥̤ơкѤβ˴ͿȹͤΤ

ܤǤ⡢䤬̤˹Ĥ٤ŤʤƵǶʹ뤳ȤޤϤɤפޤ

ܤξˤϡ䤬̤˹Ĥθ֤˻Ծ̤Υޥ͡뤵뤳ȤˤʤСʪ徺갿ϱ߰¤ˤʤäꤷơη̡ǥե줫æѤޤȤΤʤΤǤꥫǤϻ𤬰㤦ΤǤ

ȤΤ⡢ꥫϡQE2»ܤȤȻ𤬰ۤʤꡢϥǥեζʤؤɤʤǤĤޤꡢꥫξˤϡեΨ夬뤳ȤϤष򤷤ʤФʤʤȡ

ȤСĹĤ̤˹ŪϲʤΤ

ΤȤФСʥ󥭵ĹϼΤ褦˸ΤǤ

Ϣ䤬̤ĹĤ뤳ȤˤСĹĤβʤ徺ĹĤꡢĤޤĹ㲼뤳Ȥ̣롣ơĹ㲼С䡢ȤͶȯ뤳ȤˤʤŷкѲ˴ͿǤȡ

ޤϤǤΤ⤷ޤ󤬡ŤǤ⡢Ȼפޤ󤫡

ȤΤ⡢ꥫĹϡǯޤɤȤߤƤ2򲼲ꡢǤ桼طʤˡ̤ͭξ֤иƤ뤫ʤΤǤ

ĤޤꡢƹĹϤޤǤˤʤۤ㤯ʤäƤ롢ȡ

ʤΤˡΤʾĹ򲼤Ṳ̄ĹĤɬפΤȡ

Ǥ⡢ϤɤؤŻԾϡQE3Ԥ뤫ˤؿޤäƤΤǤ

ǤϡɤQE3˴ؿޤΤ

ϡQE3Ԥ뤳ȤˤʤСϹʤƹζͻ¤̣äơ˱ƥɥ¤ˤʤȤȤǡų֥ڤǤʤΤǤ


ƹкѲΤͭʼʤʤΤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

Ǥٻޤ

¿ʬٻͤϾʤȻפΤǤȤΤ⡢ȯ˴ؤηˤ꤭٤ǤʤǤˤäơ޻ˤդΤȤäƤǤ顣

ȤǻٻΨ20档

Ωäİʤƥ˥åϤΤ⤷ޤ󤬡̤ƤɤޤǿƤΤ顢ȡ

ϤʤΤǤźζ۵޵Բ񸫤ˤĤƤϡٻȻפΤǤ

⤽ϡ̱礭ʴؿ󤻤ˤĤƤϡ̱˸꤫뤳ȤڤȲ٤äƤޤХΥߡƥ󥰤Τ褦ʵϤޤǤⲿ٤ⳫƤΤǤľܹ̱ʹ褦ʵˤƾʤľܹ̱˸꤫뵡⤽ۤɤʤäΤǤ

ľäơ̱ϾäƤǤ礦

ޥߤֲؤˡؤˡפȷ֤ڤȤ˴ؤơïڤää򤹤ʤƻפäƤ⤤ʤäʤΤǤ

ĤޤϡäȤ⤵뤳Ȥʤ顢ƹ̱ؿäƤ˴ؤơľܹ̱ä򤷤Ȥ¤ɾ

ơ˸СƤٻ

ϡޤ̱ǻѤ򤱤ƤɽĤޤΡˡפȤɽѤǤˡ礬ܤΤΤȤˤĤƤʬפ̱򤷤Ǥ

㤨г̳ʤΥۡڡȤ褦ʿ͡ˤȤäƤϡ⤦ΤΤȤФǤäΤǤǤʤ͡ˤȤäƤϡ礬ܤڤȤ򤬤Ϥä꼨Ƥ褫äΤǤϤʤǤ礦

餯ȯϡڹʤɤǤ󤸤뤳ȤǤ礦

󡢤ƻܤڹͤ¿ϡȿȯǤ礦ϸäƤ⡢ˤ¦θʬҴŪʬϤƤߤ褦Ȥͤ뤫⤷ʤΤǤ

ĤޤꡢäͭμĥˤĤơξ̱ŤʡǮä礤Ϥޤ뤿󶡤ȤˤʤΤǤ

ϤääơޤǤۣ˺Ѥޤ褦ȤڹΤΦˤäþ褷Ƥ뤳ȤˤʤäǤ顢ܤȤƤ⿷ϺɬפäΤǤơεԲ񸫤ڹΤΦФȤʤäʤΤǤ

Ǥϡζ۵޵Բ񸫤ΰ̣򡢤ɤۤɿʹҤ򤷤ƤΤ

ؤ˺Ѥޤ뤳ȤŻ뤷Ťɡ򤳤餻뤳Ȥˤ׸ƤʤʹҤϡζ۵޵Բ񸫤ɤɾƤΤ

äơĤοʹҤϡڹۤˡפȤϤäȤ˾ȤޤɤäƤΤǤϤʤǤ礦

ƿʹҤμƤϼΤȤǤ

пʹ

Ǥϰ鷺μǤϡؤλõפȡΤβѤ˽פʤȤǤεԲ񸫤ˤĤƤϤɤͤΤǤ礦ƨƤȼƤ⡢ޤ

īʹ

ܤȴڹα˱פϤʤ

Τ˴ŪȽαˤϰ̣ϤʤǤ礦ŤǤϡܤڹƱ褦˴ŪˤʤäƤȸФǤˡǤīϡδڹˡ򤷤Ƥ֤ɤפΤɤäܤڤ餤Τˡʹߤ

俷ʹ

ּڡײ񸫡ݼҲؤȿžΰˡ

ȥ뤬ˡּ꤬μ縢̤ʤΤϲŪǤפȤޤǸäƤ롣

ʹ

໤Ƭ䤷ƹͤ褦

īƱǡŤˤʤ뤳ȤɬפʤΤϸޤǤʤŤˤʤ졢ŤˤʤȤǡɤä褹뤳ȤǤ뤫ͤƤʤ

пʹ

ȯűȼպϾʤڹǧ

Ǥ롣


ϡ俷ʹ仺пʹμĥä˻ٻƤȤΤǤϤʤΤǤγƼҤμˤĤƤϡʾΤ褦ɾˤʤäȤȻפΤǤ

ȤƤϡڹܤ⡢¤򤷤äǧ뤳ȤʤƤϡڤϲ褷ʤȤȤʤΤǤ

ؤ˺Ѥޤ뤳ȤǤС˱ۤȤϤʤ⤷ޤ󡣤ޤΤ褦ξλƳԤȽǤ餳򴺤礭ʤ褦ϤƤΤǤ礦ǤϺѤޤʤ֤ΩäƤޤäΤǤ

ʤΤˡǤ翷ʹҤΤʤˤϡǤŤˡǻ֤뤳ȤפĤʤʤơ

षȴŪ˲褹뵡äƤ줿Τ˲桹ϴդ٤ʤΤ⤷ʤΤǤ



ͭˤĤƤϡŪ¤˴ŤŰŪˤ٤Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ƽʤȤϿƽֵѤƤʤȤȤϤ䤳

ˤƤ̳⳰ʤηʪˤƤ館ʧ򿩤äγ򴱤ˤǡ

ˤƤ⡢ƴڹȤδ֤ΩĤȤˤäơ¦ڹ˺ޤǤɤܤƤˤĤƹͤľ󥹤Ϳ줿ȤȤåȤȸХåȡ

ᤤá̲ߥåפˤĤƸľưǤƤ뤳Ȥ礤˴ޤ٤ǤΤǤץ饹ڹĤˤĤƤ⡢ľư

¿ι̱ϡڹιĤʤƤȤǤʤȻפäƤǤ礦⤽ܤκ;͵ʤΤ̱Ǥ򤪴ꤤƤΤˡΰǡڹιĤƤȤϲȡ⡢ڹιĤϡ椯ˤʤǽǤϤʤȡ

⤽פޤ

ˤƤ⡢ڹĤιˤĤƤϵ餱ǤΤǡϲƴڹĹˤĤƹͤƤߤȻפΤǤ

Ȥǡ̲ߥåפˤĤƤϡΥ֥2夲Τǡ֥ɤDzäƤ볧¿򤬿ʤȻפΤǤǤϴڹιĹˤĤƤǡǤ礦

֤ˤʤޤ¿ϡδڹιĤʤ󤫹ΤȻפäƤǤ礦

̲ߥåפγˤĤƤϡڹ¦ˤϡ¦ˤΤʤƼĥ⤢äΤǤϤä¦δطԤˤäꤵƤΤǤޤïͤäƴڹΤȤȤ餫ʤΤǤ

ǤϡδڹĹ⡢ڹ¦ܤˤΤ

ƤơϤʤǤ礦

ڹܤˤꤤ˰㤤ʤ

Ťˡ衼ͤƤߤƲ

ǤδڹĹεϤϡɴ٤εϤǥȤȸƤΤǤ⡢ƤδڹĤäǤ

̲ߥåפεϤ700ɥ롣Ĥޤ55鲯ߤεϤǤΤФơιĹεϤϡ0.5ۤɤεϤǤʤΤǤ⡢ˤä̲ߤϡåפϡɥߤȤߤǤΤˡĹϥǤʤˡ̲ߥåפϡǯ10˴˵Ϥ礵ƤΤˡκǯ5ˤʤäƲƤۤɰ̣ʤڹĹäΤȡ

̤˴ڹθǤϤʤΤǤɤͤäƤäɴߵϤιĤι虜虜ܤˤꤤͳͤʤȡ

ᤤáƤǤСڹԤǤ⤪СĤξò˺褦ʤȤϤʤǤ顣

Ȥǡɤڹ¦˵㤭ĤȤȤϡδڹĹ˴ؤƤϹͤʤ

ǤϡܤꡢĤޤɤΤ

ϡǤꡢΡǤ⤢ΤǤ

Ĥޤꡢ̳ɤΰƤ˸ǼͻҤؤɱʤΤǤȤΤ⡢һˤ֥Ǻ̳ʤ̳ȤΤη˴ؤĤƤǤ줫黡Ȥ̳ɤȤƤϡȥåפȽǤʾ塢ʤԹ礬ʤ¤ȤƤȿФϤǤʤȤȤǡ괺Ϥ򾮤ʤΤޤƥȤ뤳ȤˤȤΤ¤ȻפΤǤ

ǤϡäϲΤΤ褦ʴڹĤιͤդΤ

ȯüϡιĻ礤ä˥ȤȤҥȤˤʤäƤȻפΤǤ

ιĤλ礤˴ؤƤ⡢̤ο͡ϡդ꤬ʤŤ˻פȻפΤǤ¤ϡιĻ礤ϡ굡ޥ͡߹Ƥ뤳ȤФܤ񹳤ΰ̣äΤǤĤޤꡢ꡼ޥ󥷥åʹߡ߹⤬ʤطʤˤϡϤΥեɤܹĤ񤹤ư®Ƥ뤳Ȥ礭װȡä顢ưž뤿ˤιĤܤ㤨Фȡ

ܤˤĤͭ˴ؤƤϡܤȤäƤ뤿ˡܤϼͳĤ㤦ȤǤʤȡ

Ǥ顢οդϺǤؤ򤵤ƤʤȻפΤǤĻ礤ˤϡΤ褦¦Ф뤻Ƥ⹳Ĥΰ̣ޤޤƤΤǤ

¦οդ¦ɤۤɴäɤ̤ȤơȤƤϡ̱ιݲʤ븫Ϥ顢ܤʤɤˤäιĤͭ褦ʾ֤ˤʤ뤳ȤϤषʤȤǤȤƼ줿ΤǤ礦

ǡƷ郎äμʤä϶餯פäΤǤ礦ڹΥˤĤƤ⡢ߤФư¤ΤǤϤʤΤȡܤ͢лȤ͢жǶ줷ǤΤǤϤʤȡä顢ܤڹιĤ뤳ȤˤСڹΥβͤ夬Ťʤơ

ˡڤ3ˤĤλ礤򳫻ϤΤʬȤȤˤʤС̾Ĥ뤷Ťȡ

ǤϡΤ褦ʰƤǿǤ줿ڹϤɤפäΤ

̤ܤڹιĤƤ뤳ȤˤȿФͳʤޤߤ뤳ȤǤʤŤ̲ߥåפǤ˾𤨤Ƥ줿ΤǡǤˤ⤤ʤȡ

ɡȤǰͤäλפߤˤäƤδڹĹϤޤäΤǤ礦

Ǥ⡢衼ͤƤߤƲ

ˡڹܤƱۤĹĤäȤơΤ줬ΩĤΤ

ڹȤƤϡܤ˹ĤäƤ餤ⷫƤäȸäƤ⡢ƱʬܤιĤ㤦ɬפǤ顢ΰ̣ʤ

ʰƤܤäǿǤ줿ΤǤǤ⡢֤ˤʤޤ̲ߥåפѤäˤʤäƤ뤫ǤʤȡĤޤꡢܤäδΩƤƤäǤ

Ǥϡ⤦ĤͳĤޤڹιĤ񤹤뤳Ȥˤäơ߰¤ͶƳǤʤȤ˴ؤƤϡŤΤΤȤꡢäɴʬ٥Ȥäơˤäƥ¤뤳ȤʤɹͤʤΤǤˡ⤽ڹϥ¤뤿ˤ餵ޤʲ³ƤǤ顣

ȤȤǡΰ̣ʤڹĹͤǤФŤƺڹΤʸư򤷤ȤΤǡδڹĹͤű󤷤褦ȤƤȤΤ¤ǤΤǤ


äϡ⤽ⲿΤǤФΤΨľ˹̱˸٤ȻפΤǤ


äΩƤ뤿˿ʻܺʤǤФ٤ǤϤʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

դϡ괺ƽۤʤȤⴶΤǤŤΰǡؤäƥƥӤ碌ƤΤξޤ͡

礫μ̿ƥӤ˱ǤФƤΤǤŤá졢ĤХʤȥ󥰥饹Ǵ򱣤ƤͤǤϤʤǤ

󥰥饹ȤäƤϤʤΤ

ǡΥ󥰥饹äˤ򤷤Ƥ꤬ॸ󥦥ᡣ

ˤƤԲĻ׵ġΤͤƤīˬ䤹뤳ȤʤɤΤ

̿δ򴶤ʤäΤȤƨ褦ʤäΤ

ˤƤ⡢ͤƤīˬ䤷ơॸ󥦥ȤκƳ̤ȤΤǤ⡢ڵǤȸФ
Ʋμ̿

ʤǤ


ˤƤ⡢ͤīΤŤˡ΢ڤԤμʬФʸդ򤫤Ƥ줿ʤƤȤΤ顢ͤ褷ܿͤϡĤκˤϤޤäƤޤˤʤΤǤϡȾеդʤ⡢Ǥפ͡ܤᤷƤΤǤСܤȤƤīϤߤȤϤ֤ǤʤŤʤơ

ȤǡڹΤκˤʤäܤɷ㤹褦ȯ򷫤֤ΤȸȤˤĤơʬλٻΨԲäƹԤäΤȤΤŪǤΤǤΰǡڹΤϡܤīؤܶ΢ڤ줿פƤʤƲ⤢ΤǤ

Ť˹ͤƤߤޤ礦

褺ڹΤ˾ΦΤ810ơޤͤƥӤ˽ФΤǶνǤǤ顢դʵ⤹ΤǤŤͤīˬ䤷ƥ󥦥ȺƳ̤Τϡ7ܰʹߤνǤ顢ڹΤˤλ¤ΦΤ餵Ƥ˰㤤ʤΤǤ

̤ơܤϼʬΡˤ˲Ϣʤ̤ܿ褦ȤƤΤȡϡ⤽餷ȤäƤʤäΤˡȡҤäȤ顢ڹΤ΢ڤ줿פΤ⤷ʤΤǤ

ϤȤơΤͤϥƥӤ˺ǤޤäƤΤ

Ϥ󡢤ʤʤޥߴطԤ᤹ܶ뤳ȤΤǤʤ󥦥˲񸫤ڵμ̿ޤǻäƤ뤫ǡƥӤɬİΨ夬롢ȡץ饹ī˴ؤ٤ѲܿͤСޤİΨ夬롢ȡ

ϡīκΰĤȤƤ⡢⤷ī˰ΤĤĤǤΤǤСʤ餽¦ȤƤ⤽˱٤ȻפΤǤäơϼԤθˤȤʤ̤ФͤѤΤǤСޤ򤷤ȡ

ϤʤΤǤͤΥƥӽбäƤϰţɤƤȤɬפȻפΤǤ

Ρޤ̤˫Τơ桹İԤϤɤɾ٤ʤΤ

ȤΤ⡢̤ͤˬ졢Τ˥ѡƥäƤˤϡīǤϹ夬ѤﳲȯƤȤȤ⤢ޤ

ͤϡʬ΢ڤԤʤΤΤΤȤϤ⤦ȸäƤ줿ȥ󥦥仿ǤŤϡʬ²̿ݾڤƤ줿λΤդ˸Сͤθդ̤ɤ˼ߤ뤳ȤʤɤǤʤȻפΤǤ

ȤǤäʹϤΤߤΤ󤿻ᡣ󥦥˲񤨤ʤΤȤȤ˲񤨤ʤΤʤƤ餱ФꤹΤǤ

ʤߤİԤ¿ϡޤTBSīȲʤΤȾƤޤǤ礦

ǤİԤγŤˤʤäƲ

ΤͤTBSͥŪ˽б餹Τ

ϡˬī˴ؤơTBSϤͤǤ뤫ȡơˬīΤѤTBSôƤ롢Ȥ

ȤС⤦ʤǡTBSϲͤǤ碌򤹤ǤϤʤ̤δطԤȤܿäƤȹͤǤϤʤΤǤ礦

ˡ̤ͤˬ졢󥦥Ȳ񸫤򤷤Ƥ⡢̤ܤǹŪƻΤɤ⤷᡼ƻ뤳ȤˤʤС̤λǤȤȿФη̤ˤʤäƤޤΤǤ顢ϲȤƤܤΥޥߤˤ褯󤷤򤷤Ƥɬפ롢ȡ

ơ̤ΰո˱äTBSϺͤˬīˤĤƺǫ󤸤ƤȤʤΤǤ礦

¤ʤޤޡͤȤߤΤ󤿻ƻ餸Ƥ뤳ȤȤС¤ҴŪ뤳ȤǤ̳ΥƥӶɤȤǡʤΤʤΤ

Ǹˡ󥦥᤬ͤβιԤȤȯˤĤƤǤ򤽤Τޤ޼ΤǡȻפΤǤ

ʬҶλ˰Ϥ˾äȤХåȤ򤷤ȤŤʤȤ΢ڤԤΤʤΤ⤷ǵƤޤ褦ǤϡȤƤ⸢ϼԤʤ̳ޤΤǤϤʤΤǤǤϤʤΤǤīϥѥȤͤοȸ˾ơबۤɴʿʪǤϤʤȤޤѤͤȻפä餳Ƥ̤˾˽פ餸ƤΤǤ

ΤȸСϥƥӤˤˤ˽б餷Ƥ̾٤뤷īοΤäƤܿͤȤǧƤ뤫顢ȡबƳԤ˫СɬܤˤīΥ᡼ˤĤʤǤȡ

Ĥޤꡢͤ鹭ޥؤäΤǤ

̤ϡῼǤȡ餷ǤȸȤܤ˹󤹤ΤοǤ̳ˤʤäΤǤ

ơƤΤTBS䤽ʳΥƥӶɤǤȤȤʤΤǤ

̤βưȤΤǤСܤۤäƤɬפϤʤΤǤ


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ФμߤȡʤڹԾ¥ˡפȽ񤤤Ƥޤ

ˤϤȤʤ

Ǥ⡢ʤȤ񤤤ƤΤǤ

ִڹȤΩߤˤΤǤϤʤסַкѤʬޤǹй֤֤ΤϤʤΤס̲߸Ȥν̾ˤƤڹζͻԾ줬褹褦ʤȤСܤˤⰭƶڤ֡סϤĤդᤰΩ㲽ݡ쥢͢Ф¤ܤ褦б򤹤СǤȤƤοѤʤ

ΤΩߤΤǤϤʤǤ礦Ǥ⡢ïʤȤ򤷤ƤȤΤǤ礦ˡ̲ߥåפ̾СܤϼʤФʤƱȤޤǡ

Ʊ

ޤǸΤФ˸

ˡ⤽Фϡ̲ߥåפˤĤƽʬ򤷤Ƥʤ餽ŪʤȤΤǤϤʤΤ

ǤϡФ̲ߥåפβ򤷤ƤʤΤ

ϡ̲ߥåפˤĤƽ񤭤ޤåפʤɤȤդȤäƤ뤬̲ߥå׶֤ȤˤפϴڹˤΤȯäơϽʴڹٱǤ롢ȡ

ȤΥ֥εɤͤΤʤˤϡ¤ϥͥåȤνͤϤ褯ΤäƤȤλŦޤ

⤽פޤȤ˴ؿΤͤʤ顢̲ߥåפοΰ̣ʤⵤդƤ뤳ȤǤ礦ȿФˡȤ˴ؿΤʤͤϡäƤʤΤä㤤ʡȡ

Ǥϡ̲ߥåפʴڹٱǤȤäʤޤ礦

ǽˡؤα߼ڴͿϴڹؤα߼ڴͿȤΤĹֹԤƤаޤΤǤϤɤʤäƤǤ礦

󡢤ٱϺϹԤƤʤΤǤ

Ρ

ϴڹΩɤ˷кĹ̤ܤODAܳȯˤܤɬפϤʤȳǧƤ뤫¾ʤʤΤǤ

̵ԥå򶭤˱߼ڴ´ȤǤڹ˻äƤϡ20ǯʾ˷ꤵ줿߼ڴǸΤΤˤʤäΤǤ

ߤˡڹؤκǸα߼ڴϡڹϲŴߤΤ˶Ϳ줿Τǡ⤽δطǽƥˬ줿аޤΤǤǽϡĹ˴ڹĥ˹ԤäƤ餦ͽäΤ֤ʴˡڹ˹Ԥ뤫פȤǡλ䤬ܤˡ

ˤƤ⡢ƴڹ񤬰ιˤʤäΤǡϤܤڹٱ礹ɬפϤʤʤäΤǤ

Ǥϡ̲ߥåפȤ̾ΡڹФ륯쥸åȥ饤ζͿԤΤ

ȯüϥ̲ߴˤȻפΤǤڹ񤫤ɤɤܤήФɤˤƤƨޤʤȤˤϴڹкѤþƤޤȡ

Ǥϡ˳ΤϤɤεؤȤСIMFIMFϡڹ񤬳ȯӾǤϤʤƤ⡢ݼ٤κ褦ʤȤˤʤС򿩤ߤ٤ٱμ򺹤٤ƤΤǤ

ʤͭ񤤤Ȥ

âIMF˻ٱĤˤϡȰ˶۽̺»ܤ뤳Ȥ«뤿˷кѤϰ쵤˼®ƤޤΤǤĤޤꡢȤȯˤĤʤäƤޤȡ

äȤ⤽äƹкѤ䤨फڹ͢⸺ꡢ̤Ȥơݼ٤βޤ졢Ʊ̲߰¤Ѥ͢й򤫤뤳ȤǤΤǤ

ˤƤѤ󤹤롢ȡ顢ڹϤäƻܤγƨ򤬵ݤˡIMFλٱĤ˺ѤޤˡϺƤʤΤǤ

ĤޤꡢܤȤ̲ߥåסߤƱΤ̲ߤ򴹡Ĥޤͻ̤礨СΤȤˤڹȤƤϳ­˴٤ʤƺѤǤ顢̲߸򴹤Ȥ礭礭ۤɰ¿ȡ

ơ󤴾ΤΤ褦˥桼ȤȤ⤢äơڤ̲ߥåפȤϡ700ɥ55鲯ߡˤˤޤĤǤΤǤ

Ǥϡ줫򤭤Ȼפޤ

ФμϡۤɾҲ𤷤Ȥꡢ̲ߥåפȤ򤤤ʤ̾褦ʤȤ򤷤ƤϤʤȤΤǤä顢ܤˤⳲڤ֤Τ褦Ƚ뤾ȡ

⤽⡢̲ߥåפϺǯ10ޤǤλ֤ǤΤǤ

顢㤨ܤ¤᤺˴ڹ˥쥸åȥ饤ζͿ򥳥ߥåȤƵʤ顢ΤԵ§ȯȿ«ȿΤˤΤȤ㤦ΤǤϤᤫ麣ǯ10¤ǤꡢĹ뤿ˤϿʰջ׳ǧɬפˤʤΤǤ

ߤˡڹ¦θʬȤƤϡ߽ǤꡢåפƤʤȸäƤΤˡФϿۤƤΤǤ礦ϡڹ¦԰ºΤǤСʤڹϤΨľǧ᤿ǡǤ礦

ˡ⤦Ľפʻ¤ŦȻפΤǤ

ȹȤδ֤ǹԤ̲ߥåפϡ̾Ԥδ֤뤵Τ§ǤĤޤܶԤȴڹԤδ֤ǷФ롢ȡäơ¼Ūˤߤơڤ̲ߥåפڹٱΰ̣ʤȤϤäƤ⡢ƱΤ˽äƤ֤ΤǤС̱ȤƤȤ䤫ȤϤǤʤΤǤäơԤΩϤٳݤƤ뤫Ǥ

ˤʤäƤڹȤ̲ߥå700ɥˤĤƤϡƱΤΥåפȾʬˤʤ300ɥˤȤɤޤäƤΤǤơĤ400ɥˤĤƤϡïԤˤʤäƤ뤫ȸСܡ٤г̲פڹԤȶ뤷ƤΤǤ

Ĥޤꡢ̲ߥåפȸʤ⡢ȾʬʾŪ̲ߥåפǤϤʤܤڹˡڹΥôݤˤߤ򤷤Ƥ˲᤮ʤΤǤ

ۤɸä褦ˡڹϡϤODAоݤˤʤʤ񡣤Ĥޤꡢ̾ǤСܤͻԤ褦ʹǤϤʤΤǤˤ⹴餺ܤϳòȤ֥åܥå̤ơ᤿롼˰ȿ褦ʹ԰٤ԤäƤʤΤǤ

˸СòͭɥѤȤϤäƤ⡢⤽⤽ΥɥϡòûڷȯԤߤǹɥ¾ʤʤΤǡɴڹͻ񤹤ɥϡܤڶ򤷤ɥȤȤˤʤΤǤ

ơäƴڹ˥ɥͻ񤹤ȤȤˤʤСΥɥϾֺѤʤꥹ⤢ꡢޤޤǸʤƤ⡢ΥɥʬܤȤѤԲǽˤʤǤ顢߽ʤФʤʤΤΤȤʤΤǤΤ褦ʻ¤ɤο͡ΤäƤΤ

󤳤ٱ礬۵ޤλ֤б뤿ΤΤǤСλˤϤ٤ȤˤŪ;͵ʤΤǤ礦ڹϤåפʤƤϤʤȤʤǤ롼ȿι԰٤򷫤֤Ȥ̤ŬʤΤɤȤȤʤΤǤ

󤳤衢ƤӴڹ̲ߴ˸褦ʺݤˤϡܤϤۤäƸƨȤϤʤȻפΤǤȸäơޤǤΤ褦˴Ť³ǤϷ褷ƴڹΤˤʤʤȻפΤǤ

ˤƤ⡢̲ߥåפˤƤ⡢褺ϻ¤褯İ뤳ȤˤȤäڤǤȻפΤǤΤȤ򤤤øˤƤơɤƿβĤȤΤǤ礦



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