人民幣匯率走勢的探討
18
0
0
全文
(2) *.~~~~q,m~A&M&mM~$#.~~.~~.T'M~.~'-~~* A&MW~5CIfi1J-i1H'fl:~1i:$ 1. 8.28. A&Mti:::ti ' 1ii:JhWiillflVJ\ , ~Btl~A&. •• *~'-AAA~+~~BA&MB~~$~ft~~.,. 3t 8.2779 5CA&M® ~~~.~ •• ~.~-~~*'*_~ ••• *~~ •• ~ •• ,m.W$~ lliD~~~W •• ~*~~.~.~~~~~'~MA&M~$W*_~.~~ ~~ •• *.~'.~~~~D~m~A&M1i:$~~.~~4~«'~m~-~~A &M.~~5%~lO%«; •• *_.~~~IT.&·*.~·.ffin.'T~&~ R•• «~ •••• hW.A&M~$~~~,m~.W-AAA~~·t~B~3t ~5CIfi1J~*.T~ , j\~ f7J1fUIWTJJI;ffiJlZ1iEElI~~~~.ffj~~'tl1.!UlJJI! ' A&M ~$~q~~'*IT*.'*_lliD.~· •• ~.T~ •• m'~~~$#~ ~~M~m' B~3t~5C~~ •• '~~1i:$*_lliD~*·A&MIfi*M.m.~ . ' A&M~fiE!!Jira' 51~t!.tW.~~M.3~~~~Mtt' .TIftMmmmU*_A& M~~~~5C. ~:7}M~. .A&~. 5C1fi$l ~~. 0. 7.111:J1 • • ~lli. §tt*Mff ft~~:;1. tzSI • •U. M~~~~~o§Mm~~~fi~~W~MW:-~WM~~~~~A&M*.~~; ;j:§~~g-fifi'Jj~IJ~A&M~.p.zfiE!-e*9H~¥i (New York Times ) 51~~~~tJT. ~fi~.S'$~*_.~A&M.~m~m~a~~~'. •• *1i:$A&M~~mm. ory) W~. 1J~.~. ~.~~R.~.'fiA&MJlZ~.~~$#~Mm&*.~~a~~M®a. El31i:$. ~*_~1ilA~fS~fjSlI~~~~' :lti:k~m;t\;f* r EI3~¥U. J~ ,W. •• ~•• a~.~ ~~tJTm;t\;o~~~1i:$A&M~$~ •• JlZ.~~'*~~~~~.1il~W •• ~. *m•• *A&MIfi$~.Jh'~.EI3$#~~~.~ •• ti~A&M~.~& •• ~~. ' *~M.MA&MIfi*;j:§~1i:$*~:ltftl!~~~M~._T ' fl~~m ~.~.~Q*~~~Mti~WIfi•• Jh~~.~•• ~~A&M~*~~.~.~ 1il~fi;.='§~*_~~~I1~&.;.='~fi-AA~~~~.~ ••W_ MA&M~.~~.ft;.~'.tJT*B.flOO •• ~; •• -m~M.o ~~~~m;t\;~rEl3T~~J~~~a*~.,.ft.m~~~. *_.•. ~A2JS:I:!!. ?& '. 1~. ~tr;. _*Bjlj. ffi~ , ~I. $tt~~. $f~1i:$~. A&MJ ~$ (foreign exchange rate) ~*~~MW~~~M~1JfiE!~.lt. ' s-r/Hil:~~. ~~3t~*~~M~~.,~~m.ms~~~~~1Jm®oA&M~$~~~~* ~~~UA&MW~M~~~.~ttS~.,.TIft.W*B~~~m.~~~.~o.. ft'A&MIfi$~~Jh~m~~*B~~. •• W~ •• ~.~~.'~R~~~~tt. *-m'1i. ~~~~. ~,. ?&m. AA/\iJ. Sfri. exchange Fl J\ 8 ' mJ\J\& n:® Seth Fais~:m, • China Isn't Giving Up on Yuan" , International Herald Tribune, Aug. 11, 1998, p. 1 0. &p.4.. n:@). iJIf~BJl'. lUUlifi. ( ~~t :. ¥~'Hu. ' ~IJlJ\ +l1!liFJ\Fl) ':R1i::::: t ' 1i=J\. 0.
(3) 21. A~'MIfi$J1i.:~iY-Jr+!lff. -1F~*. 1't:171-~Il!l1l*~~W~t$tI29~I't:1~~om~A~~~*W~5f;I't:1~~S~~~IJJT~m. 6tl~A~. ~A~~~*~tbI't:1S~~1l!l1l7l-129~'~~~5f;~~~m~~~7I-~I't:1~*(Mm~. ll~5f;. 5f;~*. ) ~tbl't:1lt1~W!/'!i'b. 0. ~~~.~*l't:1m~.~QJ~~.~~I't:1~~~Am~'WQJ~~~.~M.' ~~t:p1l!l1l. ~HI29~~*~tb~m& ••••• I29~B~I't:1'~&.I29 •• ~*~~.XW ••. &l:iiM!rQ~@. ~~~&~~M~z~tl'~~ ••. -1Fr-JA. .t$t:@'fnB.I29.*~. ~ra'. flB. 3t. 'A~~ 1. t:p ;;It.'ii. 129.f!lW~~*o. (-) . • iitJ~iJn!~. !:Zfil!JJTQJ. (Theory of Purchasing. Power Parity). *~A~ r.e1l!l1l~H1T. t:p~~~.~*W~WA~~~*~tbl't:1~~. : •• ~~.:@'fnB·Il!l1l~~~:@'fnB·~*~W~~~~.~o iitt~Wlffij~ , ~*~~ftif:Il!l1l~~~M17l.~WJtmHj~p1TfJiliU ' ~::tf~~~Iii*~ ftl't:1~*I29. ' ffij*IJ*WW~~.I29. ' -~ffij ~f*~~1t:JBf'FJfl ' QJWJ~~flU.~*. ~:i§~v. !iPzfil! ;. o. •• ~~.:@'fnB. *~~~ •• ~~. (Absolute Purchasing-power-parity The. ory) .fl3~ • • ~~. (Relative Purchasing-power-parity Theory) ®. 0. ~. •••. ~~. .~fnB~~~.W~Mz~*~~~~~.m.ztt'~*R.*Il!l1l •• ~~.7I-1l!l1l. •• ~1't:11t* {jX11I*!i!~~A (Economist) W:lfUzfiiJJ' fLfL.::::1F~Il!l1l.t:pIl!l1l*~ ~Il!l1lW~I't:1 •• ~2JSf.~ 1 ~5f;3t 1. 5 5f;A~~ -fLfLli1F*~~ GDP ~ 57,733 fi~7C ' 1 ~7C3t 1. 5 5f;A~~ , ffU*~-fLfLli1F~ GOP fJ~ 38,500 M~7C ' A~~~ 3200 ~7C ' J1t.*~~*~~~m~J:~-*~t$t1l!l1l ( ~1l!l1l~~-) Em 1'& ' 1 ~5f;3t 1. 5 5f;A~~(.\jjfiiA~~~.~ •• ~® ¥~ffi ••• ~2JS.~fnB~~.'~~Il!l1l*~wJta*~•• ~~~Iii*~~~' a*~~wJta**~~Il!l1l~W.a*'~A~.3t~5f;Iii*J:*(~A~~~.) , &z'~A~~3t~5f;.*~.(~A~~*.) °m( ) 1l!l1l.*~aw.a 0. JiW,. f& 1rt tt iliU ~t$t:@'fnB. 0. 0. ~&~t$t. iil29J1tJJT ~129~f'F ~li:W'ii. 0. *tt.QJ.W'-fLAO--fLA~1FM·-fLfL01F--fLfL-. ,*~awJta. *~~~ll!l1laWJt.*'fi{jXffi~ •• ~~.~fnBA~~~*.,m ••J:.aWlM A~~~~7C~.(.~~=) oX-fLfL~--fLfL~1F'*~I't:1~wJta.*~. IHil:7I-1l!l1l vl't:1~* ~tb. 0111. t¥Uf.Ht. 1\+t1f:+ 1998, p. 1. *m '. 0.8% ' ffijH*~aW.a*~~~ ll!l1laJt*'~fnBJ:A~~.~5f;~.*~tbm~~~*~ •• 1Fr-J.~f!l~I't:1Iii*~ tb'1'&ffij'.~J:A~.~.W-~~.t:p~*oI29J1t,m •• QJ~'-fLAO- fLfL~1FMffi~ •• ~~.:@'fnB~.$%~ •• A~~~*Z~tb®a .friJ*~l't:1aw •• *F.b~~1l!l1l ' ffij~IJ:if*~Wflg1*~i; § ~* (nominal foreign m-fLfL~1F~ 21.7%@)m¥~-fLfL-t;1F1't:1. exchange rate) ~~ '/ ~tg*~t:pIl!l1l~t$tU1f~t:pIL\ (The National Economic Research itE®. ~1I!f;w!' 1it=~, 1II~:a.J!iifi~!1iU1f (a~t. tt@. ~~,. tt<V. ~iW51)C'. : :=:t'<lWFci3' t'<l!lllJ\+=1f:+FJ) • Jf=.:n=-="o A t'<l ~!lI*Er9ijOE [21;1*:&' it~n-;jfi J '*UUJf~ ( ~tJ?-) '-11 11t 1f: m+Wl (-1111t1f:+FJ) 'Jf=t· 1lifi/i'. r. Jf=J\. 0. 0.
(4) 25.0 -tpilll*~jjjjJi;$. 20.0. - - -~illljjjj~$. jjjj 15.0 Ji; $ 10.0. \ \. ,. 5.0 0.0. -'" --'" '"- e: -'" e: '"- '"- -'" -'"'" '"-'" '"'"- '-'"" '"e: '"'"- '"e: '"'" 0. QO. QO. N. QO. M. QO. '<t QO. V"). QO. '-0 QO. I-. QO. QO QO. QO. 0. N. M. '<t. V"). '-0. . H : ~1l!lJ~~.IlW~*):) CPI lflf:l; , *l!i!lm1lf~llIt*):) RPI lflf:l;. JitHUI : ~M ' mll&'. r A'!&;~Il!!i*(fJ~5E:~~&.>t~?Hfi J '~"iJf~ (~tJ?:) ,. -ftft~.m+.(-ftft~.+~).'R=A. 9. 8. 7. 6. =. 5 4 3. 2. 1981. 1983. 1985. 1987. 1989. 1991. 1993. 1995. 1997. Jifl*~:fi~~*~~A •• $·~$~"MH~fi(a~t) 'm~o.. ( '!&;Il!lJJ\ +-I::;.A~) •. RA~.
(5) A~~Ili*7t~tfJI~~. : ~- , *1fi~-fLfL[91F.~mi$f#fJl. '. Institute) ~ill~~m"tlDT A~~~~~~o t:p~~-t~. 23. EE'H~~jj!~. -'mi$&~~~~~~W~~~~~~tt*'*Ifi~~~~~. , ~FW~~fDnlitl9J~~~.l.lJ1HmItj::t5t~~~t~ , J!P~~. , ~~~~m~. ~~. ~~~ffi~'ffiA~~~~W~~~.l.~.~.~n~T~. (qj\\1!tlj/J\M:*Ifi~ll!i~~~i$. ~n.*rrmmD. , ItSllltffl~~ll!i~~,*i$~Jffi*m"[Hi$~1IJ ' ~m". -'*lfift~~~Rt:p~~-.'M:.~~m~M'~W~~~. ~.n~.~.It.~~~.~m.~5t~~~,. ~~.~~~~~~.,. ItSllltA~~~~ItSl~.n.~ffi~*m~.o~[9'~§[Hi*.IIJ~m~.~~IIJ~ ~'&fD~~~.·. ~&.*m.~ItSl.~~Dllt~'~.~M. t:p , flt*,J.fl:~~~jj~~~~ •• ~~.®. ••• ~m. 0. <=) , imlJl~3tl!~ ( The Balance Of Payments Theory) ® ~~~~~-~fi~.~mllJ~.~&.,~.~~~. •• ~ ••[Hi$••• ~. ~~£*ItSl.'£*.l.A~~~~~m~~mn.z.~,~[Him~~~~~~~~. ~~~~ •. ~*~~o~~~~~~~~'~m~~~ftm*~~[Hi*z*~o. •. ftIJ~~~f&i:iJMtfjfl~'. ' ftUIHt*f§JJ!T~ , ~~~~)Y7H& ' ~~~ ~Pz1& ; &z ' ~~!&~~~~~~[Hi{:jlJ€r~:J.,' , J'!U~~~~~fi!1ffi~~~~fHi!1® ItSlllt ' ;s.j(;z)'}[Hi~**~~~ , ¥lIJA~~~~f& ; fEl&:J;jg , ~[Hi{:!t~*~~*¥lIJ ~~~~*€r~~1JD. '. ~~~~JI~~ftU.51~~~fi~~~~m*~~1JDfD~. ~[Hi{;j~~*M:m*. 0. A~~fHi!1. 0. ~.!&~~~~~~§,. t:p~OO~§fi~.!&~~~~~~,ltSlffiM:[Hi*. t:p~~m&~-.o*Ifi~~!&~~~~~.~~§·.*~§~&. ••. •• ~§=OO~. ~@o. .~~§m.fim*~IIJ~t:p.M. ••A~~~tt.W'ltSlllt~.~m*.IIJ~ W)&. ltSl.o.~~§~W~(WD·~D).~·m.~~*.(!&A·. •• (~A.gn) ~.~~§fj.~~~~~,~~&~~~~~~ ~ •• 'M:~~m~~.a •• n.T~'~~~&~~~D.**~WD~n'~ ~~. 0. llt~~1JD~~~~1ID~Pz1IH~En. 0. .*~§~.~~fi[Hi*~~M •• ~~.~;.*~§~~.M.*&~M.. (mA . mW). '&~~~-~~fi~fit11~fi~fit.JJlilkW.fl:. §.~.m-~fi~fit.*~fi~fit.,. ~~~~. 0. ~. •• ~A~~fi •• o. §.~~~M~-.~~~*~~~~~.,mmtt.'~~~.fi~~.*M~. 7t;. !&. ' M:~.MrO'l'J!~l&fIH~.~IR,@. '. i:iJfjMUffl.~~. ,rnllt~.Mffi~'.*~§ itt® liiJiWi3lx, ¥{=J\-=tl. itt® • • &·m~~~~M(~nE.). •• ~* •• ~fU1OO. ~~~-~~.'ml&~~.*tt~. 0. .1i~tl.. Itt@. Il¥!lBJl' iWi3l. '. itt®. !}i!l!l' tj:Iltlm~lUUIHT~. (~~:~. ••• ,~mA+-~~~). • 1iIlBO ° (mBJl: ~i¥J*~lli.f.t,. -tl.tl.-~=~). '.~-~-~=Ao. '¥{-1itl.--1\- °.
(6) ~~~!ll~HV:Ji*E8~~flJ£t. 0. •• §~m~-~~M~~~.~~E8~ ••§•• *.§E8~~Wmm.~ •••• §~ ••••~ ••• §(Wn~ ••• ) wn~ ••• '~~~*.fi~~E8~~ •• ·M~~~~~~~aw.~o~wn ~ ••• ~~~.·~~ ••§•• ~~.*.§ ••• S.oAa~~·.Wn~ •••~~~.'~~~~§ •• S~*'~.*~§ ••• S~.·~ ••• §~ .*.§~S. · flIJWn5'i-••• jt~~.!DJJ ~Jlt .• ~.§ ,.*~§ ,wwn ~ •••=.E8.!DJJ•• ffi~~~~g.~.W~.o~Jlt=~~.~s.,~m. .RP~S~I~M5(~~E8 "am•••" (errors and omissions) " ~. ~fi~.E8.§'~~~am. 0. ~.-~~*.~.~~m.W'-ftA~--ftftt~M*.~.~~~. ~. ••. ••• §·.*~§ ••m~.~·~.~.~~g.'Am.#~*~~~~'. m~-ftA-~~-ftft~~MAm.W~~M~.,,~-ftft~~~~Am.fi~. ffl~.~~fflE8~~~A~.m~~.~.E8n~'~.~~~~'~~~Am $~ffifl.~,~~~*.wn~.~.*. ffl~Am. ••*E8~.o ~-. :q::17J fiit:l:l 0 1983. .E8ff~. {Ii " ~ffi. *3Wfl~ jG~ El. j:)il~J~~. E8~MJl. ~~j~J~. Jlt ' ftf~. -ft)\C. iii .. {E!$. ,g~. ~~~I ~~J&5t. 19.8. -2.26. -.3.66. ~tti-. 11r1i~. (]) + (2)+ (3) Ilifalrfii. 36.48. 89.0. 11r1iIli* (100. ijJ!f~~. ~jf;). :%. r:pra'1~. 1978. 1979. 1980. 197.57. 1.5. 1981. 20.3. 27.1. -10.03. -9.32. 0.95. 82.2. 232.7. 2.8. 1982. -149. -1l4.17. 46.5. 89.72. 1.21. -46.09. 26.4. 293.67. 8.8. 1983. 1986 -119.7. -70.34. 72.6. 59.43. -1.84. -12.75. 20.7. 345.28. 6.0. 1984. 1987 -37.7. 3.16. 84.5. 60.02. -14.66. 48.52. 29.2. 372.21. 7.3. 1985. 1988 -77.5. -38.02. 102.3. 71.32. -10.94. 22.36. 33.7. 372.21. 18.5. 1986. 1989. -66. -43.17. 100.6. 37.20. -0.17. 6.14. 55.5. 376.59. 17.8. 1987. 1990. 87.4. 1l9.97. 102.9. 32.56. -31.62. 120.91. 1I0.9. 478.38. 2.1. 1988. 1991. 80.5. 132.72. 1I5.5. 2.20. 5.97. 140.89. 217.1. 532.27. 2.9. 1989. 1992. 43.5. 64.02. 192.0. -2.50. -82.74. -21.22. 194.4. 551.49. 5.4. 1990. 1993 -122.2. -1I9.Ql. 389.6. 234.72. -98.04. 17.67. 212.0. 576.19. 13.2. 1991. 1984 -12.7 1985. 1994. 54. 76.57. 432.1. 326.44. -97.74. 305.27. 516.0. 861.87. 21.7. 1992. 1995. 167. 16.18. 481.3. 386.74. -178.1I. 224.81. 736.0. 835.07. 14.8. 1993. 1996 122.3. 72.42. 548.0. 399.67. -155.58, 316.5'1. 1,050.0. 831.42. 6.1. 1994. 1997 403.4. 297.17. 644.08. 229.6. 357.25. 1,399.0 I 828.98. 0,8. 1995. WM*.:.~MH. EI:. ( 1983-1997 ~ ). 'fj:2ji.:t1* § :£tti(]) ~~'fj:2ji.: :lJi § :£tti(2) ilili(3) i. 42.4. ••. •• m@o.~·~~.~~AS~.~. tp~j;:lIi~I~M-i3t. I *!l1-m:lJi .~~uem'. 8.4. ~R~. 0. -169. 52. 1. I. •• :-hhA.(~~:$m.Mw.tl'-fifiA~D~) ; •• ~M.a'-fifiA~ r$mm~.~~.~.J ,~~( •• ) '-fifiA~. .(~~:$m.MW.tl'-fifiA~);. ~~-8·mA+=.;.~~~m~~fi(~~) ·m--=-.(~mA+t~=~). '.-0·. 1996. 1997. WM*ii:. f.
(7) Af3':~Iii$~~(fJmilM. (=) , ~IJ$ZPi1U'~ ( Theory of Interest Rate Parity). :tl:l fJi!:& ~ IJif ·1Hf far fjfi) :~. 0. ~~~$. 0. •• g.'ff.~.~~~.~mM~~$.gffi~'#~~.~~~. M~~.~$~.~~m.mM~.$.~~~~®o.~. ;S:'g. . , 'i" '§15 ~} :~141;~ El1Jo i El ' W'§15 ;~ ,. f@. 0. ~ffii. '. r:p~*~m~z~. -f@zltb ' IA.§;';~.lHrf* J~A.§;';~. .A~ IZ5l ;vFf. .~aM.$.~~. , IEt!?Jl!;fIJ$.1Ig.$::V:~iWm11*f4 : ;f1J$El:rmj;~m. MR.*.$:~.ffii~~'~&*~~MW~~~%. ~~~.D~~A.§;';M~~~. ~~~.'A.§;';~.$~~~~~~IZ5l*·roww~~£m.M ~.m~.~~'~ ~aMjl. P15rR~ 141; M!. 25. '~M~~. •• *~.R •• ~~.~A'ffiiH*g&~A.§;';~W~.ZM , &~~M ), ;f1J$.1Ig.~jA.§;';M~~~. (A.§;';~.R1'nlfJM.$. ~~.m~.*m.~'ffii~R.M. m.~m,. ~.*~~w~£~~~m,1Z5l. •• ~.f.fA.§;';~IHf$~~.tfi:~M~::fJ~5!i ~~=~~ , -ftAO--ftAli~M,*g~$~~ •• ~$' •• ~$ •• g.·A.§;';~.ft .·m•• ~A.§;';~W~.;~~,-ftft~- ftftt~M,*g~$.~.~~ $,g.~A.§;';~.~.,m •• ~A.§;';MWft.o Jlt '. ftE~=~;§tl:l;fIj*. 0. ~=. 1978~1997 A!UI~;g. §~Ij~~.~~Ij~. '&'!{:s'L : %. ::. ~~:7G'. *. rc) ~. %. jjJj~~Jm*. ilJj~J»jJm. 1978. $:%. 1979. 2. 1980. 2.4. -~M;g. §:fU$. tUHIJ$. 7. -2.4. 5.76. ~7t:fIj$. ~~ttt*. 16. 11.7. 16. 8.2. 16. 7.8. 7. 1.5. 1981. 1.9. 5.76. 3.36. 16. 7. 2.8. 1982. 1.5. 5.76. 3.36. 12. 7. 8.8. 1983. 2.8. 5.76. 4.26. 9. 8. 6.0. 1984. 8.8. 7.2. 4.4. 10.5. 7.3. 1985. 6. 7.2. -1.6. 8. 13.2. 1. 18.5. 1986. 7.3. 7.2. 1.2. 6.5. 8.5. 9. 17.8. 1987. 1.5. 8.64. 1.34. 7. 11.5. 8. 2.1. 1988. 18.5. 11.34. -7.16. 7.5. 11.3. 7. 2.9. 1989. 17.8. 10.08. -7.72. 9. 4.2. 9. 5.4. 1990. 2.1. 8.64. 6.54. 8. 3.8. 9. 13.2. 1991. 2.9. 7.56. 4.66. 5.5. 9.2. 7. 21.7. 1992. 5.4. 9.18. 3.78. 4. 14.2. 7. 14.8. 1993. 13.2. 10.98. -2.22. 3.5. 13.5. 2. 6.1. 1994. 21.7. 10.98. -10.72. 5. 12.6. 8. 0.8. 1995. 14.8. 10.98. -3.82. 6. 10.5. 1996. 6.1. 7.47. 1.46. 5. 10. 1997. 2. 7.47. 5.47. 5.25. 9.5. " ' ~1L1LJ\lf) '~1L1LJ\lf-. 1'3). .1'3). '~-O. '~=J\. 0. 0. Ji*4*~. jii:@). : mm. ' m~ , iI~~ • <f!~ll9fUi (~t:li'f : :fillllI~tl:l!\&1±. ~M' m~. , wJillx. '. ~=1L-=::O. 0. ' -1L1LJ\lf-1L1'3) ,. ~=1L1i. 0.
(8) cp. 26. • •i!. (1m) , ,*,:Jte9~~~~. R~:I. -~~~.n~-~~m~~~~~~~~~~~~~~~~m*~~Q~m~. f,*ftf:T '. iiW~j!f~~ § ~flfi[i~~~iiW~r~'~~1'fh!jli~. flfi[i~::r:$1,~~ii:tHjqmr.IJ. !it,. {I:;,. '. ~ii:kSm. '. 0. lltt~~ffij. g ,. EE~-f!jlQ1fJja1. W~!IVJ~ii:~~~*~~~H:;ffij:fj~*~~. *l£~*7F~1fJjQ~flfi[i~~fl:;' ~PJfj~EE*1£~fftnl.~~~{l:;ffij51. Q. {. ~~. flJ~1JJ. iUUiH. , flU~f!jlQ~~J5JT{~*~flfi[i.~& ' ~ffij51~WJtftB~~j!f~f§1M.lt*~~fl:; , .eD~~~~{1:; j[JjR; , ~1fJj~Q~~~;il~ ~~ , ~~"*.~ffi1MtI~~ , ~~:iLt7ttT ' BWf!jlQl£;J&AlDfU*ff1Eh§~lUlfifi ' -~~~f;!t~~.~~~~~~~.~~~~~~. 0. mj!f~fftM.~~~3$1,~!lVJQ~~fftM~~~~'ili*~.-f!jlQ~.fI*.·~.. JtWD. a1~f!jlQ~m~~. ••• n'M._~~*ii:~~~®Q. -hh~~~*'~f!jlQAl£;.ff~j!f~~~§.1E~~~j[Jjj!f.a*W.M.*. Al£;.ffE. ~1~3(. n~1fJj •• ff~mmR.'M •• Wl£;MM.~WW~~.ii:m.~~~,~~"*. F:. tI~QEE~~.~j[Jjj!f.a$1,&~Al£;~~.,a7~~j[Jj~. •• ,. ~~~.'E~.ii:~J&'.fI ••. ~j[Jj~. 21.7%~~-hh-t;~~0.8%. fikSlH. 0. '*•• ~~~_Rj[Jjj!f.a*EE-hh~~~ !it7i- ' -hh~~j;)* ' EE~j;)Aa1J~ (Ifi*m~). ffij~mAl£;~.**.~.~5m'. WM.*'~E~-hh---ftft~~M. $1,PffB. 1~'&~* •• *.W~R;.g.m'7i-~M.fft*~*@'~Aa~&. ~liX). ~.*~*.mnoa~~Aa~*.*.'~f!jlQAl£;.fi~~~n~fiTffl'*.. HMA. '. ~~-ftft~--ftft-t;~~~r~'J&HM7i-1fi. 1200. '. .~~OOIf'F. *J&HM-~~~@Q~!it-ftft~~~*'Aa~.*~~~Al£;.fij!f~~~~~. , .Mf§~.~~fE~®. 0. -=- ' ;kJi 9r IT[ 1M Jt. ~t. $. Z @1 tTlJi. ( -/Lli 0 -- -/L/L-=-). ~~~7tfiPJ~'~.Al£;~.~~.Mtt~*m~,mEE~~~~~ttT~'. ~~~~j!f~~~.£*~.~::r:~~~~m.7tfiAl£;~.*~fE~o~~~~~. •• ~rA~J~~~,~*~~.~~rEE~~TJ~' ~~ •• A~~ • • • PJ~.~.~~,m~~~~.~*KB.~'~M~~~ ~;t;JtH'£~Al£;~l'Jt:~~.eP1JD~mmn. ~JIt ' ~A~~~~ituttT ' ituttiID~ ~~T,~~§ftm~-. 0. ti@ tiS. Q*~'~.M.(L~:~m*~ili~tl,-ftftt~li~) '~=_AO. *m·. r.*~. ••••. ~.--$~*~.~.B&x ••m.j. -ftftt~mftM(-ftftt~ft~). Ht@. miI!fL,;lfj~· in"~. ti®. ~~lBl'. ilIFll3t .. . &:j:I~(j(J}Ui ( ~tR :. ~=J\. . =ft·. '~ •• ~~O(~R)·. .~~.. 15i1!lI~iliJ:lit±. . -ftftJ\~ftf.l). '~=A=·. tiQID. Ht~. Ht@. ti@.
(9) A~~IiI*;it~atrjSfi~. ••••. ,A~~B~ItI~~*g~ItI.~~~&ItI~H9. 27. •• z~.a~omw*~. M~*gH9~ItI.~~~f'F.~~o. $: mH?fl. 0. ~*I£ ~. , IiI ~- illlfim J6. ~.A~~ItI~H9~.·fl.·.~H9.m,*g~ItI.~~~*.~~. ~M:H-1l..liO--1l..t1l..1¥(~fi~~ItI~) ;d-1l..t1l..--1l..1l..=1¥(~1tI. t;ffijfl~*H9~. ••• J:.H9~ •• m.ffi~~H9.~.~). ~. .~.~.~) '*~%~~~OO~fm~Mo. fft;ffiEII. 0. '. 911ffl\1f:l:~:'Y. f'¥:tE ffi Ix ruJ f* '. , f!!U~. -1l..[Z.91l..1¥-~. (iIHj~'HI1IiU. ) ®l. J\8J:f:l~A~~fi~~~~~0~A~~~~~H9It111f'. .H9It1~~ttM~~~@o.~(-1l... 1l..--1l..li=1¥)J:f:l. *g~pg.11fft*.. , ~pg~f..flH9~ft;f'&* ' A~.ItI$.fi:l~UlJJ1U~. ' 1BliJJH9~tt1'&* ' -1l..li01¥-=~ j:)~ , A~~ItI11f~j~T~ , lltfg;~~ 1 ~ 42000 ~liA~. ' Z~X~WJT~fl ' ~-1l..li=1¥+=~ I ~~~26170 ~liA~.@ 0 1¥A~-B'J:f:l~~ff~.~ •• ~r.~~ItI.~.fi.~$m.~.~~.m. H9~~J' W m~~ItI'B~.Jt~.a.~.~.~.D~.~~'~.B ~~.11fmf.y. ~~¥JiUfU;f1tl $ p~A~~JHT~ ,~pgfll§*. 1l..1l..[Z.91¥H9 :t ( 1tI${lf'ifiA ) ~ -1l..1l.. [Z.91¥ rl'lj ~, JtA~~~. '*:1: ZJS:i:!2J~fmIf'F. f~~i&~H9~. ~ffjUtt'li=fa ~. ;-1l..1l..[Z.91¥~~(~fi~~ItIH9m.. (-) -1L1iO~-1Lt1L~. ~J6~i;1f~~H9. !1J11f*~. ••fm. 0. '. ~i&r&ffjUtt. rJ:¥ff J ~, I ' 17lJtlo J:f:l j:!;~ ~T. ' ffjUttOOH9. ~r"UA. [=:1\=. 0. ff~ItI~.~~AJ:f:l~~fi.~~ItI~.o~ItI~.~flA~~~am(.~~~~ .m&~.m~~ff:i:!2J.J:f:l~~fi)_~11f~IiI~~'. •• ~Z~~,.~*g*M~ItI.~ 'W~fi~~ItI~tt. .ffjlHf.ItIZ El ~ J1t-~M ( jIP--~:tLt1l..1¥j:)~) 9f.ltlffjUttH9~"6. : (l).-ItI$ffjU ; (2)Jt:t±1l ~~*.1T~-a~. a ' /f'f1~J:JJ!ItIJ&~ ; (3)~;JF:t±1l±. *H9. afO;JF. affl.ItIJ& ~ , .1Tj\1:Ijtt~J:f:lH9~J&~~H9~.ffjU ; (4)f.t~.a7i:; ~*glT' ~.J&~.fi ~OOH9~ •• ~'~.~aliIJ:f:l~~ff.- •• o.~Z'JIt-~MH9~ •• ~~tt .r~J:f:l.~'.-~.J ' r J#~~ff~~ItI~' r.-•• J fl~ItI •• ~ J:f:l~~ff.*~.' J:f:l.~.~ •• ff~ff~~ItI~@;~~~. ~.~.IiI~ •• /f'~,~JItf.t~.~.H9~ItI •• ~.ffi~~~o liI~m •• ~.~~.m%ttH.'/f'~~~~.iJJWD~.~.H9M.tt,~ ~~ItI.~/f'n.~~~'m.~~~~'.~ •• ~¥Ma~.f.t~ •• ~H9~. ~~A~.@o i5l:~I~. ,. 0. *0. R@ m• • fiu.~.·~m~.WDmM~~~M~aMfi·®.~ • • M~.m~~~~m~mfi'4 .U~:®~ • • Dm~~~~·~ • • fiB• • • ~~~~m~.fi~.'4 • • ~:~.w~~m ~mfim¥.ffi~~~ . ~1,j\J~fi-~~Jt~J~JUti ' M:i~:llij1j.l:t~J~JUJj~ , ~Jj.ti;ltft!l9j.l!flimJE.fiiiX;* I!¥i~fj". ( ~tJ?) ,. *~:llif~llIm~· ilIJilJ~;ltft!l~~:tI'iJE.1'j~*~~fi.Afiti.@. ~~.J~;it~.~r~~. fi:@. ~jfI'. •• JJ. ,~~. lWiJlit· .-1\}\.. itt®! IFiJWJiJllf' .-1\iL ltt@ 13Il!m' JJ1iiJlx, .1\1l9 0. 0. W~.~.~~.~.. fi:@. ~~iIl'. 0. llfjijli# '.-)\0 ,-)\. 0. •• (~~). 0. ~n!lIlM' r A£!!;~;it~. ·£!!;~A+li.+-~liB·.~D·. r~.
(10) (=) -1Lt1L~-1L1L_~ ~~.g.a9W:E!'I~. ( 9i-~WlP'£5ijJ:J~HJ9iitJl5ijm*i. ). -fttft~*~~.ftg.~~fiT. ~¥,~¥~m.~~~r~.m~J. •• '~~.~~~~*.fi~.~'~.·~~W~ •• -~tt~,~~ • • ~~~rt~~.E~m.'~.~M~'~.~~~~~~ ••~W~.~~T. ~ .m.~ *.fi•• ~.@o-fttft~_~*~.~r~~~.~~.m~ ~fi.~JwrlliD.~~.m~~fi.~J '~ftAO~~*~~~.~ •• fi~ .m~(~~ •• ~m~) '~.~~.lliD~ •• o~.-ftAO~*~~.~. ~~r .A~~m~~.ftg.fi.~J~.~'~*~~~~-~~~ •••• A~~.~~'~~.·~~.*.~~~.~~'.~~.~ •• fi(~~.)' rJT~~.f!IH!9i-.f¥~3ft~tl3~.~~~~jNfr •• (RPi§ ) ; ¥~1ifj • ~jf.11. &~~~jf.11.(~~.fi&~ ••• )~-~~.~~'Bft~~M~'@~f¥~ ~~.fi •• ~~.fi .~~~.fio.~'-ftAO~~~.ftg.fi.~~~ ~~~jf.11.~~ ••• ~lliTM~.~,~*ti~.fi.fi~i§.~@o •• ~.*~ti~M ~M~W ••• ~~.R'~-ftAO~+~'~~.fi =.~mM.~ ••M•• ~.M~.m~~.~,~ A-~A~~~jf~ .~.~m~.~ill~~~ •• mm.~fi •• ;A~M-ftA~~+~ft~~~~ jf.11.~~.Mm.~~'.Mm •• $~~.~W~.$o~~'.T •• ~.~ ~~~ •• ,~mrm.m.J '~-~M~~ • .11.( •• · .~~ •• )~ .~~~~~ '~&~A~MW~.~m.~ ••• mftm,-ftAA~M~T ~ •• Mm.,ft~~_.~w~_~~.mm ••• 'M~~~m.~.~_o ~'illlli~Tm. W~ (~~~)~ •• $~.~~o~~~~~,~~ M~.ftgJJjU!ljill*fE#f r (1t-• • • ~~ J ~~~t ' fl1.*a)(~.M!6. : (l):f* fi~._$'~W~.$~' ~.Mm •• $;m~~.~.~ •• fi~.~~. _*U ' ft~.11.W~$~~. ( RIJ9i-.m ~) ; (3)ltt~PJj~.~.~.TT£Nfi ~~~. .~,ft~~~~ • .11.~• • ~3ft~m~.o. -ft. ~-~. 8~,*~~~~m~~~~.lliD~M~M~'.fi~. ~'3ft;\%-T9i-.~~1m~, ~.m~~.~.~~.JJ%.m~ ,m~t~~-Jll§t.: 20%~W~.$~.~*Pj~. , 30%~~ •• Ji\'IJmt~_$~.~*M~ , 1O%~~ ••. Ji\'~mt~.$~.tiB~~~~' 40%¥lIJ.~.m~$~' 111.11.m.ill~Ji~.~g~~m@. itt~. 5'llll!l'i'~I¥J~:.t1:1B!,mMl3!:fiI~j;JEHJUIW~liliHm ~Il'lIJ\+'::::~). 'R ~-1i=.. lll@ !all!!' llIJiJlx ' R1\1i. 0. !ei!~IfJ1' *l!tiiMl.IH~ (#~t. :. ffJ&I'%*~~jlt.. 0. !:plliiMHmOCl!!\UIiIlUI (;jtlit:. lll~. =e~tl,. [f~. !all!!' iliIiJ I x-' ' RAn: •. ;jtlit*~tIlJllft±. '. -:tL:tLI1!l~tF.l). ,yt-:tL11!l. ¢. 0. '.
(11) A~~Iti$fE~l'fm~~. l~t.Wm!~. - tL tL =!if: ' J1HT Jj! it! '€ll ~ ~'6 ' J!f.llt: ~ %~ xJWl ff J9§ 1~ I¥J '€ll ~ QJ J:) 1* '€ll Jj! it! ' '€ll ~ Jj!it!QJJ:)m~J1!;D ' lliQJJ:)¥UIDliJ1!fUm:!J))te~ , g.1t:~tt7i-it!'€ll~l¥JpfT~fi ' 1iif~m it!$*Ei '. 7i- IH!i '€ll ~ J bt171J ' J:)7f.it! r. ~*IT~r~ ii~7f.it!'€ll~ £~iT.1T7i. *~~J9§~JG$. :p 7i-~IHM~ 1II. ( J!f.I*Eiit!) ,. Ii ' 7i-~lt:~ ~ , f!HJl1'¥ A !!11T1,*171Jtt~ ~ a. ~. ,. $~~lHT. '\,Fj ~$~7f. ~ ft~7}rm~. T~I!l7f.ji*. 7} ,\ J\ !if: 1m 11x. T §Jf'F~~) 0~7}it!. a. [OJ. ~QJ9;[1 ' lltlli!f. !;f'6~. : (I)~. '1 1H~J}t I¥J ~N ~::f.1T~N1T. &:I\;,t*Ilill~~~. -:h1l9. a. - 8 $ft*UJE71-jipgtm*Ei~ 1Ji ' ~-tL-t J\!if::i:~ te DZf:l:3~it!~*fij:IJO-JEI¥J~IJ1f'~ IT~te ' M:ff 1 ~5(;1t l.5 5(;A~~rIDliJ¥ 2.8 5(;A~~@ , 1§eA~~~.zf@ 45% ' ~~$ ft~*~A~~~M,~~~~~~it!*a~~~teD~ffl;~-.~m~~ji~7f. it!J&3Z:I¥Jit!.,~~*~fftJl¥J7f.it!Jl$.f0~1~5(;1t1.75(;A~~o~~~~HfJ1!;te Dji~I¥J*Ei~,m~ttji~ft~ji~.fiB/3Jl$.~7f.jipgtm*Ei~.~.it!*,~~. *::f.I¥J~JEit!*M~~~.:E.!~~it!$M,~ti~/3Wlt:~l¥JteD~it!'~&tt~. 8 mzm7f.jipgtm*Ei~. ' .fi 1 ~5(;1t 2.8 5(;A~~I¥J¥-it!$ , EllltA~~it!*fj!~!if::itfi&@l tLJ\/\!if:-t,Fj 1i 8 ~.z~ 3.375(;' -tLJ\tL!if:+=,Fj +/\ 8IDliJ~~ 4.72 5(; , A~~~.zf@ 21.2% ' -tLtL =!if:tL ,Fj + 8 ~.z~ 1 ~5(;1t 5.78 5(;A~~OO 517f.~:l:3~~ Tfl~f'Fm. a. -tLJ\1i!if:-,Fj -. a -. a. ~a®~'-tLA-!if:¥-tLtL~!if:'A~~~MI¥J~~~:~~*~rm£~~. I¥J.Mft.~a~~iT.~'$ftlm11x..~~£,*tm~~tl~'I~~£I¥J.~' ~~~M~~ae~~.mtm~Im11x..1¥J0Imf~'~&~*.~~~~lIIAJ&A~~ *~,1§eM~~*~a~.fi*.~~'~~~1Ji~g®oEl-tLA~!if:~*'*~ aM~*$~!if:*.M~~~~~*@o-tLA~!if:,-tLAA!if:,-tLtL=--tL. tL1i!if:=lIII1i!fMm.~I¥J~1Ji~g'~.I¥J~~~M~m~I¥JM.~~o~~,-tL. J\~ - -tLJ\J\!if:r~'*~.~ GNP 1¥J:i:!if:Zf:l:3 ~**~. 11.5% ' a~f:tlJ~f:lfJZf:l:3m:!if: ~~ 32.1% ' -tLtL=!if:~*~a~mt~iti!H~~ 36.4%® A~~M*~~.1T ' teJj! ~a;;~ , ~f@rR5J( , ~T1§eA~~IH!i$W~f@l¥J.f~f§~Hf ' it!$mfi&f§HfI¥JIDliJ~ ~-tLA1i¥-tLAtL!if:'*~~.1i!if:tt7f.ji~~~,1§e~$ft7f.it! •• *it.~, -tLtL=!if:J1!;Dm~~*'teD~* •• ,ji~~tem~~o~~J1!;teD'Zf~~~ a. a. J&3Z:'$ft::f~::ffijIDliJ~A~~it!*o. ~'-~~~~*~.~~$~~~~~*. :. 1O%it<7f.it!IDliJ :E.!fiU~m@. /3fj!lt:~@. it!$~'·-tLA-!if:~*~Mfi~¥it!.MJ}t'.fiW.it!*o-tLA-!if:-,Fj. , .1'1 El JrtEi t{fU-~~. a. ,. It+:®. E@ E@ E® E®. ~~'15 '1lil51~. , Jt~:h1l9. 0. ~~~'*~~~flmI~.ffl~$(~~t:.n.~M~fi~0~'~:h:hA~) ~mz, ~~~,. iliftimAiiMtttW. (~t*: il:~.~Ifj~t± '~:h:h-t~+FI). rffiA&M~.~.J. 'H~~Eo. ,Jt~Il9:=-~1l91l9. 0. ,~m~(.M) '~:h:hA~:hFl=B'mB+=~o. ~~.,.~~~~~-.~,~~,~.·~m(~m:~mA&Ifj~t±'~:h:h=~Il9F1)'. Jt=:=-=ll9 o 0. 29. E@ E®. IiiJlW51~' Jt~O. .m~,. 0. r*Ilill •• M.~.M~ ••• J. '~~~W'&~A+-t~:=FlEB'H~Il9-~Eo.
(12) L -1fJj PJT~ Z a~1f[!M~!lHIf 1it!i. ' ~* Ljj! q:t ~ ~ T ~JJl a5z:1f[ 1*.l1:&~:t·tlr1i tm r~~[] 1£ ~~HI~*ffiji/ilJJEft'J ' ;ltq:t~~m1it!i ' tl[].1it!i7HHHg~*~~D~:lr7}!HIi~~Jq:t,L\~ , !i~ WD~!HIi, •• ~~~.,m_~~._~&~~.~~~ft'Jlli_ •• ~_~ ••ft'J ~fflD~ffij'~~m@m1it!i!M •• L~ •• *wm*.~~.ft'J~fi~~~-.,;It. 8.7. 5I;j1. W. '!i M. ~.w~aMft'J~~~.B~.®,~~·*~~-ftft~~~*!i~!HIiaM~fi&. D *~~BJHg':::'M~!HIi*tlJj[~1f[ " -ftft~~I*.lMq:t~Wfi~.&1f['§R~.aMft'J.1f[~~:s. a). (D~-ftft~~-~. BmMAm.W~!HIi$!M~.m.!HIi.ma(wa ••m. 'Wfi~m.m.~~.ft'J,.-ft'J·§W~ft'J~.!HIi$MJj[;. ~~ft'J. ~nm~!HIiM~!ML.MJj['!iq:t.~.1£~.~Wfi.fiM~!HIiM; (3)~$ij!:lr~.kVt-:J5fi!feft'J~IHrrl3'~1Hi~. m*J!. '. ajl:~!HIi$H~~~*IJ. M. ;. lIi/i1J cjl:. OO.k~.~~~M.'M.!M.~'~k.fi~~$~k.~~!HIi~.9;. (5)WfiAm•• ~JJ{ § §1~flfft'J~~. ' :~§~~~.j};UP~?t~IHH~JEiRfiJ!'f~7Hi. ~!lP1£~:ff*.l!~JJ{ § T~DPJT.7~!HIi. '. ' ~~~~ •• *~!HIiW~1iiiHif:ftt ;. wnm~lHi~~ft'Jm~ttM •• ffl.~~~.~~'.m~~.ft'J*.~§; (7)~~~.1£~ft'J~!HIiW~i&m~.. ". ~~,*~~.~Jj[~(-fttft--ftft.:::.. ffi~~ft'JW~.~,"~~(-ftft~. . ~:l:)11. ftt~. l398.9 ~.f~. :f;fAm. )~.M~!ML.ft'JM.!Mm.. ).fi~~!HIift'Jm.~IfJjW~.~o. ft_. ftft~~.:::.~. ,*~. M. ' iI~~D*~rmM:ti!!li!I1it!ifT~~~.J£~iR1T~~!HIi~lP.!i. ; -ftft. 1Jl$~. ;-ftft~~t~M~~~.MA.fi~~lHi. ~1Jl18. -ftft~~~~-B'.fi~ft'J~lHim.K~. ,&~:ffLfflt. M ~jjo. ~~~~.~~.1it!ir~.W~.~J. ••~;. a~'~~J£~Rft~~Mtm~~.~A~.~"ffl,;It.~!HIi~A~~~!HIimJE.. ffij,q:t. fi~!HIi°~~'-ftft~~t~~.n~.~r~!HIi·~.&MlHi.~:J5fi!JEJ®o. § 1400. •• ~.~~Mm01*.l~~,.aq:t.*~r~_ftft~~+= ~-Bm'M.~ •• ~.~~.JEMA.M=IfJj·M=IfJj·M~IfJjft'J •• J~-~. :f;fAm. ftft~~+_~~'. t1tno. JE,,~~,*~~-ftft~~&mM~~!i.~tt~.~.~M~.".fi.M',&. ~~~n~PJT§.~ •• ft'J~M~".Wfi.Moq:t.*~~M+~.~~K~ ••. •• ~JJ{§T~~~~.@o~~!HIi.$~.~OO'*~~ -ftft~.~-- ~ _... B ' Am.:tt~5I;ft'J!HIi.~~?t 8.7 'Am.~zf~~~jl( 50% ' ~MA.~~,.mAm. .~.M~*Am.~~ft'J~.o-ftft~~ft'J~!HIia~a5z:¥~.$~.'~~A .~m.m.z~WT'~m ••. :i:+.Q<C. ~r,~,. jjfisl!l '. ~t:;---o. *m•• ,-ftftt~&'Am.~~5I;ft'J.$~. 0. ~~. ~~'~~~.~M~m~(L~:L~~~lli~tl'-nnA~+=~) '~-A~--t:;AD. itt®. ~l!iz;,. itt®. ~~~~~~~fi($~) '.-===M(~mA+t~=~+nB) ,~t:;-A·. :tt~. !11l~~'. litrsllf • ~-~1i. r ~~1iJfig~1f;iEJlZJ. • Ii!l~fi. ($~t). '~IIA+t~)\~=+AB. .• )\1:&.. itt@ itt@.
(13) A t~;\Ir§ Ili$ jf: ~ IfJl5il ~. ~trmsr'foj£ l{,,~. ,. t-t1fS;. ~~1: fJtfiiiUf';]. ~=F--!i&. 8.7 . 0. ?£-fLfL)\fFfLfj. 1. ~.[fi$m.·.~.$~~~MrP~. 8.28 5t;A~J,t(fJ7Jd~0l!J®. 0. §~~~'m@~~tt(fJa9:. ¥,t-t$~*~~~~@~~(fJ~~~.o. m- .. '. ~BtJJ~ITa9:. 8.2798. 31. § Jl)c.xEi~. 11H~-. 0. fL)\ 0 fF?£ - fLfL t fF $;tt:fiJi11f.f6(fJ:7I- fi'151:~ ,. +AfF$~AfF.:7I-fi'~~(.~.~) '-fLfL~fF*~:7I-fi'~~mma9:.' .(fJ~~ •• M.lifF(fJfi'~.~'~fi'~.~~.~n.~5t;.*.400. § ~.:±IJJ!JI~~ , -fLfLtfF8~ 297 .~5t; m-·.*~~A.~,.*tt*Jj'!§.M.*.~'.~~~* •• 51-~~. m.o~-fLfL=fF~*,*g~.lifF~~51- •••• ~~~wm=,~ ••*1fS; ~~(fJ51-Ji~A~® ' .Mt.~~$~*fljm51-.it.~:9JZ{§rJ =· •• ~(fJ51-[fiB.'~ ~~.~.(fJm~o~-fLfL~fF:7I- • • Ma9:.~.$~.~*,*g~.~~~~Jj'!§n.*Jj'!§:±Im-fLfL~ fLtfF~.~fF~.~'51- ••• ~ fLfL fF(fJ212.~5t;~fl.-fLfLtfF(fJ 1~8~.~5t;@,.~wm=*51- ••• o51-• • • m~.~, ~ 51-.mM~M(fJ~m, •• t-t51-~M.~,&.*g~.~Mtt(fJ~.~~~.,. MA~J,t.$.IE'~~~.~ •••• m7m~o m~·§M$~*~m~.Mffi'&.(fJ~~~.$,aa •• $~~~M(-fL fL= - fLfLlifF~.~{lIl51:' fLAfF. 6.1% ' -fLfLtfF. 0.8%) mli·*g51-~~.W51-~ •• m.m.1fS;-8~ •• *'-fLfLtfF51-~(fJ. ~$. 7.3% ' ~fE$. 63.2% '--fLfLtfF~$j:!;~ 1309.6 .~5C(fJ9i-~' $~M 51-~ 181.4 .~5t; , {~9i-f:l~.(fJ 13.9% ' ;:SA~J,t*~MJ!Zl@JI~.1JU$j:!; ~ ~ ffij , $.M51-~~ •• 1128.2 ' {~51-~~.(fJ 86.1%@ , ffij~ 51-••• *"-1 1400 .~5t; , Pfij;J=F!i&~j'[l'!I]tt(fJ~.~lj m@l~~(fJ~*OO ' liiJ*~fm~ j(;. !UJLIII$#t. 0. 1Jt:-fLfL~fFitQ*~~Jj'!. 0. 0. Jil.;ttH1 ; fiJi 1151-[fi , ~m;. ~ IIHi!ltI~. ;. ~+IHlifrP~ J.!l!~Jto fjitQ,*~. ; -fLfL ~JHT kii1i ~ [fi ,,~. 9HHU~IE~. (IE J tj!) fLAfF+= 0. fEJllt-~. 0. 0. 0. 0. MA~J,t1fS;-fLfLAfF=FJ!Z~(fJ~~~~tt~~'&~*~OOt-t~~~.~lj(fJ~~ m~o. 1'T liN tU ' '& ~IEJt~VJt. OO'*~1fS;. iff@ . Jlii'3I:lt. 0. iff® ElJlii' A~'I0'I!i.$i¥J~~«lltlJ~. : 9l-1!i.:fa~l!fiflUI~OOiU~Bj£~mlH'ji¥J~1:!fI!i.!1fm., lOr:j:t~A~ •• r:j:t~9l-I!i.R.r:j:t6i¥JR. .fitia.~i¥J.1:!fI!i.~".~~·~~~8~ ••A•• llii¥J9l-I!i.*.·. lj[[ 50% '. .~~·~.fi~9l-l!i.m~ •• 9l-I!i.·~~.~'~~~~9l-~m~i¥Jffl~~~*·A~'I0'ti~x'B. , fief~A~ If;(fJIII$El3. ~WM'I0'i¥J~.~~~-m.i¥Jffl~h.M~~·r:j:t~A~.fi •••i¥J.23W'l0'tiA~'I0'i¥J~~~~~(~~.R.i¥J~~.~~) 1tA~'I0'i¥J:!ili:lt!~$. ( reference rate). 0. ~~1'J • • ~-:!ili:lt!~$. •• B~fi~9l-l!i.m~~~~ '~~.0•• ~~x'B~lOM'I0' , ~~*fiti~p •••23jl{1/f,i¥J. m~~~·.~~A~~1t~xi¥J~:lt!I!i.$~~~m.~x~~~W'I0'i¥J~.fi!1f'~~.0.A~'I0' 1t~23jl{'I0'~9l-i¥Ja~~.W1/f,i¥J.~~o*.W· .--t::;~o. \}\M(. ~~11i'. (e$) itt@. AJU3~ (~tB) ,-ftft}\~ftH-+1i8. ' .-.~.. cplltUttii. : -nnA ( ~tB : r:j:t~!ifCll+lliM(t± iff@ http://www.cier.edu.tw/cq/CQ13-l.HTM. page 1 of 2 tt@. 0. rr:j:t~i¥J~~~~ •• ~A~'I0'~.J ,*~~. ,-ftftA~+-H+ft8'.cAM(o. m~u~'t~-I-Jijj,tfii·. 0. ,-fttL}\~IZ1lH) 'J"f~~ 0.
(14) ,, .. 1M. ~~. 88. '.f. I R. ~A~,*it~(~7C). ;it§teD. '.f.&. ~. teD1m. 1m. 1978. 355.0. 1979. 454.6. 211.7. 1980. 570.0. 271.2. 1981. 735.3. 367.6. 1982. 771.3. 1983. ~~7Cit~(~~j(;). ;it§D1m. 167.6. 187.4. ;it§teD ~. 1m. teDM. D1m. 206.4. 97.5. 242.9. 293.3. 136.6. 156.7. 298.8. 381.4. 181.2. 200.2. 367.7. 440.2. 220.1. 220.1. 413.8. 357.5. 416.1. 223.2. 192.9. 860.1. 438.3. 421.8. 436.2. 222.3. 213.9. *~5.2m. 1984. 1201.0. 580.5. 620.5. 535.5. 261.4. 274.1. jHM~3i. 1985. 2066.7. 808.9. 1257.8. 696.0. 273.5. 422.5. ?F~fjg5. 108.9. *5:HI5i. *BWlfI. 1986. 2580.4. 1082.1. 1498.3. 738.5. 309.4. 429.1. :tI3t±\@. 1987. 3084.2. 1470.0. 1614.2. 826.5. 394.4. 432.1. ~*g~. 1988. 3821.8. 1766.7. 2055.1. 1027.8. 475.1. 552.7. .8llijij. 1989. 4155.9. 1956.0. 2199.9. 1116.8. 525.4. 591.4. ~tt!!:IJ{] ]I. 1990. 5560.1. 2985.8. 2574.3. 1154.4. 620.9. 533.5. 1991. 7225.8. 3827.1. 3398.7. 1356.3. 718.4. 637.9. 1992. 9119.6. 4676.3. 4443.3. 1655.3. 849.4. 805.9. ~ti1UEi~. fli '. ~fj. 1993. 11271.0. 5284.8. 5986.2. 1957.0. 917.4. 1039.6. M~~~. 1994. 20381.9. 10421.8. 9960.1. 2366.2. 1210.1. 1156.1. ~Jl:I. 1995. 23499.9. 12451.8. 1l048.1. 2808.6. 1487.8. 1320.8. ~fjg.Mz:11. 1996. 24133.8. 12576.4. 11557.4. 2898.8. 1510.5. 1388.3. 1997. 26958.6. 15152.8. 11805.8. 3250.6. 1827.0. 1423.6. "1\Ji"Ili'jM. jliHA:r- ' (-). 5634.4. 2609.1. 3025.3. 2524.0. 1200.5. 1323.5. "tJi"~M. 19202.4. 9260.6. 9941.8. 4864.0. 2325.2. 2538.8. Il'i'fM. 71498.2. 36661.8. 10143.4. 5183.1. 4960.3. " J\Ji". 34836.4 •. t!tJ'f-W~ ~lliD~. &:-hth$• • ~.$M.*'-hAO$~ • • • ~.*·. .L:J~.Jl. ~fl*~:~~~~mW·-nnA·~-~~·. .811[!'i~ ~). tt~'~.ffl.~~AN~~'$~~.W~. •• 'A~M~$~*g~~.m. .. ~. ~!lJJ~#. ~L'~T~£~~~~,~~~~~~~(~ft~~~~~~~~~~N~lli'. fli~.'. *~~~m.~e~~a) 'A~M~.$~~*~Le~~~,~~g~~*M. ftft1\~. ~ID~~A$~*g'~tt~.m.~~~~~~~'A~M~tt~.~~~M~. ~WMH' mff.$~j. ,. 8~m~~.wm.~.~. B .m~~.¥-JfI 5,000. •• o~g*g~.~~.~~'~L •• ;J;~:7c 'f§'-X~*. #~I*ga~~fiL~~~A~M.~~~.~~@o. ~.'~*.~·rr.~3~. ~~zfli~!t:~. z. 0. 1,400 ~~~:7c~:7}. 'M~Mm~$~~.. '&~$~.~B~~-ftftA~~MA~M ll!@. &@ itf.@.
(15) A~~Il!f$iE~if;]~~. 33. 1L " kF:t~£ Wti1 ~~~ft. ) ~D~. 108.9 156.7 200.2. £*J:'*~.~~#fAmM~.§~~~.~.®*.~~,~:jt~lliR.~ J:t¥g~.o. -~'~m~*.~AmM ••. , •• :jt§.~ •• ~,.~nti.*~&.©. 213.9. ••• t¥g~~'B®.ftt:pm*~~.~.~.tit¥g~.;t:jtffi.~8 * 8 j@f1!lIH~z~. ' 1t9®5mftTW§te~f[J~Mt¥glmf*@ ~~t:p:'!=!;~ftR~t:pm *.~~n~~~ •• t¥g~~~~~.R~llitt~~o=~'*.£.ff~.R.~. 274.1. ~~~~~~AmM~~~~'®RAmMti.~~~~@~.*.£t¥g.ti£.,. 422.5. 1.For~g51 ~t:p:#ffi~~~t¥g~M~ rn~~~~I!IlI$tHU~. 429.1. .3tl.~~. 220.1 192.9. 432.1 552.7. .~.~~. 0. ••. , mP31E:~,JH.ii~1J*,~,ft. •• *0.fi.~~.W~m.~~m~o~,t:p m*~~§temm*W~A~m'AmMti~~~ •• **~~£~§te~t¥gtHD'.* W~tH~ , 51~W~~m IZB~ , ~!I~.D5l:1fi ' ~#fwi1!:~~IlI$~D~AmM§l EE '~R~~~~. 0. 591.4 533.5 637.9 805.9 1039.6 1156.1. ~.~Am~.~m.(wro).~£.o*~~t¥g~.D5l:1fi~.~M!tiAmM~. ~'~ •••• ~.'.~ •• !.rnTa!a~wi1!:~m_.·~ •••• ~~t¥g *~~~m. ' .lm~:lrIm* ••• t¥g~. ! ~R.I!j1JU~wi1!:~.~~~1.!i!1fj_~IlI$. ffi~t¥gBti@!®-~~~~~~~.#f&.IlI$~~ffilm°. 1t9~!. J:~t¥g~'~DIt9*~&ft*~.~~lli·.mz~.T!~*t¥g~~. 1320.8. orn~~~AmM.~ttR~,®~t:p:#.~MtH~~~mo~~#fAmM~~~z. 1388.3. ~mT,§.*~t¥g.m. 1423.6 1323.5 2538.8 4960.3. (-)tH DElm. 0. •• B~§~¥@fi~t¥g~ti:. fiYi-~~f~t¥gt:p:# ,:jtRml~H±.t¥g.mlmf*. , t:pm*~-tLtLt~V) 3250.6 ~§te7Ct¥g BtHD.lfi1:i' *~J~~~W~t¥gm+ftl@' .tHD.1«UM GOP 36%@' ffi um••• &.~t:p:'!=!;IlI$.~~.o~®'EE~t:p~*~ •••• ~.m~£~m i!tw..~*J1. (WTO) ~fflit¥gi!tW.W~tJF~. ,w.m'~~· ~~t¥g9}llIrn. tH, ~ Jtu V)-:f5~: WHi1J. aIi'iJ :jtftt! ~H\i(. 6 ' V)J:mJllI t¥g9i-111. +5t~~, ~tf. m.'~. •• ~.~~£'~~.£(.. ~) 'm~' n3~~fJ;l,t¥gtHD~m ' t:pR&.~~£flIJRi¥.i~~J!~'HH*' *~ •• •• ~.~.£~m.~.~ZmMJ!~ •• 'BIt9~~~.J!~fi~mWM*~~ , *~tH D~.Bf$$T* -tLtL)\~1if3 f7:Hl'lf3 tHD~jJ& 1.5% ' ~tLtL~~tf3~*.f3tHD ft~ •• o~~,~.t:p:#mJlm.~,-tLtLA 0. &. &@. r.~~.~~~~.&:~~N~AM.M~~.~J ·I~ • • 'M~A+~.hR~8,.=m·. § -hJ\~.J-:nF:. ' :Ilj:~tun.1itr!.Ii.iJl1.7C(j(JIlI$jfilJJJt '. 1i.t1.7C(j(JIlI$Ii!lJE:~ 1.5C~ 7.8 i'i5C. •. ~mfilll$M&~'i'i.(j(J.ff~.5C~.~·~~.~.~.U(j(JIlI$.~ • • • • fi&#.fili.. ~t¥gt:p:'!=!;iRm. (fJ~N.n*Hl1t~· IZSIJltm:.t1.5C(j(JIlI$i!11Hftj>if~7.8m:.J:~Z8i/NIillI:tP'l·. ::~#fA.R/~. !J35l' {£Z;I'J' r:llj:i'i. (fJ.~IlI$MI:tJ ·~.~.' • • =E~O.(-hhA.~Rh8) ·.=h-~-·. &®. X~.(J:.) ·-hht.AR-+t8'.~m·. &@. ~~~nm.:-nnA·~~~~'.E&-~~·. :tt®l Ii\!:tt©·.
(16) Fl *1!¥~9i-j?l ~~I±l O~~;tt: 2865 fi~:7f; , .~t-tLtL-t:;~IOJWrfl~ 0.2% ' 1±l~~~*~*~_,m~ • • ~~+-FlID~~HI±lO.&.~-+fi~:7f;mBo til' I±lo 1639 fi~:7f;, ~:R$.Rtf 0.2%' f!?~o~~EtJ~AI\'J~~**~~~~~. GDP ~. ~. ~ftttl1Bl&flflt%i~l¥J~*' ~O~~~ 1226fi~:7f;' ~~0.6%' ~g+fi~Jlli'H~~413. l¥Jaw• •. fi~:7f;. m.g~-!. 1.8% ' JltfiJ. *~~.I±ll. , :tt~~.tt.R~ 2.3% ~I±l Oli¥liJ~1irm ' M+-OOFl *~~~m1~*W:ti!HilLl±l .0 878 fi~:7f; , .tt -tLtL-t:;~IOJM.& 95.6 fi~:7f; ; fii~~~Fmll±l OitDO 27% ' ~ ~MI±l 0 296 fi~:7f; , :tt~ 15% ' f.t~t~HI±l 0 356 fi~:7f; , :tt~ 14%@ , ff!:tt~1/Ii 0. ~~ff~.J. :l!f!ltjjfij~ji). ~~m.~'D~~~~~f.t*~l¥JOO.~~B~~~Do~m~~l¥J~~~~~* ~.'.~~~~.~M.l¥J • • '~~m1~*l¥J~O.*.&H9i- • • ~.Mffi~ ,.. , ,, ... ii !. ~.'WH*~*.~l¥J~H.~.~l±lo~.~~.~~mID~'MM**-~M M~'*~9i-j?l.~l¥J~.~ • • • • •. o (- ):7ki1i l¥J ~ ft til ~ * I!¥ ~ • • )ji l¥J mDllEE FE tf\'~" raJ ~ I!¥' 9i- ~11 rP t~" raJ ~.rP.o*~~~~ • • ~l¥J.*~~%i~,m~fii.m~~rr~.*~,~~. .~.'~&.0;tt:.m~.~.*.9i-.'.*~ • • • ~.&.fi~m~.~.. jff-~~. m&~.~. 0. .. .... ;]i~fi£.~ ~-J!t~B. 9i-.l¥J~~o~W,EtJ~rP.~~~~~~~ffi~~~~.~~~.'9i-D~~*1!¥. .~~~),~~. ~. Jbf!. ;. ~.~~.o. M'9i-D~*~ • • ~.~~ • .ttn~*¥~~~_~l¥J. Am~. AmM~. .~: -·-tLtLlm~:tt~. 22.7%' 1995 ~:tt~ 11.1%' -tLtLf;;~:tt~ 11.2%' -tLtL -t:;~*~ • •fIJm9i-.3i 452.57 fi~:7f;l¥Ji'ili~ , ~~ 8.4%@ -tLtL-t:;~~H~m~~f~ , *~~rJbZ51:7i-.~~prmlm~B ' ~~-tLtLJ\~~. .i¥.i~*i£.;. *~tt'*I!¥~M~M~.l¥J9i-.~.~3if;;~*@o.~M'~Atil~*~l¥J9i-.. .rPt~';'rEuf. 0. tilf.Jfl70%~. I?!l ~ ru,l;),_f. ~& f9:if! q. 80%?i EHt!1 ' i!t! ' '€:1:ttel& ' B* ' i¥.i.~),&.~~* ' mJ!t~*:ttea~ ~*M~M'~ • • • '~.~.~b~_'W~.~~9i-~.'~~I±l~• • ~.. m~:7i-Df.t:. ~$~.'M@.~~.~*±.~'~&~.m~~*WM~Mm~~.~*_~'. 'II '. WrJbZ 51 ffl~7t JJj(~fi~.*~~ B~*~~£~ I±l 0 D[JI~ El "tl:.l¥j~~ * ' .~m J!t~*~• • • l¥J~.'B~mftA*H~.l¥J.~.~o~~-tLtLA~-~+Fl' *f!¥9i-AW:ffl~.~lli~~1i 394.1 fi~:7f; , ~-tLtL-t;~IOJM.:J--'J 1.5% ~~9i AW:ffl~ • • • ~.~~.~*~.~'~~-tLtLA~-~+Fl'*~9i-AW:ffl~ • • • ~.~~~ 359 fi~:7f; , ffl..~-tLtL-t:;~IOJM1i~~ 0.9% a ~)'I&~W i§ , f6 *H:7i-.80%l¥J*~.~' ~-tLtLJ\~M+OOFl • • ~.~~.~f.i6~ 11%~ 12%' ffl.EtJ~~W+lW~t~m19i-.ftAttDO ' .fmT*~:ttel£l¥J:7i-"~9 ' Mi./J\ J 9i-• • ~. tig~)H#~';'~. 0. l¥J.~i@. 0. (~_.~~~BM~'ll.#~M~.bafii.til;tt:~-tLtLf;;~~~l¥J§~. aw• •. ,~w~. ~B~f!?-W:M~.~'Hlli.&fto. •• ). n@. ~.Sfi(. ~®. ~ • • H~~'.~.H~¥:-~~A'.-~~·. 'M~A+t~+=~+-8·.B~~·. R@. I~.fi'M~A+t~A~=+-B'.A~·. itt@. I~P~fi' .fi!:.~JHt~+-~=+Il9E1. .•. J\~.. 0. tLtLA~~*~*1!¥. ,. 1¥~. 0. f. .Wlt!~. fi~*rl'!'3<.1 raJ~~f§1i3. ~l¥J~*~1. ~~**M!. f@l¥JJ'L. ' ;tt:1i JijJ f.t ~ 1 II ) ~~~~! I.
(17) B. *. *. *. ~M~Ji!~~IDW~~~ ( [I )~~ • • ~W~maID ••• ~~.,q~~~~m •• IDWR.M~.~ •••• ¥fim~,~.~ •• w~~~$m.~Y,.~,.~~. o. ~~~m~m. ~±~~fuffi~W~~-~~¥¥¥-~.~Y~m,~m.~.~~oom*.~~. , ~M~~~WElY:i ~15!'~Hliw[$f(ti$m~~~~±~.ni:J~ , ltl~*~~j! ~Jm~~~ , ~}~!m1f8~~~:ilf~f:~ , ¥R~~~~~~-!t ' ~1C ~~fniEl*~~[~ ~U~~M~'~M~W~-!t~~~~~.~~ID'~~~ •• ~~~#X~.~M ••~~~~~,~m.~~f(ti.$.~~ 0. 0. -!t,.~~.~~m.~x~.~~ o. ••• ¥~~. .¥~*:r n$$f~q;r~. m.¥i~.L. • %ZI 5£%1. !?} • ~M~ ~ • • Yi~f 0. ~~~¥gqW~~o~~,~. ,.. ' !ill¥t ' ~if:~j)1f"~:ffHff~!J. ~}~UHH~I!~tm~~~~~~~!ill~EI*. fu~m~o/~~x,~~~~~. ~~5£ %S , fu'+5£-3. ,@~~~. ~~~~~~.¥Y~¥~~~!ill~'~~~if:~~O/~~~~~~.¥MW~~~ W~.~IDoY~~*~~~~*~.Y~~±m!ill~'~M~B~~ ••Y.'. ¥~¥YI~~±W'*~ •••• ~~~W~ •• Dltl'~~.W.~[$".W. ~$,.~~ti.~$~ •• ~~.~ •• ¥~~MJmID' •• ~~~m.mfu~~ .~±'.~±.~Y~V¥¥-~~~~'~~.~M~o~f(ti~** •• ~* • • ~ •• wm~.~.**.¥~~~ID'B~.~~~~'.~~±~.~Y o-~S~ •• ~~W~~$ •• ~Y!.~ .w~~•• ~.~,~m~ ••••• ¥t~~'.~ •• ~ •• li~.~m~~. •• ~li~.~~-!t~.WEl'~ .oB~~-. x,~mM~~~'W~.~~. .¥t.ID'$.M~~~~-!t~~.w~~~.~m-~.~~w'. ••• wY~m. '~Y:i w ' ~n!~~:n,\~'€~~rrJ~-!t.~ •• $mMEI*~!ill ' ~}.$.MEI*.L ~~~-!tfii •• ~$.U~' •• ~O/~ • • • • Y.~.~-!t~.*~~-m. .:.;v:••. ~. ~1Bij1.f.~. ~~~~I¥ :r~\f¥¥. ¥¥-, %Z ~1I}.~~. .¥M~Wi. !f~**~~. oo.:r ' fII: [;tJti.W~i. ~'-±~. /M;ffiI-**i RiEl*~l}lJJ. *1:W4;r5£~. ~~~~*~. y~¥~wDltlR.g¥. £lt~~I(~Mi. oq•• ~.~W.~Y*.~'*~ ~~ •• •• ~~Mo.q~W~~±.#U~'if:~~~ •• ~~~~~~~~.~~~~ ¥~~'~~U~~~±~~.~!S%M.~$~.~.~.~ •• ~-~W.~ •• '~~D.~~eM ~~~¥¥. M~'.~.~. ~.~~H~~Y o. ,.~w~~B~~. •• ~* •• ~R.'.W!m~. ~J~~:I:f~B!PJ.¥.¥~~H. '. YI{¥I~~*~~~:rOlj' , ~1f3:.~*~~~. , %8'1. 1jl*~8} , ~. M ' %LZ. Olj'{i. ltl 1Bij1.fW.Ri o:t&W:;If~i. ,. %Z·O~~~.
(18) j ~. ". 1. I. 96. i. 1. Analysis of Renminbi Foreign Exchange Rate Trends Shu-fen Hung. Abstract Since the outbreak of the East Asian financial crisis in July 1997, the Peoples Republic of China's(PRC) currency, the renminbi(RMB), has maintained a constant exchange rate with the U. S. dollar. Following the downturns in PRC exports and financial growth, however, the potential devaluation of the RMB has become a major concern in the international trade market. There are numerous factors that will affect China's exchange rate; besides domestic and international financial factors, there are also political considerations. The relationship between these aforementioned factors are complex. Moreover, policy making in the PRC is significantly influenced by her elites and is thus fundamentally different from the decision making in the Western countries.. t. t. c. b. It is, therefore, difficult to apply Western financial theories to predict what. will happen to the RMB. The RMB should be able to maintain its value, at least before the second term of 1999. However, the degree of recession in the PRC, the capability of PRC officials to handle the recession, the financial re covery of the East Asian countries, and the strength of their currencies especially the Japanese Yen, aU may affect the stability of the RMB.. a e S n S. tl. Keywords: Renminbi, Foreign Exchange Rate. Asian Financial Crisis. Theory of Purchasing Power Parity, The Balance of Payments Theory. I< Ii }\.
(19)
相關文件
volume suppressed mass: (TeV) 2 /M P ∼ 10 −4 eV → mm range can be experimentally tested for any number of extra dimensions - Light U(1) gauge bosons: no derivative couplings. =>
For pedagogical purposes, let us start consideration from a simple one-dimensional (1D) system, where electrons are confined to a chain parallel to the x axis. As it is well known
The observed small neutrino masses strongly suggest the presence of super heavy Majorana neutrinos N. Out-of-thermal equilibrium processes may be easily realized around the
Define instead the imaginary.. potential, magnetic field, lattice…) Dirac-BdG Hamiltonian:. with small, and matrix
incapable to extract any quantities from QCD, nor to tackle the most interesting physics, namely, the spontaneously chiral symmetry breaking and the color confinement..
(1) Determine a hypersurface on which matching condition is given.. (2) Determine a
• Formation of massive primordial stars as origin of objects in the early universe. • Supernova explosions might be visible to the most
The difference resulted from the co- existence of two kinds of words in Buddhist scriptures a foreign words in which di- syllabic words are dominant, and most of them are the
