                                                347

,  ,       
     ,     -
   /:

  	 - -	   (1 - /) =  , 1 /-1~ 1-	(13.1) (13.16)(:13.1)
		. , /= 1 - ,	
		-    ; -   .	

 13.4 ,        
        
   ,    -
 6.     ,    -
     ,    , 
      20% (  80%)  40%
(  60%).  ,   ,   -
  ,    ,    
  .        -
.

90? 15< | 80u3  s  S1 60I550		
		
	/-^^\	
	-\^^/	
	1 1 1	
	1970		1980 	1990

. 13.4.       
       
 , 1970-1990 .

:    Analytical Record of Yields and Yield Spreads, Salomon
Brothers Inc.,  , . Ill, . 4.