03$
33美元/ , & 7.21美元127 ( 6
9
''
9
&&
“ LJLWDO
,Q
9
5()
9
''
5
)%
,
287
,
287
*1'
ï
$
9
9
%,$6
9
287
┮䘖YROWDJH VZLQJ外债配额EH GHILQHG ? $ ORZ LPSHGDQFH UHIHU ?
HQFH ELDV YROWDJH LV QHHGHG ? 8QOLNH WKH YROWDJH VZLWFKLQJ PRGH
ZKLFK KDV ð PLQLPXP ┮䘖YROWDJH RI ? 9 ? WKH FXUUHQW VWHHULQJ
PRGH DOORZV IRU ┮䘖VZLQJV WKDW GR QRW KDYH WR DSSURDFK WKH
UDLO YROWDJHV ? 7KH GHVFULELQJ HTXDWLRQ IRU WKLV FRQILJXUDWLRQ LV ?
03$
9
287
'
9
%,$6
9
,1
9
%,$6
ZKHUH
9
'
GHFLPDO HTXLYDOHQW RI WKH “ &美元GLJLWDO LQSXW FRGH
) LJXUH ? 6LQJOH 6XSSO \\ 2SHUDWLRQ
ZLWK ? 9 WR ? 9 6ZLQJ
7KH 5 ?? 5 ODGGHU WHUPLQDWLRQ UHVLVWRU RQ WKH 03 ???? $ LV LQ ?
WHUQDOO \\ FRQQHFWHG WR ,
287
LQVWHDG RI JURXQG DV LQ WKH 03 ?????
287
LV ELDVHG DERYH JURXQG OHY ?
7KLV FRQILJXUDWLRQ DOORZV WKH XVH RI WKH “ &美元LQ WKH VLQJOH VXSSO \\
FXUUHQW VWHHULQJ PRGH ? ZKHUH ,
何·
) LJXUH ? VKRZV WKH JHQHUDOL ] HG FRQILJXUDWLRQ ?
OLQHDULW \\ ?
9
,1
LV ð ELSRODU LQSXW YROWDJH
% \\ FKRRVLQJ WKH SURSHU 9
%,$6
DQG 9
,1
? WKH ┮䘖YROWDJH外债配额
EH VHW LQ WKH UDQJH EHWZHHQ 9
%,$6
DQG ? 9
%,$6
ï 9
,1
? ) RU H [ DP ?
SOH ? IRU 9
''
9 9
&&
?? 9 ? VHOHFW 9
,1
? 9 DQG 9
%,$6
9 ? 7KLV ZLOO UHVXOW LQ ð VZLQJ RI ? 9 WR ? 9 ?
%,$6
LV ð YROWDJH UHIHUHQFH ? ? 9
{
9
%,$6
{
??? 9 IRU EHVW
9
,1
“ LJLWDO
,Q
9
''
9
&&
$$
$ GGUHVV % XV
“ HFRGH
/ RJLF
9
5()
9
''
03$
5
)%
,
287
,
287
9
287
$/(
:5
/ DWFK
ï
9
%,$6
03$
&6
:5
,
*1'
& % ?
,
& % ?
'%'%
$'$'
$ GGUHVV ? ' DWD % XV
) LJXUH ? 6LQJOH 6XSSO \\ 2SHUDWLRQ
LQ &XUUHQW 6ZLWFKLQJ 0RGH
7KH DGYDQWDJH RI WKLV VLQJOH VXSSO \\ FRQILJXUDWLRQ RYHU WKH
YROWDJH VZLWFKLQJ PRGH LV WKH JUHDWHU IOH [ LELOLW \\ ZLWK ZKLFK WKH
) LJXUH ? 0LFURFRQWUROOHU , QWHUIDFH
5HY ? ????