Page 73 - 銀行家雜誌第70期
P. 73

ᒃ፺ٙɛֻɓᅵٙ˙Σ̘f                     ʃdШ݊΍Νਿږٙਞၾඎۆ                   ᅵٙઋرd೵ಂʫᗭ˸ూࡡf
                       QEΌଢ̯Бહ̹ٙࣛ٤ߠ                   ݊౤৷f                              ౬̩༑Ⴍdҳ༟٫ίࠦᑗி
                     ౻dᆽྼᜫவԬවՎਠۜɓ༩ڗ                     ɓۆ݊Ⴍ׼əვБி̹٫ա                  ̹٫ঐɢɨ๞eʹ׸ϓ͉ၾ˚
                     ߎdԨ˲౤৷ᖢ֛ٙϗूdପ͛                   ࠢ׵ج஝ܵϞ˄ε௅Зdɚۆ                   ࡆᄣٙҳ༟ᐑྤɨdίආБව

                     əఊᗙܵࡑًٙرձϺ໊ࣖᏐf                   ޶̈ɓছҳ༟౳˒א݊ཧਯ୞                   Վ̹ఙҳ༟ۃdৰə͊Ը዆᜗
                     Ш݊ᎇഹʺࢹృᐑٙක઼d̹                    ၌ҳ༟٫(Retail buyers)Ϟ՟           ౻ंٙۃᓼ׌ʘ̮dᒔࠅϽඎ
                     ఙ̈ତəɓԬࠬєণਗdҳ༟                    Ͼ˾ʘٙᒈැf                         ݴਗ׌ʊ຾ʔνږፄࠬᅳʘ
                     ٫ึ೯ତd຅˼ซࠅ̈୭௅З                      ྡ3͵͟ᑌ๟ึ֜˙޼Ӻᜑ                  ۃf߰຅ҳ༟٫ซࠅᐏлə
                     ࣛdఱҗֽࠅձɓɽ໊ɛdɓ                    ͪཀ̘15ϋԸٙܵՎᒈැd                   ഐවՎٙҳ༟ࣛd̙ঐɰึΝ
                     ৎஷཀɓ༸ܘ॥ٙژfซ̈                     2004Ї2008ϋՎਠٙܵՎၾ                ࣛࠦᑗ̹ఙɪɽඎٙርᏀdϾ
                     ਯٙɛ̙ঐึҬʔՑٵజᄆٙ                    ࢫπঐɢܘ৷dΪϤி̹ঐɢ                    ೌجΌ௅Νࣛ̈ਯd̀඲˸ʃ
                     ɛdא݊జᄆٙʹ׸ਠא൯˙                    ɰ৷fఱλ྅ᗴจί̹ఙɪҭ                    ඎʱҭމʘd˸ᒒеݴਗ׌ʔ
                      Ҫᄆࣸజ੻ܘЭdᔟ˸Ꮞ໾ೌ                   ஬൯ርٙɛd˓ʕٙࢫπձዚ                    ԳdϾԴ௰ܝజཇଟ༰ཫಂಯ

                      ج೵ಂ̈୭̙ٙঐ׌f                      ਗ׌ʔ໬ྎ˶fШ݊ί2008                   ˇfא݊ίආБ዁Ъٙཀ೻d
                       Աኽɪࠑٙ఻ࡈкᓙݴਗ׌                   ϋ˸ܝdуԴ݊AAAڦ൙ٙߕ                   ஗ݴਗ׌ᅂᚤϾೌجੂБࡡ͉
                      ٙ˙όdɓۆ݊ॹ˶జᄆאʹ                   ਷ʮවdி̹٫ٙܵՎঐɢʊ                    ཫணٙʹ׸ഄଫf
                      ׸ඎdɚۆ݊൯ርᄆࢨɽషן                   ຾ɽషɨࠥəfν؈வࣛࡉd                      Ϥ̮dৰəə༆ҳ༟ٙପۜ
                      ᄱdே̙˸޶̈ݴਗ׌ฏ೯ɨ                   መεٙҳ༟౳˒ซࠅ̈ਯ˓ʕ                    ͉Ԓٙࠬᎈत׌ʘ̮dɰ඲ආ
                      ࠥٙ၌ࡎf                           ٙවՎdምϞঐɢ̙˸ᔷΣ൯                    ɓӉə༆༈ପ̹ۜٙఙ೯Бତ
                                                      ආճk                              رe̹ఙࠬᎈߞॶඎe˴ࠅٙ
                     ி̹٫ίࡳk                                                            ൯ር˙Չʹ׸୦׌ഃΪ९d˸

                                                      ݴਗ׌೵ಂʫᗭ˸ూࡡ                       ̹ఙਞၾ٫ே݊ڗಂҳ༟٫
                       ۃࠦ౤ՑdΌଢ˴၍ዚᗫ࿁                                                    މԷ(如退休基金、壽險公
                     ׵ږፄุٙࠅӋၾࠬᎈוዄٙ                      ڢෂ୕஬࿆݁ഄੂБٙഐ                    司)dۆ༈ପۜ༰ʔ׸Ϊމ৷
                     ঐɢdฏԸฏᘌࣸfڌࠦɪ޶                    ؈d݊Όଢ̯Б˓ʕʊ຾ܵϞ                    ᎖൯ርʹ׸Ͼᅂᚤҳ༟ᄆࣸd
                     ৎԸ݊ɓ΁λԫdᒒеვБו                    əɽඎٙʮවeዚ࿴වeMBS                   ШɰΪމϞᖢ֛ٙҳ༟൯ᆵ˕
                     ዄཀεࠬᎈϾ͊Ѽቇછ၍dШ                    ഃවՎʈՈf̯Бʘה˸ၾՉ                    ᅟdϾԴҳ༟٫ආఙ൯ᄆ֐୞
                     ݊ΝࣛɰᜫΌଢٙږፄ̹ఙ                     ˼ҳ༟٫ʔΝdί׵̯Бᒅව                    ༰൮dԨ˲ᗭ˸ɽඎ̈୭f
                     ਞၾ٫dɓৎ˹̈ə৷׻ٙ˾                    Ո௪હ̹ٙͦٙ׌dԨڢ˸                       ̤ɓ˙ࠦd̹߰ఙਞၾ٫ɽ

                     ᄆfԱኽNY FEDٙ֜˙޼Ӻ                  ʹ׸މͦٙd˸ʹ׸މͦٙٙ                    ε݊ᒒᎈਿږdۆ༈ପۜᄆࣸ
                     ܸ̈(詳見圖2)dί2009ϋ                  ҳ༟٫ʊ຾༰ږፄࠬᅳۃɽష                    ڌତतሯఱ࢙׸༰މتਗfၝ
                     ˸ܝd˴ࠅٙி̹ਠאజᄆਠ                    ɨࠥdΎ̋ɪ౳˒ҳ༟٫ٙБ                    Υɪࠑૢ΁Ը޶dʑঐΥଣፅ
                     (Dealers and brokers)ਞၾ          މᎇഹ৛஼ϗूϾՈ௪Ϻ໊ࣖ                    ඎݴਗ׌̙ঐ੭Ըٙᅂᚤdආ
                     ߕ਷ʮවၾዚ࿴වٙඎฏԸฏ                    ᏐdԴ੻̹ఙٙتਗ̋ᄌdவ                   ϾᏝ֛࢙׸ੂБٙҳ༟ࠇ೥f





                                                                                                ̨ᝄვБ࢕2015.10˜໮       73
   68   69   70   71   72   73   74   75   76   77   78