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2013ǯ03

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ˤƤСʥ󥭵ĹϡܤޤʹˤĶº礤˷빽ȸäƤΤȡ

⤷줬ȤС٥Υߥٻ͡ϡޤ˲椬դӤǤ礦

ʤȤ䤬ȡťСʥ󥭵ĹοդϤǤϤʤȡ줫䤬ȻפǤ硩

Ǥ⡢Сʥ󥭵Ĺϡ˥٥ΥߥȤ٥Υߥʶͻ¤ٻƤΤǤ

ˤäƲ̲߰¶褬줽ˤʤäȤƤ⡢ʶͻºβä礭
ȡ

ˡ⤽Сʥ󥭵ĹˤСʹ񤬳Ƥ˴ºŸƤΤ顢ɤι̲߰¤βäʤƤȤˤϤʤʤȤΤǤ

ˤƤ⡢⡢Сʥ󥭵ĹŪˤɤʹˤʶͻºٻΤΤꤿǤ礦

ä顢αʸɤǤߤƲ

ѸηϡɤФΤǤ

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Like other aspects of the crisis, the notion of competitive depreciation has strong classical antecedents, particularly in relation to the global Great Depression of the 1930s.

ֺδ¾Ʊ褦ˡ̲߰¶ȤǰŵŪʤΤǤäơä1930ǯ網ȴϢդ


So let me start by briefly revisiting the older discussion and its evolution.

֤ǡɤΤ褦ʵʤ졢줬ɤȯŸƤñ˿֤äƤߤ

As my audience knows, on the eve of the Great Depression the exchange rates of most industrial countries were determined by the rules of the international gold standard--or, more technically, by the gold-exchange standard, as foreign exchange (primarily dollars and pounds sterling) was used along with gold as a form of international reserves.

ֳ󤴾ΤΤ褦ˡ網θˡؤɤʹΰإ졼ȤϡŪʶδࡽäŪ˸С򴹴ˤäƷꤵƤȤΤ⡢ءʼ˥ɥȥݥɡˤȤȤ˳߽ƤǤ

The gold standard, which had been suspended during World War I, was painstakingly rebuilt in the 1920s. Unfortunately, the reconstructed gold standard had a number of serious problems.

켡ߤƤѼ1920ǯˤʤäƲؤ줿ԹʤȤ˺Ƴ줿ѼˤϴĤο꤬ä

For one, the exchange rates implied by the gold valuations that countries chose for their currencies following World War I were in some cases far from the levels consistent with balanced flows in trade and payments.

褺켡塢ƹ򤷤ɾˤäƷꤵ줿إ졼Ȥϡݼ٤礹
٥뤫;ˤ⤫ΥƤȤǤ

Notably, as John Maynard Keynes pointed out in his famous pamphlet, The Economic Consequences of Mr. Churchill, the British pound was overvalued under the new gold standard, which disadvantaged British exports and contributed to weak economic conditions in the United Kingdom in the late 1920s.  

äˡ󥺤ͭ̾ʥѥեåȤǻŦȤꡢ㡼ηкѤηĤޤѹΥݥɤϿβǤϲɾʤ졢줬ѹ͢Фˤ1920ǯȾˤѹкڤθˤʤäȡ

One of Mervyn King's predecessors as governor of the Bank of England, Montagu Norman, who presided over both Britain's return to the gold standard and its subsequent exit, said of the ill-fated choice of parity for the pound: "Only God could tell whether it [the value in gold chosen for the pound sterling] was or was not the correct figure"; another commentator added, "But of course the Deity may not be an Economist."

֥󥰥ɶԤۤȤƤΡۤǤԤΰͤΥΡޥϡؤȤ³͢ФζػߤꤷۤǤ뤬ϡݥɤˤȤäƤΥѥƥȤԹˤĤƤäΤǤ롣ؤ򤵤줿ݥɤζβ͡ˤʤϿˤʬʤ٤ȡơ̤ΥơΤ褦դäؤϥΥߥȤǤϤʤΤʤ١

Another problem, which became clear as the global economy weakened and financial conditions deteriorated, was that fixed exchange rates under the gold standard were vulnerable to speculative runs.

кѤβƶͻĶʤˤʤäƤϡβǤθ٤ϡ굡Ūư˻䤹ȤȤǤ

Although runs, or in some cases policy decisions, effectively took a number of countries off the gold standard in the early 1930s, the financial world was shaken to its foundation when the United Kingdom, the unofficial center of the global gold standard, was forced by a speculative attack to leave gold in September 1931.

֤굡ŪưŪǤˤäơ1930ǯν¿ι񤬶फΥæΤΡζ濴Ǥäѹ1931ǯ9굡ŪˤäƶफΥæ;ʤ줿Ȥͻκ줫ɤ֤줿

Over the next five years, essentially all of the world's industrial nations left the gold standard, either de facto or de jure.

ּ5ǯ֤ϤäơƤʹ϶फ¾塢ޤϸΥæ

Declines in the value of the departing nation's currency, sometimes very sharp ones, typically followed.

ֶफΥæ̲ߤβͤϡˤ礭㲼

The uncoordinated abandonment of the gold standard in the early 1930s gave rise to the idea of "beggar-thy-neighbor" policies.

1930ǯζफγƹΥæضٵ˳Ȥǰ߽Ф

According to this analysis, as put forth by important contemporary economists like Joan Robinson, exchange rate depreciations helped the economy whose currency had weakened by making the country more competitive internationally.

֥硼󡦥ӥ󥽥 Τ褦ʤλΥΥߥȤˤäƤʤ줿ʬϤ˽Сإ졼Ȥڤ겼ݶϤȤˤä̲ߤμ夯ʤäηкѤٱ礷ΤǤ

Indeed, the decline in the value of the pound after 1931 was associated with a relatively early recovery from the Depression by the United Kingdom, in part because of some rebound in exports.

ֻ¡1931ǯʹߤΥݥɤβͤβˤäơ͢ФʬȤ⤢ꡢѹηкѲ⤿餵줿

However, according to this view, the gains to the depreciating country were equaled or exceeded by the losses to its trading partners, which became less internationally competitive--hence, "beggar thy neighbor."

֤θ˽С̲߲ͤ㲼פϡ궥ϤӼٹ»Ʊˤʤ뤫뤳Ȥˤʤ

Over time, so-called competitive depreciations became associated in the minds of historians with the tariff wars that followed the passage of the Smoot-Hawley tariff in the United States.

ֻηв˽̲߰¶פ˲ȤƬΤʤǡࡼȡۡ꡼ˡƹΩȤˤʤäƤޤä

Both types of policies were decried--and in some textbooks, still are--as having prolonged the Depression by disrupting trade patterns while leading to an ultimately fruitless and destructive battle over shrinking international markets.

ξȤ񤵤줿ʶʽΤʤǺǤ񤵤Ƥˡǰμ򤹤뤳Ȥˤä網ĹȡΤ褦ϡɡ̵פ˲Ū襤ƳݻԾ̾ǤϤʤȡ

Economists still agree that Smoot-Hawley and the ensuing tariff wars were highly counterproductive and contributed to the depth and length of the global Depression.

֥ΥߥȤϡࡼȡۡ꡼ˡȤ³ѤͭǤꡢԶ򿼹ﲽȤ˺Ǥդ

However, modern research on the Depression, beginning with the seminal 1985 paper by Barry Eichengreen and Jeffrey Sachs, has changed our view of the effects of the abandonment of the gold standard.   

֤Х꡼󥰥꡼ȥե꡼åˤͭϤ1985ǯʸˤäƻϤޤ網˴ؤ븦ϡѻߤȤθ̤˴ؤ桹θѤΤ

Although it is true that leaving the gold standard and the resulting currency depreciation conferred a temporary competitive advantage in some cases, modern research shows that the primary benefit of leaving gold was that it freed countries to use appropriately expansionary monetary policies.

ֶफΥæȤη̤ȤƤ̲߲ͤβݶϤθ⤿餹ȤäΤϤ̤ȤƤ⡢⤫ΥæμʥåȤϡƹ񤬳ŪʶͻŬڤ˺Ѥ뤳ȤǤ
褦ˤȤǤ

By 1935 or 1936, when essentially all major countries had left the gold standard and exchange rates were market-determined, the net trade effects of the changes in currency values were certainly small.

Ƥμ׹񤬶Υæإ졼ȤԾǷꤵ褦ˤʤä1935ǯ1936ǯޤǤϡ̲߲ͤѹ⤿餷ǰפͿƶϳΤ˾ä

Yet the global economy as a whole was much stronger than it had been in 1931.

֤ǤкѤΤȤơ1931ǯξ٤ФϤ뤫˲Ƥ

The reason was that, in shedding the strait jacket of the gold standard, each country became free to use monetary policy in a way that was more commensurate with achieving full employment at home.

֤ͳϡȤ줷㥱åȤæǡƹ񤬴ѤǼ¸褦ʶͻ
ͳ˺Ѥ뤳ȤǤ褦ˤʤäǤ

Moreover, and critically, countries also benefited from stronger growth in trading partners that purchased their exports. In sharp contrast to the tariff wars, monetary reflation in the 1930s was a positive-sum exercise, whose benefits came mainly from higher domestic demand in all countries, not from trade diversion arising from changes in exchange rates.

֤˸Сƹϡ͢ʤǰ϶ĹˤäƤפ뤳ȤǤȤоŪˡ1930ǯ̲ĥϥ󥦥Ǥꡢإ졼ȤѹˤäǰפĤߤ뤳ȤˤäƤǤϤʤƤιιפ礹뤳ȤפΤǤ

The lessons for the present are clear.

ָФ̣礤餫Ǥ

Today most advanced industrial economies remain, to varying extents, in the grip of slow recoveries from the Great Recession.

ֺؤɤʹϡ٤κ졢Զδˤ䤫ʲˤ

With inflation generally contained, central banks in these countries are providing accommodative monetary policies to support growth.

֥ե줬ƤΤǡ񡹤ԤϡĹٱ礹뤿˴º»
Ƥ

Do these policies constitute competitive devaluations?

֤̲߰¶ˤʤΤ

To the contrary, because monetary policy is accommodative in the great majority of advanced industrial economies, one would not expect large and persistent changes in the configuration of exchange rates among these countries.

֤ɤ¿ʹкѤѤƤͻŪʤΤǤΤǡ񡹤δ֤ǡإ졼Ȥ礭ưȤϹͤʤΤǤ

The benefits of monetary accommodation in the advanced economies are not created in any significant way by changes in exchange rates; they come instead from the support for domestic
aggregate demand in each country or region.

ʹδŪʶͻβäϡإ졼Ȥѹˤä߽ФΤǤϤʤβäϡƹιפٱ礹뤳ȤˤäΤǤ


Moreover, because stronger growth in each economy confers beneficial spillovers to trading partners, these policies are not "beggar-thy-neighbor" but rather are positive-sum, "enrich-thy-neighbor" actions.

֤˸СƹηкѤ϶ĹСβäǰˤڤ֤Τǡϡضٵ˳٤ǤϤʤष󥦥ΡضٹٺǤ



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âֶ̱Ԥ¶¤ˤ¤ΤϡŪǤϤʤΤǤȤΤ⡢ֶ̱Ԥϵˤͭ¶ΰܶԤ¤ƤʤФʤʤȤߤˤʤäƤǤ

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䤿äơʤΤǤɬפΤʤȻפ뤪¶ˤꡢĤDZѤϡҺDZѤ뤫⤷ޤ󤬡ΰǡޤʽƸ¿˻äƤϡĤǤФǽ¶äƤꤹǤ硩

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Ǥϡ
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äȤСֶ̱ԤȤΤϡ¶λĹ򥮥ꥮޤǹʤߤȹͤΤλѤʤΤǤ

ɬװʾ¶ͭơԤҼʤִ̱ȤǤϹͤʤȤǤ顣

ˤ⹴餺2012ǯ¶Ĺ⤬ޤǤκǹͤϿʤƸäƤʤΤǤΤɤȤʤΤ

ˤƤ⡢10ǯۤޤǤʤ顢5ߤ⤢нʬǤȹͤƤ¶Ĺ⤬60ߤ˶դȤƤΤǤ

󡢤طʤˤϡ䤬ֶ̱ͭĤɤɤ㤤夲ƤȤ¤ΤǤĤޤꡢĶº»ܤƤΤǡֶ̱ԤͭĹĤʤɤ㤤夲Ťơ⤬¶⴪ޤΤǻĹ⤬롢ȡ

ۤäƤޤ͡¶Ĺ⤬80ߤۤɤˤʤСեΨ2󤬼¸Ǥ롢ȡ

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ɴäơ˽вäƤԷλĹ⤬ߤ80ߤ90ߡ100ߤˤʤä饤եΨ2٤ϼ¸ǤȤΤʤޤʬΤǤ

Τʤ˽вºݤ90ߡ100ߤȤȤϡкѳưȯˤʤäƤ뤳ȤξڵǤ⤢Ǥ顣

Ǥ⡢10ȤȤȡ¶Ĺ⤬10ȤȤƱǤϤʤΤǤ

⤽⡢ʤҤդʤ¶¤;ʬΤ¤Ƥ褦ʥХʿ򲿸ֶ̱ԤȹͤΤ

դۤʬäƤΤǤ礦

顢ʪμԤǤΤǤС˽в뤪⤬90ߡ100ߤ뤳ȤϤäƤ⡢¶Ĺ⤬80ߤˤʤ뤳ȤʤɤʤΤǤ̤ˡ䤬Ĥ㤤夲ƤǤ

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60ߤ˶ŤȤƤΤ顢ۤθ褦80ߤã뤳Ȥ⤢ΤǤϤʤΤ

¤ϡֶ̱Ԥ¶¿ۤͭƤƤʿʴǤ뤫ȸСŤϡܶԤֶ̱ԤʤɤФĶʬ¶ФƤϡ0.1ζդ뤫ʤΤǤ

0.1ʤ礷ȤϤʤ

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ȤȤϡܤǰְʱǤܶԤˤ¤ơŤ⡢ΤϲǤФǽȤΤˡŤФơʡʡʤ0.1Ҥդƾ夲ƤȤȤˤʤΤǤܶԤϤʤʢǤ뤳Ȥ

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Ǥ⡢äȤޤŤäƴ¶Ĺ⤬Ƥ⡢˽в뤪⤬ǤϤʤΤǤ顢ʪ򲡤夲ϤϤʤȹͤ٤Ǥ礦




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ʤ١2ϡǯƱ٤0.3ΥޥʥȡѤ餺ǥեæФ뵤ۤϴʤΤǤ

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ΰǡۤϡ2ǯΤ˥եΨ2ˤޤǰ夲뤿ˤɤʤȤǤ⤹Ƥޤ

ơΤμʼʤϤȸСԴ֤ĹĤ뤳Ȥȡ

Ǥ⡢ƹۤϡܤκϴ˻³Բǽʾ˴٤äƤȸΤǤ

ȤСۤϡ塢ȯĤȯԤ䤹٤ǤϤʤȤͤˤʤΤǤ礦

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ɡή̻Ծ˽вäƤĹĤ򤻤äȹ뤳ȤǤʤΤǤŤǤλ񻺤ƥޥ̤͡ФȤ⡢ʤʤ¸Ǥʤ줬ΤǤ

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ˤƤ⡢䤬̤˹Ĥͭ褦ˤʤСۤϺեʥ󥹤ԤΤǤϤʤȸäƤ⡢եʥ󥹤򤷤Ƥ褦ˤߤΤɬǤ礦

âۤ۸ǤϤޤ󤬡ۤθʬʤСźեʥ󥹤򤹤褦ʻ֤ˤƤϡĤΰ꤬ʤʤĤ꤬ƭƤȦǤΤˡźǶܤξǤϡĤ꤬徺ɤʤ꤬㲼ƤΤ顢եʥ󥹤򤷤ƤʤɤȤŦϤȤȿǤ礦

ǤϡΤ褦ˤƹۤΨ뿷ܶԤ̤ιĤͭ褦ˤʤСŤĤޤꡢλ񻺤ɤɤ礷ƤСޥ̤͡Ф졢ʪϳμ¤˾夬ȸΤ

ĹĤͭƤֶ̱ԤʤɤƹĤѤ¶⴪¤ޤޤˤƤСŤϡۤꤹ褦ˡ¶Ĺ⤬뤳ȤˤϤʤäƤ⡢ǤϤ⤬˲äȤˤϤʤ餺ʪ夲̤ؤɤʤȻפΤǤ

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ۤȯϡʬʬȴäƤߤȡɤͥۤΤ褦˸ΤǤΤȤƴѻˤϰ礯褦ˤפʤΤϻʤΤǤ礦

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ˤƤ⡢ץλٱ礬ʤޤ޶Զ̳ƳСϳޤȤμ¤ǤäˡĹ֡Զ̳Ƴ뤳ȤǤʤäʤΤǤΤΤȤꡢ١ץȥȥδ֤ä礤ޤȤޤꡢEUλٱĤȤǤ褦ˤʤäΤǡƶԶ̳Ƴ褦ȤƤΤǤ

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ǤΥ쥸åȥɤѤϡ5000桼٤Ȥ롣


פˡܤץ񳰤ƨ򤹤뤳Ȥ򥭥ץܤƤȤȤʤΤǤ

޳ѡٱƶԶ̳ƳƤ⡢ץλƨ򤬻ߤळȤʤСץζͻ԰¤ޤ뤳ȤϤʤȡ

ΤˤϤǤ礦

Ǥ⡢ƻܤץƨưεΤȸСץζԤ»¶Ԥ˲դƤޤäʤΤǤ

¶Ԥ¶μٳۤ1300桼ޤǤʤΤǡ¨¤¶⤬ήƤޤʤɤȤȤʪŪ˵ʤΤǤǤ͡ʷǡ񳰤˰ưư³ȻפΤǤ

Ĥޤꡢܵ򤫤褦Ȥ⡢ץѤƤ̲ߤ桼Ǥʾ塢֤ܵʬǽȤϤȤƤפʤΤǤ

ˡץȼ̲ߤѤƤȤΤǤС饭å񳰤˻ФȤƤ⡢ͻˤ륭ץ̲ߤǽʬѤϤʤΤ虜虜ץ̲ߤ񳰤˻ФȤԤ⤤ʤǤ礦

ץǽвäƤ̲ߤϥ桼ʤΤǤ桼ϥ桼ǤϤɤǤ⼫ͳ˻Ѥ뤳ȤǤ롣ܵ⤫ʤΥ桼ץαޤ¤ꡢ͡ʵǤ顢ˡץŪʾˤʤäȤƤ⡢ץ¸ߤ桼ϡɤƤ񳰤ƨ褦ȤƤޤΤǤ

Ǥϡܤγƨư򥹥ȥåפˡϤʤΤ

Τˤϡ¶ԤФ¶⥫åȤűФΤǤ⤷줬ǽǤС¶Ԥϰ¿뤳ȤǤץ¤Ƥ뤪򳤳˻ɬפʤʤΤǤ

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Ȥ⡢¶Ԥô뤳ȤʤСEUλٱ뤳ȤǤˡץζͻƥƤǤ顣

Ĥޤꡢץȥȥϡͻ򤷤ȸʤ⡢Ʊ˶ͻ³褦ʤȤ򤷤ƤΤǤ

󡢥ץ䤬ܵ»ܤʤС줳¨¤̤λܤץƨ򤷤Ƥʤ볰λٱ礬뤳ȤɬǤ礦

äƻܵ򤹤ȤȤϡľƨ褦ȤƤܤ̤¸ߤȤȤǤ顢塢񳰤ήФ٤ܤϡöήФƤޤʤȤˤϻ֤ޤ뤳ȤϤʤǤ

ȥ¦ƤޤɡץζԤλ񻺵ϤޤǤȾʬʲˤʤޤǤϡΤȤʤܤήФ³ͽۤƤΤǤ

ˤƤ⡢ͳ˻ѤǤȦΥ桼㳰Ūʤ礭¤ݤ뤳ȤˤʤäƤ桼

桼μ¸Ϥ줫³ΤǤ



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ޤץǤ϶Զ̳ƳƤʤȤ¸ΤǤ礦

26ˤ϶Զ̳ƳͽäǤ줬ޤDZĹȤΤǤ

Ĥޤꡢ̤˥ץ¶ԤATMǾĤФȤǤʤΤǤ

ˡ¶Ԥ¶⥫åȤˤƤ⡢40ΥåȤˤʤΤϤ꾯ʤƺѤΤޤäƤʤ

ΤȸСΤ¶ԤΥǡʤˡɬפʺ⸻ݤ뤿˥åΨˤФΤ׻ǤƤʤȤΤǤ

ˤƤ⡢ʬ¶⤬饫åȤ뤫Τ餵Ƥʤ¶Ԥ

⤦٤Ȥʶ¶򤹤Τϻߤ褦ŤפäƤΤ˰㤤ʤΤǤ

פǤ礦äơ䤬ץζԤˤ¤ƤȤСפȻפޤ

ץܤϡEUλٱ⤬ץ夹С¶ΰФ⼫˼ޤȸƤ褦ʤΤǤ

Τ˾¶˴ؤƤϡ⤷ʤ¶˴ؤƤϡåΨ˷ꤵ졢ƻijۤ¶ΰФǽˤʤäʤС¨¤˻ijۤФƤޤȻפΤǤ

פޤ󤫡äơ¶Ԥ¿ϡ͵ؤʤɡ¶ԤǤǤ顣

ä鼫ʬιζԤˤ¤ФΤˡ虜虜ץζԤˤ¤Ǥ顢ʤͳȦ

㤨СǤ϶㤤ȤŰϡˤǶ⤬⤤ȤŤ뤤ϡ¶¤ߤΤˤݤʼ³ɬפȤ

ʤΤǤץϥåإ֥ʤΤǤ顢ϡץζ¤ΤǤ

ƶͻȯȡפ⤫˼ʬ¶⤬ͽʤ˥åȤƤޤ

ȼȤ٤ʤΤ

10桼Ķ¶¶ݸоݳǤ뤫顢¶⥫åȤоݤȤƤߤʤȸäƤޤСΤȤǤΤǤ

Ǥ⡢¶򥫥åȤ줿ФˤΤȤ˺ʤŤפäΤϡճȺ¶⥫åȤʿȤƤΤȤ

ʿȤƤȤϸäƤ⡢⿴ǤܤäƤϤΤǤ礦

ǤϡϡζԤ¶⤷ƤФ褫äȸС

Ǥϡ1993ǯ˥롼֥뤬ڤ겼줿Űϡ1994ǯ1996ǯˤϡ200ζԤĤƸƻѤäŰϤޤ1998ǯζͻκݤˤϡ¿ζԤʧǽξ֤˴٤äꤷơ

Ĥޤꡢ¿ΥͤˤȤäƤϡΤ褦ʽϲ٤˷иѤߤΤΤǤ

Ȥ⡢ʬ¤ƤФʤ褦ʻޤDz٤Ƥ餳Υץˤ¤ƤȤΤǤ

ȤäΤǤ

ȡ

ä顢ճȥץδϺ弫˼ޤǽ⤢ȤȤǤ

ˤƤ⡢衢ץζͻΩάˤ礭ʸľȻפΤǤΤɤΤ褦ˤƷкѤΩľΤ

κݡ泤γι򿩺ѤѸҤ˥ȥǤ⿩٤ƤäƤäƤ

ץΥʥǥΤϡȥ¦ȤθĤκˡIMFΥ饬̳˰ػҤꤲĤƤȻפäʤ󤸤ƤޤʤΤǤ礦

ʤȤˤ̤顢ۤɶŪʸդӤ줿ΤǤ礦

ˤƤ⡢ΥץϡEUʳˡȥ륳ѹʤɤ줾Ωо줷βͽۤǽפʥҥȤͿƤΤǤ







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ԤߺѤȸС̤ϤζԤȼΤԡä¶ԤݸΤǤΤǤťץζԵߺѤϲ桹ξQȤϤäȰ㤦

㤦ɤ¶Ԥϡ¶Ĺ4Ƥ餦ȤƤˤʤꤽʤΤȡ

Ĥ9.9¶⥫åȰƤץεIJݷ褵줿ȦʤΤˡťץܤȥEUECBIMF)ä礤򤷤̤ϡष¶ΥåΨ⤯ʤȤΤǤ

ΡʤȤˡ

ϡ¶Ԥô򲡤դʤʤΤȤ

Ĥޤꡢޤ뤿˾¶¶⥫åȤȽ褦Ȥ¶⥫åΨ礭ʤĴã뤳Ȥɬפ⸻58桼DZФǤʤȤȤʤΤǤ

Ǥϡ¶ԤʸʤΤ

¶ԤʸǤ礦

Ĥޤꡢåإ֥ΥץζԤˤ¤Ƥ͵ؤδȤʸȡ˲Υץεߺ˺ݤơͽ̤ʤäΤȥ¦ʤĤƤΤǤ

Ǥϡ¦˻̤򤷤顢ɤ̤ޤƤΤ

ϲȤʤ

ˤƤ⡢ץȤΤȤ̵ǤϤʤݡष˻ٱƤΤǤȤƤϡ餫ôݤʤ¤ٱˤϱʤȤΤǤ

ǤϡץȤƤϡ׵˱Τ

¤ϡŷĤθôݤˤƤ⤢ΤǤŤΥĤˤĤƤϡȥ륳ܤץĤθ򾡼˳˰ܾ褦ʿϵʤȡäƤΤǤ

top_mapʥץ󥵡ӥꡣץϤʤ˥ȥ륳˶ᤤΤǤ


ޤطԤθʬŪ˹ͤʤСɡ˥ХФƤ餦ʤȤ̤ˤʤäΤȻפΤǤ


ˡΰƤǺǽ夬ĤʤС괺ץֶ̱ԤϡEU100桼λٱơĶȤƳ뤳ȤǤǤ礦

Τ褦¶40⥫åȤȤż˽Ф뤳ȤˤäơܤγήФ³ȤǰΤǤ

ȤȤǡäƤޤ


Ծϡץʤƥ桼Τ礬0.2ȡȤƹäƤΤǤ

ˤƤ⡢ǥEUι¤Ϥ˿ޤäȸΤǤ




ʤ¶⤬åȤΤ顢ץζԤοѤϥˤʤΤȻפå򤪴ꤤפޤ

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ץǤϡ轵ηޤǶԤαĶȤϵٻߤ줿ޤޤâATMǾ¶򲼤ȤϲǽʤΤȤȤǺǰλ֤ΤȤ򤵤Ƥ

ץ¿ŹǤϤ䥯쥸åȥɤʤɤǤ㤤ʪϤǤʤʤäƤȸޤ㤤ʪ򤷤ΤǤСǻʧäƤ졢ȡ

ʤȿѥƥϻ¾ƤȸäƤ⤤ΤǤηкѤˤ礭ǷȤʤǤ礦

Ȥǡϡޤǥץ¶Ǥ;ˤ̵ȤΩäƤޤΤ褦ʤȤ򤹤Ф¶ήФ򵯤ǤϤʤȡ

ˡޤǥ桼ǹԤƤԵߺѤΥǤϡ¶Ԥô뤳ȤʤɰڤʤäΤˡΥץΥǤϤˤꡢ¶ԤôΤȡʿǤϤʤǤϤʤȡ

ˤƤ⡢¶Ǥ»ܤƼ58桼ŤȤ򤷤ʤС100桼λٱϹԤʤʤȼĥȥġ

Τ褦֤ˤʤäƤ⡢EUECBϥץ˰ŶʤˤʤΤȤ58ɥĴãǤʤΤǤСٱϤǤʤȡ

ĤޤꡢɥĤϤȤٱ¦ϡץǥեȤ򵯤ȡϡ桼Υæ褦ʤȤˤʤȤ⡢ϤʤȻפäƤ᤬ΤǤ

ꥷλȤ礭㤦ΤǤ

ꥷΥ桼ΥæϤʤΤ褦ʤȤǧ뤳ȤϤǤʤȰӤƼĥƤ桼

ץˤĤƤϰ㤦ΤǤ

Ǥ⡢ϲΤʤΤǤ礦

ꥷο͸1100͡ơꥷGDP2400桼

Фơץξˤϡ

͸87͡ơGDP170桼

ꥷǤкѵϤ礷ȤϤʤȸƤǤץξˤϡꤵ˰微ΤǤ⤦Ū˸ʤСץGDPϥ桼Τ0.2ˤ᤮ʤȡ

פˡץDzäȤƤ礷ȤǤϤʤȡפäƤ뤫餽Τ褦٤ǤΤǤ

ơץζͻ˴ؤܵǿۤƤʤ顢ƹλԾ⡢λԾ⡢˻ɤ줿٤ˤʤΤǤ礦

Ǥ⡢ϸäƤ⡢˥ץǥեȤ򵯤顩ơץ桼Υæ顩

⤦ٸޤɥĤϤȤ桼ϡ⤦ʢƤȤȤǤ礦桼Υæʤ顢Ϥʤȡ

ǤϡɤƥץϤޤ䤿Τ

ץϡ泤ΥޥߤʤΤȸƤΤ¸ΤǤ礦

Ǥåإ֥DzϤʤΤǤ

פˡ桼˻äˤϳƱǷкѳưĤ٤Ǥˤ⹴餺ץϤޤǥåإ֥ȤΩ˻ɤܤ򤷤ƤǤϤʤȡΤǡ¾ϤɤǤäƤΤȡʤΤ˺äˤ¾˻ٱΤϲȥɥĤʤɼι񡹤ƤΤǤ礦

ץФȿϡ餯ѹФȿȿǤƤΤǤ礦ơץȤδط̩ʤȤ򤯤ʤȡ

Ǥ⡢ΰǡѹȥ礬Τ;ˤͭ̾ѹȥΥץζͻäƤϡƱ褦ΩˤʤΤǤʤΤʤΤǤ

轵ηߥåȤȸƤޤ餯Ԥ衢¾þƤԤ¶ʤɤѤ뤳ȤˤʤǽǤ礦ŤˤƤⲿ餫μʤǥץ58桼ĴãͤФʤ餺줬ǤʤнΥ桼æȤʤ뤫⤷ʤΤǤ

Ǹ˥о줹ΤǤ礦



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֡ܤζƱ2ʪɸˤĤơˤʤꤽޤǤΤϴñäǤϤʤ

ֳؼԤȤϤʤΤηкѤʬäƤʤͤϤȯ򤹤ľפä

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󡢻ϥեŪʹͤŪǤ顢̳ȯϻٻǤ롣

̳ϰ򥵥ݡȤƥ٥ΥߥʤΩˤǡܤιͤ򤢤ꤹ褦ʤȤ򲿸θΤȤפΤǤ

̳äȯʹơϤɤʵˤʤäƤǤ礦

к̤ȼ餷Ƥ뤬äѤͻΤȤʬäƤʤΤȰϻפäΤ

ơդ̳ϡϺ٥Υߥǿ͵ĺɤ⡢кѤʬäƤΤϼʬʤΤȻפäƤΤ

ˤƤ⡢Ʋưո㤬ɽ̲ƤȡžȤΩϤΤǤ

Ǥ⡢֤ˤʤޤɤ̳äϤʤȤäΤؼԤȤϤʤΤʤơơηкѤʬäƤʤͤϡȯ򤹤ʤơ

Ϥääơ̳ϴۤ˥Ф򤷤ȤȤʤΤǤϡĤʤƤˤʤȡäݤɵˤʤΤǤ礦͡

Ǥ⡢⤷̳äΤȤ򵤤ʤȤСĶΤȤⵤʤȦơ롼ޥ󶵼ΤȤⵤʤȦ

ʤǤ礦Ȥơ

ĤޤꡢϡäΥ󥸥ȤȤʤΤǤ

椬Զ˴٤äƤȤˤϡ򲼤äƸ̤ϤʤݡˤäƤڤͤϸʤäǤϤʤȡ

顢ʻˤϺư뤷ʤǤϤʤ

줬ήηкůؤʤΤǤ

ޤ̣ʬפ

Ǥ⡢ä̳äĶĶιͤꤹΤǤС¨ܤΥեꤹ뤳ȤˤʤΤǤ

⤦ٸޤϡȯɤΤ褦˴ƤΤǤ礦

Ǥ⡢ۤפʤΤǤܤΥեäơǰ˴ŤͤǤϤʤǤĤޤꡢڤʪιͤǤꡢ˱ǡͤˤǤѤ롣

ξڵ˰ܤϡڶΥեɤ褦ˡե򵯤ޤȤƷкѤ٤ȤͤɬǼƤʤΤǤǤϤʤηкѤ̤Ȥơޥɤʥե줬ΤǤ빽ǤȤΤܤιͤ

ΰǡ̳ιͤĹǯηи˴ŤΤ顢ïȸȰīͼѤΤǤϤʤΤǤ

ʬιͤʤʤȸ̣Ǥϡ̳ȴĶϤȤƱǤͤ塢ոΰפߤ뤳ȤϤʤǤ礦

ȿФˡեŪǤʤ⡢ۤȰȽʹͤ򤷤ƤΤǡξǤϤɤΤ褦ˤǤ⼫Ѥǽ롣

ĤޤꡢФ˥ޥɤʡŶŪ˸2Υե򵯤ȤɬפǤȸäƤǤ衢˳ξ徺³ŤơηкѤ¤˲ĤĤ뤳ȤǧǤ֤ˤʤСͤɬ⥤ե򵯤Ȥ˹ʤפΤǤ

ˤƤ⡢̳äˤƤߤСǤ⤫ǤֶͻפDzǤʤƹͤ⡢ֶͻˤϸ³ǧ롢ŪήͤԹ礬ΤǤ

ΤȸСͻ˸³ǧФν֤ȤʤŤʤСȤ褹롢ȡ

դˡֶͻפƤηк꤬ǤʤƸ줿ˤϡν֤ʤǤ

asosirakawaʺ̳ʤΥȤ

ĤޤꡢˤȤäơϥޥʥ̤ФǤϤʤäȤȤʤΤǤ








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Υȥ꡼ϤƤʥ֥åޡɲ

ΥץʤΤ

ҤäȤ顢ޥʬäƤʤͤ뤫⤷ޤ

⤽⥭ץäơȤͤ⤤Ǥ礦

եǥơʥʥϤȤΤ륭ץ泤⤫ʤΤǤ͸100ͼ塣

ä顢ˤΤ褦ʹηкѤΩʤʤƤ⡢桼ΤͿƶϾޤƤͿƶΡȻפȤʤΤǤŤȸäƥХˤǤʤ̤ΤǤ

⤷ΥץǥեȤ򵯤ƥ桼Υæ뤳ȤˤǤʤСޤ桼ΥʥꥪưŤʤȤޤƤĶ߹⤬ȤǰΤǤ

ǤϡΥץ˴٤äƤΤ

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ִѸȤʤΤǤ硩ʳš

󡢤⤢ΤǤŤʾ˶ͻ礭ŤƤΤǤ

֥ɤߤʡ

ȤʤΤǤץζԤͭ񻺤ϡGDP8ܤˤȤΤǤ顣

ͻ礬礭ȡХ֥뤬ƤʤɤʤХ󥬥󤪶ԤǤǤŵդˡХ֥뤬Ƥȡ줬΢ܤ˽ФƤޤȡ

ľʬäƤȻפΤǤŤˤƤͻ礬;ˤ礭ʤ᤮ȡŲˡ̱ԤηбĤʤäˡܤϤǤϤȤƤ٤뤳ȤǤʤʤäƤޤΤǤ

äGDP8ܤ⤢񻺤ֶ̱Ԥͭơλ񻺤ȾɺĸǤ顣

ܤ֤Ƥߤȡܤֶ̱Ԥ50084000ߤλ񻺤ͭơͭ񻺤㤨Ⱦʬߤݤ2000ߤ»Ȥʤ

2000ߤܤ򤹤뤳ȤʤɡԲǽǤ硩

ǤϡΥץζԤΤ褦¿ۤ»äƤ뤫ȸС

ꥷκ̳ˤƾ夲ȤäǤ硩ꥷߺѤ뤿ˡäơꥷˤϻʧ⤬ʤǤ

ĤޤꡢץζԤϡ͵ؤޤ⳰¶Ԥ齸᤿ꥷιƤȾĸˤƤޤä

äƤߤСꥷߤ˥ץζԤˤʤäǡʤȤˤʤΤǤСɥꥷٱϲäΤȤȤˤʤΤǤ

ˤƤ⡢٤Ϥ
ץζԤŪ֤˴٤ޤäΤïߤɬפΤǤ

ꥷκ̳ݤˡΤ褦Ū꤬ȯ뤳ȤʬäƤȦꥷ˴ؿޤäƤ֤ϡץΤȤʤ󤫿ۤ;͵Ϥʤäȡ褺ϡꥷɤˤơŤơθ奭ץ꤬߲顢λ˥ץΤȤϹͤ롢ȡ

ɡȤΤäƤ뤳Ȥϡ٤ΤȤǤΤǤ

Ǥ⡢ޤǤ⼫ʬǤȼʬΤǡλ򤷤ƤȤΤǤСԤɬפʤ



Υ꡼ΤäƤ뤳ȤϡΤ¸ߤIMF򴬤źˤơŤĤޤꡢ衢ʬǽ٤ʤΤˡ礭ôIMF˲դǡξ줷ΤνȤХȴ³ƤʤΤǤ

顢ܿͤȤƤܤꤿʤǤ硩

饬

ǤϡΥХȴϡɤʤΤ

ĤޤꡢïôդΤ

ץεIJϡץζԤ¶Ԥ˥ХФդ뤳ȤݤǤ

â󤳤ΤޤޤǤϳλٱ뤳ȤǤˡץζԤþƤޤޤ

þ뤫ȸСٶԤαĶȤƳþ

ǤϡıĶȤƳΤ

ץϡ2122ԤαĶȤߤˤΤȤ

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