2008

2008
2008
2008
2008
2008
2008

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1 19291933

2 20 80
1982 8 20 90
42

3 20 90
1991 2 1993 10
10
4 19971999
1997 7 2

2008 20 30

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 2008

1 2007 3 4

2 2007 7 8

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 2008

3 2007 2008 3

4 2008 7 9

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 2008
2008 9

2008 9 14

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 2008

(Prime Market)

ALT A
(Alternative A Market)

(Subprime Market)

660

30 15

20%

620 660

660

1 2

60%

620


2
3

85%

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 2008

1
1

M0
M1 M2

2
GDP
GDP
GDP

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1997
GDP 10
10
M1 GDP 50%
M2 GDP 30%

M3/GDP GDP 2000

1971
M3/GDP 1999 71 2002 82
80 GDP
1999 84 2006 98

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2000 2001 911

2001 2003

2000 2001
2001 1
2003 6 13
6.5% 1
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10

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11

 2008

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12

 2008

3
20002001 12
2001 1
6% 2003 6 1%
1

2004 6
17 1% 2006
6 5.25%

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13

 2008

3
2001

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14

 2008

2008 3

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15

 2008

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16

 2008

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17

 2008

8%

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18

 2008

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19

 2008

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20

 2008

2008

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21

 2008

3

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22

 2008

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23

 2008

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24

 2008

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25

 2008

3
1 2
3

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26