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18946

19665

21562

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26675

296104

318128

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336136

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317184

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1

3

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80144292

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82172375

8318140

8418946

8519665

8621562

8722467

8824774

8926675

90296104

91318128

92321129

93336136

94325144

95325154

96322164

97317184

98315256

Chart1

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26500200002050020000

30000250002050020000

27500250002100020000

28000255002100020000

26000240002050019500

26500235002070019500

26000240002050019700

26700240002070019800

26500240002090020000

1

199626000240002000019000

199726500200002050020000

199830000250002050020000

199927500250002100020000

200028000255002100020000

200326000240002050019500

200426500235002070019500

200526000240002050019700

200626700240002070019800

200826500240002090020000

Gindling, Goldfarb & Chang (1995)(1986)1982

Chart1

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1345084

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1395188

1374988

1415091

1505397

15453101

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16254108

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19901224082

19911234182

19921244282

199312542837

19941304585

19951345084

19961375186

19971395188

1998$137$49$88

1999$141$50$91

2000$150$53$97

2001$154$53$101

2002$154$53$101

2003$158$54$104

2004$159$54$105

2005$162$54$108

2006$163$55$108

2007$164$55$109

2008$162$53$109

2009$164$54$110

2010163541096

610233569

16%83%

200820079368116368197.1%96%10547883552257.69418.47

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1.2.

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16.6

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6

Chart1

15.12

14.54

14.36

14.32

15.12

14.71

15.14

16.51

16.28

16.57

16.45

16.54

17.27

17.39

17.47

17.77

17.86

18.43

18.58

19.36

19.5

18.91

18.54

18.8

17.7486011367

17.9098339828

19.7808520626

19.471029168

19.774944188

20.0230616927

21.302167533

20.8616125666

20.9714743405

22.5722530103

1

197615.12

197714.54

197814.36

197914.32

198015.12

198114.71

198215.14

198316.51

198416.28

198516.57

198616.45

198716.54

198817.27

198917.39

199017.47

199117.77

199217.86

199318.43

199418.58

199519.36

199619.50

199718.91

199818.54

199918.80

200017.75

200117.91

200219.78

200319.47

200419.77

200520.02

200621.30

200720.86

200820.97

200922.57

1.2.

1.2.

99

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