Êƹñ¤Ë¸«¤ë°Û¼¡¸µ¶âÍ»´ËϤ«¤éÀµ¾ï¤Ê¾õÂ֤ؤÎÉüµ¢¥×¥í¥»¥¹

2015ǯ12·î16Æü¤ËFOMC¡ÊFederal Open Market Committee¡Ë¤Ï¡¢¥Õ¥§¥Ç¥é¥ë¥Õ¥¡¥ó¥É¥ì¡¼¥È¤ÎÌÜɸ¥ì¥ó¥¸¤ò¸½ºß¤Î0.0¡ó¡Ý0.25¡ó¤«¤é0.25¡ó¡Ý0.5¡ó¤Ë0.25¡ó°ú¤­¾å¤²¤ë·èÄê¤òȯɽ¤·¤Þ¤·¤¿¡£¥×¥ì¥¹¡¦¥ê¥ê¡¼¥¹¸¶Ê¸¤Ï¤³¤Á¤é¤Ç¤¹¡£¤½¤ì¤Ç·èÄêȯɽ¤ÎÍâÆü¤Ï¼ÂºÝ¤Ë¤Û¤ÜÌÜɸ¥ì¥ó¥¸Ãæ±ûÃͤÎ0.37¡ó¤Ë¤Ê¤ê¤Þ¤·¤¿¡£¼Â¤Ëµ×¤·¤Ö¤ê¤Ë¥Õ¥§¥Ç¥é¥ë¥Õ¥¡¥ó¥É¥ì¡¼¥È¿å½à¤¬Æ°¤¤¤¿¤Î¤Ç¡¢¸½ºß¤ÏÎò»ËŪ¤Ë¸«¤Æ¤É¤¦¤¤¤¦¿å½à¤Ë¤¢¤ë¤Î¤«¤ò¤¢¤é¤¿¤á¤Æ¸«¤Æ¤ß¤ë¤³¤È¤Ë¤·¤Þ¤¹¡£FRB¤Î¥µ¥¤¥È¤«¤é1954ǯ7·î1Æü¤«¤é¸½ºß¤Þ¤Ç¤Î¼Â¤Ë60ǯ´Ö¤ÎÆü¡¹¼ÂÀӥǡ¼¥¿¤ò¼èÆÀ¤¹¤ë¤³¤È¤¬¤Ç¤­¤Þ¤¹¡£

Â礭¤Ê²èÁü¤ò¸«¤ë

60ǯ´Ö¤Ç¥Õ¥§¥Ç¥é¥ë¥Õ¥¡¥ó¥É¥ì¡¼¥È¤¬ºÇ¹â¤À¤Ã¤¿¤Î¤Ï¡¢1981ǯ7·î22Æü¤Î22.36¡ó¤Ç¤·¤¿¡£¤³¤Î¤È¤­¤Ï¥¤¥ó¥¿¡¼¥Ð¥ó¥¯»Ô¾ì¤«¤é»ñ¶â¤¬¾Ã¤¨¤Æ¤·¤Þ¤Ã¤¿¤È¸À¤ï¤ì¤ÆÂ纮Í𤷤ޤ·¤¿¡£¤½¤Î¸å¡¢1991ǯ°Ê¹ß¤Ï¡¢°ú¤­Äù¤á´ü¤Ç³µ¤Í5¤«¤é7¡óÄøÅÙ¡¢´ËÏ´ü¤Ç³µ¤Í1¤«¤é3¡óÄøÅ٤Υì¥ó¥¸¤Ç¿ä°Ü¤·¤Æ¤¤¤Þ¤·¤¿¡£¤È¤³¤í¤¬2008ǯ¤Î¶âÍ»´íµ¡°Ê¹ß¤Ï¤Û¤Ü¥¼¥í¶âÍø¿å½à¤ËÄ¥¤êÉÕ¤¤¤¿¤Þ¤Þ¤¹¤Ç¤Ë7ǯ¤â·Ð²á¤·¤Æ¤¤¤Þ¤¹¡£

¤Û¤Ü̵Íø©¤Ë¶á¤¤¥¼¥í¶âÍø¶áÊÕ¤ËÄ¥¤êÉÕ¤¤¤Æ¤·¤Þ¤¦¤È¶âÍø¤Ï¶âÍ»´ËϼêÃʤȤ·¤Æ»È¤¨¤Ê¤¤¤³¤È¤Ë¤Ê¤ê¤Þ¤¹¡£FOMC¤Ï¡¢¸ÛÍѤβóÉü¤äÌÜɸ¥¤¥ó¥Õ¥ìΨ2¡ó¤Î¼Â¸½¤Ë¼«¿®¤¬»ý¤Æ¤¿¤Î¤Ç¡¢°Û¾ï¤Ê¥¼¥í¶âÍø¤«¤é¤ÎΥæ¤ò¼Â¸½¤¹¤ë¤³¤È¤Ë¤·¤¿¤Î¤Ç¤¹¡£¤Ç¤¹¤«¤é¤³¤ì¤Ï¹â¤¤¥¤¥ó¥Õ¥ìΨ¤ò·üÇ°¤·¤¿¶âÍ»°ú¤­Äù¤á¤Î¡Ö¤¤¤ï¤æ¤ëÍø¾å¤²¡×¤Î»Ï¤Þ¤ê¤Ç¤Ï¤Ê¤¯¡¢ÍͻҤò¸«¤Ê¤¬¤é²áµî¤Î´ËÏ´ü¤Î1¤«¤é3¡óÄøÅ٤Υì¥ó¥¸¤Ë¸þ¤±¤Æ¡Ö¾¯¤·¤º¤ÄÀµ¾ï²½¤·¤Æ¤¤¤¯¥×¥í¥»¥¹¤ËÃå¼ê¤·¤¿¡×¤â¤Î¤ÈÍý²ò¤¹¤Ù¤­¤Ç¤·¤ç¤¦¡£

ÊƹñÆâ¤Î·ÐºÑ¶âÍ»¾ðÀª¤«¤é¸«¤ì¤Ð¤­¤ï¤á¤ÆÂÅÅö¤Ç·òÁ´¤ÊÂнè¤Ë»×¤¨¤Þ¤¹¤¬¡¢À¤³¦¤ËÌܤò¸þ¤±¤ë¤È¡¢²¤½£Ãæ±û¶ä¹Ô¡ÊECB¡Ë¤ÎÀ¯ºö¶âÍø¤Ï0.05¡ó¡¢Æü¶ä¤Î´ð½à³ä°úΨ¤Ï2008ǯ12·î¤«¤é¤º¤Ã¤È0.3¡ó¤ËÄ¥¤êÉÕ¤¤¤Æ¤¤¤Æ¡¢¤¤¤º¤ì¤â¤Û¤Ü¥¼¥í¶âÍø¾õÂ֤ˤ¢¤ê¤Þ¤¹¡£¤½¤³¤Ç¡¢À¤³¦¤Î¶âÍ»¥»¥ó¥¿¡¼¤Ç¤¢¤ëÊƹñ¤À¤±¤¬¶âÍø¤ò¡Ö¥¼¥í¶âÍø¤«¤éÀµ¾ï²½¤·¤Æ¤¤¤¯¡×¤È¹ñºÝŪ¤Ê±Æ¶Á¤ÏÈò¤±¤é¤ì¤Þ¤»¤ó¡£¤·¤¿¤¬¤Ã¤Æ¡¢º£²ó¤Îȯɽ¤ËÂФ¹¤ë¶¯¤¤ÈóÆñ¤ÏÀ¤³¦·ÐºÑ¤ËÂФ¹¤ë°­±Æ¶Á¤Ø¤Î·üÇ°¤«¤é¤â¤Ã¤Ñ¤éȯ¤»¤é¤ì¤Æ¤¤¤Þ¤¹¡£

¤³¤³¤ÇÀ¤³¦Á´ÂΤÎÌäÂê¤ò¹Í¤¨¤ë¤Î¤Ï¼ê¤Ë;¤ë¤Î¤Ç¡¢¤¢¤é¤¿¤á¤ÆÊƹñÆâ¤Ë¤Ä¤¤¤Æ¿¶¤êÊ֤äƤߤޤ¹¡£¥¼¥í¶âÍø¤È¤¤¤¦¶âÍ»´ËϤ¬¹Ô¤ï¤ì¤¿¤Î¤Ï¡¢2008ǯ¤Î¥ê¡¼¥Þ¥ó¥·¥ç¥Ã¥¯¤Ëü¤òȯ¤¹¤ëÀ¤³¦¶âÍ»´íµ¡¤ËÂн褹¤ë¤¿¤á¤Ç¤·¤¿¡£¶âÍ»´íµ¡¤ÏƱ»þ¤ËÃø¤·¤¤·Êµ¤¸åÂà¤ò¤â¤¿¤é¤·¡¢Êƹñ¤Î̾ÌÜGDP¤ÏÂèÆó¼¡ÂçÀï¸å½é¤á¤Æ½ã¸º¤·¡¢¸ÛÍѼԿô¤âÃø¤·¤¯¸º¾¯¤·¤Þ¤·¤¿¡£¤·¤¿¤¬¤Ã¤Æ¶¯ÎϤʷʵ¤ÉâÍȺö¤¬É¬ÍפǤ·¤¿¤¬¡¢¶âÍøÀ¯ºö¤Î¼êÃʤϤʤ¯¤Ê¤Ã¤Æ¤¤¤¿¤¿¤á¡¢°Ê¹ß¤ÏÎÌŪ¶âÍ»´ËÏ¡Êquantitative easing : QE¡Ë¤¬¹Ô¤ï¤ì¤Þ¤·¤¿¡£º£²ó¤Î·èÄêȯɽ¤ÎÃæ¤Ç¤â¡¢QE¤Ç¼èÆÀ¤·¤¿ÉÔÆ°»ºÃ´Êݾڷô¤äºâ̳¾Ê¾Ú·ô¤Ï¡¢¸µËܽþ´Ôʬ¤ÎºÆÅê»ñ¡Êreinvesting principal payments¡Ë¤Ë¤è¤êÊÝÍ­»Ä¹â¤ò°Ý»ý¤·¤Æ¤¤¤¯¤³¤È¤¬É½ÌÀ¤µ¤ì¤Æ¤¤¤Þ¤¹¡£¸µËܽþ´Ô¤Ë¤è¤Ã¤ÆÊÝÍ­»Ä¹â¤¬¸º¾¯¤¹¤ë¤È¼Â¼ÁŪ¤ÊÎÌŪ¶âÍ»°ú¤­Äù¤á¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¤¤Þ¤¹¡£¤·¤¿¤¬¤Ã¤Æ¡¢¼ÂºÝÌäÂê¤È¤·¤Æ½ÅÍפʤΤϡ¢¶Ï¤«¤Ê¶âÍø¤Î°ú¤­¾å¤²¤è¤ê¤â¤³¤Á¤é¤ÎÊý¤Ç¤¹¡£

2013ǯ6·î¤ËÎÌŪ¶âÍ»´ËÏ¡ÊQE¡Ë¤ò¤É¤Î¤è¤¦¤Ë½ª¤ï¤é¤»¤ë¤«¤È¤¤¤¦½Ð¸ýÀïά¡Êexit strategy¡Ë¤¬¸øɽ¤µ¤ì¡¢Ëè·î¤ÎÇ㤤¾å¤²µ¬ÌϤ¬Ãʳ¬Åª¤Ë½Ì¾®¤µ¤ì¤Æ¤¤¤Ã¤Æ¡¢2014ǯ10·î¤ËÄɲÃŪÇ㤤¾å¤²¤ÎÄä»ß¤¬È¯É½¤µ¤ì¤Þ¤·¤¿¡£·Êµ¤»É·ãºö¤ò½ª¤ï¤é¤»¤ë¤Î¤Ï»Ô¾ì¤Ë¥Í¥¬¥Æ¥£¥ô¥¤¥ó¥Ñ¥¯¥È¤òÍ¿¤¨¤ë¤Î¤Ç¡¢Í½¹ð¤·¤Æ¤«¤é1ǯȾ¤ò¤«¤±¤Æ¼Â»Ü¤·¤¿¤Î¤Ç¤¹¡£Í½¹ð¤Î»þ¤Ï³ô²Á¤ÏÂ礭¤¯²¼¤¬¤ê¤Þ¤·¤¿¤¬¼ÂºÝ¤ËÄä»ß¤·¤¿¤È¤­¤ÏµÕ¤Ë³ô²Á¤Ï¾å¾º¤·¤Þ¤·¤¿¡£

QE¤ÇÇã¼èÂоݤȤµ¤ì¤¿¡¢ÉÔÆ°»ºÃ´ÊÝ¥í¡¼¥ó¤Î¥­¥ã¥Ã¥·¥å¥Õ¥í¡¼¤Ë΢ÉÕ¤±¤µ¤ì¤¿¾Ú·ô¡ÊMortgage Backed Securities : MBS¡Ë¤È¼«Æ°¼Ö¥í¡¼¥ó¤Ê¤É¾ÃÈñ¼Ô¿®ÍѺĸ¢¤Î¥­¥ã¥Ã¥·¥å¥Õ¥í¡¼¤Ë΢ÉÕ¤±¤é¤ì¤¿¾Ú·ô¡ÊAsset Backed Securities : ABS¡Ë¤Ï¡¢¶âÍ»´íµ¡°Ê¹ß¿·¤¿¤Ê¾Ú·ô²½È¯¹Ô¤¬¤Û¤ÜÄä»ß¤·¤Æ¤¤¤Æ»Ô¾ì¤Îȯ¹Ô»Ä¹â¤ÏÂçÉý¤Ë¸º¾¯¤·¤Æ¤¤¤Þ¤¹¡ÊËöÈø¤Ë»²¹Í¥°¥é¥Õ¡Ë¡£Â¾Êý¤Ç¡¢·Êµ¤Âкö¤äÀǼý¸º¤Ë¤è¤ëÂçÉý¤ÊºâÀ¯ÀÖ»ú¡ÊËöÈø¤Ë»²¹Í¥°¥é¥Õ¡Ë¤Ë¤è¤Ã¤ÆÊƹñºÄ¡Êºâ̳¾Ê¾Ú·ô¡Ë¤Ï¤«¤Ä¤Æ¤Ê¤¤Àª¤¤¤ÇÁý²Ã¤ò³¤±¤Æ¤­¤Þ¤·¤¿¡£

ºâ̳¾Ê¾Ú·ô¤¬¤É¤Î¤è¤¦¤ÊÀª¤¤¤ÇÁý²Ã¤·¡¢Ã¯¤¬¤½¤ì¤ò°ú¤­¼õ¤±¤Æ¤­¤¿¤«¤Ïºâ̳¾Ê¤Î¸ø³«»ñÎÁ¤«¤é¸«¤ë¤³¤È¤¬¤Ç¤­¤Þ¤¹¡£
Treasury Securities.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë

¤Þ¤º¡¢Á´ÂΤò¸«¤ë¤È¡¢2015ǯÂè3»ÍȾ´üËö¤Îȯ¹Ô»Ä¹â¤Ï14Ãû3,767²¯¥É¥ë¤Ç¡¢2015ǯÂè3»ÍȾ´ü¤Îǯ´¹»»Ì¾ÌÜGDP®Êó18Ãû602²¯¥É¥ë¤Î80¡ó¤Ë¤âÁêÅö¤·¡¢¶âÍ»´íµ¡Á°¤Î2007ǯËö¤«¤é¤ÎÎ߷פǤÏ8Ãû3,255²¯¥É¥ë¡Ê138¡óÁý¡¦Ìó2.4ÇܤˡˤâÁý²Ã¤·¤Þ¤·¤¿¡£ÊÝÍ­¼Ô¤Ï¡¢³°¹ñ¡ÊÈóµï½»¼Ô¡Ë¤¬40¡ó°Ê¾å¤òÀê¤á¡¢¶ä¹Ô¤Ï4¡ó¤Ë²á¤®¤Þ¤»¤ó¡£Ä̲ßÅö¶É¡ÊϢˮ½àÈ÷¶ä¹Ô¡Ë¤Ï17¡ó¤Ç¹ñÆâºÇÂç¤ÎÊÝÍ­¼Ô¤Ë¤Ê¤ê¤Þ¤·¤¿¡£

¶âÍ»´íµ¡ÉÔ¶·¤Ë¤è¤Ã¤ÆÁý²Ã¤·¤¿8Ãû3,255²¯¥É¥ë¤ò郎°ú¤­¼õ¤±¤¿¤Î¤«¤ò¼¨¤·¤¿¤Î¤¬¼¡¤Î¥°¥é¥Õ¤Ç¤¹¡£
Treasury Securities2.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë

Áý²Ã³Û8Ãû3,255²¯¥É¥ë¤Î¤¦¤Á¡¢45¡ó¤Ï³°¹ñ¡ÊÈóµï½»¼Ô¡ËÊÝÍ­Áý²Ã¤ÇÄ̲ßÅö¶É¡ÊϢˮ½àÈ÷¶ä¹Ô¡Ë¤¬QE¤ÇÊÝÍ­Áý²Ã¤·¤¿21¡ó¤ÎÇܰʾå¤Ë¤Ê¤ê¤Þ¤¹¡£¸Ä¿Í¤ª¤è¤Ó¼Â¼Á¸Ä¿Í»ñ»º¤Ç¤¢¤ë¥ª¡¼¥×¥óÅê¿®¡ÊMutual Funds¡Ë¤Èǯ¶â´ð¶â¤ÎÊÝÍ­Áý²Ã¤ò¹ç¤ï¤»¤ë¤È27¡ó¤Ç¡¢¶ä¹Ô¤ÎÊÝÍ­Áý²Ã¤ÏÁ´ÂΤζϤ«¤Ë6¡ó¤À¤±¤Ç¤·¤¿¡£¤³¤ì¤Ë¤è¤Ã¤Æ¹ñºÄ¡Êºâ̳¾Ê¾Ú·ô¡ËÂçÎÌȯ¹Ô¤Ï¶ä¹Ô¤Î»ñ¶â·«¤ê¤Ë¤Û¤È¤ó¤É±Æ¶Á¤òÍ¿¤¨¤º¤ËºÑ¤ó¤À¤³¤È¤¬Ê¬¤«¤ê¤Þ¤¹¡£

¤½¤ì¤Ç¤Ï¡¢³°¹ñ¡ÊÈóµï½»¼Ô¡Ë¤È¤Ï¤É¤³¤Ê¤Î¤«¡¢¹ñ¡ÊÊÝÍ­¼Ôµï½»¹ñ¡ËÊÌÊÝÍ­¹â¤ò¸«¤Æ¤¤¤­¤Þ¤¹¡£ºâ̳¾Ê¤Î¥Ç¡¼¥¿¤Ç¤¹¤¬»þÅÀ¤¬¾¯¤·°ã¤¦¡Ê²¼¤Ï³Æ6·îËö¡Ë¤Î¤Ç¾å¤Î¿ôÃͤȤϼ㴳Áê°ã¤¬¤¢¤ê¤Þ¤¹¡£
Treasury Securities3.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë

2015ǯ6·îËö¤Ë³°¹ñ¡ÊÈóµï½»¼Ô¡Ë¤¬ÊÝÍ­¤·¤Æ¤¤¤¿Êƹñºâ̳¾Ê¾Ú·ô¡Êû´ü¤â´Þ¤à¡Ë¤Ï6Ãû1,748²¯¥É¥ë¤Ç¡¢¶âÍ»´íµ¡Á°¤Î2007ǯ6·îËö¤«¤é3Ãû9,808²¯¥É¥ë¡Ê181¡óÁý¡¦Ìó2.8ÇܤˡˤâÁý²Ã¤·¤Þ¤·¤¿¡£¤½¤Î´Ö¤ËÃæ¹ñ¡Êµï½»¼Ô¡Ë¤Ï4,772²¯¥É¥ë¤«¤é1Ãû2,712²¯¥É¥ë¤Ë7,940²¯¥É¥ë¡Ê166¡óÁý¡¦2.7ÇܤˡˤâÁý²Ã¤·ºÇÂç¤ÎÊÝÍ­¹ñ¤Ë¤Ê¤ê¤Þ¤·¤¿¡£ÆüËܡʵサ¼Ô¡Ë¤Ï6,223²¯¥É¥ë¤«¤é1Ãû1,971²¯¥É¥ë¤Ë5,748²¯¥É¥ë¡Ê92¡óÁý¡¦Ìó2ÇܤˡˤâÁý²Ã¤·¤Þ¤·¤¿¤¬¤³¤Î´Ö¤ËºÇÂç¤ÎÊÝÍ­¹ñ¤ÎÃϰ̤òÃæ¹ñ¤Ë¾ù¤ê¤Þ¤·¤¿¡£¤·¤«¤·¡¢¤½¤ì¤Ç¤âÆüËܤÎÊÝÍ­³Û¤Ï120±ß/¥É¥ë¤Ç´¹»»¤¹¤ë¤È¼Â¤Ë143Ãû6,520²¯±ß¤Ë¤â¤Ê¤ê¡¢¤³¤ì¤ÏÆüËܤÎ̾ÌÜGDP500Ãû±ß¤Î29¡ó¤Ë¤âÁêÅö¤·¤Þ¤¹¡£

Êƹñ¤Ï¡¢¼ç¤È¤·¤ÆËɱһٽк︺¤Ë¤è¤ëºÐ½ÐÁý²ÃÍÞÀ©¤È·Êµ¤²óÉü¤Ë¤è¤ëÀǼýÁý²Ã¤Ë¤è¤Ã¤ÆºâÀ¯ÀÖ»ú½Ì¾®¤ò¼Â¸½¤·¤Æ¤­¤Æ¤¤¤Æ¡ÊËöÈø¤Ë»²¹Í¥°¥é¥Õ¡Ë¡¢ºâ̳¾Ê¾Ú·ô¤Îȯ¹Ô»Ä¹âÁý²Ã³Û¤â¤«¤Ê¤ê¾®¤µ¤¯¤Ê¤Ã¤Æ¤­¤Þ¤·¤¿¡£¤½¤Î²áÄø¤Ç¤Þ¤ºQE3¤Î¡ÖÄɲÃÇ㤤¾å¤²Ää»ß¡×¤¬¹Ô¤ï¤ì¡¢¼¡¤ÎÃʳ¬¤È¤·¤Æº£²ó¤Î¡Ö¥¼¥í¶âÍø¤ÎÀ§Àµ¡×¤¬»Ï¤á¤é¤ì¤Þ¤·¤¿¡£¼¡¤Î¡Ö°Û¼¡¸µ´ËϤ«¤éÀµ¾ï¤Ê¾õÂ֤ؤÎÉüµ¢¥×¥í¥»¥¹¡×¤Ï¤É¤Î¤è¤¦¤Ê¤â¤Î¤Ë¤Ê¤ë¤Î¤Ç¤·¤ç¤¦¤«¡£

Ä̲ßÅö¶É¤Ï¾¯¤Ê¤¯¤È¤â1¡ó°Ê¾å¤Þ¤Ç¥Õ¥§¥Ç¥é¥ë¥Õ¥¡¥ó¥É¥ì¡¼¥È¿å½à¤Î²óÉü¤òÌܻؤ¹¤Î¤Ç¤·¤ç¤¦¤«¡£¤³¤ì¤Ï¤¿¤Ö¤ó¥¤¥¨¥¹¤Ç¤·¤ç¤¦¡£À¯ÉܤϺâÀ¯¹õ»ú²½¤Ë¤è¤Ã¤Æºâ̳¾Ê¾Ú·ô»Ä¹â¤Î½Ì¾®¤òÌܻؤ¹¤Ç¤·¤ç¤¦¤«¡£¤³¤ì¤Ï¤Û¤È¤ó¤É¥Î¡¼¤Ç¤·¤ç¤¦¡£Ä̲ßÅö¶É¤ÏQE¤ÇÇ㤤Æþ¤ì¤¿ºâ̳¾Ê¾Ú·ô¤Îºï¸º¤òÌܻؤ¹¤Î¤Ç¤·¤ç¤¦¤«¡£¤ª¤½¤é¤¯¤½¤ì¤Ï¥Î¡¼¤Ç¤¹¤¬¡¢¤â¤·³°¹ñ¤«¤éÊƹñ¤Ø¤Î»ñ¶âήÆþ¤¬µÞ³ÈÂ礷¤ÆÊƹñºÄ¡Êºâ̳¾Ê¾Ú·ô¡Ë¤Ø¤Î¼ûÍפ¬²áÅ٤˹â¤Þ¤ë¡Ê²Á³Ê¤¬¾å¤¬¤ê¶âÍø¤¬²¼¤¬¤ë¡Ë¤è¤¦¤Ê¤³¤È¤¬¤¢¤ì¤ÐÇä¤ë¤«¤â¤·¤ì¤Þ¤»¤ó¡£

Ä̲ßÅö¶É¤¬¹ñºÄ¤òÂçÎ̤˹ØÆþ¤·¤ÆÄ̲߶¡µë¤ò³ÈÂ礹¤ë¤³¤È¤Ï¡¢Êƹñ¤Î¼ÂÀÓ¤ò¸«¤ë¸Â¤êÀµ¾ï¤Ê¾õÂ֤˲óÉü¤¹¤ë½Ð¸ý¤Ë¤¿¤É¤ê¤Ä¤±¤ë¶ÛµÞÂкö¤Ç¤¢¤ì¤ÐÌäÂê¤ÏÂ礭¤¯¤Ê¤¤¤è¤¦¤Ë¸«¤¨¤Þ¤¹¡£Ëݤäơ¢ÆüËܤΰۼ¡¸µ´ËϤϾ­Íè½Ð¸ý¤ò¸«¤¤¤À¤¹¤³¤È¤¬¤Ç¤­¤ë¤«¤É¤¦¤«¤Ë¤Ä¤¤¤Æ¤Ï¡¢¤Ê¤ªÉ԰¤¬¿¡¤¤¤­¤ì¤Þ¤»¤ó¡£ÆüËܤÎÀ¯Éܤϼڶâ¤Þ¤ß¤ì¤Ç¤¹¤¬¡¢ÆüËܹñµï½»¼ÔÁ´ÂΤǤÏÂçÊÑÂ礭¤ÊÂг°ºÄ¸¢¤òÊÝÍ­¤·¤Æ¤¤¤ë¤³¤È¤Ï¡¢¤Ò¤È¤Ä¤ÎÂ礭¤Ê°Â¿´ºàÎÁ¤Ç¤Ï¤¢¤ê¤Þ¤¹¡£

ºÇ¸å¤Ë¡¢»²¹Í¤È¤Ê¤ë¥°¥é¥Õ¤òÄ󼨤·¤Æ¤ª¤­¤Þ¤¹¡£¡Ê²áµî¤Îµ­»ö¤Î¥°¥é¥Õ¤ò¥¢¥Ã¥×¥Ç¡¼¥È¤·¤¿¤â¤Î¤Ç¤¹¡Ë
¡ãÊƹñ¤ÎºâÀ¯¼ý»Ù¿ä°Ü¡ä
budget receipts and outlays S.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë

¡ãÎÌŪ¶âÍ»»Øɸ¡¡M1¤ÈM2»Ä¹â¤Î¿ä°Ü¡ä
M1M2.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë

¡ãºÄ¸¢ÊÝÍ­¼ÔÊÌÉÔÆ°»ºÃ´ÊݺÄ̳»Ä¹â¡ÊMDO¡Ë¿ä°Ü¡ä
MDO.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë

¡ãÊÝÍ­¼ÔÊ̾ÃÈñ¼Ô¿®ÍѻĹâ¿ä°Ü¡ä
Consumer Credit.jpg
Â礭¤Ê²èÁü¤ò¸«¤ë



¡¡

¥³¥á¥ó¥È
¥³¥á¥ó¥È¤¹¤ë








   
¤³¤Îµ­»ö¤Î¥È¥é¥Ã¥¯¥Ð¥Ã¥¯URL
¥È¥é¥Ã¥¯¥Ð¥Ã¥¯

Twitter

selected entries

categories

recent comment

  • PLC¤ÈʬÅÅÈ×
    ¢Í Ä̤ꤹ¤¬¤ê
  • Êƹñ¤Î¥¤¥ó¥Ð¥¦¥ó¥É¡¦¥¢¥¦¥È¥Ð¥¦¥ó¥É¤«¤éÆüËܤξõ¶·¤ò¹Í¤¨¤Æ¤ß¤ë
    ¢Í 3rdworldman
  • Êƹñ¤Î¥¤¥ó¥Ð¥¦¥ó¥É¡¦¥¢¥¦¥È¥Ð¥¦¥ó¥É¤«¤éÆüËܤξõ¶·¤ò¹Í¤¨¤Æ¤ß¤ë
    ¢Í 3rdworldman
  • Êƹñ¤Î¥¤¥ó¥Ð¥¦¥ó¥É¡¦¥¢¥¦¥È¥Ð¥¦¥ó¥É¤«¤éÆüËܤξõ¶·¤ò¹Í¤¨¤Æ¤ß¤ë
    ¢Í »ûÁ°½¨°ì
  • ÆüËܤ˽»¤à³°¹ñ¿Í¤Î¿ô¤ÈÃæÌ£¤ÎÊѲ½¤ò¸«¤Æ¤ß¤ë
    ¢Í TPPsan
  • LNG¤È¸¶Ìý¤Î·î¼¡Í¢ÆþÄ̴ؼÂÀÓ¿ä°Ü
    ¢Í £ù£ù£ù
  • ˬÆüι¹Ô¼Ô¿ô¡Ê¥¤¥ó¥Ð¥¦¥ó¥É¡ËÌÜɸ2000Ëü¿Í¤Ë¤Ä¤¤¤Æ¹Í¤¨¤Æ¤ß¤ë
    ¢Í °ìÈ̼ÒÃÄË¡¿Í¹ñºÝ´Ñ¸÷À¯ºö¸¦µæ½ê
  • ·ò¹¯¼÷Ì¿À¤³¦°ì
    ¢Í 3rdworldman
  • ·ò¹¯¼÷Ì¿À¤³¦°ì
    ¢Í ´Ý»³´²Ç·
  • Â礭¤¯Å¾´¹¤·¤¿Êƹñ¤Î¹ñºÝ¼ý»Ù
    ¢Í 3rdworldman

recent trackback

profile

½ñ¤¤¤¿µ­»ö¿ô:190 ºÇ¸å¤Ë¹¹¿·¤·¤¿Æü:2017/01/16

search this site.

others

mobile

qrcode

powered

̵ÎÁ¥Ö¥í¥°ºîÀ®¥µ¡¼¥Ó¥¹ JUGEM