- - * ** *** 20001 <>,., 1995,,,,.,,,.,,,. : G2 :,,, --------------------------------------------- *..,. ** (E-m ail: yslee@m ail.h an gkon g.ac.kr) *** (E-m ail: cllee@tiger.korea.ac.kr)
<>.. 1. 2.. 1. 2.. < > < >
. 199798. 1) (1999b)(ROA).,. (1999a). (productive efficiency),,.. 2) (1999a, 1999b) 1) 1998 1.,,, 3 2 5.. 1998 99,,,,. BIS,..,,,, BIS. 2) (1995),,,, (1999), (1993), H ao, et al.(1999). - 1 -
., (decomp osition),,,,..,.,.,...,,,,., (1998)., (1999). 3),,,,.,.,,,,.,,,,. 3). - 2 -
4.,...,... 1.. (divisia). (F*)(Y*) (total factor productivity),. 4) (F*) (Y*) ( F *, Y * ). Y * = i 1i Y i F * = j 2j X j, --------- (1) 4).. - 3 -
Y * = i 1i Y i F * = j 2j X j, ---------- (2) 1i (revenu e) i, 2jj. Y i X j i j, Y i X j i j. 5). T F P = Y * F *, T F P = Y * - F * --------------- (3) (PFP, partial factor productivity) ( F j )( Y * ). P F P = Y * F j, P F P = Y * - F j -------------- (4) (discrete data) (5)(tornqvist). log F = log ( F t F t - 1 ) = 1 2 j log Y = log ( Y t Y t - 1 ) = 1 2 i ( s jt + s j, t - 1 ) log ( X jt X j, t - 1 ) (r it + r i,t - 1 ) log ( Y it Y i, t - 1 ) ---------- (5) ---------- (6) 5), 1i, 2j. 1i = P i Y i / ij, i P i Y i j i P i Y i, 2j = w j X j / j w j X j, P i w j w j X j. - 4 -
X jt tj( X j ), s jt = w jt X jt / j w jt X jt t j( X j ), Y it t i( Y i ), r it = P it Y it / i P it Y it t i( Y i ). (5)(6) (7)(8) T F P = log (Y ) - log ( F ) ------------- (7) P F P = log (Y ) - log (F j ) ------------- (8).. 6). 7),.,.,.., 6) Output M easurement in the Service Sectors, edited by Griliches, Zvi, NBER(1992). 7) Sealey and Lindley(1977), Berger, H anw eck and Humphrey(1986). Master(1987), Berger, H anweck and H umphrey(1986), (1990). - 5 -
,..,. 8) 30%,.. 9),,,,, ( ). 10),,,,.,,. 11) 8) Humphrey(1991). 9) (1995),,. 10) (1990), (1992),,. (1993),, (1993), (1995),,. 11).,,, (1999)6,. - 6 -
.,,,. 12).,. 19901997. 1994 1995. <1>. 2. <2>.., 19911994, 1995. 1993 19948.3%8.0%, 1995-1.0% 1996 19970.9%2.5%. 12).,,,, 5. (normal loans) (precautionary loans) 36., 6,. (doubtful) (estimated loss) (non-performing loans). 987 3 1,,, 6 3.-,. - 7 -
,,, 199394, 1995.. <1> 182 21.91 1.17 19.59 23.92 182 0.54 0.12 0.15 0.81 182 21.47 1.14 19.26 23.49 182 0.41 0.13 0.12 0.83 182 17.18 1.39 13.23 19.79 182 0.05 0.03 0.00 0.16 182 7.87 0.87 6.26 9.24 180 9.80 0.31 9.22 10.30 180 0.08 0.03 0.02 0.16 182 19.23 0.96 16.70 21.05 182-0.69 0.42-2.44 0.49 180 0.17 0.07 0.02 0.42 182 22.55 1.13 20.23 24.57 182-2.46 0.34-3.03-1.18 180 0.75 0.09 0.52 0.95 161 14.59 1.37 10.56 17.54 182 0.34 0.04 0.256 0.49 182 23.65 6.79 13.13 51.08 182 3.13 0.27 2.58 3.93-8 -
1997. 1995., 199597 1997. 19972.5% 19951996, -1.8%. 1997. <2> 1991-2.3 10.8 8.0 2.5 1992 3.7 12.6 10.6 6.4 1993 8.3 21.5 19.6 10.7 1994 8.0 24.2 21.9 10.6 1995-1.0-1.2 14.5 12.5 1.5 14.3 12.3 1.2 1996 0.9 1.1 12.1 10.8 2.7 12.4 11.1 2.8 1997 2.5-1.8 10.4 8.5 4.4 6.1 4.1 0.1 9197 2.9 15.1 13.1 5.5 9597 0.8-0.6 11.6 10.1 2.8 10.9 9.1 1.4 : (3)(4). - 9 -
. 1997 1995 1996,. 1997,.,,,,.. ( ) ( )., 3,.. (analysis of variance). <3>(a), < 1>,., 199197 10%, 199597 10%.., 199597 2.0%,,,,, - 10 -
-1.0%., 1997 5.6%, -1.7%..,,. <3> (a), 9197 9597 9597 2.9-0.3-0.2 3.0 0.1-1.0 2.9 2.0-0.7 0.00(0.99) 1.6(0.21) 0.1(0.87) 11.3 8.8 8.8 22.9 16.6 15.6 12.7 11.7 8.9 23.8(0.00)*** 7.6(0.00)*** 5.5(0.01)*** 9.4 6.9 7.0 21.2 15.4 14.4 10.4 9.6 6.8 24.5(0.00)*** 9.1(0.00)*** 6.5(0.00)*** 4.6 1.5 1.6 5.8 1.8 0.7 5.8 4.4 1.7 0.5(0.61) 3.1(0.05)** 0.3(0.75) : F-. ( ) P-v alu e, *10%, ** 5 %, ***1%. - 11 -
, 199197, 1%,.. (b), 9197 9597 9597 3.1 2.9 1.0 2.8-0.5-1.4 2.6-1.1-2.6 0.00(0.97) 5.2(0.01)*** 2.7(0.07)* 16.6 12.0 13.3 12.1 9.4 8.4 16.6 11.7 10.0 4.6(0.01)*** 4.9(0.01)*** 2.5(0.09)* 14.6 13.6 11.8 10.0 7.3 6.2 15.3 10.1 8.5 4.4(0.01)*** 5.9(0.00)*** 3.0(0.06)* 5.7 4.7 2.9 5.0 1.9 0.9 5.8 0.6-0.9 0.2(0.80) 5.3(0.01)*** 3.0(0.06)* : F-. ( ) P-v alu e, *10%, ** 5 %, ***1%., 1995 (< 1> ).. - 12 -
,. 13) 19986. (analysis of variance). <3>(b) < 2>., 199197 5%, 199597 5%. 199597 10%., 1994. 1995,. 199597-0.5%-1.1%, 2.9%.. 1995 97 199597-1.4%-2.6%1.0%. 1997 19951996,. 13),,,,,,,,,,,,,,,,,.,,,,.,,, BIS. - 13 -
.,.,, 199197 1%, 10%. 199597,, 1%. 199597,, 10%., 199197,,. 1995.,..,,,.. 1.. 14),,,, 14) (1997), 4(1997). - 14 -
CDATM,,..,. Denny, Fu ss & Waverman (1981), (9). 15) T F P = i [ 1 - e y i ] Y c - e P er P er - e R at io d Rat io - e IT IT - e B ran ch Bran ch - T ---------- (9), Y c = 1 2. i ( i, t + i, t - 1) ln ( Y i, t Y i, t - 1 ), i, t = e y i, t ie y i, t, e y i = ln g ln y i, e P er = ln g ln P er, e R at io = ln g Rat io, e IT = ln g ln IT, e B ran ch = ln g ln Bran ch ---------- (10) (9) ( i [ ( 1 - e Y i ] Y ]).. ( - e P er P er).,.,. ( - e R at io d R at io). 15) (9) < 1>. - 15 -
. ( - e IT IT ).. ( - e B ran ch Bran ch ).., ( - T ),., (11)(multi-product joint cost function). 16) C = g ( W,Y, P er, Rat io, IT, Branch, T ) min ( WX : F ( X, Y, P er, Rat io, IT, Branch, T ) = 0) ---------- (11), W, Y, X, Per, Ratio, IT, Branch. 17) X * i 16) ( ) ( ).,., (qu asi-fixed input).. (),,,. 17),, PC CD, ATM,,. - 16 -
(12). C * = g ( W 1,..., W n, Y 1,... Y m, P er, Rat io, IT, Branch, T ) --------- (12), 1,.., n, 1,.. m (12) 2(13) 2 (translog cost function). ln C * = a 0 + i a i ln y i + j b j ln w j + 1 2 is a is ln y i ln y s + 1 2 j l b j l ln w j ln w l + ij c ij ln y i ln w j + d B ln Branch + 1 2 d B B ln Branch ln Branch + i d ib ln y i ln Branch + j d jb ln w j ln Branch --------- (13) + d P er ln P er + d R at io Rat io + d IT ln IT + t t + f f, t f,. 18) t f. CD ATM.,.,. IT i, t = T = 0 ( 1 - i ) I i, t - = ( 1 - ) IT i, t - 1 + I i, t, = 18) (13) a 0. a 0, (13) (fixed effect model). a 0 (random), a 0 a 0 = a 1 + i. a 1, i0, (random variable). (13)(generalized least squ ared method) (random effect model). - 17 -
(bias).. 19) (Shephard's Lemm a) (share equation) Sj. ln C * ln w j = S j = b j + j b j l ln W l + i c ij ln Y i + jd ib ln Branch --------- (14) (13)(14), 1. a is = a s i, b j l = b lj, j b j = 1, j b j l = 0, j c ij = 0. 2. 2.1.,,,, CDATM. 19911997 1994~97. 20) (13) (14) 19). C/ T = ( ln C( r) - ln c(s))/ (r - s ), rs. 20) ( + ). 19941994~97. - 18 -
SUR(seemingly unrelated regression). 21) <4>(a)(b). R 2 0.99, 0.81~0.86., (Per) (+),. (Ratio) (+),. (IT) (+),.. 2.2 199197<5>.,,..,., 199197 5.5%. (1993) (1998). 21) (14),,,. SUR, (singularity). - 19 -
<4> (a) <a-1> RMSE R2 2 P-valu e 159 69 0.034 0.999 1138315 0.00 159 7 0.011 0.841 782.10 0.00 159 7 0.028 0.808 745.63 0.00 <a-2> ln (y 1) 0.603(1.382) ln (p 1p 2) 0.003(0.002) ln (y3y3) 0.004(0.004) ln (y2) -0.169(0.708) ln (p 1p 3) -0.038(0.003)** ln (b1) 0.724(1.804) ln (y3) 0.190(0.392) ln (p 2p 2) 0.093(0.005)** ln (b1b1) 0.156(0.178) ln (p 1) 0.307(0.049)** ln (p 2p 3) -0.096(0.004)** ln (y1b1) -0.071(0.126) ln (p 2) 0.706(0.089)** ln (p 3p 3) 0.133(0.005)** ln (y2b1) -0.074(0.068) ln (p 3) -0.013(0.089) ln (y1p 1) 0.003(0.005) ln (y3b1) 0.099(0.039)* ln (y 1y 1) 0.217(0.141) ln (y1p 2) -0.025(0.010)* ln (p 1b1) 0.023(0.004)** ln (y 1y2) -0.152(0.087) ln (y1y3) 0.022(0.010)* ln (p 2b1) 0.041(0.008)** ln (y 1y3) -0.080(0.034)* ln (y2p 1) -0.040(0.003)** ln (p 3b1) -0.064(0.008)** ln (y2y2) 0.160(0.078)* ln (y2p 2) -0.013(0.006)* ln (IT) 0.037(0.012)** ln (y2y3) 0.070(0.023)** ln (y2p 3) 0.053(0.006)** ln (Per) 0.450(0.098)** ln (y3y3) -0.025(0.015) ln (y3p 1) 0.002(0.002) Ratio 0.695(0.372) ln (p 1p 1) 0.035(0.004)** ln (y3p 2) -0.006(0.005) : 1) (12). ln C * = a 0 + i a i ln y i + j b j ln w j + 1 2 isa is ln y i ln y s + 1 jl b 2 jl ln w j ln w l + ij c ij ln y i ln w j + d B ln Branch + 1 2 d BB ln Branch ln Branch + i d ib ln y i ln Branch + j d jb ln w j ln Branch + d P er ln P er + d Rat io Rat io + d IT ln IT + t t + f f 2) ()*5 %, **1% 0-20 -
,,., 199197 4.15%, -4.74%.,. (increasing return to scale). (b) <b-1> RMSE R 2 2 P-value 69 69 0.0258 0.999 1.30e+07 0.00 69 7 0.0106 0.821 342.0311 0.00 69 7 0.0278 0.850 455.4086 0.00 <b-2> ln (y 1) 3.117(1.837) ln (p 1p 2) 0.003(0.003) ln (y3y3) -0.002(0.008) ln (y2) - ln (p 1p 3) -0.039(0.005)** ln (b1) -3.443(2.689) ln (y3) -0.509(0.514) ln (p 2p 2) 0.092(0.007)** ln (b1b1) -0.770(0.321)* ln (p 1) 0.186(0.067)** ln (p 2p 3) -0.095(0.006)** ln (y 1b1) 0.611(0.217)** ln (p 2) 0.821(0.132)** ln (p 3p 3) 0.133(0.007)** ln (y2b1) -0.249(0.143) ln (p 3) -0.007(0.122) ln (y1p 1) 0.003(0.009) ln (y3b1) -0.057(0.083) ln (y 1y 1) - ln (y1p 2) -0.029(0.022) ln (p 1b1) 0.022(0.006)** ln (y 1y2) -0.256(0.121)* ln (y1y3) 0.026(0.019) ln (p 2b1) 0.032(0.015)* ln (y 1y3) -0.011(0.084) ln (y2p 1) -0.032(0.006)** ln (p 3b1) -0.054(0.013)** ln (y2y2) 0.307(0.132)* ln (y2p 2) -0.020(0.015) ln (IT) -0.004(0.046) ln (y2y3) 0.048(0.072) ln (y2p 3) 0.053(0.014)** ln (Per) -0.063(0.227) ln (y3y3) 0.003(0.045) ln (y3p 1) -0.002(0.004) Ratio 0.908(0.624) ln (p 1p 1) 0.035(0.006)** ln (y3p 2) 0.004(0.009) - 21 -
<5> 1991 1992 1993 1994 1995 1996 1997 9197 9597 2.01 0.84 5.15 4.89 2.94 2.05 2.91 3.01 2.63 - - - - 2.66 1.75 1.02-1.81 4.28 4.00 7.82 8.32 6.22 3.86 3.68 5.47 4.59 - - - - 6.37 4.64 3.37-4.79 3.84 5.05 4.32 4.56 3.34 4.01 3.88 4.15 3.74 - - - - - 0.47-0.57-0.55 - - 0.53-0.05-0.45-1.03-1.13-1.00-1.08-1.22-0.86-1.11 - - - - - 1.31-1.41-1.60 - - 1.44-0.35-1.93-1.32-1.87-1.64-0.44-0.30-1.14-0.79 - - - - 0.14 0.05 0.03-0.07-5.74-6.15-4.70-5.05-4.04-4.36-3.17-4.74-3.87 - - - - - 2.16-1.00-0.28 - - 1.15 - - 4.30 2.40-0.20-1.50 0.80 1.16-0.30 - - - - - - - - - - 5.15 2.86-1.36 0.69-3.83 0.35-1.19-1.34-1.56 - - - - - 4.13-0.76-2.93 - - 2.61, 1991~97 0.86%. 1991-0.05% 1997-1.22%.,.., 1991~97-1.14%. - 22 -
(productivity p aradox) CDATM. 22) C DATM.,,. 1994 1997. 23), 1995~97() ()., 4.6%, 4.8%.., 3.7%-0.53%.,., -3.9%, -1.1%..., -1.1%, -1.4%.. 22) (1999), (1999). 23) 92 93. - 23 -
, -0.8%, 0.1%.,., 3,. < 6>(a)., 1991~97.,,,,.,,,,,..,,.,, 1%., 7.86%, 4.68%4.43%...,.,,. - 24 -
<6> (a), 9197 9597 9597 2.9-0.3-0.2 3.0 0.1-1.0 2.9 2.0-0.7 0.00(0.99) 1.6(0.21) 0.1(0.87) 4.68 3.56 2.61 7.86 5.68 7.96 4.43 4.44 3.93 19.0(0.00)*** 3.7(0.03)** 11.3(0.00)*** 4.55 4.96-0.70 4.74 3.04-0.43 3.51 3.53-0.50 2.5(0.09)* 5.0(0.01)*** 5.0(0.01)*** -1.27-1.29-1.69-0.52-0.93-1.21-0.85-1.10-1.45 8.6(0.00)*** 1.2(0.30) 1.2(0.30) -1.12-0.86 0.08-1.49-0.54 0.05-0.92-0.93 0.09 2.9(0.06)* 1.4(0.25) 1.6(0.21) -4.52-5.15 2.21-6.52-3.35-3.89-3.65-3.43-1.18 10.5(0.00)*** 4.5(0.02)** 33.5(0.00)*** : F-. ( ) P-valu e, *10%, **5 %, ***1%. - 25 -
(b), 9197 9597 9597 3.1 2.9 1.0 2.8-0.5-1.4 2.6-1.1-2.6 0.00(0.97) 5.2(0.01)*** 2.7(0.07)* 5.61 5.12 5.93 4.84 3.86 3.30 6.22 4.70 4.99 1.9(0.16) 1.6(0.20) 2.7(0.08)* 4.05 3.01-0.42 4.17 4.89-0.69 4.30 3.41-0.48 0.04(0.96) 6.7(0.00)*** 6.7(0.00)*** -0.76-0.97-1.28-1.08-1.18-1.55-0.71-1.21-1.58 2.8(0.06) 0.8(0.46) 0.8(0.46) -1.13-0.76 0.07-1.04-0.83 0.08-1.30-0.78 0.07 0.4(0.66) 0.05(0.95) 0.07(0.93) -4.76-3.11-2.54-4.38-5.12 0.72-5.24-3.30-1.28 0.7(0.52) 7.0(0.00)*** 8.3(0.00)*** : F-. ( ) P-valu e, *10%, **5 %, ***1%.,,,,., 10%, 4.74%, - 26 -
4.55%, 3.51%.,.,,., 1%, -1.27%, -0.85%, -0.52%.,,.,,.,,. 10%., -1.49%, -1.12%, -0.92%. CDATM.,.,,. 1% -4.52%, -6.52%, -3.65%. - 27 -
. () (),,,..,, 1991~97.,..,,...,.,. 1995..,. - 28 -
,. <6-b>,. 19986, 199597.,. 5.1%,, 3.9%4.7%., 5.9%,, 3.3%5.0%.,.,,.,.,.,.. 1998.. - 29 -
.,.., 199197 1995. 1997.,. 1995 1997.,,,,,.,,. 199597..., 199 197,,.,.,, CD, ATM., - 30 -
,,.,.,,.,,,, 1991~97,.,,..,,..,,,.,,.,.. - 31 -
< >, :,, 1999. 10.,,, 1990.12.,,,,, http :/ / fsc.go.kr / kfsc/ board/ 05/ 17accept.htm, 1998.6.,,, http :/ / fsc.go.kr/ kfsc / board/ 05/ 18stan d ard2.htm, 1998.6.,,,, 8, 1997., :,, X- ( ), 1995, 1995.10.,,,,,,, 8, 1997.,,, 1998.12., - M alm qu ist, 1999, 1999.,, 72,, 1993.12, p p 157-190,,, 1999. 10.,, 1999, 1999.a,, 6 1,, 1999b.,,,, : - 32 -
Fourier Flexible, 1998, 1999, :,, 1993.5, pp.20-42,,,, 1992, pp.109-153, BIS,, 1998.2,,,, 1990.5 Berger, A. N., G. A. Hanw eck, and D. B. Humphrey, "Comp etitive Viability in Bankin g : Scale, Scop e, an d Produ ct Mix Econ omics," Journal of M onetary Economics 20, 1987, p p.501-520 Denny, M., M. Fu ss and L. Waverm an, "Th e Measu rem ent an d Interpretation of Total Factor Productivity in Regu lated In du stries, w ith an Ap plication to Canadian Telecomm unications", In Cow in g, T.G. and R.E. Stevenson (ed s.) Productivity M easurement in Regulated Industry, Readin g, M.A. 1981, Academic Press. Gilber, Aliton, R., Bank Market Structure an d Com p etition, A Su rvey, Journal of M oney Credit and Banking, N ovember Part, 1984, pp.617-644 Grilich es, Zvi, Output M easurement in the Service Sectors, N BER, 1992. H ao, Jon ath an, William H u nter, an d W on K. Yan g, "D eregu lation an d Efficien cy : Th e Case of Priv ate Korean Banks," p resen ted on th e Con feren ce of Korean Fin ance A ssociation, 1999, p p.471-496 Hu m p hrey, D. B., "Why Do Estim ate of Bank Scale Econ om ies Differ?" Economic Review 76, F.R.B. of Richm on d, 1990, p p.38-50 Hu m p hrey, D. B., Produ ctivity in Bankin g an d Effects from Deregu lation," Economic Review, F.R.B. of Richm on d, 1991, p p.16-28 Kim, Mosh e, an d Jacob Weiss, Total Factor Produ ctivity Grow th in Bankin g: Th e Israeli Bankin g Sector 1979-1982, Journal of Productivity A nalysis, Vol 1, 1989 pp139-153 Oniki, H ajim e, Tae H oon Ou m, Rodn ey Steven son, Yim in Zhan g, "Th e Productivity Effects of th e Liberalization of Jap an ese Telecom mu nication - 33 -
Policy", The Journal of Productitivity A nalysis, 5, 1994. Pin dyck, R. S. an d J. J. Rotemberg, "Dyn amic Factor Dem an d s an d Effects of En ergy Price Shocks, A merican Economic Review, Vol 73, 1983, pp.1066-1079 Sealey, C. W. and J. T. Lindley, "Inputs, Outputs and a Theory of Production an d Cost at Dep ository Fin ancial In stitu tion s, Journal of Finance 32, 1977, pp.1251-1266 - 34 -
< 1> Denny, Fuss & Waverman (1981),. (1). C = g ( Y, W, P er, R at io, IT, Bran ch, T ) --------- (1) C, Y, W, Per, Ratio, IT, Branch, T (tim e). (1) (time), (2). dc dt = i + g y i y i T + g w j j w j T + g P er g Rat io g + Rat io T IT P er T IT T + g Bran ch Bran ch T + g T ----- (2). () 2( 1 C ), (3) 1 C dc dt = i ln C ln y i y i + j w j x j C w j + ln C ln P er P er + ln C Rat io d R at io + ln C ln IT IT -------- (3) + ln C ln Bran ch Bran ch + 1 C dg dt e y i = ln g ln y i, e P er = ln g ln P er, e R at io = ln g R at io e IT = ln g ln IT, e B ran ch = ln g ln Bran ch, (3). - 35 -
C = i e Y i Y i + j w j x j C + e IT IT + e B ran ch Bran ch + T w j + e P er P er + e R at io d Rat io -------- (4), C = j w j x j t, (5). C= 1 C dc dt = j w j x j C w j + j w j x j C x j -------- (5) (5)(4) (6). j w j x j C x i = i e Y i Y i + e P er P er + e R at io d R at io + e IT IT + e B ran ch Bran ch + T ---------- (6) (6-1), (7) (7) (8). 24) F = j w i x j C x j -------- (6-1) T F P = Y - F --------- (7) T F P = i [ 1 - e y i ]Y i - e P er P er - e R at io d Rat io - e IT IT - e B ran ch Bran ch - T --------- (8) 24) (8)11 (9). - 36 -
< 2> < 1> 1991 1992 1993 1994 1995 1996 1997 9197 9597 1.5 4.4 7.3 8.2-1.4 1.3-0.8 2.9-0.3 2.8 5.1 4.7 8.0-1.8 1.1 1.1 3.0 0.1-6.9 2.7 11.5 8.0-0.2 0.6 5.6 2.9 2.0-0.8 2.8-2.4-0.2-2.3 0.5-1.4-1.0-0.7 0.5-1.7-0.7 6.4 11.6 15.9 19.8 10.3 10.0 6.0 11.3 8.8 25.2 23.9 30.7 32.6 17.6 16.0 16.1 22.9 16.6 6.8 7.9 18.7 21.2 14.9 10.8 9.3 12.7 11.7 10.8 11.4 4.3 8.8 17.4 16.0 13.5 15.6 14.3 10.6 2.2 8.9 5.3 10.1 12.9 17.3 8.0 8.4 4.2 9.4 6.9 21.5 22.6 29.4 30.3 16.3 15.2 14.6 21.2 15.4 3.4 5.3 17.1 19.0 12.6 9.2 7.0 10.4 9.6 8.6 9.9 2.5 7.0 16.0 15.1 12.0 14.4 12.1 9.0-0.2 6.8 2.8 5.7 9.9 10.3 0.8 2.9 0.8 4.6 1.5 10.2 8.6 7.6 11.5 0.3 2.4 2.8 5.8 1.8-1.4 5.8 13.4 10.3 2.7 2.7 7.7 5.8 4.4 1.3 4.4-0.8 1.6-0.2 1.9 0.3 0.7 2.1 2.6 0.4 1.7-37 -
< 2> 1991 1992 1993 1994 1995 1996 1997 9197 9597-4.4 1.9 7.8 6.5 0.7 2.4 5.5 3.1 2.9-1.2 4.5 11.5 6.9-2.3 1.3-0.4 2.8-0.5-0.5 5.5 4.2 13.0-2.3-2.4 1.5 2.6-1.1 0.1 1.7 1.1 1.0-2.1 2.4-4.4-1.4-2.4-2.2-3.3-2.6 7.8 8.6 25.6 26.8 17.9 12.6 5.5 16.6 12.0 8.1 11.6 17.5 19.7 10.8 11.2 6.3 12.1 9.4 7.8 8.6 25.6 26.8 17.9 12.6 5.5 16.6 11.7 17.4 12.2 10.4 13.3 11.0 12.3 2.3 8.4 13.5 13.0 3.8 10.0 4.6 6.3 24.1 24.2 16.2 11.4 13.1 14.6 13.6 6.6 10.3 15.0 17.2 8.1 9.7 4.0 10.0 7.3 16.1 18.4 18.2 25.0 12.4 11.3 6.7 15.3 10.1 15.7 11.0 8.7 11.8 8.2 10.8-0.1 6.2 12.3 11.6 1.9 8.5 0.9 4.7 10.0 9.5 3.2 4.1 6.9 5.7 4.7 1.2 5.9 13.8 9.3 0.7 3.1 1.8 5.0 1.9 7.2 10.0 7.3 15.0-0.8-0.7 3.4 5.8 0.6 2.6 3.4 2.6 2.9 0.8 4.2-2.1 0.9-0.9-0.5-1.4-0.9-38 -
< 3> 1991 1992 1993 1994 1995 1996 1997 9197 9597 1.5 4.4 7.3 8.2-1.4 1.3-0.8 2.9-0.3 2.8 5.1 4.7 8.0-1.8 1.1 1.1 3.0 0.1-6.9 2.7 11.5 8.0-0.2 0.6 5.6 2.9 2.0-0.8 2.8-2.4-0.2-2.3 0.5-1.4-1.0-0.7 0.5-1.7-0.7 2.81 4.06 6.81 8.51 5.24 2.89 2.56 4.68 3.56 7.85 9.17 11.61 9.93 7.20 4.99 4.84 7.86 5.68 3.41 1.47 5.83 7.09 6.12 3.66 3.53 4.43 4.44 - - - - 2.46 3.33 2.04-2.61 - - - - 9.01 6.68 8.21-7.96 - - - - 6.93 4.03 0.88-3.93 3.70 3.52 4.89 4.88 4.70 5.93 4.25 4.55 4.96 5.32 9.85 5.48 3.77 3.29 2.10 3.72 4.74 3.04 3.19 2.74 3.18 4.93 2.58 4.22 3.78 3.51 3.53 - - - - -0.37-0.84-0.60 - -0.70 - - - - -0.66-0.30-0.53 - -0.43 - - - - -0.47-0.60-0.53 - -0.50-1.05-1.17-1.40-1.39-1.31-1.01-1.56-1.27-1.29 0.94 0.22-0.58-1.03-0.70-0.99-1.09-0.52-0.93 0.06-0.49-1.13-1.05-1.03-1.18-1.10-0.85-1.10 - - - - -1.72-1.31-2.04 - -1.69 - - - - -0.91-1.29-1.43 - -1.21 - - - - -1.34-1.56-1.45 - -1.45-0.34-1.43-1.38-2.14-1.83-0.60-0.14-1.12-0.86-0.74-3.46-1.75-2.48-1.45 0.08-0.24-1.49-0.54-0.21-1.15-0.98-1.29-1.65-0.71-0.44-0.92-0.93 - - - - 0.16 0.06 0.02-0.08 - - - - 0.13-0.01 0.02-0.05 - - - - 0.14 0.07 0.05-0.09-4.61-3.30-3.86-4.34-5.22-6.67-3.55-4.52-5.15-9.30-12.61-7.92-6.12-4.24-2.71-3.10-6.52-3.35-4.59-3.11-2.89-4.72-3.19-4.10-2.99-3.65-3.43 - - - - 1.80 3.04 1.83-2.21 - - - - -5.94-3.46-2.23 - -3.89 - - - - -1.77-1.63-0.14 - -1.18 1.00 2.69 2.25 2.64-3.05 0.64-2.42 0.53-1.61-3.94 2.51-2.41 3.73-6.13-2.43-3.09-1.72-3.88-9.32 3.14 7.11 2.91-3.14-1.32 2.72 0.30-0.58 - - - - -2.96-1.59-3.62 - -2.72 - - - - -4.65-1.19-5.77 - -3.87 - - - - -4.47 0.05-0.53 - -1.65-39 -
< 4> 1991 1992 1993 1994 1995 1996 1997 9197 9597-4.4 1.9 7.8 6.5 0.7 2.4 5.5 3.1 2.9-1.2 4.5 11.5 6.9-2.3 1.3-0.4 2.8-0.5-0.5 5.5 4.2 13.0-2.3-2.4 1.5 2.6-1.1 0.1 1.7 1.1 1.0-2.1 2.4-4.4-1.4-2.4-2.2-3.3-2.6 3.20 2.39 9.04 8.34 6.79 3.84 4.72 5.61 5.12 3.75 3.83 6.54 8.31 5.50 3.43 2.64 4.84 3.86 6.88 6.90 7.47 8.30 6.25 4.59 3.25 6.22 4.70 - - - - 7.80 4.23 5.75-5.93 - - - - 4.03 4.49 1.39-3.30 - - - - 7.33 5.76 1.87-4.99 3.28 6.68 4.72 4.51 2.74 2.86 3.43 4.05 3.01 2.93 3.25 3.94 4.46 4.80 5.52 4.36 4.17 4.89 6.21 4.74 4.14 4.82 2.28 3.92 4.04 4.30 3.41 - - - - -0.39-0.40-0.48 - -0.42 - - - - -0.68-0.78-0.62 - -0.69 - - - - -0.32-0.55-0.57 - -0.48 0.01-0.18-0.93-1.09-0.58-1.10-1.24-0.76-0.97-0.56-0.99-1.38-1.13-1.28-0.96-1.31-1.08-1.18 0.70-0.13-0.70-1.20-1.38-1.21-1.04-0.71-1.21 - - - - -0.76-1.45-1.63 - -1.28 - - - - -1.68-1.25-1.72 - -1.55 - - - - -1.80-1.59-1.36 - -1.58-0.20-1.70-1.71-1.87-1.77-0.27-0.24-1.13-0.76-0.29-1.31-1.17-1.99-1.59-0.68-0.23-1.04-0.83-0.79-3.37-0.78-1.70-1.42-0.37-0.54-1.30-0.78 - - - - 0.15 0.03 0.03-0.07 - - - - 0.14 0.07 0.02-0.08 - - - - 0.12 0.04 0.06-0.07-5.56-7.99-5.16-5.38-3.81-3.12-2.39-4.76-3.11-4.37-3.33-3.44-4.16-5.25-6.16-3.95-4.38-5.12-8.18-6.90-5.77-5.80-2.55-3.91-3.45-5.24-3.30 - - - - -4.00-2.47-1.15 - -2.54 - - - - -0.18 1.36 0.97-0.72 - - - - -1.56-1.75-0.52 - -1.28-5.39 1.93 1.51 1.94-2.72 0.12 1.12-0.12-0.49-2.90 3.04 6.73 1.40-4.60 0.06-2.00 0.25-2.18-9.17 4.05-0.24 8.11-5.73-5.62-0.84-1.12-4.06 - - - - -3.01 1.63-1.71 - -1.03 - - - - -3.93-1.59-4.50 - -3.34 - - - - -6.70-4.21-2.87 - -4.59-1 -