1. ( ) , , , ,

!!!

: , 33.33% 20% : , : 2225 : , 8 1545 :

1. : (:I) (:S) 2. : 3. : 4. (i) = (r) + (e)

2. (1) : : (2) : () : ()

2.0%2.0% 2.0% 2.0% 3.0% 4.0%1.0%0.0%-1.0%-2.0%-3.0%-4.0%3.0%2.0% 1.0% 0.0% 0.0% 0.0%

2. (4) : 1 : 1 (3) : : , (),

2. (5) : , ) , CD, , : ) (Prime rate) ,

2. (6) (yield-to-maturity : YTM) , 1 : (R) (R)) 3, 10,000, 10% 9,520 R=12%

2. 1. () ?2. () ?

3. ()

3. , ,

4. 1999.5 (operation target) , , ,

4.

19989.01.0%19993.01.0%20002.51.0%20013.01.0%20023.01.0%20033.01.0%200420063.00.5%200720093.00.5%

4.

4. q : ip Pe q I Y , P : ip Pe C Y , P ip is iI , ib I , C Y , P 1 : 2 :

4. ip id E 1 : 2 : ip I , C Y , P 1 : 2 : ip Ie P

5. (1) : (, , ) : (, ) , (, , , , ) : ( ) , , : , *

5. (2) CD 10 11:30 15:30 , , , , SC, 6 (91 ) 2(12, 18) CD 10 1 8 ( ) * LIBOR (3) KORIBOR (KORea Inter-Bank Offered Rates) 91 CD 11 14 10 14 10 3 3 8 11 * : 1, 2, 1, 2, 3, 4, 5, 6, 9, 12

5. (4) * * 10 (11:30, 15:30) 2 6

(1)101(3)273(5)4751(5)4651(10)9710( AA-, 3)293( BBB-, 3)293(364)101(2)192(1)101(3)293

5. (2007. 1 )

1. 1990 1996 7 , 1997 8 , 2003 1 IMF (2000) , ,

1.

1 (1991.11)3 (CD, RP)2 2 (1993.11) 2 2 , 3 (1994.7 95.11) 3 -4(1997.7)-7 3 -4(2004.2)- 7 - ()-

2. ,

3. (1) ,

3. (1)

(, , , ) (CD,RP, , ), (MMDA), (MMDA) (, , , ) (CD,RP, , ), ,

3. (1) , , , (, , , ) ,

3. (1)

( ) ( ), , , , , ,

3. (1) , (1), ,

3.

(7, 829 )(91)(1)(1)()(1)(91), (),

() (1) , CD, , (2) ( ) (3) ( 0%) (4) ++() (5) ++ (6) (7) (1-) (8)

(1), (2), (3), (4) (5), (6), (7),(8)

= * **

* ** , 4. (1)

4.

( )

1.01

1.21

1.04

1.23

1.62

0.81

0.53

-0.76

-0.88

-0.46

-0.11

-0.2

0.45

0.6

0.31

0.14

0.38

0.94

1

0.67

0.44

0.05

0.33

0.8

-0.66

-0.93

-1.04

-0.39

0.44

1.43

3.05

4.36

4.4

4.46

4.12

3.36

3.47

3.24

2.85

3.08

2.88

2.54

2.46

2.23

2.08

1.8

1.74

1.56

1.44

1.4

1.55

1.42

1.56

1.48

1.53

1.45

1.6

1.63

1.71

1.61

1.79

2.25

2.44

2.36

2.23

2.19

2.21

2.33

2.36

2.5

2.34

2.2

2.11

2.07

2.02

2.03

1.94

1.91

1.9

1.91

1.9

1.98

1.94

1.89

1.88

1.94

2.18

2.08

2.06

2.09

2.11

2.09

2.12

2.19

2.19

2.08

2.1

2.07

2.22

2.12

2.15

2.23

2.12

2.15

2.23

2.23

2.18

2.11

2.18

2.07

2.14

2.09

2.03

2.06

2.04

2.01

1.81

1.87

1.75

1.6

1.65

1.55

1.63

1.46

1.54

1.5

1.64

1.64

1.56

1.62

1.57

1.59

(%p)

()

1996019610.4211.431.01

19960210.2611.471.21

19960310.3311.371.04

1996049.8811.111.23

1996059.6211.241.62

19960610.4911.30.81

19960710.6311.160.53

19960811.8311.07-0.76

19960911.9811.1-0.88

19961011.611.14-0.46

19961111.110.99-0.11

19961211.3211.12-0.2

1997019710.9211.370.45

19970210.7411.340.6

19970311.1511.460.31

19970411.3211.460.14

19970511.0111.390.38

19970610.4911.430.94

19970710.4611.461

19970810.9711.640.67

19970911.3811.820.44

19971011.7111.760.05

19971111.8912.220.33

19971213.7814.580.8

199801'9817.6717.01-0.66

19980217.7916.86-0.93

19980317.9816.94-1.04

19980417.3917-0.39

19980516.4316.870.44

19980615.0616.491.43

19980712.4615.513.05

19980810.5714.934.36

1998099.8514.254.4

1998108.5513.014.46

1998117.8511.974.12

1998127.9711.333.36

199901'997.6211.093.47

1999027.5110.753.24

1999037.4210.272.85

1999046.689.763.08

1999056.459.332.88

1999066.529.062.54

1999076.478.932.46

1999086.638.862.23

1999096.758.832.08

1999106.918.711.8

1999116.848.581.74

1999127.028.581.56

200001'007.158.591.44

2000027.248.641.4

2000037.248.791.55

2000047.198.611.42

2000057.068.621.56

2000067.018.491.48

2000076.988.511.53

2000086.968.411.45

2000096.838.431.6

2000106.888.511.63

2000116.828.531.71

2000126.88.411.61

200101'016.668.451.79

2001026.098.342.25

2001035.828.262.44

2001045.748.12.36

2001055.767.992.23

2001065.77.892.19

2001075.577.782.21

2001085.187.512.33

2001094.97.262.36

2001104.577.072.5

2001114.586.922.34

2001124.646.842.2

200201'024.726.832.11

2002024.646.712.07

2002034.76.722.02

2002044.726.752.03

2002054.796.731.94

2002064.86.711.91

2002074.826.721.9

2002084.746.651.91

2002094.746.641.9

2002104.726.71.98

2002114.716.651.94

2002124.696.581.89

200301'034.636.511.88

2003024.456.391.94

2003034.36.482.18

2003044.336.412.08

2003054.226.282.06

2003064.156.242.09

2003074.096.22.11

2003083.946.032.09

2003093.855.972.12

2003103.8162.19

2003113.946.132.19

2003124.126.22.08

200401'044.156.252.1

2004024.026.092.07

2004033.96.122.22

2004043.96.022.12

2004053.825.972.15

2004063.836.062.23

2004073.845.962.12

2004083.665.812.15

2004093.515.742.23

2004103.485.712.23

2004113.425.62.18

2004123.415.522.11

200501'053.45.582.18

2005023.465.532.07

2005033.495.632.14

2005043.55.592.09

2005053.475.52.03

2005063.445.52.06

2005073.475.512.04

2005083.485.492.01

2005093.85.611.81

2005103.865.731.87

2005113.965.711.75

2005124.145.741.6

200601'064.145.791.65

2006024.215.761.55

2006034.265.891.63

2006044.375.831.46

2006054.355.891.54

2006064.485.981.5

2006074.466.11.64

2006084.526.161.64

2006094.576.131.56

2006104.476.091.62

2006114.476.041.57

2006124.66.191.59

Sheet2

1

91

364

1

2

3

5

10

MBD000E73F0.xls

Chart1

4.42

4.68

4.86

4.76

4.76

4.83

4.8

4.77

4.93

5.13

4.83

4.94

Sheet1

(:%)

200608

4.42(1)

CD4.68(91)

CP4.86(91)

4.76(364)

4.761

4.83(1)

4.80(2)

4.77(3)

4.93(3)

5.13(3)

4.83(5)

4.94(10)

Sheet1

DataSheet

200601200602200603200604200605200606200607200608200609200610

(1)%3.743.923.973.973.964.174.214.424.47

CD(91)%4.154.254.274.334.364.474.634.68

CP(91)%4.394.464.454.484.504.634.814.86

364%4.614.564.574.614.594.704.824.76

1%4.624.574.574.614.594.704.824.76

(1)%4.744.664.664.704.684.794.904.83

2%4.984.844.874.904.764.884.904.80

3%5.024.874.934.954.784.894.894.774.69

(3)%5.255.065.075.074.905.015.044.93

(3,AA- )%5.505.335.305.245.055.175.185.135.02

(3,BBB-)%9.198.798.488.318.038.078.057.94

1(5)%5.465.175.225.255.045.135.074.91

5%5.295.035.135.164.935.035.004.83

10%5.585.285.425.455.205.255.164.94

= * **

* ** , 4. (2)

(CD, , KORIBOR )

1. 2006 12 , ( ) 4.60% 0.13%p (4.43% 4.53%) 0.10%p , (4.52% 4.66%) 0.14%p 6.19% 0.15%p CD , (6.16% 6.30%, +0.14%p) (5.82% 5.97%, +0.15%p)

1.

1. . 2006 12 4.53% 0.10%p , 5.0% (4.5%10.5%) , 5.0% (95.5%89.5%) 2006 12 4.66% 0.14%p

1. . 2006 12 6.30% 0.14%p 2006 12 5.97% 0.15%p

2. 2006 12 (+0.01%p), (0.01%p), (+0.01%p) (+0.53%p), (+0.22%p), (+0.07%p)