住宅金融公庫ローン債権の証券化と財投改革への効果

(1)

住宅金融公庫ローン債権の証券化と財投改革への効 果

著者白石渉, SHIRAISHI Wataru

雑誌名明治学院大学国際学研究 = Meiji Gakuin review

International & regional studies

巻 21

ページ 25‑37

発行年 2002‑03‑29

その他のタイトル Securitization of Loan Assets and Its Effects on the Reform of Fiscal Investment and Loan Program ―Focusing on Government Housing Loan Corporation and Postal Savings―

URL http://hdl.handle.net/10723/1511

(2)

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

0123456'789:;<=

>?@ABC<@DEFGHI#JK4 '(LMN*+,- OPQ3) RSC<TUV#WX&'<;HYZ[)

\]^^.^,_`a

^#bcC<;H\]def?g@hbC(

ijk?ghb\]^?Ul^?

@mnABCop qmnAB@r%C<;HL^?.

TUV;sR,@tC<ABC(

=>?uv)wHL

=>?ABxy.z#{

|:;<}~)Q@[(4G

#wHLuEF|)

89@VC'<34

B@G=QHLu

*+,-8934EFC<

Q*+,-C<89#&'wH

;.8934&'HI cQRSQHL

.:*+,-s

^ ~@¡<^?:¢H£¤C(

@¥TGH[=>¦§¨©ª«

@y¬< ®@¯GIwHLu °).^?±²e³@´µ¶Q·¸T UV_¹º»GHI^?

.TUV¼½C<.¾¿QÀÁ)wx y#Â;(K=>?[}89

VÃ*+,-89.ÄÅ )aQ;I@«43GHLu°).

ÆÇVÈ^É¦§ÊV:

ËÌ=ÂÍ4'HÎ Ï±Ð³ ÎÑÒÓÁ@

«43C< ÔÕÖ×GHLu

°).^?ABxy.Ï±Ð³#

|C<;HI'4¨©ª$Ø%Q

C3[(4&Q;)Ï±Ð³Ù@ÚGÛ Äa<;HI@¯GLI)IsQ Î ÑÒ@;3C<ª$GH3;s¨©Ü Ý34¶Þßà\]Ï±Ð³:¢H //á=>âãk¢äå@æÖçè

^éê@ ®À)W¯GHL GQz^.QëÉ34ìíC /=>C<,îâ@ïðC<TUV :¢HbT=>ñòGHL.óôVC<

õö÷&'(@\]def?gT UV¼½=>?*VC(1ø ñòGHL

ùC< ®@Óú&ûH¹ºC<

\]defüÎÚCTUV¼½89ýþ

#MØÔ)wHI@¤HL

).@_^?±²e³*

QO~@~ÍGHL

^.^,u¹_`a^

(3)

!

"# !$% &'()

*+,-./⁰¹2 3 45678!$%+,((9

!$% :;<=(:>

!?@ ABCD!EF!(G HI

J +,KL+,MN⁰¹OP

!⁰¹QR OPSTUVW 'XYZ S(OP!;[\]^_

`:>)ab cd+, OP!ef9 S:a?OP!gh i&' jkYZ)a lmTanNopqr?stYZuv w xy:z{| OP!}~ @⁰¹>

)OP!H ?>) !?UVOP!}~

@S;[Z5ST S{~uv?

) +tO OP!}~@S

!OP|pqr)

| OP(:⁰¹OP;[ 5

a>)+,MN;[ 56

PC0 ¡¢£¤1

¥4 SOP!+,MN V N() +tO¦(:§

b ui¨©ªa)X«

¬ST OP!O,0+,1

®¯°!ST ?>)UVW !OP!}~@±²a)X

³! «¬´(MUxµw ¶·

0¸¹º»¼1

J!$%

0*+,-1 J!

½ ¡¢£¤

0~O,À1¾¿¾ ÁÂÃ5

Ä

Å

ÄÆO

Ç È ~ À U V W ÉOP!

Á ½

Ä6 ÊË

ÅQRÌ

Ä ÇÈ~À?ÆOUVWÊË J !$% &'()*+,-./

É +,KL+,MNOP!QR UVW'XYZ Å OÍ¦(8

Á OP!}~@S 5?UVWÎÏZ

½ OP!}~@S*+,-+,MN 56ÐP?UVWZ ÑÒÓ³Ð*ÔÕÖ×ØÙÚ-Û\0Ü1²Ý~g7 V¤Þ

(4)

!"#

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

123456789:;<=*/>

?@ABCDEE+,BC=FG H*IJEKL)MNOPQRS T<=UVW=X-./0*<B C=YZ+,[\]-.IR^_E- .*T`R!abK-.*acde 78fghF+i*jklmYⁿ^oREKpq r*mY[\IR*+istuvwx _HF<wDX=r*9y)\z{

_EK|}~EX'mYwDK

R(L<

i()285<*

~R])S(

a5<~RKEX=

=a()<A<(

R]

* )R%!]¡¢£nS oⁿ^o*-¤¥()<&123 45678R¦}F%!wD F&12345678Rr*

bb*§¨©qª1XBCa«¬R

®8¯==F&123 45678Rst,'mY

<°F±<²³*´¨Xnµ¶EXo

BCa«¬R·¸®8¯=a=¹ D*«¬ºFde:»¤¼v0R

½%!wD*pq'h) n o ¾h) n o

¿ÀDX=ⁿ^oDEr*º*R OPEX%!wD)n o¿ÀD&123 45678+,)BCD¹*

%!£F+,R?@BCa)28

k)A<®8¯*(ÁA ÂÃEX)()<(ⁿ^o

Ä0ÅÆ)ÇGÈÉÊ8Ë8n

ho=)FÄ0EXºFr*

ÌÍR<=Î¡ZR]28

Ä0ÅÆÏEXS* FÐÑD ÒFÄ0ÓÔÕL*Ö¤R

¡¢×¡<=EØÙwDÚÛÜbK)Ý /Þ-./0*ßEàwÑá*F

%&]EE*â^)ãÄ0 ÓÔÕLFÖ¤wDXº-.{_ä )å æEXPçwDEX=*a<Á

^èFéê(DÀ28

)-./0*ßEàwÑáRëì

RíAEKîÄ0ÅÆïðñEXò¤]

EE* ;=X*Ûó)ôõ*ö÷õ E<=*(øù=X*,FPwD )<=Ò*úiA~(

*ûüýþÂ;=X) -.{_)RAOP]KH wDX=bK)de78fR- .ûü¾ºA-.RB]

w)-.*ßÑG^_

:µ-.R!a,RéEX=r*9y

28) !"#$%&'=

XýþÂ*8\]EE ýþÂ*)Òhⁿ^o*ê yRH]º*()<=

!"

-¤)g¼!: Ä0ÔÕ L*½<R(Lw]¶

R=a]Ã})

r*º**¦}DKg!*Â

: Ä0ÔÕLF!wDpq*h

]-¤*ª1XHwDÃ } )EXi*Ã }RkTk*Ã}R}EK*

)-¤ðñEX-.F de78f*/×*êy

(5)

!"#$

%&'()*+,-./012341 5'( 6 789:;<=)>?

@# A

BCDEF1GHIJ KLMNOPQ

2RSTUVWX(Y$Z>

[KLMNOPQ$TUV>\]^

_`a'(bcde'( $aa fg$hi'( AZ@2jklmnQ oQGHTUVWKLMNOPQX6pqrs

>tuv= wx@yz=$ET UV>^_>`$de{|az>^_

{de$}4'( $~h@y A

>2$e>@@y

GHoMQ

( A

78278 e>

TUV$/ 78>/

01>02() ¡¢@y $ 78/01>\]$de{|a 2a

>9:£ Abcde¤

78>9:=$¥78/01

>¦§2¨©PQ1GHI KLMNO PQª¡x«¬'(=BC@2aY¨©PQ

¡>¢;-®6 ¡B¯@y E=]$%°G)(aA

78>TUVW>;2¨©PQ

1>±²³´µl¶z·¸w¹ º»¼½¾Q]¿- A G78>2*+ÀGHIJ KL MNOPQÁÂÃ2a$EaAZ(

)GGHÄÅÆ±Ç;( 78

>*+ÀÈÉ( *+1>ÊË

´µ>«IÌÍÎ'Ï -¬E78$

±²³´µlTUVÐÑ@# 6

ÒLQ2ÓÔ$y Õ( A

78278Ö×ØÙÚÛ¯ÜT UVXÝ¦l>Þß7à A6 aá78/01âã6 XÝäå2 æçè'(a>@âé>êë.âéì

§íîïð¥ ñò¦$y AÉ=/012 óìBC@y 78ôaz/+õ*+ö

¬{6 ÷øù1@y >@Z>úû [*+,-/+õ üý$~h' ( A>a/01>¿Ã¦§2XÝ¦

þ ha A

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

01

2>.

A'HÃanQ

&=mn) AZ>

v2Ãa p>Rµs

D p>Rµs>v/

z !"Î#$6 a A

>a%Dñò=h 2B¡#>@y

>;.Çö¬W>>+$dÏH(

ae2¿e¨e> e

$aa>$¡ð'( A(

H>fg2()ê>

Ha hY>@

ê>SaaÏ a A]¨©PQ 7

8M2 ³zÉ=

{6 Z>>7ÃêÈ=7Ã

>M2³ A782

%D$@y A 234567$489:;<=

78Ý6 > 2 ê$ ×Ø>¦GH±

Ò$IJU>rÔ

¨©78PQ1>BCDÀTW>v

>?@/$48923%7

>

(6)

!"#$%&

'&(')*+,-./01- 23/-456789:;2&

67<=0>?0@A%&B CDEFGHDIJK"LM^C^MNOP

&'QRS01-TNU-VW XYKZ[0\&8]^_`Bab$

&'&(

cIde01U&f-:g hi7jC./GRk:Ml$m9Cf nopMqrjCRSMstuv wxyTz{|}0~P&fG

Z891\Y- &(

\LE%&hih

0\Q&(./1\

RS01U&Gno89E

-0&(

0\Q0

fGno01U&89C8&

-58M1\YC;2&-

MP$0-fGZ^0

!P 4¡!&-¢4£!

-l$U$^C^M(./q¤¥0 ¦Q7$&L :g01U& §&l¨Q© ª0x«%&-¬(RS01

"®¯°±²³0&"´P&(

µ¶%-f·XY}l$¸$l\L0

¹xyº0fGno891\Y

»¼%fGZ-½g¾ 1Q0¿&' À-Á«0 &(

./ÂÃÄ0§&ÅÆÇÈÉ b&23/0-DEFHDIJKN&

#bÊËYÌÍ²³-67[-Î Ï06U#/ÐmÑÒ%Ó0ÔÕ

&'&(ÖËYÌÍ²³-67[

-ÓÏ06U#/-58×Ø%

ÎÙU&'&(»¼ ./-ÚÕÓf&(Û Ü%:gÝYÏ067 P#23/-:gÞ8Ï0-6 7ÏÓ@A%%##b0ßà@

3£vQ£áâã~%#(

:g01"°±äåæv(çè noé§&:g-.ê/-

ëfnops6ì&í #

#(:g0- îïÓÏ06ì%#6ìðñPÎ 6ì0òQó ##b6ìô7

£áõö#%âã÷ø #(

'\L0ùGÙú8901

"./-h0{û&ü VWýRSXYKZBþ!cs¼

!"#$%&

C#%:g&Èú"k!-M

cIde 7 j m 9 r j h x y .ê/ fnop R S 9ýxy

.ê/

h 6ì 6ì :NýZ

u

no 6ì

: Z}é 6ì h

C58DËeM

58DËe

FCÇM

89 : :È : no89 :È : : r[

(7)

!"#

$%&'(⁾^*+

,-."/0 ,-12345657 3489:;<=>?@ 34AB CBDE?F<G$+)HI J*FKLM"N OPQRST B12UV/WXYZ[\]7345R B P^_::`@a9bcde G ,- Pfghij :`@a9f ghkjF+34lOm?:

`@a9nop !q !G r/s/t t t t t uOvwx⁾^*+(1(,-:`@a9y RSTBa9G$G OPQz {UV/PP^_:,-34P|

}~<c34P<(z]

de+(

"u P'(PG

( P"N^PGST (G r}~y)V*

12Gd/+(1(

!12 z ¡1 2"G$¢ny

£(¤N¥¦ r¤N¥¦n§

!12¨4?©ª<2/+

£lO !«Y ! ¬12 !¬

G® !¯(°i(⁾^*+£

,-\]G% ±<,-m(²

\]GxG ,-3Um³´GRµ

d/+(1(z¶<

·:(G 12¸y

¨4d/¹ £uºG»Nd/

¼xRµlO<°i(,-z

½AM+

¾y¿ÀÁ12Â21"u ÃÄÅÆ2Ç,-3U m³´£ÈÉÊ"G

x+

!Ë5,-ÌRÍ ÎÏÐ ÑTn)ÍÒÎÏ*

Ínm?ÓÔ r/s/t t t(⁾^*+

FÕÖ ×^P:Ë WXYZ[

\]7<,-·:ØPÙYZ["NÚ

|ÌÛÜ&'PÙYZ[ÝÞ(ÀÁG xN ,-ÌRºß<Ìàá&mâG

$F´(+d2z{ãgäå Væ),Ê *Ë5Rçèé êæ),-*Ë5RëÑì<c z {ãgäåË5ÌíîÛï<ðñ'G

$+

!"#$%&'()*+, 2Ç,-ò>ó

$%-.

ô9Ë õö÷øå"NR ùúûüy<d/ýj2/+(1 (ÕÎþBM£"N

Ê1/y<?G z{

ãgäå DRTr"u

u!(/+F<·:|

Sd/$èG HG(

"udºG!<($

+1!r/¶j$I<

&?/0!ej+z {ãgäådF"u!Z ã[Q: (!"+

/01234

,-\z{ÛÜ\(Á<:d/

< KLI(Ë2¹ x BÛÜ{R d/,Ã<#$% {R

" ¡Gx⁾^*+(1

!bn ¬GxN Rn WXÌ,-YZ[\z{Á

(8)

!

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

0123456789

:;"#<=>"#?@ABCD 5E8FGHIJKGL:MN OMPQ%RSTUDVWUD XYF8"#<=CZIJKGL:M GH[\UD]4^_$%

<=`ab%Rc

defghiU%UDjkl]mnop UDnIJGHfLqrsD jklc467tu

"#<=IJGH^9CD5v wXxyzU!{!$|}+~s$%

UD9a|+7nL

LcfLqrL

F8IJjkl

nGH$%UDfL+~

nU

!"#

IJ+pjklUD5

4pn5sZM ?

@AB=¡¢£-IJ¤¥

-9D¦§¨gM O©+ª«l¬vw D®¯?@AB+°±²³nc

$%&'()*+

"#<=´µ¶·c£-¸

¹º»DM ¼½¾¿CZGLM $%

ÀÁ+Â8UvwÃ¸nÄÅ?@AB

<=ÆÇ,hÈÉÊO MËÌF8ÊOMÍ¯!ÎÏÐ¼

@CDvwMÑnÒÓ-9DC_$%

Ô%ÕÖK×EnØ¤-9

8ÙvwÚÛ+ÜZDXkÝÞßà"

<án234 -.

àU!<=Ãâ5"#?@ABC ZIJ8ãGHäåUDæçL1

<=UDèFéF867Dê

<=ÆÇª«lvwnÝëìÌUD í'(îïðM ?@ABCZK

ñ$%òóZ}+ô6UDIJ8 ãGHõö÷+øÖU!5c

/&0'12 34567 ù úûïðü ýþg 1$%ïðC ã¬¯`Å©OM+OMÉ9gi OU¤c¤ª+ó

É9g&`pUD O+U!jNM $%x+p!

úûuMH1ñ$%

jNM $%n OU!¿¿

Ð¿+ÉU¿*(UD¤¥

5¿¿ Ð¿+ UÑM+¤ª

Kñ$%jNM $%ïðOM Q+}+!UDùj NM $%¿¿ Ð¿+&«ìpç

cUª«l

98ª«uMH CãúûuMH

ÑM¤ªnó-9D5¿

?¿Ù9DÈnD jNM $% +È D#O-9!M+Ü óM+Fn4

àU!ª«lCZKñ

$%çïðÐ¿&&`

p5 OM $%¤ª ( ¿¾¿U©15 ïðM GHÐ¿&ª«l"#<=

(9)

!"#$%&'(&

')*+,-."$/

01"2345!$678 9:;^<⁼>?6*+@ABCD E8FE8$@ABCDEG HIJKLMNBCOPQRSTUV

@A601BCDEG WXYZ[\]

^

_

`

b a

c

d a b

b

e

>?6

*+ BCDEG @ABCD E8F BCDEG

BCDEGfgh

ijkWl 0 1

mn

opq

X*+E

<>rWs"tE=

X*+Emn uvwx

E8

iyz7t

{|(}t

<wx=

STh~%

ST E ST

h~% X*+E ST

iyz

iyzl

F

(X*+ENBCKC

^ >?6*+"@ABCDEGCOijkl ;fgh@ABCDO

/

_ "EGCO W%/

` 01">?6*+E8$OT3/

e uvwx"opqX*+EOST;OT3/

d {|"iyzl 3}t<wx=$NDO;G OOnV/

c {|(}t"iyz7FyzO/

a iyz7F"X*+EuW; iyzOT3/

b iyz7Fyz"{|(}tO¡¢UV/

(10)

!

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

012)*3$%

012)*+,-.

456 78"

9:;<2=$%&'()*

>?9@A&'BCDEFG HI;JKLMNLOPQR

ST=UVW@ATXYZ[\]^_9

`a"bc`dTef`45 9gh"9aijklc

`dmano9pqrs tu9vwE:xyzma{⁾^*a|}

~94;J9Uba|9

@A@9u9h

⁾^*yA}~4 5:[h":uy@

ST=9gh"9a|}~}

~ 9 A & ' L / W )*m/)UVW=o/*jk 9\W@;mano⁾^*9mano=

pg ¡¢9jkama{

45XYZ[aijk£9ajk¤¥@

ma¦§@Apjk¨©)ª«*¬1

-ma{9pu-=ma{y|

®J;jkrs¯°@¬1±=I²@A :ST=Tef`45mano³ 8´µr-¶·¸Z¹º»¼½¾¿

AI²À"TeÁÂÃÄE9=Å

9ÆApÇ9jk¤¥[;

maaÈ;9XYZ[ÉÊ-ST yËÌ45¸4afD=Í²T 45ÎÏjk¤¥aÎu 9ÐÑÒ½-.⁾^*

ÓÔÕÖ-=^E45×ØÙ

ÚÛE:ÜÝ±3ÞßHàáâãäå æçèyéêuyëì5[@4@<

29A=íîPï:5ð9/ñ¨òó

ô9õö[± õö[ª«»=÷ø@

ù¨Z=úû@Aüõö[ª«y ù¨Zôñu=ýuþ:;

: W;@;-.:5 p =:ª«9-.

"@;yÆA n)¨Z*45

@:ST9A=mano 9=ma{9¦@Aaijk¨

©,9êA¬¨©Ù¡

yk[uÙ¡9h[aijk£

9¤¥@;manomaLr yma{9[-mano=}~

§lcXYu9:p !Lr9"

#ïy$ku9:;;ìjk

Lr=%&:Æ;@A§'ÎÏ9

:"}~rs=ma{9[A - n45(@:

S)T:5ð9<2ÓÔ´ßL*+

"ì-Ã¹:@A

=&'L#èl@-.

= W}~6-.#9 A=Ú|9A=&'LÁÂ

²»» Ù¡9A=

&'LÀ»þ Ù¡yp[

[k[Ay#5Ù¡yX©£¯

°9ÆA4Ò½-.·

9 W}~9A=8}~^#

=-½;y}~=#n -ma{9ÆA@-=:}

~Lß9A9Y ) *h":

X PE9ÆA ãy-.

&'`<2L/ WmÓÔÝ

(11)

!"

#$%&#'()*+*",- ./0*1234567849:

*;<=>/?@A478B+

CB+DEBFG!";H IJ$KLMN"OP:Q+*", ARST;<=UVDET WX1BKY7WZ[\]^

/_9`a"OP:"4bcde fg^:hijklQ+*:*, ]mnopqr7stq

rru7s8v1Y4wxyz{

|]m7s8O}~B,S

;<= 8~567 ]mcje!"YP~", s}~*+

/w"/?4yKL"bh ijas8!"s

P*,^8s/s_

s4w"K¡KQ+

S¢sPP*£HB+

*L+*",]m7~o¤YP4`¥¦

k§+S¨©bhijª

«!"OP:"4¬s®¯°

t"YP±:B+*",

?4*Z[PZ²[±:LZ² [³´Z²[ :LZ²[;

HIJ°1µ¶PB+*+*", -·¸P-·¹º]m»·¼-·

¸`·¼]m7½NB¾`¥¼ P!"¥-·4w",]m7cje4`

¥¦¿³À8Á7¦-·!"OPq rijÂ7Ã¼ÄÅB:*4qrijÂ7 Ã¼KLÆÇ¨©-·ÈccÉjB+`

¥¼4w"¾ÊËl"4:Ì]m ÊËlÍ]mxÎÏ¾ÊËl

"OP:Q+*",

-·yP-·¹º()Ì-·y*

*-·7¦-·7¦KLÐÑ-·7¦

ÒÓÔÑ¥SOL"Y

!,]m\ÕÖ×Øx

`¥¦ØÙÚ+*"Y4:Ì

~`¥¦¿³À8x]m7/ÛÜ BÝÞ4ßàB`¥¦{¼]m7 ÔlQ+-·yKLá"¨?âãÑ¥

äå`a"¦©æ!,

`¥¦¿³ÀPB+]mçèéêI ëtIëìYBÌíyî9/ï

"=ðñw"*òó:ô/lA R~1+*",

Sõ`¥¦Ø8`¥¼-

·FG=]m7ö÷Bø÷¦©¼PB+`

¥¦ùúûü"OPxý~"PB +*",

þÆÇPqrijÂ7Ã¼/Û Må¦~¹ºØ~1ÆÇ/ !

"Á¨©UtÊËOP

*,

F

-·IëñRp/w",y

DE|y|*

*+YyKL"bh ijas$8BS½ NB¾bhijã¨!", 4qrÕ´yKL

á"bhijaPB+8

sPP

4bhijB+

cas4w",qrÕ´y yKLá"bhijaP B + 8 s P+*"//>4

¼£HB:*4P4*", jjijÂbhij

¾ÈccÉj49"/z{y KLá"bhijP¨©ÊË

*PÂB+*:*4bhij ¾ È c c É j 4 9 : * ,

,

s:*B17¦6!

"¤fÃzB+

+9, o\ o7Ã¼

¤PB+7Ã¼ðÄÅt7Ã¼ò Bn ¼¤PB+SÄÅ\ò ý~w"ØQ+l:a:L :*PB+*",;PB+

jc\7¦~

B;~7¦$ð]YQ +7Ã¼n ¼¤"OP

:Q,L

=/!"æ7¦B7¦

;$7¦û YQ+n ¼¤PBû³×Ø

B7Ã¼ðÄÅ\òYQ+7Ã¼

¤PB,BKBíyÎÁtyì

î9+Íl¤

F="*l"¤¡vP:"

/w", , *+~¤

!-·IëñR*4Y*

v~BS/8!"s¾

!"ÊË*=4PB+

",B/Q+fg^

¾4"4Ð " , s /jj A R qr]mijÂ7¦sPð

(12)

!"#$%&'(

)*+',-*+./0123456 /7!289 /2:;

<9=>?@ABC;

DEFGHIJKL;

MN"OPQR20ST S:UR0VWXYZ/R0VW [\]^_3\;`abcdef2 3\gX/hijklmXYZVWdn o8\;]9 /MN/p3qrst23 :Xuvwdxmj8o8\]XYZ VWy'&z{Q\;

MN|}lm~.

6/8dp38 Q\/ll

m}lm~./Q

\ /XYZVWy'&/

Q\[\ta{Q\;]9 8

''')*&

lmMd8j8Q

l;¡BC;

¢£y'&/¤23DEFGHIJKL ¥BC;

¦§¨/9j©ª«¬¦§®

¯°±Q²k³§®¯/´_\µ¶

·²k/´_\.¸-·Q

\;

D¹ºMNª»L¼ª½<9=MN

¨9¾;

¿%)À¿.Á+\EFÂtXu G/ÃtÄ\ÅZ/Æ_:ÇÈQ ÉÊ[\ËcQ\;¦§ÌXuÍ /cÎdp3qr/Ï2:cQÐ ÍÑ[\]dQ\ËcÒÓ23\;

XudÔÕÖ×cd¯o8\ØÙÚ ÛÜQÔX(ÝtcÞßàáX(Î câãä/×cáXuQ¯o Ôo8\/j3eo8\äÙÚÛÜQ áX(ÎcÞßàÔX(Ýtcâã

!å ;

ª«/3cwæç2:d ª«èé/êë2:;ª«ìQ íîïð2:d ª«4ñ<9=

ª«sòóî/ôª«/8p3 õl/íîdsòöj\IJöj3\;

D¹ºMNª»L¼ª½<9=MN

¨9¾

ª«/ù¾ 2 `Â

ª«ìQª«/ù¾ []/2 :;:2ª«4ñ8m=/ª«

RhCwK/<S\Ã÷ø ç23\d` JmlQ8;

¡<9=¡9¾;

è(}D}»L"

#}Ã"

×/<S\²k/3

-y Z Ô

-(%)²k[\]

Q\ /öj\;

ª«Þß#± } hi #±Q·

´_3<¾}Z456/Îp38

;

èD}y)L¥/J öj3\£¾}.'6/a 23\Q¦§\Ã"k/3²

¤ 2:Q8o.' 23lmdì2

\;

+0R0|Ë

ÒÓ[\;MN¹º+|Ë +Q\ddå8Ö¹ º+|ËåAd+|U

å`j/\qËtËU 8p3\:_/ +Q 8o0+Q\;]9 /Ày $qËtËUd8p3

\å8Ö¹º+|ËQ8;

$%£$ ª/

¹º"/3¹º×&'(

f/\¤23öj :;è/öj#Q^öj:&'(

Ô$%d/:p3\;

23 u¤d2: + &8Ö¤d|2:

+ / u¤d`

~.0S/å2: c

åp3\;ª«¬®

¯#ÚQ`j/[\4å

µ¶ª«·Q\;Â!vlm

TS38;&ª/¹º

×&'(f/ip:

¤Q\;`8

+12: u¤/[\ø Q\;ª¬®¯

ÚQ ª«w

`jjcwÚcw Úø

ÚQ\;"/9¾|®¯/

[\sX28øµ¶·2 3\dª ]µ¶#2 ª«·/8p3\;

%£ ª/

¹ºMN+|Ë}b

(13)

!"#

$%&'()*)+,)- ./01234567$&' ()*)+,)-89:;<&

0=>3$?@A"B3#C()

*)+,)-01DE%FGH IDE%FGHJKLMN?@

%&<O/FGHPN?@%0=Q FGHO/R!"B3#ST67K2U 0=$V>3W XYX!Z[\

]I4&^J"B3#

_`<a%bcO/?@ ]defghi jWklmnol 3:p%

FGHq3#r67<s%t0

=Q% tuvw%tq3#x yz%{|q3#%45}~

p%))=

b !?

q3#

lB K2U4Q#

¡ ¢2L $% 2L£

¤ &'2L¥b¦B3

´µ,)-%S¶·j>3=¸2 Lu¹&%ºO 3»$b¼½%I«

!B#

¾¿ÀqÁÂÃhÄÅ)Æ^Ç

È45ÉA¿BÃÊËÌ-Í)fÎÃ ÏhÐÑÒÃ23ÃÏ ÌÓÄÔÕ4ÖÕ4×ØÙ!ÚBq 3#ÌÓÄÔ|%ÛÜ:OaÝÞEBO aw@3ßà-Gáâ+ã)ä å>3æÃÏ|%ÛÜ:2L:

ç"B3 èéq3?êëì

!"B3#

íîhïðBñåòKé 2LóôjN%íîõö÷-eøùú û(üHýþ)GI«%

3>3#é2!óôjN

¥¶!×²³q?

0=¹@B3?2!³ó

@>#?ñå® !

%ØÙò>3#

45«l>ãß,)¹È

=ÎI>3%È4567Î È45 ×Î¿Z[\q3#MN%

Õ4Ö?@4&\)H4 5Õ4:ãß,)Õ4Ö

>3qLPN%Ä+â)Z)

4501N=I

45«l>ã

ß,)¹ !3B¿

?üe=I:Õ4Ö

>3é2L4&^Jq3#

È4567ÎÕ4ßà-G%¤

q3#È=Î% ×¸

¤%¤a=¶

%l4=Þ ]!

è:I>3#67¤

%¤a=Õ4 Õ4¡|

%:I>3#

K3íî%È4567Î Õ4¡|Õ4 !"45 67N4567£¤>3T3#45 67N%´µ,)-]=¸ÛÜ

»Õ]¸67BÕ4 % :67aÕ4Ö;>3#B9WÂ

&'()*)+,)-%4Ïó

B=89 íî4567

$2LÕ4Ö01 3é!3#

È4567ÎÈ45 ×Î¿Z[\

%ÈÕ4e)ÎÂé@æ>

3¡%MN¿B%ÈÕ¡ÎPN

¿B% È45 ×¸¡ÎB

Ò #Õ4e)

¿B%!@U ô

#

&'&'q3?&' q3?%&'&Nq3B%Õ4 ÖæÄe>3??2"X 3#"Õ4e)¾¿É q3íîÕ4 %&'/

@3W3#

!"

#$ ô

#

$KKX?!I3&' _2L&u¹?@lI

$'4lÄ ö74&=IB3#

"ï¸Píî'4$©¬

=$Be\%&'?@

%B#X/ _pÙòÁ

<k{4&^J67 A³®!4567>3é%íîÄ eûW3é!34&Næ>

3¯!3#

È=¸¶hÐ¶ ù ÎØ»&'ß÷

-ãH)#

´µ&' ,)-]=¸»Õ³

(14)

!"#$%&'(

!")!"#*%+,-./"

#$%&012

3456789:;7<4=>?@A'BCDE

*%"#FGHIJK

3456/LMNOPQRSTUVLWX*%YZ [\]^_2`abU4cd/1e$&@

f2Lghi")!jk#lHImKn Do7pZAqr stuvwxy7z{y]J,|})~

-

*%q*%{7

-

/UO&wxy]|[

2 !"#*%HImKnD o7pZAqr

]*%ªx]«¬ *%ªx®~¯U°

W 2±²³¡/"#$%&´]µ¶|·

¸]m¹2º»¼½/"#$%&]¾|¿¾ ]ÀÁ|Â]ÃÄ2LghiÅ4¢#7±²

³¡K"#$%&]ÆÇ UmÈ

ÉÊ!Ê#lËÌÍÎÏÐK0Ñ[]Ò

ãäåæ /ÎQ]ç7oè}UVLW

éUêOëì]í]éî´®ïáU 2

*%HIqðqrñ½*%HIm

ò # !

óôõö÷ø'ù&ú û\]÷ ? üÜ½ý]þ]÷ø'ùk

z{[

!" #$%& "& &&'(

) &%*+,,

!"#-. #!$/&,

%&"&&&'(

&%&$,0&(

+ $,%&&0&(

" #!''&'&

&1

*&%&$,0&(

' # 2 $3/40567

&, &'&.&(63/- 4-&&)+' 4! -&.&

,&$',8&, &)

& ,(

-Uuì

hþ/*%JJ2UO.®

7°þi]ìOÂ] -

]/Ð2U h

þ®ÝOUþW]

b/&''&'']

a`ø®°þëþ í7úÜ!4-&&)+' 4!-&.&,&®HIÌ]þ U·°þÂ]«%0!&

3%'/ &6&']¥Õa`

®LþLþU]®°þL°

°ì hþÒbÝ WRUÝOi]ìO

*%]z{y|"$£¤\]

住宅金融公庫ローン債権の証券化と財投改革への効 果

住宅金融公庫ローン債権の証券化と財投改革への効果