1. 1) 2004,. 2003 10.29-2004 6 9 2005 2 (3 872 ) 2004,,, < (2004 ) > :.
- 30%, 21% 2.1% 2004,,,,,, 3 10% < (2002 2004)> : 114( ). 2) 2004 -,,
, 2005 1~2 2004 2003-3 2005,.. < > ( : %) 0.0-0.3-0.4 0.3-0.3-0.8-0.6 0.0-2.1-3.6-5.5-0.6-5.0-8.3-8.0-2.7 5.7 0.8 2.3 9.6-1.4-3.1-2.3-0.4 16.4 7.8 10.7 22.8 2002 10.1 8 6.7 12.2 : :. -, 2003, 25 61 2002 1.7 10.29 2 -
1 3 < > : 114( ). 3) 3 -,,,
-,,, - 2004 (6.73%) 3% - 6.78%, 4.7%, 5.73% - (11.65%), 6.12%, 4.32%, 4.09% 4) 2004 -, - 2004,
- 2005 3 -, - < > < > : :
5) 2004, 2005 2 17, 2.17 -,, - 2 22 4 5, 1 - -
-, - 2. 1) 2002 -, (honey-comb model), - 2002-3
- 4 < > :,, - - 2004 2005, - - -
, -, - - < > :.
2) -,,. - -,, < > < > :, 114( ). -,
.,, -,,, -, 2005 3) 2005 2005-2001 2002 2003 - -
,, 2004, 2004-2003 4/4-2005, < > : 114( ). - 2005 -
, - - 5. -,,, - 2005 -,,, 2.17,,
4) - -, - - 2
. - - 1.4 2.4-1 < - > : 114( ).,,
-, 3. 1) -,,, -, - 5%
, 2.17 -,, - (C) - (A, B) < >
- ( ), -, 1-3 - -, 2)
- - - ( :, ) - - -,,, - -
- - - ( ) -,, - ( : (REITs,, MBS, ),, - 3
,. -,,., - ( )
-, hakim@cerik.re.kr 3441-0737