[] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [ 69 ] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [95] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [136] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194]


69

. F-1

, (Value Line Composite) 1979 1986

29.12.78 - 20.02.87 ( )

252 21 211 193 177 162 135 124 113 104

252 231 211 1 177 162 148 135 124 113 104

150 140 13 120 110 188 90

. /

. 118% =

. 110% =

160 150 140 130 120 110 100 30 80

18 16 14

12 10 8 6

JMMJSNJMM 19791980

S N J J S 1981

I I I I I I I J J 1382

J J S 1983

J J S N 1984

J J 1985

S N J J 1386

18 16 14

12 10 8

1987



. F-2

: 1978 - 1987

1

3

6

12

-2.54

-0.31

-0.31

-0.01

-0.01

0.17

0.17

0.27

1

0.27

0.35

0.35

0.39

1

0.39

0.46

1

0.46

0.51

0.51

0.57

0.57

0.64

0.64

0.75

0.75

0.86

0.86

0.98

0.98

1.16

1.16

1.55

1.55

1.93

1.93

2.47

2.47

2.99

2.99

4.71

4.75

7.06

« », «», « », «», « », «», « » .



(Fed Fimds-Prime Rate Spread Index)

. . , . ( ), , , . , ( ) .

, -. , , .

1978 1987. . F-3 (. 208).

. , , 20 . (1 , 3 , 6 12 ). - ( - ) ( Standard & Poors 500). .

6 12 , -0.86. - ( 5 % ), .

[] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [ 69 ] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [95] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [136] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194]