• 検索結果がありません。

経済,為替の変動と効率的な投資方法の選択

N/A
N/A
Protected

Academic year: 2021

シェア "経済,為替の変動と効率的な投資方法の選択"

Copied!
21
0
0

読み込み中.... (全文を見る)

全文

(1)|}. 

(2)        . . 

(3)                  

(4)          . . .  . . .   .        .  

(5)                         

(6)                  !   .    .                  .       

(7)  .                    !  .     "     .  #       .                         

(8)  

(9)  !            .       

(10)      .   .   .                             ! . .                    #.               .  

(11)              . !.  

(12)  !"#$

(13) %&'% ()*+, -./0 1234,/

(14) %& 56*789:;<() =>/0?;<@A#BCD;<E0/CFGH IJ*? ;<K

(15)     L@MNOPQ R12Q ST UVWXYZ[\2]U^27 _,3>`a ^. bc\ defghi2bc\jkK$%&l . .   #     Lmn$. ?'()*opq rdst,0ut. )**+o ,vwxq  -+*+;<$yz*?g{_@`.

(16) ½¾¿ ÀÁÂÃ. ÉÅ. ÄÅÅÆ? ÇÈ. 

(17)   !" $. !#. !#%&'#()#*+,-'#./0*+,-'#. 1234#5

(18) 6 789: ;<     .

(19) .     =  > ?@ AB CDECFGH'-C

(20) IC78JKLMNO ?C  PQR ?   P *SHT  PQR  P JKU VWX&YC ?QR ?CFGZ[QR 9:]Z[?CFGC\8^ _`. !C\8. !  P  PI. !  P   P?CFGC\8^.  P  PI_`. !. !  P  P. abCcd<efgdF]hijk !\l mLJ Kn

(21)  oCpqdBrs.t=         >uCI  !]78n

(22) pq

(23)  v<

(24) 6 FCCwxyz{|} ;<!  "     #    => $?QR ?~C %& ' (   #. "      '   )% =.

(25)       )*.   %      > %+,/CC. !€{‚]Z[. <

(26) ƒQR„ CC.†]m‡ˆ‰Š‹ Œ<‚]Ž <

(27) ‘’“”•ƒuC–h‘€5A—C˜'™]‘{ š‚ƒQR]wxn

(28) C›Bd<VW   .

(29) => ?QR /?Cœ 0.  1  2  .  3   žŸ  U CX¡¢. !=    4

(30)   

(31) 

(32)  

(33)  >C£¤C.†. ;<Z[¥ RCC¦§C¨ U.†tC©ª

(34) «CdB~UoC¬ ­®n

(35) ¥«i<d<uC A BC¯]°±<

(36) VW0 5 2 . . 5 ..   = > $C CƒQR²³ ´µ¶·«¸¹¶ º»¶dtC  A—C¯]¼

(37) pq

(38)  v<

(39) 6.

(40) 

(41) .  . ¸¹. !"#$%&'()*.     .  .   

(42)     + ,  -   - . /     .            0 1'2 345'() !"#$ %$& '#(67890:   ;<=>?&67#@AB) ) CD

(43) * +    +    ,.    ,/.EFGHEF67#$%B) ) I*+ 

(44)   ,J#)K L*M)NO&   . -    %+.  

(45) ' + ..,PQRST

(46) UVWX  + / , 

(47)

(48)   .   0 +. 1 + + 2 +

(49)  , YZ +     .     .   /    ,P6[\"]Z+!34  ^       + /    ,#_`B)(ab cde67fg*YhB) ij Nkl&(mn#J(6]#opqrB)NO&  . 5    

(50) %   +  ..6, #7(..s!#?tB) 6uv .  #/ .   8#$0 +. 1 

(51) 9   #/ .   %  :  

(52)  9  3 ( %  :  

(53) 9"]wx$% #(..s!yz{#|}& ~ B)€s!yz*Ms!*‚ƒB5„ #$)*j s !*p†&'‡@A&

(54) (ˆ‰'()Š cde‹Œ*89#)*;   :    +, <- .-./ <RSTU #|}&cde89p*)"Ž U‘#’“”)•*/y)(r–—˜™/y

(55) (ˆ‰      

(56) $      +, š›*cde‹Œ+    . 1, œ+: = 

(57)   , žŒ+ 2 2  . ,Ÿ 1'¡

(58) )# %    .      0cde ¢££¤ # %>m¥¦§-¨©ªHk

(59) «b('|}&'()Š š›b(' //  . + , <- -./  0#|}&¢y(¬­®¯txcd°!0PQ˜¬:#±r  ®(¬¯#²r³´µN

(60) 89#pq'()ˆ‰$.   +   

(61) >  : + ..,  '#( +   2  '      #  + . 1(    ,  %    .    - - b('890¶·D#|}&'()Š.

(62) ¦§ Ú ÛÜÝÞ. äß. ßààá4 âã. 

(63)       .

(64) .         .  

(65) .  !"#$    

(66)  

(67). %&'()*+!,-. ! /0123.     456 4  !           "      # $456 4 %&708 9:0123 . 3 !;$;$&'<=>4? # '@AB3 !CDE,. &'<=> @FG3H>IJDE # '@K*LM # @ 3 !;$NO%F DE >P # $@QRS=7TUVW XYZ[,\!]^ 456 4_ XY=` aN A +^bcXYZ[d '1  ef3 !gh(  . .

(68) .   9:0i(j!kl0mno pq39: i(rstu[v^wx y!z{|\>]^*} 9: 0~ €j!‚ƒ„,\!gh ! †

(69) )  * +  , . -. . /  ..

(70) .    †0‡ˆ3^\!‰Š 0456 4],; $‹ŒE? 0# @,\^ 0;$‹ŒE? # @ ,\>‚F 9:Ž‘ !%(’FG“”?+  •–j!wr3^‚6—06 ˜™30456 4  š›œŽ;$756‚L+Q~*}+Qž,\>† ‘ŸŸt \!< 3 ! ¡¢£¤W¥¤T¦§b¨W©ª&'«‡++5,†56¤O¬ ­®3 ! ¯=;$W°ª¬1±0²L&'b¨ ³´ µ‡0¶·¸¹º+DE0d»j!^¼ ½~+¾¿ÀÁÂà 6 ! &'«‡+¤O¬Ĥ&'FÅ3 !´  ÆÇ6!¡¿,\! 353¤O“¹È7ÉÊËO+ÌÍ,\ ! ¤O,E0AÎ8¤ÏÐѬÒÓ ÉÊÌÍ,Ô Õ0‚LÖ!‚\! × ¤O,ÔÕØÙ8ÉÊÌÍ,.

(71) 

(72) . . ¥¦.  !"#$%&'(. )*+

(73) , !"-.

(74) /01+

(75) 2345. 678+'9&:;<=>?@&AB CDEFG

(76) /0 HIC#JKL>MN;OP&QLRSTUV>W;XYZCDE

(77) E.  [ . . \]C  ^ !"#$C'9CDE#$. _` !":;<=>?@& CDEab&345.6 c&78Cdef+ !"&gh>ijkAg

(78) 2l  !"#$mnopqrstu34^rs&

(79) v !"defwCpqxs&

(80) tu34^xs&

(81) v !" dey+pq% !"de&zc&78{t| }4^%78C    „ &  fwC . ~€&Ca  ~‚ƒ . &†‡  }_ &rs&

(82) tu  . &†‡  }_ &xs&

(83) tu  y. +> 6ˆUC^‰CDE

(84) E6  [Š.   ,'‹6YZC

(85) ŒŠ. .    . !"#$C

(86) otu

(87) Œ

(88) E .  [   !"Ž+{E&‘}4 . ~&’ƒCDŽC   !"#J+{E‘} 4Š. ~&’ƒ+“I+6  rs&

(89) tu. ŽCa !"fw+  }4y+tu(”&'•D !"defw&'l–”+—&  xs&

(90) tuŽ Ca !"y+  }4fw+tul&'•D !"dey&'(”}˜{t'9& &™š›™œžŸ RS+™š›¡¢£

(91) 2+Y ¤

(92) otu

(93) Œ

(94) E.

(95) ž Ÿ ¡¢. © . £¤¤¥¦ §¨. 

(96)  

(97)   . !"#$%&'(. )*+.  &. &.  &. ,- &. ,- &/ &. 01)&$2$34!56789:;<=> 9?4@ABCDEF.B!56GH LM&NOPQR6SATJ. 78IJKJ). UVWXYZ. [\]6^. "_6`Ka DJ) &OPb &OPQR6SATJcd/Hefghi )j*k&jc!5)li mn SA.UV mn. OPQR6. OPQR6WX.I cd/Hefg. 3. o.a DJ)p&IOPQR !5,q OPQ R 1!5rs. tuvwT)x!5. IEF.B*y.J)9:;<=>@AOz{. tu|N!5. 6MI)LM}1IOPQR ~*. *e,. €.I‚ƒ„ €I e). 

(98)  &OPb &. †!&‡OPQRI &. †!.  &OPQRkˆ6W‰)Šˆ6 OPQR‹ˆ6 OPQRI ŒSAp ŽI. ‘’)mn OPQR Ž 6 . & “Ž  OPQR Ž 6 & “Ž  & $” Ž & “  I•)&–— &˜&  mn–—OPQR Ž –— “Ž™  ™˜& OPQR Ž ˜& “Žš›  š›˜&$” š›  ™).Ytu-u6–—™•œ mn–— OPQR Ž   ™˜&OPQR Ž    ™.

(99) 

(100) . ©ª.     . !". #$%&'()* +,*   -.&/ . 01234 -. 01 5601   . 01 5601   -.& 56* 7849:   ;;<=>?@()* +,  .  -.ABCDEFG4

(101) HI     -.23()*J  56   & 56  *K7D(LM>NO  -.&PQ4RE . !"&FG  -.PQ&STDUEVWX*YTR9UE. Z[&  -.23\]\PQ456Z[& +, * 01    <PQ4;Z[PQ<NO  -. &PQ4RE*^4 _`TVab*c

(102) de*fg  -.AB&hiDU4jU&^D

(103) k9:

(104) l

(105) E;; -.mPn*o

(106) pqmrstFuD

(107) E. 

(108)  vw*x -.&23D( +,]y`Tz{|}4L &FG;Lx -.ABL&~DU +,]y z{|}4D€D‚DoM

(109) EL*Eƒ„ € †‡Lˆ‰

(110) Š‹`Tz{Œ`

(111) Ž `

(112) ‘’“*<” †Š‹•–L*—˜49 :™`Tz{Œš`Tz{•›œR

(113) ސž`Tz{•› ŸL

(114) ސ `

(115) Ž¡`

(116) Ž•›œR

(117) ސ ¢`

(118) Ž•›ŸL

(119) ސ£`

(120) ‘¤`

(121) ‘• ›œR

(122) ސ¥`

(123) ‘•›ŸL

(124) ސ¦`Tz{Œ €l’“§`

(125) Ž€l’“¨`

(126) ‘€l’“C*<.

(127) Ÿ . “” •–—˜. ™šš›œ ž.  

(128)  . !". #$%&'()*

(129) +,-" ./01"234567 89:;<=>*

(130) +**%&8?@A 6BC

(131) 6BDEFG'HI  J

(132)  .    .  .    .         ;KLM'NO 6BDEPQR@ST  UV W <  XYKZ6BC

(133) B[\]9  ^_6BDE '`aA 6BDEFG['b cdefA<ghi"j'klS Tmn        ^_6BDEo pqr

(134)  

(135). !A   6BDEop .       st'uY            vw'uY    

(136) =>KZ      xyvw'uY z    cd{|'   }~ L a FGA<VKZ€A:+H AQST‚V    6BDE'FGAK  cd'ƒ|g„ T      K Z      m n             KZ†L  cd a‡|'  cd ˆ‰AH A:ŠST  cd      vw'uYA‹A6BDEFGa   st'ŒKZ6BDE{|mnM  {|6BDE'Ž/H ‹6BDEFG'ƒ|„A‹VS ‹

(137) mnX**  {|'F+6BDE'X ˆ‰A<VKZ  ‘vt'’PQ+ m.

(138) 

(139) . qq.       ! " # $ % &    '  !  ( #  ) * & +   , -    ./'01 &2& 34     56'017 

(140)       89  !"#$%&'  !(#)*&+ ,-    :;

(141) ./'01 34    :;

(142) 56'017 

(143)  <=>? 34@A')*&BC,-7 ./ 56:;

(144) 56"#'$DBC,-CE,FG H7 

(145) %"#$I:;

(146) >56'JK . 

(147)   LM <N& LM OFGP?Q? 2RS  34TU<N&  34TU

(148) VW        X YZ&<=[\                   ]^_`a'bcdefHgBR]^FG^CBh i j

(149) S  !7  34    ./ 34      56 "#7 Gk7     . lm.        . lm. 5/   no

(150) VW  no>DB+p.

(151) UQ. ()IJ KLMN. OPPQR ST.    

(152)    . ! "#$%. & '()*+ '

(153) ,- ./. ! ". #$ 0 1      2 3 4  5 6 2      2       7       5 6 2          789()

(154)   01  ,-./ . ! "#$01:;5. 62  789    . !. "#$<8 =>?@56 2      7$  789  CD . AB . %'()    D     D . !. %& '()   '()

(155) 01  E,- ./. !$. 01

(156)  34562  2      7 562           7  8 9 . ! "#$ 01:;562.  789   " #$?@56 2        7-  789  CD . AB . F9$'()*+    %& '()

(157) 0 1

(158) E,--./ !$ 0 1 G H     2 3 4  5 6 2      2       7       5 6 2    .

(159) 

(160) . ]^.        

(161) . . !"#$%      

(162) &'(. )*#$ %.        . +,. -      ./ '(0 1234   5-6178&'

(163) -9:178 

(164)  5-9:;     

(165) -&' . 

(166) . 2< =>? 2@< =>AB)%CDED F. G6  HIJK%=>?  HIJK@=>A. A

(167) 0L.         => 5MN HIJK=> O

(168) . %=PQR.                     STUVW(XY Z

(169) 6 [\#$%  HI%      &' HI@      &' !"%#$  )*#$ %    . +,. &'    = > A   6 % [ \  # $ %   H I %   &' HI#$@     &'. !"#$%  .    (. )*#$ %.      . +,.     ./ '(.

(170) XW. PQ RSTU. VWWXY Z[.    

(171)    . !" #$  %&'(     .   %&'(             ! )*+ , -  .  /     0 1              23456        . 78.       9 -2 :;<     56 !  =>.  ! "  # $      % & ' (   .       % & ' (                  *. ? " @     !   - A !      0 1        ?B23456         . 78.         9 -2: ;<           ! 34. 

(172)    CDEFG  CDE. H5IJ KJ. L!" %&'(MNG %&'(MN. . O.                    .

(173) 

(174) . YZ.           

(175)   !"#$  %&$      '( %&$      )* +,$"# -./0"# $    . 12. -  -.34)*  -.34'(

(176)  5

(177) 67 89:  ;< 8=> ?@3 4)*AB@34'(-. =>5$ . !  " # $   % & $ .   ' (    % &  " # $        C

(178) <  ) *  D E     + , " # $  -.FGH    '(DE/0" # $     . 12.  -. IJ '*6@89:    ;<?@34'(AB@34)*

(179) 8BKL ?M:NO

(180) @34)*DE 9:5  !"#$  %&$      '(-. %&"#$        -   -.FGH=> 9: PH;Q R'*SC3+,"#$   )*D E/0"# $       . 12. - . <   I J    ' *  T G    8    U V.  J-    -.34'(  -.34 )*DE WX5  !"#$  %&$    .

(181) [\ ]^_`. ca. abbcd ef.                  

(182)    . ! "#$     %!&'(). * "+, .        . -.. 

(183) 23    /0 '(1     

(184) 23&'

(185) 45  . ! ". 

(186) . 6789:; 6<789:= >+ ?@

(187) A@ B"C.  DE ; DE<= "=!FG.        

(188)  HIDEJ! " K. LM  .                    NOPQR(ST " UV!.  WX     . <       #$  

(189) "+, .    . -.. 

(190) " =.  W X          .             YHI'1Z " #$  

(191)      ()* "+, .     . -..

(192) 

(193) . qr.       !"   #$%&'

(194)  !"() *+$%&  ,-&       '    , -  $ % #      './$%&     01234$ % &       . 56. 7      89:   $%34 &'

(195)     ; < (   ) & * +  $ % &   , - &   ' ,-$%#        =>

(196) './$%&      =>

(197) 01234$%  &        . 56. 7         89:   #    

(198) 7=>

(199) '12. 

(200)  ?)@ABCD)

(201) EF3?CGHI

(202) *J K )

(203) E)&?)LMNOPQ R

(204) STU

(205) V

(206) ELMNO

(207) &WX(YZ[\]^_`aR  ,-  ,-bcde (fghi

(208) j(. /bcekl(m) ,-an?W">&opR .

(209)

(210) ›œ žŸ . £ž. ¡¢¢£¤ ¥¦.  

(211)  . !"#$%&'()  *+,-./01. "()23401 (5  

(212) . ! 

(213) $6.  *+,-./017878"78 

(214) . ! 

(215) . !./0177"7 

(216) $6 

(217) . !. ./017878"78

(218) $6 

(219) $6 ./0188"8(5 9:;<=./  >?@AB  7 8 78   *+,-;CDEFGDHIJK;LM N>?@ OPCD2QRB5DST:UVWXA*+JK;LM NY>?@ZA2[>?@4ZA2QRB5. 

(220)  \]S^_UVWXA*+[;`a>?@ZA2Sbcd

(221) ef;Gghijk(5*+,-<l*+

(222)  mnopAqrstJK;LM opu@;v w5qxyzBA)op(

(223) q{|z}2 p~€>?(5DST:

(224) €DS2 *+,-  *+,-"JK%;_‚Eƒ].R„ †A*+>?A ‡ˆ‰5. 

(225) 

(226) oq !#$%&'qrŠ‹oqAŒZA2Sb 

(227)  ŽB‰ Ž‚qr  ! . !"  $6 . !  $6 . !  $6  $6 ‘’“’>?. (5”•–.n2:  oq !#$%&'qr —˜Š‹oqA–.ZA2Sbqr™. !š#$.

(228) 

(229) .  . —˜. ! "#$%&'()*. +,-./0 /12*3 456789:;<=. %>?;@()A8&'BCD;0;3 4567E: %"FG%#HIJ8KL;MNA8OP@P%"#HQR8KL B<C*CC*"ST

(230) ;UT%. !3 VW8. %" XY%" XY()A+@P% Z[\ ] XY^_`BC XYab8cd3 %ef;

(231) W

(232) 

(233) gh 8 h 8  ij-h. ! ". *+c@ h "  !. h "  " iBC*^kh!lm n3%&'*^ ^    "o3

(234) p;Uef*^qr12"sH

(235)     *+-t h h!u     *+   v  h   h         * +  - w  h ! u h       *+-x h!u h!u*+ykh%>?    ;Ucd Mz{|8}PC*^ t h h!u()AOW-  MzVW8{|B0h ^8~;U  Mz€. !;UD%‚Uƒ„. 8 ()A_`B-  MzD†‡{|BC^3.   ˆ*D3 MNAlm. W-  Mz"  Mz. %l‰Š

(236) H{|;

(237) W-

(238) 

(239) g‹Œ"&'MNA. W. -Ž%B"‘’“OH  Mz{|”•8‹ŒyB v h h()AOW-  k Mz{| h. !&'*+-  Mz"Š

(240) H{|;‹Œ8.  Mz”•–B w h!u h()AOW-  MzVW{| h. !&'*+-  Mz"†‡{|;‹Œ8 . Mz”•–B.

(241) ‚ ƒ„ †. ‰. ‡ˆˆ‰Š ‹Œ.   

(242) .  

(243)  . !"#$%&

(244) '. 23 456

(245) 10789. ()*+,-./01.

(246) !:#(,-;<=>. ?@

(247) AB=>1CD%&1 :5  ,-  E               , -  E             3FG01 22% 3 HIEJK#(EL3MNOP(Q R+ST  <N@  U=

(248) ,-  E!"#<N@T U  = @  < N

(249)   , -  E ! " # U = @  1  : 5    0789 ?VTWX( @+Y     %&

(250) Z[ &T    %&

(251) Z[ \X

(252) =6( E]-^ 3,-_`(V TE89. 3 Ia89. OPHI(V1. 3 HIEbK(E 3MNSVcdeMN3 ,-OP(QR+ST <N@  U=

(253) ,-  E!" #<N@T U=@  <N

(254) ,-  E!"#U=@1= 6( E]-^ 3,-_`(VTE89 3 Ia89. OPHI(V1 (Ed. efg Oh\i( E 3]_`3jk(defg < N@lm0123 &1.   Ia8nfgEZ1Ia8fg3oTpqrG EXTst%&1\u v+w%E!"#fg xyZ18 qz(\u,-{G Iap|#}~8n(Vv+€(.

(255) 

(256) . kl.   !  "#$%& '()*&    "#$%& '()*&      + ,- !./&  "#$%0 &   "#$%0. & & 1 020 & +,3456 7 8& "#&        "#&              9:;<78&           +,<=>78&                                 . ?@. +, ?@&  ! ABCDEFG1HIJ)   KLDEM1H) NO  !./ 2EPH)  -QRHES3H1TE)U4D E 78-0-VWXYZ&   +,<[\ ]^-

(257) <_`ab+44&9:;c2ENZd 4e1fgX-hij29:;c2ES

(258) ZHd=>78&           . ?@.

(259) 9: ;<=>. AA. ?@@AB CD. 

(260)   . !"#$%&'()*+,-./012345.       . . 

(261).     .    .     .     

(262).           .   !    "   

(263) #   $   .  .    %& 6'(()7  *%+8,&.  /.          0     1     .   2  .         .     !         3 .  !  . !  .   

(264)   $   #.  .   "  0    

(265)    4& 6'((57)48%4.  .  0 1   . $ 6-7  8 $ 9 .   .  9   !      6   !     .     9 0.     : #  8 8   " 0    

(266) .      *) 6'((57 4,8**;   .    /       /-.   . $ <-   =.  

(267)    9  #     

(268) 7 $ .      #> . !    " 0    

(269)      4* 6'(('7 &&5: ,+; .    0  .  7 #         $      ..  9      3;    :.  .    .    .      

(270)   $   " 0    

(271)     4) 65,,,7 #.  #  0  .  0 -7     ;  .  -..       =      .  !

(272) ;     .    ; $     

(273) ;      .    .   " 0    

(274)     4& 6'((57 ')548+(7  8 $  1   . $ 6     $  .  2  ?  .      7   "  0    

(275) .    *& 6'((+758'%7   .        .  9. $      

(276)   $      !   

(277) @ .    ! .

(278)          " 0    

(279) .     &' 65,%,7 +,+8)5&7   .         9. $     1  $     $  $ 2   . $ . .     .

(280)     

(281)   $       .  !

(282)   .      "  $  . #   $   %4 65,,47 5(%%855(4       !     9 $     

(283)   $   #$   . 2   .  .   " 0    

(284) .    4* 65,%)7 *+8,&2   .        #

(285)

(286)     ! .  ; .  !2 

(287)   $.   .  !

(288)    

(289)   $  5,&4: 5,%)" @ .   !0    

(290) #   $   5() 65,%,7 5: '+0.    $ ; 0 .   1 9        .     #         

(291)   $      " 0    

(292)     44 6'(((7 ,+*84%/.     - 0    .-1    #  .     

(293)   $   " 0     

(294)    4& 6'((57 5,%48'(5(-.

(295) 

(296) . .     .  

(297)                   .           .      ! !  " #        $% &''& ()&*' +   . . .           ,

(298) -     .   -.          /   / 0      1        . .   2 - . " #           )) 3***&%))(*4.

(299)

参照

関連したドキュメント

する。逆に・唯・ト業ならば為替レー/は上昇することがわか洲

みなかったということにはならない︒たとえぱ︑ヴエラ・シュラークマソは︑一八五六−一八六〇年にチコピー所在

(1)経済特別区による法の継受戦略

メインターゲット 住民の福祉の増進と公正かつ効率的、効果的な行財政の運営の実現を行えていない職員・職場

"strategic Direct Investment under Unionized Oligopoly, " International Journal of lndustrial Organization, Vol.. "signaling Games and Stable Equilibria, " Quarterly Journal

経済学・経営学の専門的な知識を学ぶた めの基礎的な学力を備え、ダイナミック

また、2020 年度第 3 次補正予算に係るものの一部が 2022 年度に出来高として実現すると想定したほ

〔問4〕通勤経路が二以上ある場合