CFA, (+), ETF,,,,,, ( ), (overlay) 12 1
,,,,,, KTB KOSPI 0002%, USD -0008% KTB KOSPI( ), KTB, /,, (+) KOSPI 2000 1 4 105904,, 1999 12 16 2005 4 8 1301 KOSPI, KTB, / ( KOSPI, KTB, USD ),, 2001 44 13437 4 [1] KTB 0012% 3 22 1,02279 500 ~ 1,000 KTB USD KOSPI, KOSPI 2048%, USD 0430% KTB 0248% 14 13
KTB, KOSPI, USD KTB KOSPI -009 KTB USD USD KTB KOSPI KOSPI -0134-0230 / (KOSPI 1) (KOSPI 4) USD KTB KOSPI, [ 1] KTB USD [2] KTB KOSPI, -009 KOSPI [3] KOSPI KTB KOSPI, USD KOSPI 3, 03559% KOSPI 1 0483%,, KOSPI 4 0442% [1] KOSPI 1, 2, 3 14 15
[ 2] KTB USD KOSPI (σ), [3] 2000 8 [ 3] KTB [4] KOSPI, KOSPI 3 KOSPI 4 KOSPI, KOSPI 1 KOSPI 2 ( KOSPI ) [ 4] KOSPI 200 KOSPI 2 KTB USD, KOSPI 1 KTB 7291 KOSPI 2 010% KTB, 010% KOSPI [ 5] USD 16 15
, 1997 IMF (regime shift),, KOSPI 200 KTB, (cash drag) KOSPI 200, KOSPI 200 KTB MMF, MMF 3 KTB KTB, 170 KTB 3 1 KOSPI 200 KTB,,,, 16 17
2004 8 10 FRB 2004 53 25bp 3% 25bp - 04 10 : - 1 : " " " " - 2 :,, - 4 : 17
2001 NDF ) 2004 34 $ 03 9$ NDF 1 ADB 2004 8% 23% : Asian Bond Online 04 NDF :, Bloomberg (, 18
1990 10 6% 500bp 4% 200bp, 3% :, FRB :, Bloomberg :, Bloomberg 1990 Financial Crisis, 19
S&P 98217 99125 1111 011113 02724 BB+ BBB- BBB BBB+ A- (3 ) (1 ) (1 ) (1 ) (1 ) Moody s 991216 02328 021115 03211 04611 Baa2 A3 (1 ) (2 ) Fitch 9822 99119 624 00330 02627 BB+ BBB- BBB BBB+ A (5 ) (1 ) (1 ) (1 ) (2 ) : : WSJ :, FRB :, Bloomberg 2002 20
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31 31 33 31 30 33 38 39 29 27 32 41 53 68 73 75-44 -45-49 -54-28 51 130 126 36 14-03 -08 07 82 168 170 1013 902 1022 896 994 832 48-73 142 46 99 58 95 809 772 819 797 818 797 798 12211 10073 38662 19952 29428 24030 28098 32262 17140 44939 28257 35173 28201 36927-11294 -10376-8747 -11943-6621 -5385-8845 3543 4875-8225 18448 82144-6607 -9124 1640 1547 1622 164 1761 2008 2218 2173 20638 20545 20216 19969 19907 19260 17839 17445 903 665 851 622 866 628 880 651 889 650 52 52 54 52 54 54 55 54 54 14 04 07 01 13 0 10 16-03 -02 01 05-01 08 03 08-03 01 792 794 794 791 792 787 785 780 783 05 06 04 01 0 03 06 02 01 06 07 04 03-03 07 13 03 01 05 04-24 37 04 08 02 04 06 07 00 09 04 07 06 01 1316 1313 1275 1178 1246 1173 1304 1211 1158 718 689 682 682 681 698 684 679 676 533 552 553 564 573 576 575 591 596 617 631 598 592 639 619 615 587 593 01 02 00 05 14 09 0-03 19-16 -01-12 15 20-10 10-05 877 926 941 955 971 928 917 942 959 27
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/ / / ISM- /ISM- / 29
2003 248 10,285,042 41,472 54,053 2004 250 7,352,307 29,409 80,273 20051 21 1,132,463 53,927 75,968 2 17 804,371 47,316 98,969 3 22 925,684 42,077 77,617 4 20 552,454 27,623 75,987 5 18 480,965 26,720 87,674 2004 250 2,090,291 8,361 57,772 20051 21 170,103 8,100 77,542 2 17 181339 10,667 87,689 3 22 237,522 10,796 101,673 4 20 195,466 9,773 100,087 5 18 200,465 11,137 101,476 2003 248 727,997 2,935 2,403 2004 250 206,221 828 2,158 20051 21 8,262 393 774 2 17 3,491 205 1,668 3 22 6,886 313 1,133 4 20 2,749 137 673 5 18 3,068 170 965 * * 2005 5/26, Internet 30
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