Housing Policy in the Republic of Korea

8/17/2019 Housing Policy in the Republic of Korea

http://slidepdf.com/reader/full/housing-policy-in-the-republic-of-korea 1/30

BJLG Qfrogna [bpdr ]drgds

@fusgna [fhgmy gn t`d \dpulhgm fc Ofrdb

Oyuna-@wbn Oge bnjEgsdfn [bro

Nf. 41; Bprgh <;23

Bsgbn Jdvdhfpednt Lbno Gnstgtutd



Z`d Qfrogna [bpdr sdrgds gs b mfntgnubtgfn fc t`d cfredrhy nbedj Jgsmussgfn [bpdr sdrgds? t`dnueldrgna fc t`d pbpdrs mfntgnudj wgt`fut gntdrruptgfn fr m`bnad. BJLG‗s wfrogna pbpdrsrdchdmt gngtgbh gjdbs fn b tfpgm bnj brd pfstdj fnhgnd cfr jgsmussgfn. BJLG dnmfurbads rdbjdrs tfpfst t`dgr mfeednts fn t`d ebgn pbad cfr dbm` wfrogna pbpdr (agvdn gn t`d mgtbtgfn ldhfw).]fed wfrogna pbpdrs eby jdvdhfp gntf ft`dr cfres fc pulhgmbtgfn.

]uaadstdj mgtbtgfn9Oge, O. @. bnj [bro, E. <;23. @fusgna [fhgmy gn t`d \dpulhgm fc Ofrdb. BJLG Qfrogna [bpdr41;. Zfoyf9 Bsgbn Jdvdhfpednt Lbno Gnstgtutd. Bvbghblhd9`ttp9//www.bjl.fra/pulhgmbtgfns/`fusgna-pfhgmy-rdpulhgm-ofrdb/

[hdbsd mfntbmt t`d but`frs cfr gncfrebtgfn blfut t`gs pbpdr.

Debgh9 espbroKorg`s.rd.or? stbegtzogeKaebgh.mfe

Oyuna-@wbn Oge gs Sgmd Egngstdr, Egngstry fc Hbnj, Gncrbstrumturd bnj Zrbnspfrt(EFHGZ), Afvdrnednt fc t`d \dpulhgm fc Ofrdb. Egsdfn [bro gs bn Bssfmgbtd \dsdbrm`Cdhhfw, Ofrdb \dsdbrm` Gnstgtutd cfr @uebn ]dtthdednts (O\G@]).

Bn dbrhgdr jrbct fc t`gs pbpdr wbs prdsdntdj bt t`d BJLG wfros`fp fn @fusgna [fhgmgds gnDedragna Bsgb gn Eby <;24. Z`d but`frs bmonfwhdjad t`d vbhublhd mfeednts bnjsuaadstgfns crfe ]fmo-Wfna [`bna, ]gnabpfrd Ebnbadednt Tngvdrsgty, bnj Ebtt`gbs@dhlhd, BJLG.

Z`d vgdws dxprdssdj gn t`gs pbpdr jf nft ndmdssbrghy rdchdmt t`d vgdws fr pfhgmgds fc BJLG, BJL, gts Lfbrj fc Jgrdmtfrs, fr t`d afvdrnednts t`dy rdprdsdnt. BJLG jfds nftaubrbntdd t`d bmmurbmy fc t`d jbtb gnmhujdj gn t`gs pbpdr bnj bmmdpts nf rdspfnsglghgtycfr bny mfnsdqudnmds fc t`dgr usd. Zdregnfhfay usdj eby nft ndmdssbrghy ld mfnsgstdntwgt` BJL fccgmgbh tdres.

Qfrogna pbpdrs brd sulidmt tf cfrebh rdvgsgfn bnj mfrrdmtgfn ldcfrd t`dy brd cgnbhgzdjbnj mfnsgjdrdj pulhgs`dj.

Bsgbn Jdvdhfpednt Lbno GnstgtutdObsuegabsdog Lughjgna 0C=-<-4 Obsuegabsdog, M`gyfjb-ouZfoyf 2;;-3;;0, Ibpbn

Zdh.9 +02-=-=47=-44;;Cbx9 +02-=-=47=-4412T\H9 www.bjlg.fraD-ebgh9 gncfKbjlg.fra

© <;23 Bsgbn Jdvdhfpednt Lbno Gnstgtutd

mailto:[email protected]






BJLG Qfrogna [bpdr 41; Oge bnj [bro

Blst rbmt

Z`gs pbpdr dvbhubtds `fusgna pfhgmy gn t`d \dpulhgm fc Ofrdb fvdr t`d pbst sdvdrbh jdmbjds,jdsmrglds ndw m`bhhdnads brgsgna crfe t`d m`bnagna dnvgrfnednt, bnj jrbws hdssfns cfr ft`drmfuntrgds. Z`d efst gepfrtbnt afbhs fc t`d `fusgna pfhgmy `bvd lddn tf bhhdvgbtd `fusgnas`frtbads bnj tf stblghgzd `fusgna prgmds. Zf bm`gdvd t`dsd afbhs, t`d afvdrnednt `bs lddn

dnabagna t`d prgvbtd sdmtfr w`ghd dstblhgs`gna pulhgm sdmtfr gnstgtutgfns bnj hdabh crbedwfro,prfvgjgna jdvdhfpblhd hbnj, bnj bhhfmbtgna `fusgna ungts tf gntdnjdj tbradt arfups. Z`bnos tft`d sustbgndj bnj ebssgvd prfvgsgfn fc ndw `fusgna sgnmd t`d 270;s, t`d mfuntry‗s blsfhutd`fusgna s`frtbad `bs lddn rdsfhvdj, bnj fvdrbhh `fusgna mfnjgtgfns `bvd geprfvdjsulstbntgbhhy. ]gnmd t`d turn fc t`d ndw eghhdnngue, dn`bnmgna t`d `fusgna wdhcbrd fchfw-gnmfed `fusd`fhjs bnj t`d unjdrprgvghdadj `bs lddn bjjdj tf `fusgna pfhgmy afbhs. Z`dsupphy fc pulhgm rdntbh `fusgna wbs gnmrdbsdj, bnj b `fusgna ldndcgt wbs gntrfjumdj tf bjjrdsst`d ndw pfhgmy afbh, lut efrd wfro nddjs tf ld jfnd. Zfjby, t`d \dpulhgm fc Ofrdb bhsf cbmdsndw `fusgna m`bhhdnads rdabrjgna t`d mfuntry‗s jdefarbp`gm bnj sfmgfdmfnfegm m`bnads.

IDH Mhbssgcg mbtgfn9 [<4, \<2, \<0, \=2, \=0, \4<




Mfntdnts

2. Gntrfjumtgfn ......................................................................................................................... =

<.

Zrdnjs gn @fusgna Mfnjgtgfns bnj @fusgna Bccfrjblghgty ..................................................... :

<.2 @fusgna Rubntgty bnj Rubhgty................................................................................. : <.< @fusgna [rgmds bnj Bccfrjblghgty ............................................................................ 1 <.= @fusgna Zdnurd ....................................................................................................2; <.: @fusgna Qdhcbrd ...................................................................................................2< <.4 Murrdnt ]tbtd fc t`d @fusgna Ebrodt bnj Afvdrnednt \dspfnsd .........................2=

=. Dvfhutgfn bnj Bssdssednt fc @fusgna [fhgmy .....................................................................2:

=.2 Dvfhutgfn fc @fusgna [fhgmy bnj Ebifr Bm`gdvdednts ...........................................2: =.< @fusgna [fhgmy [rfarbes bnj Z`dgr Ldndcgmgbrgds .................................................21

:. Z`d M`bnagna Dnvgrfnednt bnj [fhgmy Mfnjgtgfns .............................................................<;

:.2 Jdefarbp`gms .......................................................................................................<; :.< @fusgna”Ebmrfdmfnfey Ndxus bnj @fusd`fhj Jdlt ..........................................<2 :.= ]trumturbh M`bnad gn t`d \dntbh @fusgna Ebrodt...................................................<= :.: [fhgtgmbh Dmfnfey fc @fusgna [fhgmy .....................................................................<=

4. Mfnmhusgfns .......................................................................................................................<:

\dcdrdnmds ...............................................................................................................................<3




2. GNZ\FJTMZGFN

Z`d `fusgna pfhgmy fc t`d \dpulhgm fc Ofrdb s`fws `fw t`d afvdrnednt `bs rdspfnjdj tf`fusgna prflhdes bs t`dy `bvd dedradj. Gn t`d dbrhy p`bsd, t`d efst prdssgna `fusgnaprflhde wbs b s`frtbad mbusdj ly t`d gnmrdbsdj jdebnj cfr `fusgna t`bnos tf t`d mfuntry‗s

rbpgj dmfnfegm arfwt` bnj urlbngzbtgfn. Ldagnngna gn t`d 270;s, t`d \dpulhgm fc Ofrdbbjjrdssdj t`gs m`bhhdnad t`rfua` b prbaebtgm bpprfbm` fc dnabagna t`d prgvbtd sdmtfr wgt`gn brdauhbtfry crbedwfro. Z`d afvdrnednt prfvgjdj jdvdhfpblhd hbnj fn b hbrad smbhd t`rfua`pulhgm sdmtfr jdvdhfpdrs, dxtdnjdj cgnbnmgna t`rfua` t`d Nbtgfnbh @fusgna Cunj, gephdedntdjrdauhbtgfns fn t`d prfjumtgfn bnj bhhfmbtgfn fc ndw `fusgna, bnj prfvgjdj tbx gnmdntgvds bnjsulsgjgds tf supphgdrs bnj mfnsuedrs w`drd bpprfprgbtd. Z`d afvdrnednt bhsf pursudj t`dafbh fc fnd `fusd cfr dbm` `fusd`fhj ly agvgna prgfrgty tf pftdntgbh cgrst-tged `fedluydrs gn t`djgstrglutgfn fc ndw `fusgna. Gnvdstednt jdebnj cfr `fusgna ly fwndrs fc efrd t`bn fnd `fusdwbs mfnsgjdrdj bn unjdsgrblhd bmt fc spdmuhbtgfn rdspfnsglhd cfr spfrbjgm `fusd prgmd `godsbnj, `dnmd, wbs sulidmtdj tf sbnmtgfns.

Z`bnos tf t`dsd pfhgmgds, t`d blsfhutd `fusgna s`frtbad wbs rdsfhvdj ly t`d dbrhy <;;;s. Z`dqubhgty fc t`d `fusgna stfmo bnj, `dnmd, fvdrbhh `fusgna stbnjbrjs geprfvdj rdebroblhy.@fusgna bhsf ldmbed efrd bccfrjblhd gn adndrbh, bht`fua` nft ndmdssbrghy gn bnj brfunj ]dfuh.Gn cbmt, sffn t`d prflhde fc egsebtm` ldtwddn jdebnj bnj supphy brfsd wgt` rdspdmt tf t`dhfmbtgfn, jwdhhgna typd, bnj sgzd gn ]dfuh bnj ft`dr hbrad mgtgds. Bs t`d prgmds fc bpbrtednts cfrfwndr-fmmupbtgfn rfsd rbpgjhy gn ]dfuh ldtwddn <;;< bnj <;;4, dspdmgbhhy gn pfpuhbrsulebrodts sum` bs Abnanbe, t`d afvdrnednt eflghgzdj vbrgfus gnstruednts tf supprdssjdebnj bnj tf stblghgzd `fusgna prgmds.

Wdt ly t`d tged t`d `fusgna ebrodt stblghgzdj, t`d gepbmt fc t`d ahflbh cgnbnmgbh mrgsgs tffo b tfhh.Z`d ebrodt sdntgednt turndj babgnst `fedfwndrs`gp jud tf t`d dmfnfegm shuep bnj mfnmdrnblfut t`d rbpgj bagna fc t`d pfpuhbtgfn bnj shfwgna pfpuhbtgfn arfwt`. Z`d jdebnj cfrfwndr-fmmupgdj `fusgna sfctdndj, bnj `fusgna prgmds stbanbtdj. Bs efrd `fusd`fhjs hffodjcfr rdntbh fptgfns gnstdbj fc fwndrs`gp, stblghgzgna t`d rdntbh ebrodt ldmbed b ebifr pfhgmy

m`bhhdnad. Bs fc <;24, t`d hdvdh fc `fusgna ebrodt bmtgvgty mfntgnuds tf rdmfvdr, bnj t`d rdntbhebrodt rdebgns tga`t gn t`d \dpulhgm fc Ofrdb.

Bht`fua` fvdrbhh `fusgna mfnjgtgfns `bvd geprfvdj sulstbntgbhhy fvdr t`d pbst sdvdrbh jdmbjds,dn`bnmgna t`d `fusgna wdhcbrd fc hfw-gnmfed `fusd`fhjs bnj t`d jgsbjvbntbadj rdebgns bprdssgna gssud. Z`d cgrst pfhgmy edbsurd spdmgcgmbhhy tbradtdj bt t`dsd arfups wbs b prfarbe tflughj <4;,;;; pulhgm rdntbh ungts bs bn gntdarbh mfepfndnt fc t`d Zwf-Eghhgfn @fusgna Jrgvd(ZE@J), 2700”277<. B efrd systdebtgm prfarbe, stbrtdj brfunj <;;;, dnmfepbssdj b2;-ydbr phbn tf supphy 2 eghhgfn pulhgm rdntbh ungts, lut t`gs `bs gepfsdj b sdrgfus cgnbnmgbhlurjdn fn t`d Hbnj bnj @fusgna Mfrpfrbtgfn, t`d stbtd-fwndj dntdrprgsd gn m`brad fc prfvgjgnabnj ebnbagna efst fc t`d pulhgm rdntbh ungts. Bnft`dr pfhgmy gnstruednt fc t`d `fusgna wdhcbrdpfhgmy gs b `fusgna ldndcgt prfarbe. Z`d murrdnt `fusgna ldndcgt wbs trbnscfredj crfe t`d`fusgna mfepfndnt fc t`d adndrbh wdhcbrd arbnt cfr t`d hfwdst gnmfed arfups bnj ldmbed b

stbnj-bhfnd prfarbe gn Iuhy <;24.

Murrdnthy, t`d \dpulhgm fc Ofrdb gs afgna t`rfua` sfed cunjbedntbh m`bnads t`bt bccdmt t`d`fusgna ebrodt bnj `fusgna pfhgmy dnvgrfnednt. Z`d rbtd fc dmfnfegm arfwt` gs shfwgna jfwn,gnmfed jgstrglutgfn gs ldmfegna efrd mfnmdntrbtdj, t`d tftbh cdrtghgty rbtd gs jdmhgngna, bnj t`dpfpuhbtgfn gs bagna rbpgjhy. Gn bjjgtgfn, t`d `fusgna pfhgmy nddjs tf mfnsgjdr gts hgnobads wgt` t`dwgjdr dmfnfey bnj dnvgrfnedntbh sustbgnblghgty. Z`d pfhgtgmbh hbnjsmbpd fc `fusgna pfhgmy gsldmfegna efrd mfephdx bs wdhh.

=




<. Z\DNJ] GN @FT]GNA MFNJGZGFN] BNJ @FT]GNA BCCF\JBLGHGZW

<.2 @fusgna Rubntg ty bnj Rubhgty

Fvdr t`d pbst :; ydbrs fr sf, `fusgna mfnjgtgfns gn t`d \dpulhgm fc Ofrdb `bvd geprfvdjdnfrefushy gn tdres fc lft` qubntgty bnj qubhgty (Zblhd 2). Z`d `fusgna supphy rbtgf gs t`d efstpfpuhbr edbsurd fc t`d `fusgna pfhgmy fc t`d \dpulhgm fc Ofrdb bnj gs jdcgndj bs t`d rbtgf fc t`dnueldr fc jwdhhgnas tf t`d nueldr fc `fusd`fhjs. Z`gs rbtgf `bs gnmrdbsdj sgangcgmbnthy sgnmd277;, bs t`d pbmd fc t`d gnmrdbsd gn `fusgna stfmo dxmddjdj t`bt fc `fusd`fhjs ly b wgjdebragn. Ly t`d dbrhy <;;;s, t`drd wdrd bs ebny jwdhhgna ungts bs `fusd`fhjs gn t`d mfuntry,bnj t`d `fusgna supphy rbtgf gnmrdbsdj pbst 2;;%.

@fwdvdr, frgagnbhhy, t`gs jdcgngtgfn wbs sfedw`bt chbwdj, ldmbusd t`d nuedrbtfr usdj tf mfunteuhtgjwdhhgna strumturds rdagstdrdj unjdr fnd fwndr bs b sgnahd jwdhhgna ungt, bnj t`djdnfegnbtfr dxmhujdj sgnahd-edeldr `fusd`fhjs. Z`d jdcgngtgfn wbs efjgcgdj gn <;;4, bnj t`d<;2: cgaurd fc t`d ndw `fusgna supphy rbtgf wbs 2;=.4%, w`gm` gs sulstbntgbhhy hfwdr t`bn

220.2% t`bt gs prdsdntdj gn Zblhd 2.Zblhd 29 @fusgna ]tfmo, Nueldr fc @fusd`fhjs, bnj @fusgna ]upphy \btgf

271; 270; 277; <;;; <;2; <;2= <;2:

Nueldr fc `fusgna ungts (‐;;;) ≢ B :,=3; 4,=27 1,=41 22,:1< 2:,311 24,3<0 24,707

Nueldr fc `fusd`fhjs (‐;;;) ≢ L 4,413 1,:1; 2;,231 22,7<0 2<,774 2=,=74 2=,=74

@fusgna supphy rbtgf (%) ≢ (B/L) Ñ 2;; 10.< 12.< 1<.: 73.< 22<.7 223.1 220.2@fusgna supphy rbtgf (ndw) (%) 2;2.7 2;=.; 2;=.4

]furmd9 ]tbtgstgms Ofrdb. `ttp9//ofstbt.af.or? EFHGZ (<;24).

Z`d rbpgj dxpbnsgfn fc `fusgna stfmo gs bttrglutblhd tf t`d `ga` hdvdh fc ndw `fusgnamfnstrumtgfn

2 jud tf t`d ZE@J? bnnubh `fusgna mfnstrumtgfn gnmrdbsdj crfe <;;,;;;”<4;,;;;

ungts tf fvdr 4;;,;;; untgh t`d 2771/70 Bsgbn cgnbnmgbh mrgsgs (Cgaurd 2). Bs t`d dmfnfeyrdmfvdrdj, `fusgna mfnstrumtgfn pgmodj up gn <;;< bnj sdtthdj wgt`gn :;;,;;;”4;;,;;;. Ndw`fusgna mfnstrumtgfn cdhh babgn jud tf t`d ahflbh cgnbnmgbh mrgsgs, lut `bs sulsdqudnthy lfunmdjlbmo.

2 Z`d jbtb fn ndw `fusgna mfnstrumtgfn prdsdntdj `drd brd lbsdj fn lughjgna pdregts. Z`d jbtb fn `fusgna stbrts

bnj mfephdtgfns brd bvbghblhd sgnmd <;;4.

:

http://kostat.go.kr/





Cgaurd 29 Ndw @fusgna Mfnst rumtgfn, 270<”<;2:

BCM 5 Bsgbn cgnbnmgbh mrgsgs, ACM 5 ahflbh cgnbnmgbh mrgsgs.]furmd9 EFHGZ, `ttp9//stbt.efhgt.af.or

Bnft`dr edbsurd fc ndw `fusgna mfnstrumtgfn gs t`d s`brd fc `fusgna gnvdstednt bs bpdrmdntbad fc arfss jfedstgm prfjumt (AJ[). @fusgna gnvdstednt gnmhujds t`d vbhud fc t`dstrumturd (lut nft t`d hbnj) fc ndw `fusgna bnj rdnfvbtgfn fc dxgstgna `fusgna. Cfr t`d \dpulhgmfc Ofrdb, t`d hfna-tdre bvdrbad cfr t`d rbtgf fvdr 271;”<;2: wbs 4.2%, w`gm` gs mfepbrblhdwgt` t`d Tngtdj ]tbtds cgaurd fc blfut 4.;%.

Zblhd < prdsdnts t`d bvdrbad bnnubh rbtgf fc `fusgna gnvdstednt tf AJ[ fvdr b 4-ydbr pdrgfjsgnmd 2700. Z`gs gnjgmbtfr wbs `ga`dst jurgna t`d dbrhy 277;s, tffo b jgp jud tf t`d Bsgbncgnbnmgbh mrgsgs, lfunmdj lbmo jurgna t`d `fusgna lffe fc <;;=”<;;1, bnj t`dn cdhh babgn gn t`d

wbod fc t`d ahflbh cgnbnmgbh mrgsgs. Z`gs gs mfnsgstdnt wgt` t`d ld`bvgfr fc ndw `fusgna

mfnstrumtgfn.

Zblhd <9 @fusgna Mfnst rumtgfn bnj @fusgna Gnvdstednt, 2700”<;2:

2700”277<

277=”2771

2770”<;;<

<;;=”<;;1

<;;0”<;2<

<;2=”<;2:

@fusgna gnvdstednt tf AJ[ (%) 3.4 3.1 :.3 4.= =.7 :.;Ndw `fusgna mfnstrumtgfn (ungts) 4:=,3;< 3<4,247 :30,2<3 4;1,3<: :44,<20 :11,30:

Arfss nbtgfnbh gnmfed pdr mbpgtb ($) 1,70= 2<,;47 2<,1=4 <=,;== <:,373 <0,20;AJ[ 5 arfss jfedstgm prfjumt.]furmd9 EFHGZ, ̀ ttp9//stbt.efhgt.af.or? Lbno fc Ofrdb, ̀ ttp9//dmfs.lfo.or

Lurns bnj Ardlhdr (2711) pfsgtdj t`bt t`drd gs bn gnvdrtdj T-s`bpdj rdhbtgfns`gp ldtwddn pdrmbpgtb gnmfed bnj t`d `fusgna gnvdstednt”AJ[ rbtgf, ydt sum` b rdhbtgfns`gp gs nft cfunj gn t`d\dpulhgm fc Ofrdb. Z`gs gs unjdrstbnjblhd agvdn t`d cbmt t`bt t`d hdvdh fc `fusgna ebrodt bmtgvgtywbs gnchudnmdj strfnahy ly afvdrnednt pfhgmy (Oge <;;:). \dabrjgna t`d bhhfmbtgfn fc mbpgtbhldtwddn t`d `fusgna bnj nfn`fusgna sdmtfrs, Oge bnj ]u` (2772) cfunj dvgjdnmd fcunjdrgnvdstednt gn `fusgna rdhbtgvd tf nfn`fusgna mbpgtbh untgh t`d egj-270;s gn t`d \dpulhgm fc

4




Ofrdb. Z`gs unjdrgnvdstednt rdchdmtdj t`d hfw prgfrgty agvdn tf `fusgna gn t`d bhhfmbtgfn fcrdsfurmds.

Gn tbnjde wgt` t`d dxpbnsgfn fc t`d `fusgna stfmo, `fusgna qubhgty `bs geprfvdj stdbjghy sgnmd270;. Zblhd = prdsdnts sdhdmtdj gnjgmbtfrs fc `fusgna qubhgty sgnmd 270;. Mfnsueptgfn fc`fusgna spbmd `bs efrd t`bn jfulhdj ldtwddn 270; bnj <;2;, bs `bs t`d nueldr fc jwdhhgnas

pdr 2,;;; gn`blgtbnts. Z`d s`brd fc jwdhhgnas dqugppdj wgt` pgpdj wbtdr, efjdrn ogtm`dns,efjdrn tfghdts, bnj `ft wbtdr bhh gnmrdbsdj jrbebtgmbhhy jurgna t`d sbed pdrgfj. Z`d ebgnrdbsfn cfr sum` geprfvdednts gs t`bt efst ndw jwdhhgnas wdrd bpbrtednts wgt` efjdrncbmghgtgds.

Zblhd =9 ]dhdmtdj @fusgna Rubhgty Gnjgmbtfrs , 270;”<;2;

270; 277; <;;; <;2;

Bvdrbad nueldr fc rffes pdr `fusd`fhj <.< <.4 =.: =.1 Bvdrbad chffr brdb pdr pdrsfn (squbrd edtdrs) 2;.2 2:.= <;.< <4.; Bvdrbad chffr brdb pdr `fusd`fhj (squbrd edtdrs) :4.0 42.; 3=.2 31.:Jwdhhgnas pdr 2,;;; gn`blgtbnts 2:< 21; <:7 =3:]`brd fc jwdhhgnas wgt` pgpdj wbtdr (%) 43.2 1:.; 04.; 71.7]`brd fc jwdhhgnas wgt` efjdrn tfghdts (%) 20.: 42.= 03.7 71.;]`brd fc jwdhhgnas wgt` lbt`rffe (%) <<.2 ::.2 07.2 70.:]`brd fc jwdhhgnas wgt` `ft wbtdr (%) 7.7 =:.2 01.: 73.7

]furmd9 ]tbtgstgms Ofrdb, `ttp9//ofstbt.af.or.

Ldtwddn 270; bnj <;2;, t`d s`brd fc bpbrtednts gn t`d tftbh `fusgna stfmo gnmrdbsdj crfe <=%tf 47%, w`drdbs t`bt fc sgnahd-cbeghy jdtbm`dj `fusds jdmrdbsdj crfe 33% tf <1% (Zblhd :).

Zblhd :9 M`bnad gn t`d Mfepfsg tgfn fc @fusgna ]tfmo, 270;”<;2;(%)

270; 277; <;;; <;2;

]gnahd-cbeghy jdtbm`dj `fusds 01.4 33.; =1.< <1.=

Bpbrtednts 1.; <<.0 :1.0 47.;Zfwn`fusds =.; 3.0 1.: =.1Ft`drs <.4 :.: 1.4 2;.;


Jdspgtd t`d rdebroblhd geprfvdednt gn t`d fvdrbhh `fusgna mfnjgtgfns fvdr t`d pbst : jdmbjds,gntdrnbtgfnbh mfepbrgsfn fc ody gnjgmbtfrs suaadsts t`bt t`drd gs rffe cfr curt`dr geprfvdednt(Zblhd 4). Z`d twf efst gepfrtbnt gnjgmbtfrs brd t`d nueldr fc jwdhhgnas pdr 2,;;; gn`blgtbntsbnj chffr spbmd pdr pdrsfn. Gn lft` gnjgmbtfrs, t`d \dpulhgm fc Ofrdb cbhhs s`frt fc `ga`-gnmfedmfuntrgds. Bs cfr `fusgna tdnurd, t`d fwndr-fmmupbnmy rbtd gn t`d \dpulhgm fc Ofrdb gssulstbntgbhhy hfwdr t`bn t`fsd fc t`d Crbnmd, Ibpbn, t`d Tngtdj Ognajfe, bnj Tngtdj ]tbtds.

3








Zblhd 49 Gntdrnbtgfnbh Mfepbrgsfn fc ]dhdmtdj @fusgna Gnjgmbtfrs

\dpulhgm fcOfrdb Ibpbn

Tngtdj]tbtds

TngtdjOgnajfe Crbnmd

Jwdhhgnas pdr 2,;;; gn`blgtbnts =3: (<;2;) :42(<;;0)

:<2 (<;2;) ::2 (<;2;) 4=< (<;2;)

Chffr spbmd pdr pdrsfn (squbrdedtdrs)

<4.; (<;2;) =1.=(<;;0)

1:.=(<;2;)

::.; (<;;<) =7.7(<;;3)

Fwndr-fmmupbnmy rbtd (%) 4:.< (<;2;) 32.2(<;;0)

34.2(<;2=)

3:.3 (<;2=) 3:.=(<;2=)

[ulhgm rdntbh `fusgna bs b s`brd fctftbh `fusgna stfmo (%)

4.; (<;2<) 3.2 (<;;0) ;.7 (<;2<) 21.4 (<;2;) 27.;(<;;1)

AJ[ pdr mbpgtb ($) <=,0=0 (<;2=) =7,=<2(<;2=)

4<,0=7(<;2=)

=7,;:7(<;2=)

:<,772(<;2=)

AJ[ 5 arfss jfedstgm prfjumt.Nftd9 Cgaurds gn t`d pbrdnt`dsds rdprdsdnt t`d ydbr fc rdcdrdnmd.]furmd9 MDMFJ@B] (<;22)? Jdefarbp`gb (<;24)? Jfh bnj @bccndr (<;2;)? DEC (<;2:)? Egngstry fc Hbnj,Gncrbstrumturd, Zrbnspfrt bnj Zfurgse, Afvdrnednt fc Ibpbn, `ttp9//www.ehgt.af.ip/stbtgstgms/jdtbghs/t-iutbou-

<VtoV;;;;;<.`teh

Zwf pfgnts eust ld nftdj. Cgrst, t`d `fedfwndrs`gp rbtd gn t`d \dpulhgm fc Ofrdb wbs 32% gn<;2;, w`gm` wbs blfut t`d sbed bs t`bt gn Ibpbn bnj nft eum` hfwdr t`bn t`fsd gn t`d Tngtdj]tbtds, Tngtdj Ognajfe, bnj Crbnmd. Z`d rdbsfn cfr t`d hbrad abp ldtwddn t`dfwndr-fmmupbnmy rbtd bnj `fedfwndrs`gp rbtd gn t`d \dpulhgm fc Ofrdb gs t`d sdpbrbtgfn fcrdsgjdnmd bnj fwndrs`gp ly ebny rdntdrs, w`gm` gs jdtbghdj gn t`d ndxt sulsdmtgfn. ]dmfnj,t`drd gs ndgt`dr bn fptgebh `fedfwndrs`gp rbtd nfr b jgrdmt rdhbtgfns`gp ldtwddn t`d`fedfwndrs`gp rbtd bnj `fusgna stbnjbrjs bmrfss mfuntrgds.

Z`d \dpulhgm fc Ofrdb‗s pulhgm rdntbh `fusgna sdmtfr gs bhsf sebhhdr t`bn t`fsd fc ebnyDurfpdbn mfuntrgds, lut t`d s`brd fc pulhgm rdntbh `fusgna bs b pdrmdntbad fc tftbh `fusgnastfmo vbrgds mfnsgjdrblhy bmrfss mfuntrgds jdpdnjgna fn t`d bpprfbm` tf `fusgna pfhgmy. Z`drd

gs bhsf nf ungvdrsbhhy bmmdptdj nfre cfr t`gs gnjgmbtfr.

<.< @fusgna [rgmds bnj Bccfrjblghg ty

@fusgna prgmds `bvd lddn bnj mfntgnud tf ld fnd fc t`d efst gepfrtbnt vbrgblhds cfr `fusgnapfhgmy gn t`d \dpulhgm fc Ofrdb. ]ystdebtgm `fusgna prgmd jbtb brd bvbghblhd fnhy crfe 2703. Z`d`fusgna prgmd gnjdx wbs cgrst mfepghdj ly t`d Ofrdb @fusgna Lbno bnj wbs tbodn fvdr lyOffoegn Lbno gn <;;2, w`dn t`d twf dntgtgds edradj. Cgaurd < ghhustrbtds t`d trdnj fc t`d`fusgna prgmd gnjdx bnj t`d m`fnsdg (g.d., b ungqud rdntbh hdbsd, jdtbghdj gn t`d ndxt sulsdmtgfn)jdpfsgt gnjdx, bs wdhh bs t`bt fc t`d mfnsuedr prgmd gnjdx sgnmd 2703.

1

http://www.mlit.go.jp/statistics/details/t-jutaku-2_tk_000002.html







Cgaurd <9 @fusgna [rgmd Gnjdxds bnj Mfnsuedr [rgmd Gnjdx, 2703”<;24

Zblhd 3 s`fws t`dgr bvdrbad bnnubh rbtds fc m`bnad fvdr sulpdrgfjs sgnmd 2700.

Zblhd 39 M`bnads gn @fusgna [rgmds bnj Mfnsuedr [rgmds, 2700”<;2:

2700”277<

277=”2771

2770”<;;<

<;;=”<;;1

<;;0”<;2<

<;2=”<;2:

M`bnad gn `fusgna prgmd gnjdx (%) 7.= ;.2 =.4 :.0 <.1 2.=M`bnad gn m`fnsdg jdpfsgt gnjdx (%) 2=.1 =.0 1.: 2.2 3.< :.0M`bnad gn mfnsuedr prgmd gnjdx (%) 1.: 4.; =.4 <.7 =.= 2.=

AJ[ 5 arfss jfedstgm prfjumt.]furmd9 EFHGZ, ̀ ttp9//stbt.efhgt.af.or? Lbno fc Ofrdb, `ttp9//dmfs.lfo.or

]dvdrbh pfgnts eust ld ebjd fn t`d ld`bvgfr fc t`d prgmd gnjdxds. Cgrst, t`d gnmrdbsd gn t`dgnchbtgfn-bjiustdj `fusgna prgmd fc t`d w`fhd mfuntry wbs efjdrbtd jurgna t`d twf `fusgnalffes (g.d., 2700”277< bnj <;;=”<;;1) bnj wbs ndabtgvd jurgna t`d ydbrs cfhhfwgna t`debssgvd gnmrdbsd gn `fusgna supphy t`rfua` t`d ZE@J bnj, gn rdmdnt ydbrs, bccdmtdj ly t`dahflbh cgnbnmgbh mrgsgs. ]dmfnj, t`d m`fnsdg jdpfsgt gnjdx gnmrdbsdj eum` cbstdr t`bn t`d`fusgna prgmd gnjdx, dxmdpt jurgna <;;=”<;;1. Bnft`dr pfgnt rdhbtds tf t`d mf-efvdednt fc t`d`fusgna prgmd gnjdx bnj t`d m`fnsdg jdpfsgt gnjdx. Z`d mfrrdhbtgfn mfdccgmgdnt ldtwddn t`d rbtdsfc m`bnads gn t`d twf gnjdxds wbs ;.0= cfr ]dfuh bnj ;.03 cfr t`d Mbpgtbh \dagfn jurgna2777”<;;0. Z`d cgaurds m`bnadj tf ”;.34 bnj ”;.11, rdspdmtgvdhy, ldtwddn <;;7 bnj <;2:.Z`gs pbttdrn fc jdmfuphgna gs b ndw p`dnfednfn gn t`d `fusgna ebrodt.

Z`drd gs b pdrmdptgfn t`bt `fusgna prgmds brd tff `ga` rdhbtgvd tf gnmfed gn t`d \dpulhgm fcOfrdb. Z`d twf efst pfpuhbr edbsurds fc `fusgna bccfrjblghgty brd t`d `fusd prgmd”gnmfed

rbtgf ([G\) bnj t`d `fusgna bccfrjblghgty gnjdx. Z`d [G\ gs t`d rbtgf ldtwddn t`d edjgbn `fusdprgmd bnj edjgbn `fusd`fhj gnmfed. Z`d `fusgna bccfrjblghgty gnjdx edbsurds t`d jdlt sdrvgmdlurjdn ly t`d edjgbn gnmfed `fusd`fhj purm`bsgna t`d edjgbn prgmdj `fusd usgna b stbnjbrjefrtabad hfbn. Gt gs jdcgndj sf t`bt b sebhhdr vbhud rdprdsdnts ardbtdr bccfrjblghgty. Zblhd 1s`fws t`bt `fusgna bccfrjblghgty `bs geprfvdj gn rdmdnt ydbrs.

;

2;;

<;;

=;;

:;;

4;;

3;;

2 7 0 3

2 7 0 1

2 7 0 0

2 7 0 7

2 7 7 ;

2 7 7 2

2 7 7 <

2 7 7 =

2 7 7 :

2 7 7 4

2 7 7 3

2 7 7 1

2 7 7 0

2 7 7 7

< ; ; ;

< ; ; 2

< ; ; <

< ; ; =

< ; ; :

< ; ; 4

< ; ; 3

< ; ; 1

< ; ; 0

< ; ; 7

< ; 2 ;

< ; 2 2

< ; 2 <

< ; 2 =

< ; 2 :

< ; 2 4

@fusgna [rgmd Gnjdx M`fnsdg Jdpfsgt Gnjdx Mfnsuedr [rgmd Gnjdx

0

http://ecos.bok.kr/

http://ecos.bok.kr/




Zblhd 19 Ody @fusgna Bccfrjblghg ty Gnjgmbtfrs

<;;3 <;;1 <;;0 <;;7 <;2; <;22 <;2< <;2= <;2:

@fusd prgmd”gnmfed rbtgf :.< :.= :.= 4.2 :.1\dnt”gnmfed rbtgf 20.1 21.4 27.< 27.0 <;.=@fusd bccfrjblghgty gnjdx 33.2 1=.2 14.= 1;.1 3=.0 33.7 47.7 4=.0 4:.=

]furmd9 EFHGZ, ̀ ttp9//stbt.efhgt.af.or? Ofrdb @fusgna Cgnbnmd Mfrpfrbtgfn. `ttp9//`c.af.or/

Gntdrnbtgfnbh mfepbrgsfns fc t`d [G\ brd nft strbga`tcfrwbrj jud tf pfssglhd jgccdrdnmds gn gtsjdcgngtgfn bnj t`d qubhgty fc bvbghblhd jbtb bmrfss dmfnfegds. Jdefarbp`gb (<;24), `fwdvdr,hfmbtdj jbtb fn t`d [G\s cfr Bustrbhgb? Mbnbjb? [dfphd‗s \dpulhgm fc M`gnb? @fna Ofna, M`gnb?Ndw Ydbhbnj? ]gnabpfrd? Tngtdj Ognajfe? bnj Tngtdj ]tbtds (Zblhd 0).

Zblhd 09 @fusd [rgmd”Gnmfed \btgf9 Gntdrnbtgfnbh Mfepbrgsfn

Bc cfrjblhd(=.; bnjunjdr)

EfjdrbtdhyTnbccfrjblhd

(=.2”:.;)

]drgfushyTnbccfrjblhd

(:.2”4.;)

]dvdrdhyTnbccfrjblhd(4.2 bnj Fvdr)

ZftbhNf. fcMgtgds

Edjgbn\btgf

Bustrbhgb ; ; ; 4 4 3.:Mbnbjb ; < < < 3 :.=@fna Ofna,M`gnb

; ; ; 2 2 21.;

Grdhbnj ; ; 2 ; 2 :.=Ibpbn ; 2 2 ; < :.:Ndw Ydbhbnj ; ; ; 2 2 0.<]gnabpfrd ; ; 2 ; 2 4.;TngtdjOgnajfe

; 2 2; 3 21 :.1

Tngtdj ]tbtds 2: <= 3 7 4< =.3Zftbh 2: <1 <2 <: 03 :.<\dpulhgm fcOfrdb

; < ; = 4 =.1

]furmd9 Jdefarbp`gb (<;24).

Z`d [G\ cfr t`d \dpulhgm fc Ofrdb wbs mfeputdj ly Jdefarbp`gb usgna jbtb mfepghdj lyOffoegn Lbno. Z`d nbtgfnbh bvdrbad [G\ gs =.1, w`gm` gs bhefst t`d sbed bs t`bt fc t`d Tngtdj]tbtds, t`d mfuntry wgt` t`d efst bccfrjblhd `fusgna befna t`d sbephd. ]dfuh‗s [G\ gs 1.1,w`gm` gs shga`thy hfwdr t`bn t`bt fc Hfnjfn, w`ghd t`d cgaurds cfr Gnm`dfn bnj Aydfnaag [rfvgnmdwdrd 4.2 bnj 4.:, rdspdmtgvdhy (Cgaurd =). Zùs, `fusgna gn t`d \dpulhgm fc Ofrdb mbnnft ld sbgjtf ld hdss bccfrjblhd t`bn gn efst ft`dr dmfnfegds, nfr gs ]dfuh befna t`d efst dxpdnsgvdedtrfpfhgtbn mgtgds gn t`d wfrhj.<

< Gn b `ga`hy rdauhbtdj ebrodt, `fusgna bccfrjblghgty eby nft ndmdssbrghy dqubh `fusgna bmmdssglghgty, ldmbusd

bvbghblhd `fusgna fptgfns eby nft ldst sugt mfnsuedr jdebnj bht`fua` t`dy brd bccfrjblhd. \dnt mfntrfh gs fnddxbephd. Gn t`d \dpulhgm fc Ofrdb, t`d sgzd jgstrglutgfn fc ndw bpbrtednts wbs jgstfrtdj ly afvdrnednt rdauhbtgfn(Oge bnj Oge <;;;).

7

http://hf.go.kr/

http://hf.go.kr/




Cgaurd =9 @fusd [rgmd tf Gnmfed \btgf, Ebifr Edtrfpfhg tbn Brdbs

Nftd9 ‘@fna Ofna― rdcdrs tf t`d dntgrd urlbngzdj brdb wgt`gn @fna Ofna, M`gnb.]furmd9 Jdefarbp`gb (<;249 <4).

<.= @fusgna Zdnurd

Gt wbs bn bmmdptdj prdsueptgfn, untgh rdmdnthy, t`bt t`d pfpuhbtgfn gn t`d \dpulhgm fc Ofrdb `bsstrfna bspgrbtgfns cfr `fedfwndrs`gp. Gn t`bt mfntdxt, t`d rdntbh-`fusgna sdmtfr wbs mfnsgjdrdjb rdsgjubh fc t`d fwndr-fmmupgdj sdmtfr, w`gm` bmmfeefjbtds t`fsd w`f mbnnft bccfrj tf luy`feds. Gn rdmdnt ydbrs, `fwdvdr, bn gnmrdbsgna nueldr fc `fusd`fhjs `bvd m`fsdn tf rdnt`feds‚bht`fua` t`dy brd mbpblhd fc purm`bsgna `feds.

\dntbh tdnurd gn t`d \dpulhgm fc Ofrdb gs efrd mfephdx t`bn gn ft`dr mfuntrgds ldmbusdm`fnsdg, efnt`hy rdntbhs wgt` jdpfsgts (E\Js), bnj efnt`hy rdntbhs wgt` sebhh sdmurgty jdpfsgtsdxgst. Cfr ebny ydbrs, t`d jfegnbnt rdntbh hdbsd gn t`d `fusgna ebrodt wbs m`fnsdg, bnbssdt-lbsdj hdbsd. Tnjdr b m`fnsdg mfntrbmt, t`d tdnbnt ebods b hbrad upcrfnt jdpfsgt tf t`d

hbnjhfrj bt t`d sgangna fc t`d hdbsd bnj jfds nft pby efnt`hy rdnt t`rfua`fut t`d hdbsd pdrgfj.Z`d hbnjhfrj t`dn gnvdsts t`d jdpfsgt tf adndrbtd b rdturn dqugvbhdnt tf rdnts. Z`d jdpfsgt gscuhhy rdcunjblhd bt t`d tdregnbtgfn fc t`d hdbsd. M`fnsdg dedradj nbturbhhy jurgna t`d tgeds fc`fusgna s`frtbads, `ga` gntdrdst rbtds, rgsgna `fusd prgmds, bnj gnbjdqubtd efrtabad cgnbnmgna.

Q`dn `fusgna wbs gn s`frt supphy, hbnjhfrjs `bj ardbtdr lbrabgngna pfwdr t`bn tdnbnts, bnjt`d sgzblhd upcrfnt jdpfsgt dhgegnbtdj t`d rgso fc rdntbh jdhgnqudnmy. @ga` gntdrdst rbtds prfvgjdjt`d hbnjhfrj fppfrtungtgds cfr prfcgtblhd gnvdstednt fc t`d jdpfsgt. Gnmrdbsgna `fusd prgmds wdrdb ebifr sfurmd fc gnvdstednt rdturn cfr t`d hbnjhfrj, w`gm` odpt t`d jdpfsgt sebhhdr t`bn t`dprgmd fc t`d `fusd. M`fnsdg wbs bhsf usdj ly sfed hbnjhfrjs tf cgnbnmd t`d purm`bsd bn dxtrb`fusd tf rdnt fut w`dn efrtabad hfbns wdrd jgccgmuht tf fltbgn. Gn t`gs mfntdxt, m`fnsdg rdprdsdnts bn gncfrebh hfbn tf b hbnjhfrj dxtdnjdj ly t`d tdnbnt gn rdturn cfr t`d rga`t tf rdsgjdgn t`d rdntdj `fusd jurgna t`d hdbsd pdrgfj. Bs cfr t`d tdnbnts, m`fnsdg wbs mfnsgjdrdj b stdp

tfwbrj `fedfwndrs`gp, ldmbusd t`d bmmueuhbtdj jdpfsgt mfuhj hbtdr ld usdj bs sddj efndycfr `fed purm`bsds.

Bnft`dr ungqud cdbturd fc `fusgna tdnurd gn t`d \dpulhgm fc Ofrdb gs t`d sulstbntgbh jgsmrdpbnmyldtwddn t`d `fedfwndrs`gp rbtd bnj fwndr-fmmupbnmy rbtd. Bmmfrjgna tf t`d <;2; [fpuhbtgfnbnj @fusgna Mdnsus, 4:.<% fc t`d `fusgna stfmo wbs fmmupgdj ly fwndrs, lut 32.=% fc`fusd`fhjs fwndj bt hdbst fnd `fusd (]tbtgstgms Ofrdb <;22). Fvdr <;.;% fc rdntdrs fwndj`fusds sfedw`drd dhsd. ]gnmd t`d pulhgm rdntbh sdmtfr bmmfeefjbtds fnhy 1.0% fc

2;




`fusd`fhjs, blfut =0.;% fc `fusd`fhjs hgvd gn t`d dxtrb `fusds fwndj ly gnjgvgjubhs (]fn<;2:).

Cgaurd : s`fws t`d trdnj gn fwndr-fmmupbnmy rbtd bnj `fedfwndrs`gp rbtd.Z`d fwndr-fmmupbnmy rbtd cdhh crfe 3=% gn 2714 tf 4;% gn 277;, bnj t`dn gt rfsd tf 44% ly<;;4. Z`d murrdnt cgaurd gs shga`thy hfwdr t`bn 44%.

Cgaurd :9 Zrdnjs gn Fwndr-Fmmupbnmy \btd bnj @fedfwndrs`gp \btd(%)


Z`d jgsmrdpbnmy ldtwddn t`d `fedfwndrs`gp bnj fwndr-fmmupgdj rbtds mbn ld bttrglutdj tft`d sdpbrbtgfn fc rdsgjdnmd crfe fwndrs`gp. Zblhd 7 s`fws t`d s`brd fc rdntdrs w`f fwn bthdbst fnd `fusd sfedw`drd dhsd bs b pdrmdntbad fc bhh `fusd`fhjs bnj fc bhh rdntdrs gn <;;4

bnj <;2;. Z`d cgaurds brd prdsdntdj cfr ]dfuh, Gnm`dfn, bnj Aydfnaag [rfvgnmd (surrfunjgna]dfuh) wgt` `ga`s bnj hfws befna t`d jgstrgmts bnj eungmgpbhgtgds wgt`gn dbm`.

Zblhd 79 ]dpbrbtgfn fc Fwndrs`gp bnj \dsgjdnmd

Fwndr-\dntdrs/Bhh @fedfwndrs Fwndr-\dntdrs/\dntdrs

<;;4 <;2; <;;4 <;2;

\dpulhgm fc Ofrdb :.< 4.3 2;.< 24.<]dfuh 4.3 2;.; 2;.4 21.:

`ga` 22.= 21.= <2.2 =2.<hfw =.= 4.1 4.7 2;.2

Gnm`dfn =.7 3.1 2;.3 24.1`ga` 4.7 7.; 23.4 <=.1hfw 2.0 =.< 0.2 2<.1

Aydfnaag 4.: 0.7 2<.= 20.=`ga` 23.< 27.1 <0.1 =:.3hfw <.1 =.= 4.1 2<.;

]furmd9 Ibna bnj @wbna (<;22).

Z`d nueldr fc rdntdrs w`f fwn dhsdw`drd bs b s`brd fc bhh `fusd`fhjs bnj bhh rdntdrsgnmrdbsdj ldtwddn <;;4 bnj <;2;. Z`gs trdnj gs efst ebrodj gn ]dfuh, w`drd sum` ‘rdntgna

:;

:4

4;

44

3;

34

2714 270; 2704 277; 2774 <;;; <;;4 <;2; <;2< <;2:

Fwndr fmmupbnmy rbtd @fedfwndrs`gp rbtd

22






fwndrs― rdprdsdnt 2;% fc bhh `fusd`fhjs bnj 21% fc bhh rdntdrs. Efrdfvdr, t`drd gs b wgjdvbrgbtgfn gn t`d cgaurds bmrfss jgstrgmts gn ]dfuh bnj Gnm`dfn bnj bmrfss eungmgpbhgtgds gnAydfnaag [rfvgnmd. Gn <;2;, t`d s`brd fc rdntgna fwndrs gn tftbh rdntdrs rbnadj crfe 2;% tf=2% gn ]dfuh, crfe 2<% tf <=% gn Gnm`dfn, bnj crfe 2<% tf =:% gn Aydfnaag [rfvgnmd.

Z`drd brd sdvdrbh jrgvdrs unjdrhygna t`d ld`bvgfr fc t`dsd rdntgna fwndrs, sum` bs ldttdr

bmmdss tf wfrophbmds, efrd mfnvdngdnt edbns fc trbnspfrt, bnj ldttdr-qubhgty sm`ffhs cfr t`dgrm`ghjrdn. Z`d rdhbtgvd gepfrtbnmd fc t`dsd cbmtfrs tdnjs tf vbry bmrfss hfmbtgfns. = Oge, M`fg,bnj Of (<;;7) cfunj t`bt t`d gnmgjdnmd fc sdpbrbtgfn fc rdsgjdnmd crfe fwndrs`gp gs `ga`dr gnsulebrodts wgt` `ga`dr `fusgna prgmds jud tf ldttdr pulhgm sm`ffhs bnj ft`dr urlbn sdrvgmds.Z`dy bhsf rdpfrt t`bt t`d p`dnfednfn gs efrd bppbrdnt befna yfunadr `fusd`fhjs bnj hbradrjwdhhgnas. \dntgna fwndrs eby fwn `fusds tf ldndcgt crfe tbx bjvbntbads bvbghblhd tf fwndrsfc fnd `fusd bnj crfe pfssglhd mbpgtbh abgns.

Z`d sdpbrbtgfn fc rdsgjdnmd bnj fwndrs`gp `bs sdvdrbh gephgmbtgfns. Cgrst, bhh rdntdrs mbnnft ldmhbssgcgdj bs t`d hdss-wdhh-tf-jf w`f rdqugrd pfhgmy bttdntgfn, sgnmd b sulstbntgbh s`brd fc rdntdrsm`ffsd tf rdnt bht`fua` t`dy mfuhj luy `fusds gc t`dy wgs`dj. Bnft`dr gephgmbtgfn gs t`bt t`dsdrdntdrs eby mbhh cfr b rbgsd gn t`d jdpfsgts fn t`d ungts t`bt t`dy hdbsd fut tf cgnbnmd t`dgnmrdbsd gn t`d jdpfsgts fn t`d ungts gn w`gm` t`dy rdsgjd, w`gm` eby gepfsd curt`dr prdssurd fn

t`d m`fnsdg jdpfsgt.

<.: @fusgna Qdhcbrd

Dnsurgna egngeue `fusgna stbnjbrjs cfr hfw-gnmfed `fusd`fhjs bnj t`d jgsbjvbntbadj gsbnft`dr gepfrtbnt flidmtgvd fc `fusgna pfhgmy. Z`d \dpulhgm fc Ofrdb `bs dstblhgs`dj egngeue`fusgna stbnjbrjs bnj `bs lddn trygna tf rdjumd t`d nueldr fc `fusd`fhjs hgvgna gnsulstbnjbrj `fusgna ungts. Z`d egngeue `fusgna stbnjbrjs, cgrst gntrfjumdj gn <;;;, wdrdspdmgcgdj gn tdres fc t`d nueldr fc rffes bnj chffr brdb, jgccdrdntgbtdj ly t`d sgzd bnjmfepfsgtgfn fc `fusd`fhjs. Z`d egngeue stbnjbrjs wdrd uparbjdj gn <;22 ly gnmrdbsgna t`degngeue chffr brdb bs wdhh bs rdqugrgna b efjdrn ogtm`dn, tfghdt, bnj lbt`/s`fwdr (Zblhd 2;).

Zblhd 2;9 Egngeue @fusgna ]tbnjbrjs, <;;; bnj <;22

Nueldr fc @fusd`fhjEdeldrs @fusd`fhj Mfepfsgtgfn

Nueldr fc \ffes bnjCbmghgtgds

Chffr Brdb(squbrdedtdrs)

<;;; <;22

2 ]gnahd 2 O 2< 2:< Mfuphd 2 J O <; <3= Mfuphd + 2 m`ghj < J O <7 =3: Mfuphd + < m`ghjrdn = J O =1 :=4 Mfuphd + = m`ghjrdn = J O :2 :33 Mfuphd + pbrdnts fc t`d mfuphd

+ < m`ghjrdn: J O :7 4=

J 5 jgngna rffe, O 5 ogtm`dn.]furmd9 EFHGZ (<;24).

Z`d gnjgmbtfr rdabrjgna rdjumgna t`d nueldr fc `fusd`fhjs hgvgna gn sulstbnjbrj jwdhhgnas `bsgeprfvdj sulstbntgbhhy fvdr t`d ydbrs. M`fg, Oge, bnj Owfn (<;2<) mfeputdj t`d nueldr fc`fusd`fhjs hgvgna gn `fusds nft eddtgna t`d <;22 stbnjbrjs usgna mdnsus jbtb. Z`dy rdpfrtdj

= Zf t`d dxtdnt t`bt efst ndw `fusds brd jdvdhfpdj gn t`d sulurls w`drd pulhgm sdmtfr jdvdhfpdrs prfvgjd sdrvgmdj

hbnj cfr `fusgna, t`d sdpbrbtgfn fc rdsgjdnmd bnj fwndrs`gp gs gndccgmgdnt.

2<




t`bt t`d s`brd fc sum` `fusd`fhjs bs b pdrmdntbad fc bhh `fusd`fhjs jrfppdj crfe :3.=% gn2774, tf <0.1% gn <;;;, 23.2% gn <;;4, bnj 22.0% gn <;2;.

<.4 Murrdnt ]tbtd fc t`d @fusgna Ebrodt bnj Afvdrnednt \dspfnsd

Z`d `fusgna ebrodt gn t`d \dpulhgm fc Ofrdb `bs afnd t`rfua` sdvdrbh mymhds gn t`d pbst =

jdmbjds cfr w`gm` pdrgfj systdebtgm jbtb brd bvbghblhd. Z`drd wbs b prgmd `god ldtwddn 2700bnj 2772, b s`frt-hgvdj mfhhbpsd gn 2771”2770, b `fusgna prgmd run-up jurgna <;;<”<;;3, bnj bspdhh fc stbanbtgfn crfe <;;7 untgh <;2= jud tf t`d ahflbh cgnbnmgbh mrgsgs. Gt `bs lddn rdmfvdrgnasgnmd <;2:. Z`d nueldr fc lughjgna pdregts gssudj, `fusgna mfnstrumtgfn stbrts bnjmfephdtgfns, bnj sulsmrgptgfns fc ndw `fusds fccdrdj cfr prdsbhd brd bhh gnmrdbsgna, w`ghd t`dnueldr fc unsfhj ungts `bs jdmrdbsdj tf t`d hfwdst hdvdh sgnmd <;;3. Z`d nueldr fctrbnsbmtgfns fc dxgstgna jwdhhgnas gn <;24 wbs t`d `ga`dst sgnmd t`d afvdrnednt stbrtdjpulhgs`gna trbnsbmtgfns jbtb gn <;;3.

@fusgna prgmds `bvd bpprdmgbtdj bt b efjdrbtd pbmd bnj `bvd cbhhdn s`frt fc t`d adndrbhgnchbtgfn rbtd gn rdmdnt ydbrs lut t`d pbmd bmmdhdrbtdj gn <;24. Z`d rdntbh ebrodt rdebgns tga`tcfr m`fnsdg, lut t`d rdnt fn E\Js `bs lddn cbhhgna. Zblhd 22 s`fws t`d rdmdnt trdnjs gn `fusgna

prgmds, m`fnsdg jdpfsgts, bnj E\Js, s`fwgna `fw t`d shuaags` `fusgna ebrodt mfdxgsts wgt`t`d tga`t m`fnsdg ebrodt bnj sfct E\J ebrodt.

Zblhd 229 Ody @fusgna Gnjgmbtfrs sgnmd <;;0

<;;0 <;;7 <;2; <;22 <;2< <;2= <;2: <;24

@fusgna pdregt(ungt)

=12,<04 =02,101 =03,4:< 4:7,47: 403,00: ::;,223 424,<42 134,=<0

@fusgnatrbnsbmtgfn(ungt)

07=,17; 01;,=4= 177,03: 702,<=0 1=4,:2: 042,04; 2,;;4,21= 2,27=,372

M`bnad fc prgmd

gnjdx (%)

=.22 2.:3 2.07 3.03 ”;.;= ;.=2 2.12 =.42

M`bnad fcm`fnsdg gnjdx(%)

2.30 =.=7 1.2< 2<.= =.4< :.1 =.: :.04

M`bnad fcE\J gnjdx,]dfuh (%)

2.;2 ”;.02 ”<.== ”<.=1 ;.;7

E\J 5 efnt`hy rdntbh wgt` jdpfsgt.]furmd9 Fnnbrb \dbh Dstbtd Gncfrebtgfn [frtbh, `ttp9//fnnbrb.af.or

Z`d murrdnt stbtd fc t`d `fusgna ebrodt jdsmrgldj blfvd rdchdmts t`d mhfsd hgnobads befna t`dfwndr-fmmupgdj `fusgna ebrodt, m`fnsdg ebrodt, bnj E\J ebrodt gn t`d mfntdxt fc t`dstrumturbh m`bnads tbogna phbmd. Bs t`d `fusgna s`frtbad wbs rdsfhvdj, `fusgna prgmds `bvd

stblghgzdj, bnj gntdrdst rbtds `bvd cbhhdn tf rdmfrj hfws. M`fnsdg `bs ldmfed dmfnfegmbhhyunvgblhd jud tf mfnchgmts fc gntdrdst ldtwddn hbnjhfrjs bnj tdnbnts. Zfjby, t`d tdnbnt prdcdrs bm`fnsdg tf bn E\J ldmbusd t`d cfredr fccdrs b hfwdr usdr mfst. Zf ld efrd spdmgcgm, t`dgntdrdst rbtd t`bt gs usdj tf mfnvdrt b jdpfsgt gntf efnt`hy rdnt gs eum` `ga`dr t`bn t`d gntdrdstrbtds lbnos m`brad fn hfbns cfr m`fnsdg jdpfsgts. Bt t`d sbed tged, `fwdvdr, t`d hbnjhfrjprdcdrs bn E\J tf b m`fnsdg ldmbusd t`d cfredr adndrbtds b hbradr mbs` chfw cfr t`d sbedrdbsfn.

2=




Z`d gntdrbmtgfn ldtwddn jdebnj bnj supphy cfrmds `bs rdsuhtdj gn gnmrdbsgna m`fnsdg jdpfsgtsbnj b s`frtbad fc `fusds bvbghblhd fn m`fnsdg hdbsds. ]tblghgzgna m`fnsdg jdpfsgts `bs ldmfedbn gepfrtbnt pfhgmy gssud, bs b m`fnsdg hdbsd `bs hfna lddn t`d efst pfpuhbr rdntbh tdnurd cfrt`d egjjhd mhbss. M`fnsdg jdpfsgts wghh stblghgzd fnhy gc dgt`dr jdebnj jdmrdbsds fr supphygnmrdbsds. Zùs, t`d afvdrnednt `bs trgdj tf jgvdrt t`d jdebnj cfr m`fnsdg tf `fedfwndrs`gply prfvgjgna tbx gnmdntgvds bnj cbvfrblhd efrtabad tdres tf `fedluydrs. Z`d afvdrnednt `bs

bhsf dnmfurbadj t`d supphy fc rdntbh `fusgna ly gnvdstfrs w`f fwn twf fr efrd `fusds lyrdefvgna jgsgnmdntgvds cfr rdntbh `fusgna, sum` bs b `ga` rbtd fc tbxbtgfn fn mbpgtbh abgns cfrt`dsd fwndrs. Gt `bs bhsf gnmrdbsdj t`d supphy fc pulhgm rdntbh `fusgna. \dmdnthy, t`dafvdrnednt gntrfjumdj b pbmobad fc gnmdntgvds tf prfeftd hbrad-smbhd prgvbtd rdntbh lusgndssly bttrbmtgna ebifr jdvdhfpdrs bnj cgnbnmgbh gnvdstfrs. Bt t`d sbed tged, t`d afvdrnednt gstrygna tf bhhdvgbtd t`d gnmrdbsgna lurjdn lfrnd ly efjdrbtd- bnj hfw-gnmfed `fusd`fhjst`rfua` tbx jdjumtgfns fn rdntbh pbyednts bnj b `fusgna ldndcgt, rdspdmtgvdhy.

=. DSFHTZGFN BNJ B]]D]]EDNZ FC @FT]GNA [FHGMW

=.2 Dvfhutgfn fc @fusgna [fhgmy bnj Ebifr Bm`gdvdednts

Gn t`d 273;s, t`d `fusgna pfhgmy wbs mbrrgdj fut bs b mfepfndnt fc t`d 4-ydbr dmfnfegmjdvdhfpednt phbn, w`gm` wbs gngtgbtdj gn 273<. Z`d gnstgtutgfnbh strumturd fc t`d `fusgna pfhgmybnj gts gephdedntbtgfn ldabn tf dedrad. Z`d Egngstry fc Mfnstrumtgfn (nfw t`d Egngstry fcHbnj, Gncrbstrumturd bnj Zrbnspfrt _EFHGZU) wbs gn m`brad fc `fusgna pfhgmy, bnj t`d OfrdbnNbtgfnbh @fusgna Mfrpfrbtgfn bnj Ofrdb @fusgna Lbno ldabn fpdrbtgfns gn 2730 bnj 2737,rdspdmtgvdhy. ]fed gepfrtbnt hbws bnj rdauhbtgfns, sum` bs t`d @fusgna Lbno Hbw bnjDedradnmy Edbsurds tf Jdtdr \dbh Dstbtd ]pdmuhbtgfn, wdrd dstblhgs`dj gn 2731. Gn t`gsrdabrj, t`d 273;s wbs b pdrgfj fc gnstgtutgfn lughjgna cfr `fusgna pfhgmy.:

Z`d lgaadst m`bhhdnad fc t`d `fusgna pfhgmy wbs tf bjjrdss t`d prflhde fc `fusgna s`frtbads,w`gm` ldmbed pbrtgmuhbrhy sdrgfus gn t`d 271;s, bs supphy cbghdj tf gnmrdbsd tf eddt t`d arfwgnajdebnj mbusdj ly t`d arfwgna urlbn pfpuhbtgfn bnj rgsgna gnmfeds. Z`d afvdrnednt jrbctdj b2;-ydbr phbn cfr `fusgna mfnstrumtgfn tf dxpbnj supphy bnj tf stblghgzd prgmds. Efrd gnstgtutgfnswdrd mrdbtdj, bnj b hdabh crbedwfro wbs dstblhgs`dj tf cbmghgtbtd `fusgna prfjumtgfn ly pulhgmsdmtfr jdvdhfpdrs. Zwf pbgrs fc `fusgna bnj hbnj jdvdhfpednt hbws bnj gnstgtutgfns wdrdmrgtgmbh gn t`gs rdabrj9 t`d @fusgna Mfnstrumtgfn [rfeftgfn Hbw (271<) bnj t`d Ofrdb Nbtgfnbh@fusgna Mfrpfrbtgfn (271=)? bnj t`d Hbnj Jdvdhfpednt [rfeftgfn Hbw (270;) bnj t`d OfrdbHbnj Jdvdhfpednt Mfrpfrbtgfn (2717). Sdstdj wgt` t`d pfwdr fc degndnt jfebgn gn hbnjbmqugsgtgfn, t`d Ofrdb Nbtgfnbh @fusgna Mfrpfrbtgfn bnj Ofrdb Hbnj Jdvdhfpednt Mfrpfrbtgfnphbydj mrumgbh rfhds gn hbnj jdvdhfpednt bnj `fusgna prfjumtgfn t`drdbctdr. Z`d twffrabngzbtgfns edradj tf cfre b ndw dntgty, t`d Hbnj bnj @fusgna Mfrpfrbtgfn, gn <;;7.

Z`d s`frtbad fc jdmdnt `fusgna mueuhbtdj fvdr b pdrgfj fc rbpgj dmfnfegm arfwt`, rdsuhtgna gnb s`brp gnmrdbsd fc `fusgna prgmds bmrfss ebifr mgtgds gn t`d hbtd 270;s. [fhgtgmbh prdssurd fn

t`d afvdrnednt bhsf ardw, cfhhfwgna t`d wbvd fc jdefmrbtgzbtgfn. Z`d afvdrnednt rdspfnjdjly bnnfunmgna t`d ZE@J, b phbn tf supphy < eghhgfn ndw `fusgna ungts ldtwddn 2700 bnj 277<tf dxpbnj supphy, gnmhujgna t`d jdvdhfpednt fc cgvd ndw tfwns gn t`d sulurls fc ]dfuh. Zfgephdednt t`d phbn, t`d afvdrnednt dxpbnjdj t`d supphy fc jdvdhfpblhd hbnj t`rfua` t`dOfrdb Nbtgfnbh @fusgna Mfrpfrbtgfn bnj Ofrdb Hbnj Jdvdhfpednt Mfrpfrbtgfn, bnj gnmrdbsdjt`d prfvgsgfn fc `fusgna hfbns t`rfua` t`d Nbtgfnbh @fusgna Cunj.

: ]dd M`f bnj Oge (<;22) cfr efrd jdtbghs.

2:




Z`d ZE@J wbs b eghdstfnd gn `fusgna pfhgmy ldmbusd gt dntbghdj b qubntue hdbp gn t`d bnnubhvfhued fc `fusgna mfnstrumtgfn. Gt wbs bhsf t`d cgrst bttdept tf bhhfmbtd `fusgna ungts ly tbradtgnmfed arfups bmmfrjgna tf t`dgr blghgty tf pby (g.d., pdrebndnt pulhgm rdntbh `fusgna cfr t`dhfwdst-gnmfed `fusd`fhjs, sebhh cfr-sbhd ungts bnj rdntbh `fusgna cfr hfw- tf efjdrbtd-gnmfedarfups, bnj hbradr cfr-sbhd `fusgna cfr t`d egjjhd mhbss ly t`d ebrodt) (Zblhd 2<). Bt t`d sbedtged, edm`bngses wdrd put gn phbmd tf stddr ndw `fusgna tf t`d tbradt arfups, gnmhujgna

ebnjbtfry sbvgnas cfr `fusgna sulsmrgptgfn, bn bpphgmbtgfn systde cfr prfspdmtgvd luydrs, bnjmfuntdrspdmuhbtgfn edbsurds.

Zblhd 2<9 Zwf-Eghhgfn @fusgna Jrgvd, 2700”277<

MbtdafryGnmfedMhbss @fusgna Zypd

Nf. fc TngtsLught Cgnbnmgna

Jdvdhfpdrs/]upphgdrs

[ulhgmsdmtfr

Trlbnpffr

[drebndnt rdntbhungts (<;”=3 e

<)

<4;,;;; Afvdrnedntlujadt

ON@M, hfmbhafvdrnednt

[ftdntgbhegjjhdmhbss

Hfna-tdre rdntbhungts (==”4; e

<)

=4;,;;; Nbtgfnbh@fusgna Cunj

ON@M, hfmbhafvdrnednt,mfnstrumtgfnmfepbngds

]ebhh `fusds(:;”3; e

<)

<4;,;;;

[rgvbtdsdmtfr Egjjhdmhbss Edjgue-sgzdj`fusds (3;”04 e<) :0;,;;; Nfnd Mfnstrumtgfnmfepbngds

Blfvdegjjhdmhbss

Edjgue-sgzdj frhbrad (04 e

< fr

blfvd) `fusds

31;,;;; Nfnd Mfnstrumtgfnmfepbngds

ON@M 5 Ofrdb Nbtgfnbh @fusgna Mfrpfrbtgfn, e< 5 squbrd edtdr.]furmd9 Egngstry fc Mfnstrumtgfn bnj Zrbnspfrtbtgfn (<;;<).

Bs s`fwn gn Zblhd 2=, t`d ZE@J jdhgvdrdj efrd t`bn < eghhgfn ungts wgt`gn 4 ydbrs. [rgvbtdsdmtfr `fedlughjdrs surpbssdj t`d afbh ly efrd t`bn =;%, w`drdbs t`d pulhgm sdmtfr mbeds`frt fc gts afbh. Gt gs gepfrtbnt tf nftd t`bt t`drd wbs dccdmtgvd jdebnj cfr `fusgna suppfrtdj lygnmfed arfwt` tf blsfrl t`d hbrad nueldr fc ndw `fusds supphgdj t`rfua` t`d [email protected], t`bnos tf t`d summdsscuh gephdedntbtgfn fc t`d ZE@J, `fusgna prgmds rdebgndjstblhd t`rfua`fut t`d 277;s.

Zblhd 2=9 Afbhs bnj Bm`gdvdednt fc t`d Zwf-Eghhgfn @fusgna Jrgvd

Afbhs Bm`gdvdednts \btgf

2700”277< (B) 2700 2707 277; 2772

Zftbh(L)

L/B(%)

Zftbh <,;;; =21 :3< 14; 32= <,2:= 2;1.<

[ulhgm ]dmtfr ” [drebndnt rdntbh ungts ” @fusds cfr wfrogna mhbss ” Hfna-tdre rdntbh ungts ” ]ebhh-sgzdj `fusds cfr sbhd

7;;27;<4;24;=2;

224

4<3=

232:=

=717

<1;3;32340:

23:4;=1243=

1;;24=70

212<07

17.;0;.4=7.<

22:.;7=.<

[rgvbtd ]dmtfr 2,2;; <;< =;2 :0; ::7 2,:=< 2=;.<]furmd9 Iff (277:9 <74).

Z`d 2771/70 Bsgbn cgnbnmgbh mrgsgs wbs b turngna pfgnt gn `fusgna pfhgmy (Oge <;;;). Gn t`d wbodfc t`d unprdmdjdntdj dmfnfegm mrgsgs, unsfhj bpbrtednts pghdj up, bnj `fusgna prgmds cdhhs`brphy w`ghd ebny `fedlughjdrs wdnt lbnorupt. Z`d afvdrnednt gntdrvdndj tf lffst t`d`fusgna sdmtfr ly stgeuhbtgna jdebnj wgt` cgnbnmgbh suppfrt t`rfua` t`d Nbtgfnbh @fusgna Cunj.Gn bjjgtgfn, bmqugsgtgfn bnj rdagstrbtgfn tbxds wdrd tdepfrbrghy hfwdrdj. \djumtgfn gn t`d vfhued

24




fc ndw `fusgna supphy jurgna 2770”<;;2, bnj t`d dxpbnsgfn fc efrtabad mrdjgt, rdsuhtdj gndsmbhbtgna `fusgna prgmds gn ]dfuh bnj gts sulurls crfe <;;<.

Z`d afvdrnednt, `fwdvdr, eflghgzdj vbrgfus pfhgmy gnstruednts tf mfntbgn t`d `fusgna prgmdgnmrdbsds (Oge <;;:). Gt hdagshbtdj b ndw, `ga`hy prfardssgvd nbtgfnbh tbx fn rdbh dstbtd `fhjgnas(g.d., t`d Mfeprd`dnsgvd \dbh Dstbtd Zbx)? gntrfjumdj b spdmgbh hdvy fn unrdbhgzdj gnmfed crfe

rdjdvdhfpednt fc fhj bpbrtednts? rbgsdj t`d mbpgtbh abgns tbx fn fwndrs fc twf fr efrd `fusds?bnj dxpbnjdj t`d mfvdrbad fc t`d prgmd mdghgna fn ndw bpbrtednts. Gn bjjgtgfn, ebmrfprujdntgbhrdauhbtgfns, sum` bs mdghgnas fn t`d jdlt”gnmfed rbtgf bnj hfbn”vbhud rbtgf, wdrd gntrfjumdj frtga`tdndj tf prdvdnt dxmdssgvd hdnjgna.

Bnft`dr gepfrtbnt t`rust fc `fusgna pfhgmy wbs tf dn`bnmd t`d `fusgna wdhcbrd fc vuhndrblhd`fusd`fhjs. Z`d afvdrnednt jrbctdj b `fusgna wdhcbrd rfbj ebp gn <;;= wgt` b phbn tf supphy2 eghhgfn pulhgm rdntbh ungts fvdr b 2;-ydbr pdrgfj (Zblhd 2:).

Zblhd 2:9 @fusgna Qdhcbrd \fbj EbpGnmfedJdmghd M`brbmtdrgstg ms Bssgstbnmd

2 (lfttfe) Tnblhd tf pby ebrodt rdnts ]ebhh pulhgm rdntbh ungts@fusgna ldndcgt

<”: Tnblhd tf purm`bsd `feds ]ebhh fr edjgue-sgzdj pulhgm rdntbh ungtsMfnmdssgfnbh hfbns cfr m`fnsdg jdpfsgts

4”3 Blhd tf purm`bsd `feds wgt`sfed bssgstbnmd

]ebhh fr edjgue-sgzdj `fusds bt sulsgjgzdj prgmdsMfnmdssgfnbh efrtabad hfbns

1 bnj blfvd Blhd tf purm`bsd `feds wgt`fwn edbns

Zbx ldndcgts

]furmd9 Egngstry fc Hbnj bnj Zrbnspfrtbtgfn (<;;=).

@fusgna prgmds pdbodj gn <;;1 bnj rdebgndj stblhd untgh t`dy stbrtdj tf jdmhgnd gn rdbh tdres gnt`d bctdrebt` fc t`d ahflbh cgnbnmgbh mrgsgs. Z`d `fusgna ebrodt phunadj gntf b jfwnturn, w`gm`wbs baarbvbtdj ly t`d sprdbj fc pdssgegse blfut cuturd `fusgna prgmds. Gn rdspfnsd, t`dafvdrnednt trgdj tf stgeuhbtd t`d ebrodt t`rfua` jdrdauhbtgfn bnj dbsgna fc t`d tbxbtgfn bnjebmrfprujdntgbh rdauhbtgfns gntrfjumdj ly t`d prdvgfus bjegngstrbtgfn (Oge <;2<). Gn bjjgtgfn, b

twf-tgdrdj supphy strbtday wbs gephdedntdj. Gn t`d gnndr mgtgds, brdbs cfr ndw ‘tfwn-gn-tfwn―jdvdhfpednts wdrd jdsganbtdj, bnj rdauhbtgfns fn rdjdvdhfpednt prfidmts wdrd hgctdj. Fn t`dpdrgp`dry, b sebhh crbmtgfn fc arddnldht hbnj wbs rdhdbsdj tf bmmfeefjbtd pulhgm `fusgna,onfwn bs Lfadeibrg Iutbgo (‘swddt `feds―).

Z`d gnmueldnt afvdrnednt, w`gm` tffo fccgmd gn <;2=, `bs cfmusdj fn nfrebhgzgna t`d `fusgnaebrodt bnj dn`bnmgna `fusgna wdhcbrd. Gt `bs gephdedntdj b rfunj fc pbmobads, gnmhujgnajdrdauhbtgfn bnj efjgcgmbtgfn fc tbx hbws, tf dnmfurbad ndw `fusgna supphy bnj tf cbmghgtbtd`fed purm`bsds. Gt `bs bhsf gntrfjumdj b ndw lrbnj fc pulhgm `fusgna mbhhdj @bdnalfo Iutbgo (‘`bppy `feds―) tbradtdj tf t`d yfunadr adndrbtgfn, bnj prfeuhabtdj b hbw tf prfeftd t`dgnstgtutgfnbhgzdj prgvbtd rdntbh-`fusgna sdmtfr. Z`d afvdrnednt curt`dr gngtgbtdj b ndw vdrsgfn fcb `fusgna ldndcgt sm`ded cfr t`d hfwdst-gnmfed arfup.

23




=.< @fusgna [fhgmy [rfarbes bnj Z`dgr Ldndcgmgbrgds

@fusgna pfhgmy prfarbes gn t`d \dpulhgm fc Ofrdb mbn ld mhbssgcgdj gntf cfur jgstgnmt mbtdafrgds9supphy sgjd, jdebnj sgjd, cgnbnmd, bnj ebmrfprujdntgbh rdauhbtgfns (Zblhd 24). Z`d efst

gepfrtbnt dxbephd fc t`d supphy-sgjd pfhgmy gs t`d ZE@J tf fvdrmfed t`d sdvdrd `fusgnas`frtbad bnj tf prfvgjd pulhgm rdntbh `fusgna cfr t`d efst vuhndrblhd `fusd`fhjs. Ebifrgnstruednts tf gephdednt t`d ZE@J wdrd t`d prfvgsgfn fc jdvdhfpblhd hbnj ly pulhgm sdmtfrjdvdhfpdrs bnj dxpbnsgfn fc cunjgna t`rfua` t`d Nbtgfnbh @fusgna Cunj. Z`d ZE@J bhsf`dhpdj stblghgzd `fusgna prgmds ly gnmrdbsgna ndw `fusgna supphy fn b hbrad smbhd bnjgeprfvgna t`d qubhgty fc t`d `fusgna stfmo. @fwdvdr, t`d ebssgvd supphy sm`ded rdsuhtdj gn bhbmo fc jgvdrsgty bnj fvdrstrdtm`dj t`d mbpbmgty fc t`d mfnstrumtgfn gnjustry.

\dabrjgna jdebnj-sgjd pfhgmy, t`d ndw `fusgna ldndcgt sm`ded t`bt stbrtdj gn Iuhy <;24 gs t`dhbtdst bnj efst gepfrtbnt. Gt frgagnbtdj crfe b mfepfndnt fc t`d adndrbh wdhcbrd arbnt unjdr t`dNbtgfnbh Hgvdhg`ffj [rftdmtgfn Hbw, w`gm` wbs jdsgandj tf dnsurd t`bt dvdry pdrsfn mbn eddtegngeue hgvgna mfsts. Tnhgod t`d fhj sm`ded t`bt prfvgjdj t`d arbnt rdabrjhdss fc rdnt hdvdh bnj

hfmbh `fusgna mfnjgtgfns, t`d ndw `fusgna ldndcgt gs jgccdrdntgbtdj bmmfrjgna tf `fusd`fhjgnmfed, cbeghy sgzd, tdnurd typd, rdnt hdvdh, bnj hfmbtgfn fc rdsgjdnmd.

@fusgna cgnbnmd prfarbes t`rfua` t`d Nbtgfnbh @fusgna Cunj fccdr bccfrjblhd efrtabads tfbssgst `fed purm`bsds ly efjdrbtd- tf egjjhd-gnmfed `fusd`fhjs. B `fusgna mrdjgt aubrbntygs prfvgjdj t`rfua` t`d @fusgna Mrdjgt Aubrbnty Cunj fpdrbtdj ly t`d Ofrdb @fusgna CgnbnmdMfrpfrbtgfn, b afvdrnednt-fwndj gnstgtutgfn gn m`brad fc gssugna efrtabad-lbmodj sdmurgtgds tftbp t`d mbpgtbh ebrodt bs wdhh bs rdvdrsd efrtabads tf qubhgcgdj dhjdrhy `fedfwndrs.

Cgnbhhy, ebmrfprujdntgbh rdauhbtgfns wdrd gntrfjumdj gn <;;= tf supprdss t`d jdebnj cfr`fusgna hfbns gn bn fvdr`dbtdj `fusgna ebrodt bnj tf prdvdnt systdegm rgso t`bt mfuhj brgsdcrfe t`d efrtabad ebrodt. Z`d afvdrnednt `bs bhsf m`bnadj t`d jdlt”gnmfed rbtgf bnjhfbn”vbhud rbtgf mdghgnas bmmfrjgna tf `fusgna ebrodt mfnjgtgfns. Z`gs gs ldhgdvdj tf `bvd

`dhpdj prdvdnt t`d lffe-lust gn `fusgna prgmds lut ega`t `bvd rdjumdj fppfrtungtgds cfr `fedpurm`bsds ly sfed `fusd`fhjs.

21




Zblhd 249 @fusgna [fhgmy Ebtrgx

]upphy-]gjd [fhgmyJdebnj-]gjd

[fhgmy@fusgna Cgnbnmd

[fhgmyEbmrfprujdntgbh

\dauhbtgfns

[rfarbe Zwf-Eghhgfn @fusgna

Jrgvd

@fusgna ldndcgt Hgldrbhgzbtgfn fc

`fusgna cgnbnmdebrodt

Dstblhgsèdnt fcsdmfnjbry efrtabadebrodt

Mdghgnas fn hfbn”vbhud

rbtgf bnj jdlt”gnmfedrbtgf

Zgedhgnd 2707”277< <;24 (cgrstgntrfjumdj gn 2777bs b mfepfndnt fcadndrbh wdhcbrdarbnt)

2777”<;;: ]gnmd <;;=

[fhgmy Afbhs Zf fvdrmfed `fusgnas`frtbad bnj `fusgnaprgmd ̀ gods

Zf prfvgjd pulhgm rdntbh`fusgna tf t`d hfwdst-gnmfed arfup

Zf rdhgdvd rdntlurjdn

Zf dnsurd t`degngeue ̀ fusgnastbnjbrj ld edt

Zf bssgst `fedpurm`bsds

Zf dxpbnj `fusgnacgnbnmd ly tbppgna t`dmbpgtbh ebrodt

Zf supprdss t`djdebnj cfr `fusgnahfbns gn bn fvdr`dbtdj`fusgna ebrodt

Zf prdvdnt systdegm rgsocrfe t`d `fusgna ebrodt

GntdnjdjZbradt

Bhh gnmfed arfups Hfw- bnjefjdrbtd-gnmfedarfups

Egjjhd-gnmfed`fusd`fhjs

Lfrrfwdrs fc `fusgnahfbns

Gnstruedntsbnj Mfntdnts

]upphy fc jdvdhfpblhdhbnj t`rfua` pulhgmsdmtfr jdvdhfpdrs

Dxpbnsgfn fc cunjgnacfr `fusgna (Nbtgfnbh@fusgna Cunj)

Efnt`hy mbs`sulsgjy lbsdj fn`fusd`fhj gnmfed,rdnt, cbeghy sgzd,bnj hfmbtgfn

Ndw @fusgnaLdndcgt Bmt

[ulhgm gnspdmtgfnfc `fusgnamfnjgtgfns bnjefngtfrgna fc rdnts

Gntdrdst-rbtdjdrdauhbtgfn

Mrdbtgfn fc t`dsdmfnjbry efrtabadebrodt gnstgtutgfn(Ofrdb @fusgnaCgnbnmd Mfrpfrbtgfn)

Gntrfjumtgfn fc rdvdrsdefrtabad

Bjiustednt tf hfbn” vbhud bnj jdlt”gnmfedrbtgfs mdghgnas

Edrgts @dhpdj stblghgzd`fusgna prgmds bnjgeprfvd t`d qubntgtybnj qubhgty fc t`d`fusgna stfmo

Zff dbrhy tfdvbhubtd (tbradtdjjdebnj sulsgjy)

@dhpdj gnmrdbsd `fedfwndrs`gp

@dhpdj prdvdnt t`dlffe-lust gn `fusgnaprgmds

Jdedrgts Ebssgvd supphy rdsuhtdjgn t`d hbmo fc jgvdrsgtybnj fvdrstrdtm`dj t`dmbpbmgty fc t`dmfnstrumtgfn gnjustry

Zff dbrhy tfdvbhubtd

Gnmrdbsd gn `fusd`fhjjdlt

Hgegtdj t`d fppfrtungtycfr `fed purm`bsds cfrsfed ̀ fusd`fhjs

]gnmd t`d gnmdptgfn fc t`d ZE@J, `fusgna pfhgmy prfarbes `bvd lddn jdsgandj tf eddt t`dnddjs fc jgccdrdnt gnmfed arfups wgt` jgccdrdnt prfarbes. Cgaurd 4 ghhustrbtds t`d strumturd fc`fusgna prfarbes wgt` t`d gntdnjdj tbradt gnmfed arfups. Z`d afvdrnednt utghgzdj t`rdd typdsfc sulsgjgds cfr jgccdrdnt gnmfed arfups tf prfvgjd `feds bnj/fr tf rdhgdvd rdnt lurjdns ly (g)prfvgjgna pulhgm `fusgna cfr rdntgna bnj fwndr fmmupbtgfn bs b mfnvdntgfnbh bnj jgrdmt edt`fj,(gg) prfvgjgna `fusgna ldndcgts bs jdebnj-sgjd bssgstbnmd, bnj (ggg) hfw-gntdrdst hfbns cfr m`fnsdg jdpfsgts.

20




Cgaurd 49 @fusgna [rfarbes ly Zbradt Gnmfed Arfup

E\J 5 efnt`hy rdntbh wgt` jdpfsgt, [\@ 5 sulsgjgzdj pulhgm rdntbh `fusgna.

\dabrjgna t`d ldndcgmgbrgds fc t`d vbrgfus pfhgmy prfarbes, t`d hfwdst-gnmfed arfup gs dhgaglhdcfr bt hdbst fnd fc t`d blfvd-edntgfndj sulsgjgds. Befna t`d hfwdst-gnmfed arfup, bhefst <;%hgvd gn pulhgm rdntbh `fusgna, ==% lfrrfw b m`fnsdg jdpfsgt hfbn, bnj fvdr 4;% rdmdgvd t`d`fusgna ldndcgt. Gt gephgds t`bt efst `fusd`fhjs ldhfnagna tf t`d hfwdst-gnmfed arfup mfuhjdnify bt hdbst fnd dhgaglhd sulsgjy sm`ded bnj t`bt sfed eby ldndcgt crfe twf. Cfr dxbephd, bsulstbntgbh pfrtgfn fc tdnbnts rdsgjgna gn pulhgm rdntbh ungts bhsf rdmdgvds t`d `fusgna ldndcgt.

@fwdvdr, ldmbusd t`d `fusgna ldndcgt nbrrfwhy tbradts t`d hfwdst-gnmfed arfup, t`d rdmgpgdntsjdmrdbsd sulstbntgbhhy cfr t`d sdmfnj-hfwdst 2;% arfup? fnhy 4=% fc t`de rdmdgvd b sulsgjy.

Bhsf, ::% fc t`d t`grj-hfwdst gnmfed arfup bnj =4% fc t`d cfurt`-hfwdst arfup brd dgt`dr pulhgm`fusgna rdsgjdnts fr lfrrfwdrs fc hfw-gntdrdst m`fnsdg jdpfsgt hfbns. Z`d gnmgjdnmd fc ldndcgtsfc `fusgna prfarbes jdmrdbsds wgt` gnmfed, w`gm` gs mfnsgstdnt wgt` t`d prgnmgphd fc vdrtgmbhdqugty. Wdt t`d prfpfrtgfn fc `fusd`fhjs mfvdrdj ly t`d sulsgjy prfarbes cbhhs jrbstgmbhhy afgna

crfe t`d hfwdst-gnmfed arfup tf t`d ndxt hfwdst-gnmfed arfup (Cgaurd 3).

Cgaurd 39 Mfvdrbad fc @fusgna ]ulsgjgds ly Gnmfed Arfup(%)

;

<;

:;

3;

0;

2;;

2st jdmghd <nj jdmghd =rj jdmghd :t` jdmghd

[ulhgm `fusgna Jdpfsgt hfbn @fusgna ldndcgt

27




:. Z@D M@BNAGNA DNSG\FNEDNZ BNJ [FHGMWMFNJGZGFN]

Zfjby, t`d `fusgna pfhgmy gs bt b mrfssrfbjs, bs t`d dnvgrfnednt surrfunjgna t`d `fusgnaebrodt unjdrafds ebifr sfmgfdmfnfegm m`bnads rdhbtdj tf jdefarbp`gms, t`d

`fusgna”ebmrfdmfnfey ndxus, hgnobads ldtwddn fwndr-fmmupgdj bnj rdntbh ebrodts,mfepfsgtgfn fc rdntbh hdbsd typds, bnj pfhgtgmbh dmfnfey fc `fusgna pfhgmy.

:.2 Jdefarbp`gms

Z`d \dpulhgm fc Ofrdb `bs lddn dxpdrgdnmgna rbpgj bagna fc gts pfpuhbtgfn bnj jdmhgngna cdrtghgty,shfwgna pfpuhbtgfn arfwt` bnj s`rgnogna `fusd`fhj sgzds. Zftbh pfpuhbtgfn arfwt` gs dxpdmtdjtf mfntgnud untgh <;=;, lut t`d prfjumtgvd pfpuhbtgfn (g.d., bads 24”3: ydbrs) gs dxpdmtdj tfrdbm` gts ebxgeue gn <;23 bnj stbrt cbhhgna t`drdbctdr. Gn bjjgtgfn, pfpuhbtgfn bagna gsprfmddjgna vdry cbst. Z`d pdrmdntbad fc t`d pfpuhbtgfn t`bt gs 34 ydbrs fr fhjdr wbs 2<.<% gn<;2=, bnj gt gs dxpdmtdj tf rgsd tf 2:.;% (g.d., bn badj sfmgdty) gn <;20 bnj <;.;% (g.d., bsupdr-badj sfmgdty) ly <;<3. Z`d pbmd fc pfpuhbtgfn bagna gs cbstdr t`bn dvdn t`bt fc Ibpbn.

Curt`dr, t`d tftbh cdrtghgty rbtd gs 2.<, befna t`d hfwdst befna Frabngsbtgfn cfr DmfnfegmMf-fpdrbtgfn bnj Jdvdhfpednt (FDMJ) mfuntrgds. @fusd`fhj sgzd gs s`rgnogna rbpgjhy (Cgaurd1). Ldtwddn 270; bnj <;2;, t`d s`brd fc fnd- fr twf-edeldr `fusd`fhjs gnmrdbsdj crfe 24%tf :0%, bnj t`bt fc cfur- fr cgvd-edeldr `fusd`fhjs jrfppdj crfe 1;% tf =;%. Z`d nueldr fc`fusd`fhjs gs prfidmtdj tf gnmrdbsd untgh <;:;, lut t`d trdnj gn s`rgnogna `fusd`fhj sgzds gsdxpdmtdj tf mfntgnud.

Cgaurd 19 M`bnagna Jgstr glut gfn fc @fusd`fhjs ly ]gzd, 270;”<;2;(%)


Ft`dr t`gnas ldgna dqubh, t`d shfwjfwn gn pfpuhbtgfn arfwt` bnj `fusd`fhj cfrebtgfn, rbpgjbagna, bnj s`rgnogna `fusd`fhj sgzd wghh `bvd b ndabtgvd dccdmt fn `fusgna jdebnj bnj, `dnmd,

:.0 3.7 72<.1 24.4 <;

<=.72;.4

2<.=2=.0

23.727.2

<<.<

<:.=

2:.4

23.4

27.2

<;.=

<;.7

<;.7

<2.=

<;.=

<4.=

<7.4

=2.1

=2.2

<1<<.4

:7.7

=7<0.1

20.:2=.:

2; 0.2

;

2;

<;

=;

:;

4;

3;

1;

0;

7;

2;;

270; 2704 277; 2774 <;;; <;;4 <;2;

4 +

:

=

<

2

<;








rdmdnt ydbrs. Z`d s`brd fc `fusgna gnvdstednt gn tftbh cgxdj mbpgtbh cfrebtgfn bhsf s`fws bjdmhgngna trdnj.

B sdmfnj m`bnndh gs t`d wdbht` dccdmt fn mfnsueptgfn. @fusgna prgmds bccdmt t`d vbhud fc`fusgna wdbht` bnj, `dnmd, prgvbtd mfnsueptgfn dxpdnjgturd. Bht`fua` t`d dstgebtds fc t`debangtujd fc t`d `fusgna wdbht` dccdmt gn t`d \dpulhgm fc Ofrdb brd nft bs hbrad bs t`bt gn t`d

Tngtdj ]tbtds, t`d `fusgna wdbht` dccdmt gs sgzblhd bnj hbradr t`bn t`d wdbht` dccdmt crfe stfmos. B t`grj m`bnndh gs t`d mfhhbtdrbh dccdmt. M`bnads gn `fusgna prgmds bccdmt t`d mfhhbtdrbh vbhud fc`fusgna bnj, `dnmd, bmmdss tf efrtabad mrdjgt. Z`d smfpd fc t`d sdmfnj bnj t`d t`grj m`bnndhsgs mfnjgtgfndj ly t`d `fusgna cgnbnmd systde.

@fusgna cgnbnmd hbaadj ld`gnj dmfnfegm jdvdhfpednt gn t`d \dpulhgm fc Ofrdb. Z`d `fusgnacgnbnmd ebrodt wbs jfegnbtdj ly t`d Nbtgfnbh @fusgna Cunj, afvdrnednt `fusgna cunj, bnjOfrdb @fusgna Lbno (g.d., t`d stbtd-fwndj `fusgna lbno) untgh t`d futlrdbo fc t`d Bsgbncgnbnmgbh mrgsgs. Bmmdss tf efrtabad hfbns wbs vdry hgegtdj, wgt` b hfbn”vbhud rbtgf fc blfut=;%, bnj t`d gntdrdst rbtd wbs sulsgjgzdj. Gt wbs nft untgh t`d dbrhy <;;;s t`bt b ebrodt-lbsdj`fusgna cgnbnmd systde wbs dstblhgs`dj cfhhfwgna cgnbnmgbh hgldrbhgzbtgfn. Murrdnthy, mfeedrmgbhlbnos brd t`d ebifr hdnjdrs gn t`d `fusgna cgnbnmd ebrodt. Z`d rbtgf fc t`d efrtabad jdltfutstbnjgna tf AJ[, w`gm` gs b edbsurd fc t`d sgzd fc t`d `fusgna cgnbnmd ebrodt, gs =2%, bnjt`d rbtgf gnmrdbsds tf =3% gc `fusgna hfbns `dhj ly t`d Ofrdb @fusgna Cgnbnmd Mfrpfrbtgfn brdgnmhujdj.

Zblhd 239 @fusd`fhj Jdlt bnj Efrtabad Jdlt Futstbnjgna sgnmd <;;;

<;;; <;;: <;;0 <;2; <;2< <;2:

B. Mfnsuedr mrdjgt <33.7 :1:.1 300.< 0:=.< 73=.0 2,;07.;@fusd`fhj jdlt <:2.2 ::7.: 3:0.= 17=.0 7;4.7 2,;<7.=

Jdpfsgt lbnos 241.3 =44.4 424.= 47=.4 33;.; 1:4.0@fusgna hfbns <4:.1 <07.3 =20.<

Efrtabads 237.< <=7.1 <0:.4 =20.< =34.3Nfnlbno jdpfsgt-tbogna cgnbnmgbh gnstgtutgfns 4;.: 17.< 2<3.1 23<.2 27<.3

@fusgna hfbns 43.: 1=.< 03.;

Efrtabads 43.; 1=.2 04.7 74.;Mrdjgt mbrj hfbns <4.0 <4.= =7.7 :7.: 40.4 47.3

L. Efrtabad jdlt futstbnjgna 237.< <74.1 =41.3 :;:.2 :3;.3M. Nfegnbh AJ[ 3=4.< 013.; 2,2;:.4 2,<34.= 2,=11.4 2,:04.2

B/M (%) :<.; 4:.< 3<.= 33.3 1;.; 1=.=L/B (%) =4.3 :=.; :<.: :2.7 :<.=L/M (%) 27.= <3.0 <0.= <7.= =2.;AJ[ 5 arfss jfedstgm prfjumt.]furmd9 Lbno fc Ofrdb, `ttp9//dmfs.lfo.or

Z`drd gs b mfnmdrn blfut dxmdssgvd gnjdltdjndss fc t`d `fusd`fhj sdmtfr. Gn cbmt, t`d \dpulhgmfc Ofrdb rbnos `ga` befna FDMJ mfuntrgds gn tdres fc t`d rbtgf fc `fusd`fhj jdlt futstbnjgna

tf pdr mbpgtb gnmfed. @fwdvdr, t`d murrdnt sgzd fc t`d efrtabad ebrodt, bjiustdj cfr t`d sgzd fct`d dmfnfey (g.d., t`d efrtabad jdlt futstbnjgna”AJ[ rbtgf), gs blfut fn pbr wgt` ft`drmfuntrgds wgt` sgeghbr hdvdhs fc jdvdhfpednt (g.d., pdr mbpgtb AJ[ fn b purm`bsgna pfwdr pbrgtylbsd) (Oge bnj M`f <;2:).

Gn bjjgtgfn, t`d sf-mbhhdj efrtabad hfbns gnmhujd `fed-dqugty hfbns bs wdhh bs hfbns cfr `fedpurm`bsds. Gn cbmt, iust blfut 4;% fc efrtabads brd cfr `fed purm`bsds, bnj t`d rdebgngna `bhcbrd cfr cgnbnmgna wfrogna mbpgtbh bnj hgvdhg`ffj dxpdnsds. Z`d prflhde gs t`bt t`d efrtabadebrodt gs jfegnbtdj ly t`d bjiustblhd-rbtd efrtabad wgt` luhhdt pbyednts t`bt rdqugrd

<<

http://ecos.bok.kr/

http://ecos.bok.kr/




b huep-sue pbyednt cfr t`d dntgrd hfbn bt ebturgty. Bwbrd fc t`d pftdntgbh wdbondssds fc t`dmurrdnt strumturd, t`d afvdrnednt `bs lddn gephdedntgna edbsurds tf dnmfurbad t`dtrbnscfrebtgfn fc bjiustblhd-rbtd efrtabads gntf cgxdj-rbtd efrtabads rdpbyblhd gn dqubhgnstbhhednts. \dmdnthy, t`d afvdrnednt bhsf gntrfjumdj ndw hfbn prfjumts t`rfua` t`d Nbtgfnbh@fusgna Cunj, sum` bs s`brdj bpprdmgbtgfn efrtabads bnj dqugty hfbns sum` bs gn t`d TngtdjOgnajfe (Eghds <;2=).

Ebmrfprujdntgbh rdauhbtgfns brd phbygna bn gepfrtbnt rfhd gn rdmdnt ydbrs, bs hbrad bnjgnmrdbsgna `fusd`fhj jdlt gs mfnsgjdrdj b pftdntgbh rgso tf t`d ebmrfdmfnfey. Z`dsdrdauhbtgfns brd jdsgandj tf mfntbgn t`d systdegm rgso t`bt mbn brgsd crfe blrupt m`bnads gn`fusgna prgmds. Mdghgnas fn t`d hfbn”vbhud rbtgf bnj jdlt sdrvgmd”gnmfed rbtgf wdrd dstblhgs`djbs b ody pfhgmy gnstruednt. Z`d murrdnt hgegt fn t`d hfbn”vbhud rbtgf gs 1;%, bnj t`d bmtubhbvdrbad fc t`d hfbn”vbhud rbtgf fn dxgstgna hfbns gs blfut 4;%. Z`drd gs sfed depgrgmbhdvgjdnmd gn suppfrt fc t`d dccdmtgvdndss fc t`d ebmrfprujdntgbh rdauhbtgfns (Gabn bnj Obna<;22) lut bjjgtgfnbh rdsdbrm` gs nddjdj tf dstblhgs` t`dgr cuhh gepbmt (Iâmfed bnj Egtrb <;24).

:.= ]trumturbh M`bnad gn t`d \dntbh @fusgna Ebrodt

]gnmd t`d nbturd fc strumturbh m`bnads tbogna phbmd gn t`d rdntbh-`fusgna sdmtfr wbs dxphbgndj gnsdmtgfn <.4, sfed jbtb brd nfw prdsdntdj s`fwgna t`d ebangtujd fc t`d m`bnads gn t`gssdmtgfn. Zblhd 21 s`fws t`bt t`d s`brd fc m`fnsdg gn tftbh rdntbh hdbsd mfntrbmts jrfppdj crfe31% tf 43%, w`drdbs t`bt fc E\Js rfsd crfe ==% tf ::% jurgna t`d pbst : ydbrs. Z`d jdmhgndgn m`fnsdg gs dxpdmtdj tf mfntgnud gn t`d murrdnt ebrodt dnvgrfnednt.

Zblhd 219 \dntbh Mfntrbmt Zrbnsbmtgfns ly Hdbsd Zypd

<;22 <;2< <;2= <;2: <;24

Zftbh rdntbh mfntrbmts (‐;;;) 2,=<2 2,=<: 2,=1= 2,:31 2,:1<M`fnsdg (%) 31.; 33.; 3;.3 47.; 44.0Efnt`hy rdnt wgt` jdpfsgt (%) ==.; =:.; =7.: :2.; ::.<

]furmd9 EFHGZ, `ttp9//rt.efhgt.af.or.

Bn bnbhysgs fc efrd jdtbghdj jbtb rdvdbhs t`bt t`d mfepfsgtgfn fc rdntbh hdbsds bs wdhh bs t`bt fcm`fnsdg hdbsds ly jdpfsgt befunts vbry bmrfss rdagfns bnj bmrfss sulebrodts wgt`gn dbm`rdagfn. Cfr dxbephd, t`d s`brd fc m`fnsdg hdbsds gs `ga`dr gn ]dfuh bnj t`d Mbpgtbh \dagfn,w`ghd t`d s`brd fc E\Js gs `ga`dr gn t`d sfut`dbstdrn pbrt fc t`d mfuntry ([bro <;24).

:.: [fhgtgmbh Dmfnfey fc @fusgna [fhgmy

@fusgna pfhgmy gs b sdnsgtgvd ebttdr, bnj t`d prfmdss fc gts cfreuhbtgfn bnj gephdedntbtgfn gsgnchudnmdj ly t`d gntdrphby befna vbrgfus stbod`fhjdrs. Z`d jynbegms fc t`d pfhgtgmbh dmfnfeyfc `fusgna pfhgmy gn t`d \dpulhgm fc Ofrdb gs m`bnagna gn sgangcgmbnt wbys. Z`d hdagshbturd gsldmfegna b jfegnbnt pfwdr fvdr t`d bjegngstrbtgvd lrbnm` fc afvdrnednt. Zùs, t`d `fusgna

pfhgmy `bs ldmfed efrd pfhgtgmgzdj, bnj sfed pfhgmgds bnnfunmdj ly t`d afvdrnednt eby nftld rdbhgzdj bs phbnndj, jud tf jdhbys gn pbssbad fc rdhdvbnt hbws.

\dhbtgfns`gps befna ody phbydrs gn `fusgna pfhgmy brd bhsf m`bnagna. Z`d Egngstry fc Cgnbnmdbnj ]trbtday, Lbno fc Ofrdb (g.d., t`d mdntrbh lbno), bnj Cgnbnmgbh ]updrvgsfry Mfeegttdd brdphbygna ardbtdr rfhds, w`ghd t`d rfhd fc EFHGZ gs sfedw`bt jdmrdbsgna bs tbxbtgfn bnj cgnbnmdldmfed efrd gepfrtbnt pfhgmy tffhs mfepbrdj wgt` hbnj-usd mfntrfh bnj jdvdhfpednt

<=




rdauhbtgfns. Mffrjgnbtgfn befna t`d afvdrnednt ungts bnj ldtwddn t`d mdntrbh bnj hfmbhafvdrnednts gs bhsf ldmfegna mrumgbh gn gephdedntgna `fusgna pfhgmgds.

Z`d `fusgna pfhgmy gs bn gepfrtbnt gntdradndrbtgfnbh gssud bs wdhh (Oge <;24). B sulstbntgbhpfrtgfn fc t`d ‘lbly-lffedr― adndrbtgfn `bs bmmueuhbtdj `fusgna wdbht` gn t`d pbst, bnj t`dybrd mfnmdrndj t`bt `fusgna prgmds eby cbhh bnj drfjd t`dgr purm`bsgna pfwdr. Fn t`d ft`dr

`bnj, t`d yfunadr adndrbtgfn gs crustrbtdj ly t`d cbmt t`bt `fedfwndrs`gp gs ldyfnj t`dgrrdbm`. Z`dy wbnt tf sdd `fusgna prgmds cbhh curt`dr, bnj `fusgna ldmfed efrd bccfrjblhd.

Bnft`dr jgednsgfn rdhbtds tf gntdradndrbtgfnbh trbnscdr fc `fusgna wdbht`. [dfphd gn t`dgr <;sbnj =;s rdhy `dbvghy fn t`dgr pbrdnts bnj rdhbtgvds cfr rbgsgna cunjs cfr `fed purm`bsds bnjeflghgzgna jdpfsgts cfr m`fnsdg hdbsds. B <;2< @fusgna Mfnjgtgfns ]urvdy s`fwdj t`bt :0% fc`fedluydrs gn t`dgr <;s bnj <<% gn t`dgr =;s rdmdgvdj cgnbnmgbh bssgstbnmd crfe t`dgr pbrdnts,bnj t`bt t`d sgzd fc t`d cgnbnmgbh bssgstbnmd wbs 11% bnj 47% fc t`d tftbh cunjs cfr `fedpurm`bsds cfr t`d twf rdspdmtgvd bad arfups. Z`d sbed survdy bhsf s`fwdj t`bt :<% bnj <2%fc m`fnsdg tdnbnts gn t`dgr <;s bnj =;s rdmdgvdj 14% bnj 4:%, rdspdmtgvdhy, fc t`d jdpfsgts gncgnbnmgbh bssgstbnmd crfe t`dgr pbrdnts (Oge <;24). Z`gs `bs twf gepfrtbnt gephgmbtgfns. Z`dtrbnscdr fc wdbht` wghh wgjdn t`d gndqubhgty gn wdbht` jgstrglutgfn befna t`d yfunadr adndrbtgfn.Gt bhsf gepfsds b sdrgfus cgnbnmgbh lurjdn fn pbrdnts w`f `bvd bhrdbjy cgnbnmdj t`d djumbtgfns

fc t`dgr m`ghjrdn bnj brd ghh-prdpbrdj cfr t`dgr fwn rdtgrdednts.

4. MFNMHT]GFN]

Frgagnbhhy, t`d cunjbedntbh `fusgna prflhde gn t`d \dpulhgm fc Ofrdb wbs t`bt fc blsfhutd`fusgna s`frtbads. Z`d afvdrnednt jgj nft bhhfmbtd ebny rdsfurmds tf `fusgna, `fwdvdr,ldmbusd `fusgna wbs rdabrjdj bs b hfw-prgfrgty sdmtfr mfepbrdj wgt` ebnucbmturgna frgncrbstrumturd gn cbmghgtbtgna dmfnfegm jdvdhfpednt? unjdrgnvdstednt gn ndw `fusgna wbs bebifr rdbsfn cfr t`d m`rfngm `fusgna s`frtbad gn t`d 273;s t`rfua` t`d egj-270;s (Oge bnj]u` 2772). Gt wbs nft untgh t`d hbtd 270;s t`bt t`d afvdrnednt gngtgbtdj b prfarbe gnvfhvgnaebssgvd supphy tf eddt t`d gnmrdbsgna jdebnj cfr qubhgty `fusgna ly t`d egjjhd mhbss bnj

bhhfmbtdj b sgangcgmbnt befunt fc t`d lujadt tf bjjrdss t`d `fusgna nddjs fc hfw-gnmfed`fusd`fhjs.

Z`d bpprfbm` tf `fusgna pfhgmy wbs tf dnabad t`d ebrodt systde, supphdedntdj ly t`d pulhgmsdmtfr efnfpfhy gn t`d supphy fc jdvdhfpblhd hbnj, afvdrnednt rdauhbtgfns, bnj gnmdntgvds, tfdxpbnj t`d `fusgna stfmo bnj tf jgstrglutd t`d gnmrdedntbh stfmo tf gntdnjdj tbradt arfupsbmmfrjgna tf t`d ruhds sdt ly t`d afvdrnednt. Z`gs bpprfbm` summddjdj gn geprfvgna fvdrbhh`fusgna mfnjgtgfns gn tdres fc qubntgty bnj qubhgty bs wdhh bs cbmghgtbtgna t`d cfrebtgfn fc wdbht`ly t`d egjjhd mhbss t`rfua` `fusgna.

B ody dhdednt fc t`d `fusgna pfhgmy wbs bhsf tf mfntbgn spdmuhbtgfn. Z`d cgrst dxbephd fc t`gsdnjdbvfr wbs t`d hdagshbtgfn fc b spdmgbh tbx tf jgsmfurbad rdbh dstbtd spdmuhbtgfn gn 2730,w`gm` wbs mfnsfhgjbtdj gntf t`d mbpgtbh abgns tbx hbtdr. Z`d augjgna prgnmgphd wbs tf dnmfurbad

dbm` `fusd`fhj tf fwn fnd `fusd? gt trdbtdj fwngna twf fr efrd `fusds, fctdn rdabrjhdss fct`d vbhud fc t`d `fusds, bs bn bmt fc spdmuhbtgfn bnj, `dnmd, gepfsdj sbnmtgfns bnj hdvgdj`dbvy tbxds. Cfr dxbephd, t`d mbpgtbh abgns tbx hbw `bj b prfvgsgfn cfr b `ga`dr rbtd (:;%) cfrt`d fwndrs fc twf `fusds, bnj bn dvdn `ga`dr rbtd (3;%) cfr t`fsd fwngna t`rdd fr efrd`fusds. Z`d prfvgsgfn, w`gm` wbs blfhgs`dj gn Jdmdeldr <;2:, `bs bn gepfrtbnt gephgmbtgfn cfrt`d prgvbtd rdntbh-`fusgna sdmtfr jfegnbtdj ly t`d unfrabngzdj ebrodt, gn w`gm` `fusds tf hdtbrd prfvgjdj ly fwndrs fc twf fr efrd `fusds. Z`d blfhgtgfn fc t`d pungtgvd mbpgtbh abgnstbxbtgfn edbns t`bt t`dsd fwndrs brd tf ld trdbtdj bs hdagtgebtd supphgdrs fc rdntbh `fusgna.

<:




Z`d `fusgna pfhgmy gn t`d \dpulhgm fc Ofrdb wbs gntdarbtdj wgt` urlbn phbnngna bs ndw supphgdsfc `fusgna wdrd ebjd bvbghblhd t`rfua` hbrad-smbhd hbnj jdvdhfpednt wgt` bjdqubtdgncrbstrumturd. Z`d ldst dxbephds brd t`d cgvd ndw tfwns jdvdhfpdj bs bn gntdarbh mfepfndntfc t`d ZE@J gn t`d sulurls fc ]dfuh, bnj t`d sdmfnj-adndrbtgfn ndw tfwns jdvdhfpdj gnhfmbtgfns cbrt`dr crfe ]dfuh gn t`d <;;;s. Ndw `fusgna wbs prfvgjdj gn hbrad qubntgtgds tfadt`drwgt` fnsgtd gncrbstrumturd bs wdhh bs bmmdss tf t`d trbnspfrt ndtwfro mfnndmtgna t`d ndw tfwns

tf ]dfuh bnj ft`dr mgtgds gn t`d rdagfn surrfunj t`d mbpgtbh.

Bnft`dr cdbturd fc t`d `fusgna pfhgmy wbs t`bt pulhgm sdmtfr gnstgtutgfns phbydj b ody rfhd gn`fusgna supphy. Z`d ebifr pulhgm sdmtfr phbydrs wdrd t`d Ofrdb Nbtgfnbh @fusgna Mfrpfrbtgfnbnj Ofrdb Hbnj Jdvdhfpednt Mfrpfrbtgfn, w`gm` wdrd edradj tf cfre t`d murrdnt Hbnj bnj@fusgna Mfrpfrbtgfn gn <;;7. Z`d twf stbtd-fwndj dntdrprgsds bmmfuntdj cfr 02% fc t`dvfhued fc rdsgjdntgbh hbnj jdvdhfpednt bnj 2:% fc tftbh `fusgna stfmo bs fc ]dptdeldr <;2=(]fn <;2:). Z`d lbsgm prgnmgphd wbs t`bt t`d abgns crfe hbnj jdvdhfpednt s`fuhj ld rdmfupdjly t`d pulhgm sdmtfr tf cgnbnmd t`d prfvgsgfn fc gncrbstrumturd bnj bccfrjblhd hfw-gnmfed `fusgna.

Bhh hbrad-smbhd hbnj jdvdhfpednt prfidmts wdrd gephdedntdj ly t`dsd stbtd-fwndj dntdrprgsdsvdstdj wgt` t`d pfwdr tf purm`bsd nfnurlbn hbnj t`rfua` degndnt jfebgn. Z`gs edm`bngsecbmghgtbtdj t`d tgedhy prfvgsgfn fc jdvdhfpblhd hbnj cfr `fusgna bnj t`d mfnstrumtgfn fc `fusgnagtsdhc.

Z`d pulhgm sdmtfr-jfegnbtdj hbnj jdvdhfpednt systde dxmhujdj t`d pbrtgmgpbtgfn fc prgvbtdjdvdhfpdrs crfe ebifr prfidmts bnj t`d pfssglhd dccgmgdnmy abgn crfe jgvdrsgty gn t`d prfvgsgfn fc`fusgna, `fwdvdr. Z`d w`fhd prfmdss‚sdhdmtgna t`d hfmbtgfn bnj sgzd fc hbnj jdvdhfpedntprfidmts, jdtdregngna t`d nueldr bnj mfepfsgtgfn fc `fusds tf ld lught fn t`d jdvdhfpdj bnjsdrvgmdj hbnj, bnj bhhfmbtgna t`d `fusds tf wfuhj-ld `fedluydrs‚wbs rdauhbtdj lyafvdrnednt phbns bnj rdauhbtgfns. Z`d rfhd fc t`d prgvbtd sdmtfr phbydrs wbs dssdntgbhhy hgegtdjtf t`bt fc mfntrbmtfrs tf t`d pulhgm sdmtfr jdvdhfpdrs wgt` aubrbntddj prfcgts.

Jdspgtd t`d bppbrdnt summdss gn gnmrdbsgna t`d qubntgty bnj geprfvgna t`d qubhgty fc t`d `fusgnastfmo fvdr t`d pbst =; ydbrs, `fusgna pfhgmy gn t`d \dpulhgm fc Ofrdb `bs cbmdj mrgtgmgses bnjndw m`bhhdnads. Dxpdrts mfnsgjdr t`d `fusgna pfhgmy tff mfephdx, rgagj, bnj pfhgtgmgzdj. Z`dmueuhbtdj dccdmts fc nuedrfus rdauhbtgfns afvdrngna t`d supphy fc jdvdhfpblhd hbnj bnj`fusgna brd ldhgdvdj tf `bvd ebjd supphy gndhbstgm (\dnbuj 2707? Oge, Ebhpdzzg, Oge <;;0).Ebny frjgnbry pdfphd cddh t`bt `fusgna prgmds brd stghh tff `ga`, `fedfwndrs`gp gs unbccfrjblhd,bnj rdntbh fptgfns brd gnbjdqubtd bnj dxpdnsgvd. Bs t`d efst cbeghgbr cfre fc rdntbh hdbsd,m`fnsdg, gs agvgna wby tf E\Js, rdntdrs cgnj t`dgr jgspfsblhd gnmfed jdmrdbsgna. Z`d prflhde gscdht efst sdrgfushy ly t`d yfuna bnj t`d dhjdrhy, w`f typgmbhhy bhrdbjy `bvd gnbjdqubtdgnmfeds. Gnmrdbsgna t`d supphy fc bccfrjblhd `fusgna, dspdmgbhhy cfr t`d unjdrsdrvdj, rdebgns bmrumgbh tbso gn t`d \dpulhgm fc Ofrdb. Cunjbedntbh sfmgfdmfnfegm m`bnads sum` bs hfw cdrtghgty,pfpuhbtgfn bagna, bnj shfwdr dmfnfegm arfwt` bhsf pfsgt ndw m`bhhdnads tf t`d `fusgna pfhgmy.

<4




\DCD\DNMD]

Lbno fc Ofrdb. `ttp9//dmfs.lfo.fr.or

Lurns, H. ]., bnj H. Ardlhdr. 2711. Z`d @fusgna fc Nbtgfns. Ndw Wfro9 @bhstdj.

M`fg, D., W. Oge, bnj ]. Owfn. <;2<. ]pbtgf-Zdepfrbh M`bnads fc @fusd`fhjs Cbghgna tf Eddtt`d <;22 Ndw Egngeue @fusgna ]tbnjbrj (2734”<;2;). Ifurnbh fc t`d Ofrdb \dbh Dstbtd

Bnbhysts Bssfmgbtgfn 20(:)9 212”274 _gn OfrdbnU.

M`f, E., bnj O. @. Oge. <;22. @fusgna ]dmtfr \dcfre9 Mfntrbstgna \dbh ]dmtfr vs. Cgnbnmgbh]dmtfr. ]dfuh9 Ofrdb Jdvdhfpednt Gnstgtutd.

M`f, E., O. @. Oge, bnj L. \dnbuj. <;2<. \dbh Dstbtd Sfhbtghgty bnj Dmfnfegm ]tblghgty9 Bn Dbst Bsgbn [drspdmtgvd. OJG \dsdbrm` Efnfarbp` <;2<-2. ]dfuh9 Ofrdb Jdvdhfpednt Gnstgtutd.

Jdefarbp`gb. <;24. 22t` Gntdrnbtgfnbh @fusgna Bccfrjblghgty ]urvdy. Ndw Wfro9 Ndw WfroTngvdrsgty.

Jfh, O., bnj E. @bccndr, djs. <;2;. @fusgna ]tbtgstgms gn t`d Durfpdbn Tngfn. Jdhct9 JdhctTngvdrsgty fc Zdm`nfhfay.

Z`d Durfpdbn Hgbgsfn Mfeegttdd cfr ]fmgbh @fusgna (MDMFJ@B]). <;22. @fusgna Durfpd\dvgdw <;2<9 Z`d Nuts bnj Lfhts fc Durfpdbn ]fmgbh @fusgna ]ystdes. Lrussdhs.

Durfpdbn Efrtabad Cdjdrbtgfn (DEC). <;2:. @ypfstbt <;2:9 B \dvgdw fc Durfpd‗s Efrtabadbnj @fusgna Ebrodts. Lrussdhs.

Gabn, J., bnj @. J. Obna. <;22. Jf Hfbn-tf-Sbhud bnj Jdlt-tf-Gnmfed Hgegts Qfro6 Dvgjdnmdcrfe Ofrdb. Gntdrnbtgfnbh Efndtbry Cunj (GEC) Qfrogna [bpdrs 22/<71. Qbs`gnatfn, JM9GEC.

Iâmfed, H. G., bnj ]. Egtrb. <;24. HZS bnj JZG Hgegts‚Afgna Arbnuhbr. GEC Qfrogna [bpdrs24/24:. Qbs`gnatfn, JM9 GEC.

Ibna, ]. ]., bnj D. I. @wbna. <;22. @fusgna ]tbtus fc \dntgna @fedfwndrs. Ofrdb @fusgnaGnstgtutd \dpfrt <;22-;<. ]dfuh9 Ofrdb @fusgna Gnstgtutd _gn OfrdbnU.

Iff, I. Q. 277:. Z`d Dvbhubtgfn fc t`d Cgvd-Wdbr Zwf Eghhgfn @fusgna Tngt Mfnstrumtgfn [hbn(2700”277<). Z`d Ifurnbh fc Ofrdb [hbnndrs Bssfmgbtgfn 1<(<)9 <01”=;2.

Oge, M. @., bnj O. @. Oge. <;;;. [fhgtgmbh Dmfnfey fc Afvdrnednt [fhgmgds fn \dbh Dstbtd gnOfrdb. Trlbn ]tujgds =1(1)9 2241”2237.

Oge, I. @., E. I. M`fg, bnj I. Of. <;;7. Egsebtm` ldtwddn @fedfwndrs`gp bnj \dsgjdnmd gnOfrdb. @fusgna Cgnbnmd Gntdrnbtgfnbh ]dptdeldr9 <1”==.

Oge, O. @. <;;;. Mfuhj b [rgmd Lullhd @bvd Mbusdj t`d Ofrdbn Dmfnfegm Mrgsgs6 Gn Bsgb‗sCgnbnmgbh Mrgsgs bnj t`d \fhd fc \dbh Dstbtd, djgtdj ly O. Edrb bnj L. \dnbuj. Brefno, NW9E. D. ]`brpd.

‚‚‚. <;;:. @fusgna bnj t`d Ofrdbn Dmfnfey. Ifurnbh fc @fusgna Dmfnfegms 2=9 =<2”=:2.

‚‚‚. <;2<. Z`d Ahflbh Cgnbnmgbh Mrgsgs bnj t`d Ofrdbn @fusgna ]dmtfr9 @fw Gs Z`gs ZgedJgccdrdnt crfe t`d Bsgbn Cgnbnmgbh Mrgsgs6 Gn Ahflbh @fusgna Ebrodts9 Mrgsds, Gnstgtutgfns bnj[fhgmgds, djgtdj ly B. Lbrj`bn, \. Djdhstdgn, bnj M. Orfhh. @flfodn, NI9 If`n Qghdy bnj]fns.

<3

http://ecos.bok.go.kr/

http://ecos.bok.go.kr/




‚‚‚. <;24. @fusgna bs bn Gntdradndrbtgfnbh Gssud. Odynftd prdsdntbtgfn bt t`d Bsgb-[bmgcgmNdtwfro cfr @fusgna \dsdbrm` Mfncdrdnmd. Awbnaiu, \dpulhgm fc Ofrdb. 2; Bprgh.

Oge, O. @., bnj E. M`f. <;2;. ]trumturbh M`bnads, @fusgna [rgmd Jynbegms, bnj @fusgna Bccfrjblghgty gn Ofrdb. @fusgna ]tujgds <4(3)9 0=7”043.

‚‚‚. <;2:. Efrtabad Ebrodts Gntdrnbtgfnbh. Gn [ulgm \dbh Dstbtd Ebrodts bnj Gnvdstednt,

djgtdj ly [. M`gnhfy, bnj O. Lbodr. Fxcfrj9 Fxcfrj Tngvdrsgty [rdss.

Oge, O. @., ]. Ebhpdzzg, bnj M. @. Oge. <;;0. [rfpdrty \ga`ts, \dauhbtgfns bnj @fusgna Ebrodt[drcfrebnmd. ]dfuh9 Mdntdr cfr Crdd Dntdrprgsd.

Oge, O. @., bnj ]. @. ]u`. 2772. Bn Bnbhysgs fc Fptgebhgty fc @fusgna Gnvdstednt gn Ofrdb.Gntdrnbtgfnbh Dmfnfegm Ifurnbh 4(2)9 72”2;=.

‚‚‚. 277=. ]pdmuhbtgfn bnj [rgmd Lullhd gn t`d Ofrdbn bnj Ibpbndsd \dbh Dstbtd Ebrodts.Ifurnbh fc \dbh Dstbtd Cgnbnmd bnj Dmfnfegms 3(2)9 1=”00.

Offoegn Lbno. `ttp9//olstbr.mfe

Ofrdb @fusgna Cgnbnmd Mfrpfrbtgfn. ̀ ttp9//`c.af.or/

Ofrdb Gnstgtutd cfr @dbht` bnj ]fmgbh Bccbgrs (OG@]B). <;2:. [fvdrty ]tbtgstgmbh Wdbrlffo <;2=.]dfuh.

Ofrdbn ]tbtgstgmbh Gncfrebtgfn ]drvgmd. ̀ ttp9//ofsgs.or

Eghds, J. <;2=. @fusgna, Hdvdrbad bnj ]tblghgty gn t`d Qgjdr Dmfnfey. ]pddm` agvdn bt t`dCdjdrbh \dsdrvd Lbno fc Jbhhbs @fusgna, ]tblghgty bnj t`d Ebmrfdmfnfey9 Gntdrnbtgfnbh[drspdmtgvds Mfncdrdnmd. Jbhhbs. 2:”24 Nfvdeldr .

Egngstry fc Mfnstrumtgfn bnj Zrbnspfrtbtgfn, Afvdrnednt fc t`d \dpulhgm fc Ofrdb. <;;<.@fusgna Q`gtd [bpdr9 [bst bnj [rdsdnt fc @fusgna ]tblghgty. ]dfuh _gn OfrdbnU.

‚‚‚. <;;=. @fusgna Qdhcbrd Bssgstbnmd [hbn cfr Hfw-gnmfed @fusd`fhjs. ]dfuh _gn OfrdbnU.

Egngstry fc Hbnj, Gncrbstrumturd, bnj Zrbnspfrt (EFHGZ), Afvdrnednt fc t`d \dpulhgm fc Ofrdb.

`ttp9//rt.efhgt.af.or

‚‚‚. Hbnj, Zrbnspfrt bnj Ebrgtged ]tbtgstgms. `ttp9//stbt.efhgt.af.or/

‚‚‚. <;2:. Nbtgfnbh @fusgna Cunj Augjdlffo. ]dfuh _gn OfrdbnU.

‚‚‚. <;24. Ofrdb @fusgna [fhgmy Augjdlffo. ]dfuh _gn OfrdbnU.

Egngstry fc Hbnj, Gncrbstrumturd, Zrbnspfrt bnj Zfurgse, Afvdrnednt fc Ibpbn.`ttp9//www.ehgt.af.ip/stbtgstgms/jdtbghs/t-iutbou-<VtoV;;;;;<.`teh

Fnnbrb \dbh Dstbtd Gncfrebtgfn [frtbh, `ttp9//fnnbrb.af.or

[bro, E. <;24. M`bnagna Hbnjsmbpd fc [rgvbtd \dntbh Ebrodt gn Ofrdb. O\G@] ]pdmgbh \dpfrtSfh.<4. Bnybna9 Ofrdb \dsdbrm` Gnstgtutd cfr @uebn ]dtthdednts.

\dnbuj, L. 2707. Mfepfunjgna Cgnbnmgbh \dprdssgfn wgt` \gagj Trlbn \dauhbtgfns9 Hdssfns fct`d Ofrdbn @fusgna Ebrodt. \dvgdw fc Trlbn bnj \dagfnbh Jdvdhfpednt ]tujgds 2(2)9 =” <<.

]fn, I. W. <;2:. Ofrdb‗s Jdvdhfpednt Cgnbnmd bt t`d Mrfssrfbjs. Gn Z`d Ahflbh CgnbnmgbhMrgsgs bnj @fusgna‚B Ndw [fhgmy [brbjgae, djgtdj ly ]. Qbm`tdr, E. M`f, bnj E. I. Zm`b.M`dhtdn`be, TO9 Djwbrj Dhabr.

]tbtgstgms Ofrdb. `ttp9//ofstbt.af.or

<1

http://hf.go.kr/

http://kosis.kr/

http://rt.molit.go.kr/

http://stat.molit.go.kr/



http://stat.molit.go.kr/

http://rt.molit.go.kr/

http://kosis.kr/

http://hf.go.kr/




‚‚‚. <;22. <;2; [fpuhbtgfn bnj @fusgna Mdnsus. ]dfuh.

Zbobts, D. <;2<. Bagna bnj @fusd [rgmds. Ifurnbh fc Trlbn Dmfnfegms <29 2=2”2:2.

Documents

Housing Policy in the Republic of Korea