{"id":10825,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-econ-lm1\/"},"modified":"2026-09-22T07:44:33","modified_gmt":"2026-09-21T22:44:33","slug":"cfa-l2-econ-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-econ-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Economics LM1\u3011Currency Exchange Rates: Understanding Equilibrium Value \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u56fd\u969b\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u30fb\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 1\u300cCurrency Exchange Rates: Understanding Equilibrium Value\uff08\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u5747\u8861\u4fa1\u5024\uff09\u300d\u306f\u3001\u70ba\u66ff\u306e\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u4e09\u89d2\u88c1\u5b9a\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3068\u5148\u6e21\u5951\u7d04\u306e\u6642\u4fa1\u8a55\u4fa1\u3001\u56fd\u969b\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u3068\u305d\u306e\u76f8\u4e92\u95a2\u4fc2\u3001\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u3001\u56fd\u969b\u53ce\u652f\u30fb\u91d1\u878d\u8ca1\u653f\u653f\u7b56\u3068\u70ba\u66ff\u306e\u95a2\u4fc2\u3001\u4ecb\u5165\u30fb\u8cc7\u672c\u898f\u5236\u3001\u901a\u8ca8\u5371\u6a5f\u306e\u5146\u5019\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM1\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM1\u306b\u306f13\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u76f4\u7269\u307e\u305f\u306f\u5148\u6e21\u306e\u70ba\u66ff\u76f8\u5834\u306e\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate and interpret the bid\u2013offer spread on a spot or forward currency quotation and describe the factors that affect the bid\u2013offer spread<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a3\u3064\u306e\u901a\u8ca8\u306e\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u76f8\u5834\u304b\u3089\u4e09\u89d2\u88c1\u5b9a\u306e\u6a5f\u4f1a\u3092\u7279\u5b9a\u3057\u3001\u305d\u306e\u5229\u76ca\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">identify a triangular arbitrage opportunity and calculate its profit, given the bid\u2013 offer quotations for three currencies<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u76f4\u7269\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u8aac\u660e\u3057\u3001\u3042\u308b\u901a\u8ca8\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff0f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">explain spot and forward rates and calculate the forward premium\/discount for a given currency<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u70ba\u66ff\u5148\u6e21\u5951\u7d04\u306e\u5024\u6d17\u3044\uff08\u6642\u4fa1\uff09\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the mark-to-market value of a forward contract<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u56fd\u969b\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\uff08\u30ab\u30d0\u30fc\u4ed8\u304d\u30fb\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30d1\u30ea\u30c6\u30a3\u3001\u8cfc\u8cb7\u529b\u5e73\u4fa1\u3001\u56fd\u969b\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u52b9\u679c\uff09\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain international parity conditions (covered and uncovered interest rate parity, forward rate parity, purchasing power parity, and the international Fisher effect)<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u56fd\u969b\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u306e\u76f8\u4e92\u95a2\u4fc2\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe relations among the international parity conditions<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u73fe\u5728\u306e\u76f4\u7269\u30ec\u30fc\u30c8\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3001\u8cfc\u8cb7\u529b\u5e73\u4fa1\u3001\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u3092\u5c06\u6765\u306e\u76f4\u7269\u30ec\u30fc\u30c8\u306e\u4e88\u6e2c\u306b\u4f7f\u3046\u3053\u3068\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the use of the current spot rate, the forward rate, purchasing power parity, and uncovered interest parity to forecast future spot exchange rates<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u9577\u671f\u7684\u306a\u9069\u6b63\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain approaches to assessing the long-run fair value of an exchange rate<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u3068\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u3068\u306e\u95a2\u4fc2\u3092\u8aac\u660e\u3057\u3001\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u306e\u5229\u76ca\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">describe the carry trade and its relation to uncovered interest rate parity and calculate the profit from a carry trade<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u56fd\u969b\u53ce\u652f\u306e\u5404\u52d8\u5b9a\u306e\u30d5\u30ed\u30fc\u304c\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how flows in the balance of payment accounts affect currency exchange rates<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u91d1\u878d\u653f\u7b56\u3068\u8ca1\u653f\u653f\u7b56\u304c\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u4e0e\u3048\u308b\u6f5c\u5728\u7684\u306a\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the potential effects of monetary and fiscal policy on exchange rates<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u4e2d\u592e\u9280\u884c\u3084\u653f\u5e9c\u306b\u3088\u308b\u70ba\u66ff\u4ecb\u5165\u3068\u8cc7\u672c\u898f\u5236\u306e\u76ee\u7684\u3092\u8aac\u660e\u3057\u3001\u305d\u308c\u3089\u306e\u6709\u52b9\u6027\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe objectives of central bank or government intervention and capital controls and describe the effectiveness of intervention and capital controls<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u901a\u8ca8\u5371\u6a5f\u306e\u8b66\u544a\u30b5\u30a4\u30f3\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe warning signs of a currency crisis<\/span><\/li>\n<\/ol>\n<h2>LM1\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u76f4\u7269\u30ec\u30fc\u30c8\u306f\u6b21\u306e\u6c7a\u6e08\u65e5\uff08\u901a\u5e38 T+2\uff09\u306b\u53d7\u3051\u6e21\u3059\u53d6\u5f15\u306b\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u305d\u308c\u3088\u308a\u9577\u3044\u671f\u65e5\u306e\u53d6\u5f15\u306b\u9069\u7528\u3055\u308c\u308b<\/li>\n<li>\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u901a\u8ca8\u30da\u30a2\u3001\u6642\u9593\u5e2f\u3001\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u53d6\u5f15\u91d1\u984d\u3001\u30c7\u30a3\u30fc\u30e9\u30fc\u3068\u9867\u5ba2\u306e\u95a2\u4fc2\u3067\u6c7a\u307e\u308a\u3001\u6d41\u52d5\u6027\u304c\u9ad8\u304f\u4e3b\u8981\u5e02\u5834\u304c\u958b\u3044\u3066\u3044\u3066\u5909\u52d5\u304c\u5c0f\u3055\u3044\u3068\u304d\u306b\u72ed\u3044<\/li>\n<li>\u30c7\u30a3\u30fc\u30e9\u30fc\u306e\u30af\u30ed\u30b9\u30fb\u30ec\u30fc\u30c8\u304c\u30a4\u30f3\u30bf\u30fc\u30d0\u30f3\u30af\u5e02\u5834\u304b\u3089\u5c0e\u304b\u308c\u308b\u30af\u30ed\u30b9\u30fb\u30ec\u30fc\u30c8\u3068\u77db\u76fe\u3059\u308b\u3068\u4e09\u89d2\u88c1\u5b9a\u306e\u6a5f\u4f1a\u304c\u751f\u3058\u308b<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30dd\u30a4\u30f3\u30c8\u306f\u91d1\u5229\u5dee\u306b\u307b\u307c\u6bd4\u4f8b\u3057\u3001\u30d7\u30e9\u30b9\u306a\u3089\u30d9\u30fc\u30b9\u901a\u8ca8\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u30de\u30a4\u30ca\u30b9\u306a\u3089\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/li>\n<li>\u7406\u60f3\u7684\u306b\u306f\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5dee\u304c\u540d\u76ee\u91d1\u5229\u5dee\u3092\u6c7a\u3081\u3001\u91d1\u5229\u5dee\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3092\u6c7a\u3081\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u304c\u5c06\u6765\u306e\u76f4\u7269\u30ec\u30fc\u30c8\u3092\u6b63\u3057\u304f\u4e88\u6e2c\u3059\u308b<\/li>\n<li>\u88c1\u5b9a\u3067\u5f37\u5236\u3055\u308c\u308b\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1\u3092\u9664\u304d\u3001\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u306f\u77ed\u4e2d\u671f\u3067\u306f\u307b\u3068\u3093\u3069\u6210\u7acb\u3057\u306a\u3044\u304c\u3001\u9577\u671f\u3067\u306f\u6210\u7acb\u3059\u308b\u50be\u5411\u304c\u3042\u308b<\/li>\n<li>\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u306f\u5e73\u5e38\u6642\u306b\u306f\u9b45\u529b\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u4e0a\u3052\u3066\u304d\u305f\u304c\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u5c40\u9762\u3067\u306f\u30af\u30e9\u30c3\u30b7\u30e5\u30fb\u30ea\u30b9\u30af\u306b\u3055\u3089\u3055\u308c\u308b<\/li>\n<li>\u7d4c\u5e38\u8d64\u5b57\u304c\u7d9a\u304f\u56fd\u306e\u901a\u8ca8\u306f\u9577\u671f\u7684\u306b\u5f31\u304f\u306a\u308a\u3084\u3059\u3044\u304c\u3001\u4e0d\u5747\u8861\u306f\u9577\u304f\u7d9a\u304d\u5f97\u308b\u3002\u8cc7\u672c\u5e02\u5834\u306e\u7d71\u5408\u304c\u9032\u307f\u3001\u8cc7\u672c\u30d5\u30ed\u30fc\u306e\u5f71\u97ff\u304c\u5897\u3057\u3066\u3044\u308b\u3002\u5f15\u304d\u7de0\u3081\u7684\u306a\u91d1\u878d\u653f\u7b56\u3001\u69cb\u9020\u6539\u9769\u3001\u8ca1\u653f\u8d64\u5b57\u306e\u7e2e\u5c0f\u306f\u3001\u8cc7\u672c\u6d41\u5165\u3092\u901a\u3058\u3066\u901a\u8ca8\u9ad8\u306b\u3064\u306a\u304c\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u305d\u306e\u6c7a\u5b9a\u8981\u56e0<\/h3>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u306f\u3001\u30d9\u30fc\u30b9\u901a\u8ca8\u3092\u8cb7\u3046\u4fa1\u683c\uff08<strong>\u30d3\u30c3\u30c9<\/strong>\uff09\u3068\u58f2\u308b\u4fa1\u683c\uff08<strong>\u30aa\u30d5\u30a1\u30fc<\/strong>\uff09\u3092\u5efa\u5024\u901a\u8ca8\uff08\u30d7\u30e9\u30a4\u30b9\u901a\u8ca8\uff09\u3067\u63d0\u793a\u3057\u3001\u30aa\u30d5\u30a1\u30fc\u306f\u5e38\u306b\u30d3\u30c3\u30c9\u3088\u308a\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u9867\u5ba2\u306b\u63d0\u793a\u3059\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u30a4\u30f3\u30bf\u30fc\u30d0\u30f3\u30af\u5e02\u5834\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3088\u308a\u5e83\u3044\u306e\u304c\u901a\u5e38\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u76f8\u5834\u3092\u6c42\u3081\u305f\u5074\u306f\u30d3\u30c3\u30c9\u304b\u30aa\u30d5\u30a1\u30fc\u306e\u3069\u3061\u3089\u3067\u3082\u53d6\u5f15\u3067\u304d\u308b\uff08\u7fa9\u52d9\u306f\u306a\u3044\uff09<\/li>\n<li>\u6c7a\u5b9a\u8981\u56e0\uff1a\u901a\u8ca8\u30da\u30a2\u3001\u6642\u9593\u5e2f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u53d6\u5f15\u91d1\u984d\u3001\u9867\u5ba2\u3068\u306e\u95a2\u4fc2<\/li>\n<li>\u6d41\u52d5\u6027\u304c\u9ad8\u3044\u30fb\u4e3b\u8981\u5e02\u5834\u306e\u958b\u5834\u4e2d\u30fb\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u3068\u304d\u306b\u72ed\u3044<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u5e83\u304c\u308b<\/li>\n<li>\u9006\u6570\u306e\u76f8\u5834\uff1a\u30d3\u30c3\u30c9\u3068\u30aa\u30d5\u30a1\u30fc\u304c\u5165\u308c\u66ff\u308f\u308b\uff081\/\u30aa\u30d5\u30a1\u30fc \u304c\u30d3\u30c3\u30c9\uff09<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u4e09\u89d2\u88c1\u5b9a\u306e\u6a5f\u4f1a\u3068\u5229\u76ca<\/h3>\n<p>2\u3064\u306e\u901a\u8ca8\u30da\u30a2\u304b\u3089\u8a08\u7b97\u3055\u308c\u308b<strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30af\u30ed\u30b9\u30fb\u30ec\u30fc\u30c8<\/strong>\u3068\u3001\u30c7\u30a3\u30fc\u30e9\u30fc\u304c\u63d0\u793a\u3059\u308b\u30af\u30ed\u30b9\u30fb\u30ec\u30fc\u30c8\u3092\u6bd4\u3079\u3001\u77db\u76fe\u304c\u3042\u308c\u3070<strong>\u4e09\u89d2\u88c1\u5b9a\uff08triangular arbitrage\uff09<\/strong>\u3067\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca\u304c\u5f97\u3089\u308c\u307e\u3059\u3002\u8a08\u7b97\u3067\u306f\u3001\u3069\u3061\u3089\u306e\u76f8\u5834\uff08\u30d3\u30c3\u30c9\u304b\u30aa\u30d5\u30a1\u30fc\u304b\uff09\u3067\u53d6\u5f15\u3059\u308b\u304b\u3092\u6b63\u3057\u304f\u9078\u3076\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u88c1\u5b9a\u304c\u751f\u3058\u306a\u3044\u6761\u4ef6\uff1a\u30c7\u30a3\u30fc\u30e9\u30fc\u306e\u30d3\u30c3\u30c9\u306f\u30a4\u30f3\u30bf\u30fc\u30d0\u30f3\u30af\u306e\u30aa\u30d5\u30a1\u30fc\u4ee5\u4e0b\u3001\u30aa\u30d5\u30a1\u30fc\u306f\u30d3\u30c3\u30c9\u4ee5\u4e0a<\/li>\n<li>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30af\u30ed\u30b9\u306e\u30d3\u30c3\u30c9 = \u30d3\u30c3\u30c9 \u00d7 \u30d3\u30c3\u30c9\uff08\u901a\u8ca8\u306e\u5411\u304d\u3092\u305d\u308d\u3048\u305f\u4e0a\u3067\uff09<\/li>\n<li>\u63d0\u793a\u30af\u30ed\u30b9\u306e\u30d3\u30c3\u30c9 > \u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u306e\u30aa\u30d5\u30a1\u30fc\u3001\u307e\u305f\u306f\u63d0\u793a\u30aa\u30d5\u30a1\u30fc < \u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u306e\u30d3\u30c3\u30c9\u306a\u3089\u88c1\u5b9a\u6a5f\u4f1a<\/li>\n<li>\u901a\u8ca8\u3092\u4e00\u5468\u3055\u305b\u3066\u5143\u306e\u901a\u8ca8\u3067\u5229\u76ca\u3092\u6e2c\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">A\/C \u306e\u30d3\u30c3\u30c9 = (A\/B \u306e\u30d3\u30c3\u30c9) \u00d7 (B\/C \u306e\u30d3\u30c3\u30c9)<\/div>\n<h3>LOS 3\uff1a\u76f4\u7269\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff0f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/h3>\n<p>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u306f\u3001<strong>\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1<\/strong>\u306b\u3088\u308a\u76f4\u7269\u30ec\u30fc\u30c8\u30682\u901a\u8ca8\u306e\u91d1\u5229\u5dee\u304b\u3089\u6c7a\u307e\u308a\u307e\u3059\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30dd\u30a4\u30f3\u30c8\uff08F \u2212 S\uff09\u304c\u30d7\u30e9\u30b9\u306a\u3089\u30d9\u30fc\u30b9\u901a\u8ca8\u306f<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/strong>\u3001\u30de\u30a4\u30ca\u30b9\u306a\u3089<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/strong>\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u76f8\u5834\u8868\u8a18 f\/d\uff1a\u30d9\u30fc\u30b9\u901a\u8ca8 d 1\u5358\u4f4d\u3042\u305f\u308a\u306e\u30d7\u30e9\u30a4\u30b9\u901a\u8ca8 f \u306e\u91cf<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30dd\u30a4\u30f3\u30c8\u306f\u76f4\u7269\u30ec\u30fc\u30c8\u306b\u52a0\u7b97\u3057\u3066\u4f7f\u3046\uff08\u901a\u5e38 1\/10,000 \u5358\u4f4d\uff09<\/li>\n<li>\u91d1\u5229\u306e\u9ad8\u3044\u901a\u8ca8\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/li>\n<li>\u30dd\u30a4\u30f3\u30c8\u306f\u91d1\u5229\u5dee\u306b\u307b\u307c\u6bd4\u4f8b\u3057\u3001\u6e80\u671f\u306b\u3082\u307b\u307c\u6bd4\u4f8b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">F(f\/d) \u2212 S(f\/d) = S(f\/d) \u00d7 [(if \u2212 id) \u00d7 (Actual\/360)] \/ <img decoding=\"async\" class=\"ranking-number\" src=\"https:\/\/triumphmind.com\/cfa\/wp-content\/themes\/jin\/img\/rank01.png\" \/><\/div>\n<h3>LOS 4\uff1a\u70ba\u66ff\u5148\u6e21\u5951\u7d04\u306e\u5024\u6d17\u3044<\/h3>\n<p>\u65e2\u5b58\u306e\u5148\u6e21\u5951\u7d04\u306e\u4fa1\u5024\u306f\u3001<strong>\u540c\u3058\u6e80\u671f\u65e5\u3067\u53cd\u5bfe\u58f2\u8cb7\u3059\u308b\u65b0\u3057\u3044\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/strong>\u3068\u5f53\u521d\u306e\u5951\u7d04\u30ec\u30fc\u30c8\u306e\u5dee\u304b\u3089\u8a08\u7b97\u3057\u3001\u305d\u308c\u3092\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u306b\u3064\u3044\u3066\u30d7\u30e9\u30a4\u30b9\u901a\u8ca8\u306e\u91d1\u5229\u3067\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u53cd\u5bfe\u58f2\u8cb7\u306f\u6b8b\u5b58\u671f\u9593\u304c\u540c\u3058\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3067\u884c\u3046<\/li>\n<li>\u30d9\u30fc\u30b9\u901a\u8ca8\u306e\u8cb7\u3044\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u4e0a\u6607\u3067\u5229\u76ca<\/li>\n<li>\u30d3\u30c3\u30c9\u30fb\u30aa\u30d5\u30a1\u30fc\u306e\u9069\u7528\uff1a\u8cb7\u3044\u306e\u624b\u4ed5\u821e\u3044\u306f\u30d3\u30c3\u30c9\u3001\u58f2\u308a\u306e\u624b\u4ed5\u821e\u3044\u306f\u30aa\u30d5\u30a1\u30fc<\/li>\n<li>\u5dee\u984d\u306f\u30d7\u30e9\u30a4\u30b9\u901a\u8ca8\u5efa\u3066\u3067\u751f\u3058\u308b\u306e\u3067\u3001\u30d7\u30e9\u30a4\u30b9\u901a\u8ca8\u306e\u91d1\u5229\u3067\u5272\u308a\u5f15\u304f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\uff08\u30d9\u30fc\u30b9\u901a\u8ca8\u306e\u8cb7\u3044\u6301\u3061\uff09= [(F\u65b0 \u2212 F\u65e7) \u00d7 \u5951\u7d04\u91d1\u984d] \/ <img decoding=\"async\" class=\"ranking-number\" src=\"https:\/\/triumphmind.com\/cfa\/wp-content\/themes\/jin\/img\/rank01.png\" \/><\/div>\n<h3>LOS 5\uff1a\u56fd\u969b\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6<\/h3>\n<p>\u56fd\u969b\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u306f\u3001<strong>\u91d1\u5229\u30fb\u30a4\u30f3\u30d5\u30ec\u7387\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u5c06\u6765\u306e\u76f4\u7269\u30ec\u30fc\u30c8<\/strong>\u306e\u95a2\u4fc2\u3092\u793a\u3057\u307e\u3059\u3002\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1\u306f\u88c1\u5b9a\u3067\u6210\u7acb\u3057\u307e\u3059\u304c\u3001\u305d\u308c\u4ee5\u5916\u306f\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u306b\u57fa\u3065\u304f\u6761\u4ef6\u3067\u3001\u77ed\u4e2d\u671f\u306b\u306f\u6210\u308a\u7acb\u305f\u306a\u3044\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1\uff1a\u70ba\u66ff\u30d8\u30c3\u30b8\u4ed8\u304d\u5916\u8ca8\u904b\u7528\u306e\u53ce\u76ca = \u56fd\u5185\u904b\u7528\u306e\u53ce\u76ca<\/li>\n<li>\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\uff1a\u9ad8\u91d1\u5229\u901a\u8ca8\u306f\u91d1\u5229\u5dee\u306e\u5206\u3060\u3051\u6e1b\u4fa1\u3059\u308b\u3068\u671f\u5f85\u3055\u308c\u308b<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30d1\u30ea\u30c6\u30a3\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8 = \u671f\u5f85\u5c06\u6765\u76f4\u7269\u30ec\u30fc\u30c8<\/li>\n<li>\u8cfc\u8cb7\u529b\u5e73\u4fa1\uff08PPP\uff09\uff1a\u7d76\u5bfe\u7684\u30fb\u76f8\u5bfe\u7684\u30fb\u4e8b\u524d\uff08ex ante\uff09PPP<\/li>\n<li>\u56fd\u969b\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u52b9\u679c\uff1a\u540d\u76ee\u91d1\u5229\u5dee = \u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5dee\uff08\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u5404\u56fd\u3067\u540c\u3058\u3068\u4eee\u5b9a\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\uff1a%\u0394S\u1d49(f\/d) = if \u2212 id<\/div>\n<h3>LOS 6\uff1a\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u3069\u3046\u3057\u306e\u95a2\u4fc2<\/h3>\n<p>\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u306f\u4e92\u3044\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u307e\u3059\u3002\u4e8b\u524d PPP \u3068\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u304c\u4e21\u65b9\u6210\u308a\u7acb\u3066\u3070<strong>\u5b9f\u8cea\u91d1\u5229\u5e73\u4fa1<\/strong>\uff08\u5b9f\u8cea\u91d1\u5229\u304c\u5404\u56fd\u3067\u7b49\u3057\u3044\uff09\u304c\u6210\u308a\u7acb\u3061\u3001\u30ab\u30d0\u30fc\u4ed8\u304d\u3068\u30ab\u30d0\u30fc\u306a\u3057\u306e\u91d1\u5229\u5e73\u4fa1\u304c\u4e21\u65b9\u6210\u308a\u7acb\u3066\u3070<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u304c\u671f\u5f85\u5c06\u6765\u76f4\u7269\u30ec\u30fc\u30c8\u306e\u4e0d\u504f\u63a8\u5b9a\u91cf<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e8b\u524d PPP \uff0b \u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1 \u2192 \u5b9f\u8cea\u91d1\u5229\u5e73\u4fa1<\/li>\n<li>\u5b9f\u8cea\u91d1\u5229\u5e73\u4fa1 \uff0b \u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u52b9\u679c \u2192 \u56fd\u969b\u30d5\u30a3\u30c3\u30b7\u30e3\u30fc\u52b9\u679c<\/li>\n<li>\u30ab\u30d0\u30fc\u4ed8\u304d \uff0b \u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1 \u2192 \u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30d1\u30ea\u30c6\u30a3<\/li>\n<li>\u3059\u3079\u3066\u6210\u7acb\u3059\u308c\u3070\u3001\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u5dee = \u91d1\u5229\u5dee = \u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30d7\u30ec\u30df\u30a2\u30e0 = \u671f\u5f85\u70ba\u66ff\u5909\u5316\u7387<\/li>\n<li>\u7d50\u8ad6\uff1a\u9ad8\u30a4\u30f3\u30d5\u30ec\u30fb\u9ad8\u91d1\u5229\u306e\u901a\u8ca8\u306f\u9577\u671f\u7684\u306b\u6e1b\u4fa1<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u5c06\u6765\u306e\u76f4\u7269\u30ec\u30fc\u30c8\u306e\u4e88\u6e2c\u624b\u6bb5\u306e\u8a55\u4fa1<\/h3>\n<p>\u5c06\u6765\u306e\u76f4\u7269\u30ec\u30fc\u30c8\u306e\u4e88\u6e2c\u306b\u306f\u3001<strong>\u73fe\u5728\u306e\u76f4\u7269\u30ec\u30fc\u30c8\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3001PPP\u3001\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1<\/strong>\u304c\u4f7f\u3048\u307e\u3059\u304c\u3001\u3044\u305a\u308c\u3082\u77ed\u4e2d\u671f\u306e\u4e88\u6e2c\u529b\u306f\u9650\u3089\u308c\u307e\u3059\u3002\u5b9f\u8a3c\u7684\u306b\u306f\u3001\u9ad8\u91d1\u5229\u901a\u8ca8\u306f\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u304c\u793a\u3059\u307b\u3069\u6e1b\u4fa1\u3057\u306a\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u76f4\u7269\u30ec\u30fc\u30c8\uff1a\u30e9\u30f3\u30c0\u30e0\u30fb\u30a6\u30a9\u30fc\u30af\u3092\u524d\u63d0\u306b\u3057\u305f\u4e88\u6e2c<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u30fb\u30d1\u30ea\u30c6\u30a3\u304c\u6210\u308a\u7acb\u3064\u306a\u3089\u4e0d\u504f\u63a8\u5b9a\u91cf\u3060\u304c\u3001\u5b9f\u8a3c\u7684\u306b\u306f\u504f\u308a\u304c\u3042\u308b<\/li>\n<li>PPP\uff1a\u9577\u671f\u306e\u5747\u8861\u306e\u76ee\u5b89\u3068\u3057\u3066\u306f\u6709\u7528\u3001\u77ed\u671f\u3067\u306f\u4e56\u96e2\u304c\u5927\u304d\u3044<\/li>\n<li>\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\uff1a\u77ed\u4e2d\u671f\u3067\u306f\u6210\u7acb\u3057\u306a\u3044\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u30d1\u30ea\u30c6\u30a3\u6761\u4ef6\u306f\u9577\u671f\u307b\u3069\u6210\u308a\u7acb\u3061\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u70ba\u66ff\u306e\u9577\u671f\u7684\u306a\u9069\u6b63\u4fa1\u5024\u306e\u8a55\u4fa1<\/h3>\n<p>\u70ba\u66ff\u30ec\u30fc\u30c8\u306f\u77ed\u4e2d\u671f\u306b\u306f\u5747\u8861\u304b\u3089\u5927\u304d\u304f\u9577\u304f\u4e56\u96e2\u3057\u5f97\u307e\u3059\u304c\u3001\u9577\u671f\u7684\u306b\u306f\u57fa\u790e\u7684\u306a\u529b\u306b\u3088\u3063\u3066<strong>\u5747\u8861\u6c34\u6e96\uff08\u9069\u6b63\u4fa1\u5024\uff09<\/strong>\u306b\u5f15\u304d\u623b\u3055\u308c\u308b\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u9069\u6b63\u4fa1\u5024\u306f\u3001<strong>\u8cfc\u8cb7\u529b\u5e73\u4fa1<\/strong>\u3092\u9577\u671f\u306e\u76ee\u5b89\u3068\u3057\u3064\u3064\u3001\u5b9f\u8cea\u91d1\u5229\u5dee\u3084\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u7d4c\u5e38\u53ce\u652f\u306a\u3069\u306e\u8981\u56e0\u3092\u52a0\u5473\u3057\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>PPP\uff1a\u9577\u671f\u306e\u9069\u6b63\u4fa1\u5024\u306e\u76ee\u5b89\uff08\u30a2\u30f3\u30ab\u30fc\uff09<\/li>\n<li>\u5b9f\u8cea\u91d1\u5229\u5dee\u304c\u5927\u304d\u3044\u901a\u8ca8\u307b\u3069\u5b9f\u8cea\u7684\u306b\u5f37\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u9ad8\u3044\u901a\u8ca8\u307b\u3069\u5f31\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u6301\u7d9a\u4e0d\u53ef\u80fd\u306a\u7d4c\u5e38\u8d64\u5b57\u306f\u901a\u8ca8\u306e\u9069\u6b63\u6c34\u6e96\u3092\u4e0b\u62bc\u3057<\/li>\n<li>\u4e56\u96e2\u306f\u5f90\u3005\u306b\u84c4\u7a4d\u3057\u3001\u7d4c\u6e08\u306e\u4e0d\u5747\u8861\u3092\u751f\u3093\u3060\u5f8c\u306b\u4fee\u6b63\u3055\u308c\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u3068\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1<\/h3>\n<p><strong>\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9<\/strong>\u306f\u4f4e\u91d1\u5229\u901a\u8ca8\u3067\u8cc7\u91d1\u3092\u501f\u308a\u3066\u9ad8\u91d1\u5229\u901a\u8ca8\u3067\u904b\u7528\u3059\u308b\u6226\u7565\u3067\u3001\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u304c\u77ed\u4e2d\u671f\u306b\u6210\u308a\u7acb\u305f\u306a\u3044\u3053\u3068\u3092\u5229\u7528\u3057\u307e\u3059\u3002\u9ad8\u91d1\u5229\u901a\u8ca8\u306e\u6e1b\u4fa1\u304c\u91d1\u5229\u5dee\u3088\u308a\u5c0f\u3055\u3051\u308c\u3070\u5229\u76ca\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u5e02\u5834\u304c\u8352\u308c\u308b\u3068\u6025\u6fc0\u306a\u640d\u5931\uff08<strong>\u30af\u30e9\u30c3\u30b7\u30e5\u30fb\u30ea\u30b9\u30af<\/strong>\uff09\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5229\u76ca = \u91d1\u5229\u5dee \u2212 \u9ad8\u91d1\u5229\u901a\u8ca8\u306e\u6e1b\u4fa1\u7387\uff08\u8fd1\u4f3c\uff09<\/li>\n<li>\u30ab\u30d0\u30fc\u306a\u3057\u91d1\u5229\u5e73\u4fa1\u304c\u6210\u7acb\u3059\u308c\u3070\u671f\u5f85\u8d85\u904e\u53ce\u76ca\u306f\u30bc\u30ed<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u5206\u5e03\u306f\u8ca0\u306e\u6b6a\u307f\u3068\u30d5\u30a1\u30c3\u30c8\u30fb\u30c6\u30fc\u30eb<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u6642\u306b\u5dfb\u304d\u623b\u3057\u304c\u8d77\u304d\u3084\u3059\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30ad\u30e3\u30ea\u30fc\u30fb\u30c8\u30ec\u30fc\u30c9\u306e\u53ce\u76ca \u2248 i(\u9ad8\u91d1\u5229) \u2212 i(\u4f4e\u91d1\u5229) \u2212 %\u0394\uff08\u9ad8\u91d1\u5229\u901a\u8ca8\u306e\u6e1b\u4fa1\uff09<\/div>\n<h3>LOS 10\uff1a\u56fd\u969b\u53ce\u652f\u306e\u30d5\u30ed\u30fc\u3068\u70ba\u66ff\u30ec\u30fc\u30c8<\/h3>\n<p><strong>\u7d4c\u5e38\u53ce\u652f<\/strong>\u306e\u8d64\u5b57\u304c\u7d9a\u304f\u56fd\u306e\u901a\u8ca8\u306f\u9577\u671f\u7684\u306b\u5f31\u304f\u306a\u308a\u3084\u3059\u304f\u3001\u9ed2\u5b57\u304c\u7d9a\u304f\u56fd\u306e\u901a\u8ca8\u306f\u5f37\u304f\u306a\u308a\u3084\u3059\u3044\u3068\u3055\u308c\u307e\u3059\u3002\u305f\u3060\u3057\u7d4c\u5e38\u53ce\u652f\u306e\u8abf\u6574\u306b\u306f\u6642\u9593\u304c\u304b\u304b\u308a\u3001\u77ed\u4e2d\u671f\u306e\u70ba\u66ff\u306b\u306f\u898f\u6a21\u304c\u5927\u304d\u304f\u5909\u5316\u306e\u901f\u3044<strong>\u8cc7\u672c\u30d5\u30ed\u30fc<\/strong>\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d4c\u5e38\u53ce\u652f\u306e\u8abf\u6574\u30e1\u30ab\u30cb\u30ba\u30e0\uff1a\u8f38\u51fa\u5165\u306e\u4fa1\u683c\u5909\u5316\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30d0\u30e9\u30f3\u30b9\u3001\u50b5\u52d9\u306e\u6301\u7d9a\u53ef\u80fd\u6027<\/li>\n<li>\u8cbf\u6613\u306e\u4fa1\u683c\u8abf\u6574\u306f\u6570\u91cf\u306e\u53cd\u5fdc\u304c\u9045\u304f\u3001\u6642\u9593\u304c\u304b\u304b\u308b<\/li>\n<li>\u8cc7\u672c\u306e\u6d41\u5165\u306f\u901a\u8ca8\u9ad8\u3001\u8cc7\u672c\u306e\u6d41\u51fa\u306f\u901a\u8ca8\u5b89\u306e\u5727\u529b<\/li>\n<li>\u904e\u5ea6\u306a\u8cc7\u672c\u6d41\u5165\u306f\u8cc7\u7523\u30d0\u30d6\u30eb\u3084\u901a\u8ca8\u306e\u904e\u5927\u8a55\u4fa1\u3092\u751f\u3080<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u91d1\u878d\u653f\u7b56\u30fb\u8ca1\u653f\u653f\u7b56\u3068\u70ba\u66ff\u30ec\u30fc\u30c8<\/h3>\n<p><strong>\u30de\u30f3\u30c7\u30eb\uff1d\u30d5\u30ec\u30df\u30f3\u30b0\u30fb\u30e2\u30c7\u30eb<\/strong>\u3067\u306f\u3001\u8cc7\u672c\u79fb\u52d5\u6027\u304c\u9ad8\u3044\u5834\u5408\u3001\u91d1\u878d\u7de9\u548c\u306f\u901a\u8ca8\u5b89\u3001\u8ca1\u653f\u62e1\u5f35\u306f\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u8cc7\u672c\u6d41\u5165\u3092\u901a\u3058\u3066\u901a\u8ca8\u9ad8\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30d0\u30e9\u30f3\u30b9\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3067\u306f\u3001\u6301\u7d9a\u7684\u306a\u8ca1\u653f\u8d64\u5b57\u306f\u9577\u671f\u7684\u306b\u901a\u8ca8\u5b89\u306b\u3064\u306a\u304c\u308a\u5f97\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cc7\u672c\u79fb\u52d5\u6027\u304c\u9ad8\u3044\uff1a\u62e1\u5f35\u7684\u8ca1\u653f\uff0b\u5f15\u304d\u7de0\u3081\u7684\u91d1\u878d \u2192 \u901a\u8ca8\u9ad8<\/li>\n<li>\u8cc7\u672c\u79fb\u52d5\u6027\u304c\u9ad8\u3044\uff1a\u7dca\u7e2e\u7684\u8ca1\u653f\uff0b\u7de9\u548c\u7684\u91d1\u878d \u2192 \u901a\u8ca8\u5b89<\/li>\n<li>\u8cc7\u672c\u79fb\u52d5\u6027\u304c\u4f4e\u3044\uff1a\u8ca1\u653f\u62e1\u5f35\u306f\u8cbf\u6613\u53ce\u652f\u60aa\u5316\u3092\u901a\u3058\u3066\u901a\u8ca8\u5b89\u306e\u65b9\u5411<\/li>\n<li>\u30de\u30cd\u30bf\u30ea\u30fc\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u901a\u8ca8\u4f9b\u7d66\u306e\u5897\u52a0 \u2192 \u7269\u4fa1\u4e0a\u6607 \u2192 \u901a\u8ca8\u5b89<\/li>\n<li>\u30aa\u30fc\u30d0\u30fc\u30b7\u30e5\u30fc\u30c6\u30a3\u30f3\u30b0\uff1a\u77ed\u671f\u7684\u306b\u9577\u671f\u5747\u8861\u3092\u8d85\u3048\u3066\u52d5\u304f<\/li>\n<\/ul>\n<h3>LOS 12\uff1a\u70ba\u66ff\u4ecb\u5165\u30fb\u8cc7\u672c\u898f\u5236\u306e\u76ee\u7684\u3068\u6709\u52b9\u6027<\/h3>\n<p>\u65b0\u8208\u56fd\u306a\u3069\u306f\u3001\u8cc7\u672c\u306e\u6025\u6fc0\u306a\u6d41\u5165\u30fb\u6d41\u51fa\u306b\u3088\u308b\u901a\u8ca8\u306e\u904e\u5ea6\u306a\u5909\u52d5\u3092\u9632\u3050\u305f\u3081\u306b<strong>\u70ba\u66ff\u4ecb\u5165<\/strong>\u3084<strong>\u8cc7\u672c\u898f\u5236<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002\u5148\u9032\u56fd\u3067\u306f\u70ba\u66ff\u5e02\u5834\u306e\u898f\u6a21\u306b\u6bd4\u3079\u3066\u5916\u8ca8\u6e96\u5099\u304c\u5c0f\u3055\u304f\u4ecb\u5165\u306e\u52b9\u679c\u306f\u9650\u3089\u308c\u307e\u3059\u304c\u3001\u5341\u5206\u306a\u5916\u8ca8\u6e96\u5099\u3092\u3082\u3064\u65b0\u8208\u56fd\u3067\u306f\u4e00\u5b9a\u306e\u52b9\u679c\u304c\u3042\u308a\u5f97\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u76ee\u7684\uff1a\u901a\u8ca8\u306e\u904e\u5927\u8a55\u4fa1\u306e\u9632\u6b62\u3001\u8cc7\u7523\u30d0\u30d6\u30eb\u306e\u56de\u907f\u3001\u91d1\u878d\u653f\u7b56\u306e\u72ec\u7acb\u6027\u306e\u78ba\u4fdd\u3001\u6025\u6fc0\u306a\u8cc7\u672c\u6d41\u51fa\u306e\u6291\u5236<\/li>\n<li>\u5148\u9032\u56fd\uff1a\u5e02\u5834\u898f\u6a21\u306b\u5bfe\u3057\u4ecb\u5165\u898f\u6a21\u304c\u5c0f\u3055\u304f\u52b9\u679c\u306f\u9650\u5b9a\u7684<\/li>\n<li>\u65b0\u8208\u56fd\uff1a\u5916\u8ca8\u6e96\u5099\u306e\u898f\u6a21\u6b21\u7b2c\u3067\u52b9\u679c\u3042\u308a<\/li>\n<li>\u8cc7\u672c\u898f\u5236\u306f\u5371\u6a5f\u6642\u306e\u9632\u885b\u7b56\u3068\u3057\u3066\u4e00\u5b9a\u306e\u5f79\u5272<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u901a\u8ca8\u5371\u6a5f\u306e\u8b66\u544a\u30b5\u30a4\u30f3<\/h3>\n<p>\u901a\u8ca8\u5371\u6a5f\u306e\u524d\u306b\u306f\u3001<strong>\u8cc7\u672c\u306e\u81ea\u7531\u5316\u5f8c\u306e\u5927\u91cf\u6d41\u5165\u3001\u6025\u901f\u306a\u4fe1\u7528\u62e1\u5927\u3001\u5b9f\u8cea\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u904e\u5927\u8a55\u4fa1\u3001\u5916\u8ca8\u6e96\u5099\u306e\u6e1b\u5c11<\/strong>\u306a\u3069\u306e\u5146\u5019\u304c\u898b\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002\u3053\u308c\u3089\u306f\u5371\u6a5f\u3092\u78ba\u5b9f\u306b\u4e88\u6e2c\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u5371\u967a\u5ea6\u3092\u793a\u3059\u76ee\u5b89\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u8cc7\u672c\u898f\u5236\u306e\u7de9\u548c\u5f8c\u306e\u5927\u898f\u6a21\u306a\u8cc7\u672c\u6d41\u5165<\/li>\n<li>\u6025\u901f\u306a\u4fe1\u7528\u62e1\u5927\u3068\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306e\u8106\u5f31\u6027<\/li>\n<li>\u5e73\u5747\u3092\u4e0a\u56de\u308b\u5b9f\u8cea\u70ba\u66ff\u30ec\u30fc\u30c8\uff08\u904e\u5927\u8a55\u4fa1\uff09<\/li>\n<li>\u5916\u8ca8\u6e96\u5099\u306e\u6e1b\u5c11\u3068\u56fa\u5b9a\u30fb\u6e96\u56fa\u5b9a\u76f8\u5834\u5236<\/li>\n<li>\u4ea4\u6613\u6761\u4ef6\u306e\u60aa\u5316\u3001\u30de\u30cd\u30fc\u30fb\u30b5\u30d7\u30e9\u30a4\u3084\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4e0a\u6607<\/li>\n<li>\u8cc7\u7523\u4fa1\u683c\u306e\u30d0\u30d6\u30eb\u3001\u4ed6\u56fd\u304b\u3089\u306e\u4f1d\u64ad\uff08\u30b3\u30f3\u30c6\u30a4\u30b8\u30e7\u30f3\uff09<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-econ-lm2\/\">LM2 Economic Growth\uff08\u7d4c\u6e08\u6210\u9577\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-econ\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Economics\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Economics LM1\u300cCurrency Exchange Rates: Understanding Equilibrium Value\uff08\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u5747\u8861\u4fa1\u5024\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10825"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10825\/revisions"}],"predecessor-version":[{"id":11351,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10825\/revisions\/11351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11171"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}