• Journal of Nutrition and Health
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• v.1 no.2
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• pp.107-115
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• 1968

Number of aspects, not only nutritional but social as well as political involved in human starvation pose nowadays global problems. In order to help establish the minimum nutritional requirements in the daily life of a man and to free people as well from either undernourishment, malnutrition or even starvation many workers have devoted themselves so far on the research programs to know what and how number of metabolic events take place in animals in vivo. It is the purpose of the present paper to examine in effect to what extent both of the protein and nucleic acids (DNA & RNA) together with an enzyme, guanine deaminase, which converts guanine into xanthine and in turn ends up to uric acid as an end product, undergo changes, quantitatively during acute starvation, using the mouse as an experimental animal. The mouse was strictly inhibited from taking foods except drinking water ad libitum and was sacriflced 24, 48, and 72 hours following starvation thus acutely induced. The animals consisted of two experimental groups, one control and another starvation groups, each being consisted of 6-24 mice of whose body weights ranged in the vicinity of 10 g. The animals were sacriflced by a blow on the head, followed by immediate excision of their livers into ice-cold distilled water, washing adherent blood and other contaminant tissues. The liver was minced foramin, by an all-glass homogenizer immersing it in an ice-bath, followed by subsequent fractionatin of the homogenate (10% W/V in 0.25M sucrose solution made up with 0.05M phosphate buffer of pH 7.4). For the liver protein and guanine deaminase assay, the 10% homogenate was centrifuged at 600 x g for 10 minutes to eliminate the nuclear fraction; and for the estimation of DNA and RNA, the homogenate was prepared by the addition of 10% trichloroacetic acid in order to free the homogenate from the acid-soluble fraction, the remaining residue being delipidate by the addition of alcohol and dried in vacuo for later KOH (IN) hydrolysis. The changes in body and liver wegihts during acute starvation were checked gravimetrically. Protein contents in the liver were monitored by the method of Lowry et al; and guanine deaminase activities were followed by the assay of liberated ammonia from the substrate utilizing the Caraway's colorimetry. The extraction of both DNA and RNA was performed by the Schmidt-Thannhauser's method, which was followed by Marmur's method of purification for DNA and by Chargaff's method of purification for RNA. The determinations of both DNA and RNA were carried out by the diphenylamine reaction for the former and by the orcinol reaction for the latter. The following resume was the results of the present work. 1. It was observed that the body as well as liver weights fall abruptly during starvation, and that the loss of body weight showed no statistical correlation with the decreases in the content of liver protein. 2. The content of liver protein and activity of liver guanine deaminase activity as well decline dramatically, and the specific activities of the enzyme (activity/protein), however, decreased gradually as starvation proceeded. 3. Both of the nucleic acids, DNA and RNA, showed decrements in the liver of mouse during acute starvation; the latter, however, being more striking in the decline as compared to the former. 4. The decreases in the liver protein content as resulted from the acute starvation had no statistically significant correlation with the decrements of DNA in the same tissue, but had regressed with a significant statistical correlation with the fall of RNA in the tissue. 5. The decrease in the activity of guanine deaminase in the liver of mouse during acute starvation was functionally more proportional to the decrease in RNA than DNA, and moreover correlated with the changes in the content of the liver protein. 6. The possible mechanisms involved during in this acute starvation as bring the decreases in the contents of DNA, protein, and guanine deaminase were discussed briefly.

• Journal of the Korean Institute of Landscape Architecture
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• v.36 no.6
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• pp.66-80
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• 2009

This paper attempts to investigate how the cultural phenomena associated with 'Wuyi-Doga(武夷棹歌)' and 'Wuyi-Gugok (武夷九曲)' was introduced to Joseon. The icon and code of 'Gugok' cultural text which was observed in the process of transmitting the culture through repetition and imitation were examined. With regard to research methodology, an 'analysis and discussion framework' was designed based on the literature review, field survey and the seven textuality criteria proposed by Dressier. Then the textuality of 'Wuyi-Gugok' was analyzed in terms of the dependent relation of text, the relationship between the creator and user, repetition, imitation and the spread process. Since ZhouHee(朱熙)'s 'Wuyi-Doga' and 'Wuyi-Gugok' were introduced to Joseon through literature and paintings, they became a part of the cultural Phenomena with unprecedented popularity. As a result, a great number of imitations can be found. In addition, governors would even take care of political affairs in a scenic mountain valley as described in this literature. Regardless of the writer's intentiot 'Gugok' settled in Joseon as new culture in harmony with Taoism and Sung COnfucianism. In other words, Joseon's Gugok-Wonlim(九曲園林) accepted the nature-appreciation aesthetic consciousness in 'Wuyi-Doga' and 'Wuyi-Gugok' on the basis of Taoism and Sung Confucianism. In terms of the text-based dependent relation only, however, the geographical coherence was somewhat loosened while the Gugok Culture that was dependent on Taoism or elegance in life dominated the internal structure of the textuality. Meantime, the internal factors that dominated the textuality of 'Wdyi-Gugok' were interpreted as 1) 'Aesthetics of Bending, Water Whirls', 2) 'Territoriality Expression Carve letters,' 3) 'Cultural Landscape seeing through the Speculation of Meaning,' 4) 'The Pursuit of Oddness and Presentationism' and 5) 'Transcendental Landscape of Taoism and Topos.'

• Journal of the Korean Institute of Landscape Architecture
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• v.37 no.3
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• pp.21-32
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• 2009

As an alternative for restoring a sense of community which has been broken up due to urban residence redevelopment, this study focuses on structural characteristics according to physical location of central squares in apartment complexes. Central squares do not simply function as inner-aiming and self-completed spaces for the residents, but their role can be expanded to a core location which encourages neighbors to communicate and interact with each other. The suppositions for this study are as follows. Structural characteristics according to the physical locations of the central squares in apartment complexes affect apartment residents' openness toward their neighbors and non-residents' accessibility to the square. At the same time, it influences the sense of community. In addition, psychological distance which is represented as psychological openness and accessibility forms a reciprocal relationship with the sense of community. For the study, we first categorized central squares as either open-structure or closed-structure based on how accessible it is from outside the apartment complex. According to these types of central squares, Sillim Prugio, Banghak Deasang Town Hyundai, Gwanak Prugio and Banghak Samsung Raemian 1 which have similar conditions and different structures were selected as sites of the study. Then each apartment complex was classified by apartment residents and non-residents so that eight groups were prepared for the survey. The results of the questionnaire survey especially regarding measuring the sense of community, psychological openness and accessibility indicated that the suppositions were right. Hence, the sense of community, psychological openness and accessibility are high in a central square with an open-structure while high standards of psychological openness and accessibility guarantee a positive sense of community. This study is meaningful in that it verifies that the physical location of central squares is reciprocally related to psychological openness, accessibility and a sense of community. At the same time, this study may serve as theoretical grounds for the planning and construction of practical central squares.

• Journal of the Korean Institute of Landscape Architecture
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• v.45 no.5
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• pp.42-59
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• 2017

To investigate rooting and community forming ability, sod strips of Gramineae such as Miscanthus sacchariflorus (Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg., and Arundinella hirta(Thunb.) Tanaka were planted horizontally at a width of 10~15cm in October 2010 on the bank slope of Kwangju Stream in Korea. Seeds of each species were sown in April 2010 in plastic seedbeds(60cm length ${\times}$ 30cm width ${\times}$ 5cm depth) filled with 4cm of garden soil and grew until October 2010 to form rectangular sod, which then was cut into multiple strips(20cm length ${\times}$ 6cm width ${\times}$ 4cm root depth). Weeds growing on the experiment sites were removed twice a year until those four species had formed a community by 2013. Weeds were not eradicated during 2014 and 2015 to observe whether the community formation can be maintained without weed removal. t-tests on stem numbers and heights in May, July, and September were conducted between 2013 and 2014, and between 2014 and 2015. Stem numbers and heights of the four species in 2014 were significantly decreased(p<0.001) compared with those in 2013 due to weed damage to their growth in 2014. Stem numbers and heights of Miscanthus sacchariflorus(Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg. in 2015 were similar to those in 2014(p>0.05). Stem numbers and heights of Arundinella hirta(Thunb.) Tanaka in 2015, however, were significantly reduced compared with those in 2014(p<0.001) due to weed impact on its growth. After three years of weed removal, a community of each species was formed. Miscanthus sacchariflorus(Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg. were able to establish communities without any further weed removal. Arundinella hirta(Thunb.) Tanaka, however, was not able to maintain its community due to considerable damage to its growth caused by weeds even after three years of weed removal. Miscanthus sacchariflorus(Maxim.) Benth., Miscanthus sinensis var. purpurascens(Andersson) Rendle, Imperata cylindrica var. koenigii(Retz.) Pilg. are more suitable to sod strip plantings on stream bank slopes in terms of the maintenance of community formation without weed eradication. t-test on stem numbers and heights each September during the five year experiment period between sod strip planting and potted plants of the four species were conducted. Stem numbers of strip sod plantings were significantly higher(p<0.001) than those of potted one. Heights of strip sod plantings, however, were significantly lower(p<0.05) than those of the potted samples. Therefore, strip sod planting is more advantageous regarding bank slope erosion protection due to the higher number of stems.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.3
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• pp.33-46
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• 2020

This study analyzes the entrepreneurship education phenomena for agri-food entrepreneurs whose main business is the production of agricultural products and the sale of processed products, using the qualitative study Strauss & Corbin(1998)'s evidence theory approach. From the entrepreneur's point of view, I would like to summarize the phenomena that appear in education, and to prepare a theoretical basis for explaining the phenomena. The importance of entrepreneurship education is emphasized to cultivate the ability to develop and provide products tailored to customers. The necessity of education leads to an increase in demand according to the situational awareness of the founders, and the quantitative increase in entrepreneurship education in the agri-food sector is a clear trend. Inevitably, the need for various discussions on systematic and effective entrepreneurship education is raised. For the study, an interview was conducted with preliminary or entrepreneur who have experienced entrepreneurship education in the agri-food sector. As a research method, I use Strauss & Corbin(1998)'s approach and analyze qualitative data using QSR's NVIVO 12 program. Through this study, it was found that contextual and systematic entrepreneurship education in the agri-food sector has the effect of strengthening competitiveness and strengthening sales. There is a need for follow-up management of trainees. Strengthening the competitiveness of start-ups is based on training professional manpower through education and linking regions with cities. Strengthening sales is based on product planning and market development. This study explores entrepreneurship education in the agri-food sector, which has not been actively conducted in the past. Exploratory analysis on the experiences of the founders of agri-food sector as education demanders has an important meaning for understanding the phenomenon of start-up education.

• Korean Journal of Oriental Medicine
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• v.2 no.1
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• pp.71-83
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• 1996

Hyang-Yack-Ku-Keup-Bang(鄕藥救急方) is our own, medical work written about the middle of the time of Korea Dynasty. I restored and researched this book because it needed to be illuminated about its medico-historic value and then I came to some conclusions as follows. 1. Hyang-Yack-Ku-Keup-Bang was published in Dae-jang-do-kam(大藏都監) of Kanghaw island(江華島) about the middle of Korea Dynasty. Choi Ja-ha(崔自河) republished it on original publication ground in Euiheung(義興) of Kyungsang-Province(慶尙道) in July, Taejong's(太宗) 17th year of Chosen Dynasty (A.D.1417) and this book was published again in Chungcheng Province(忠淸道) in Sejong's(世宗) 9th year(A.D.1427). The book published in Taejong's days was in the possession of books department of Kung-nae-cheng(宮內廳) in Japan and was the oldest medical book of existing ones. 2. Bang-Jung-Hyang-Yack-Mock-Cho-Bu(方中鄕藥目草部) of this book was originally intended to be adjusted in each division with the title of Bang-Jung-Hyang-Yack-Mock(方中鄕藥目). But Herb part(草部) only followed editing progress of Jeung-Lew-Bon-Cho(證類本草), the rest is not divided into each part and is together arranged at the below of Herb part with the title of Bang-Jung-Hyang-Yack-Mock-Cho-Bu. The Korean inscriptions on some drugstuffs in this book are different between Native Name(鄕名) of three volumes of provisions and general-spoken(俗云) of Bang-Jung-Hyang-Yack-Mock-Cho-Bu. In this, it is estimated that the publishing time and editor of tile volume of provisions and Bang-Jung-Hyang-Yack-Mock-Cho-Bu are different. I think Choi Ja-ha compiled this behind three volumes of provisions when he published. 3. This book picked some prescriptions which consisted of obtainable drugs with ease in Korea in the books of Chell-Keum-Yo-Bang(千金要方), Oi-Dae-Bi-Yo(外臺秘要), Tae-Peong-Sung-Hye-Bang(太平聖惠方), Ju-Hu-Bang(?後方), Kyung-Hum-Yang- Bang(經驗良方) Bo-Je-Bon-Sa-Bang(普濟本事方) Bi-Ye-Baik-Yo-Bang(備預百要方) and so on and got together our own prescriptions. On the whole Bi-Ye-Baik-Yo-Bang was a chief referrence book, On this, other books referred to and corrected. 4. In provisions quoted from Hyang-Yack-Jip-Sung-Bang(鄕藥集成方), there are seven provisions; leg-paralysis part, coughing part, headache part, obstetrics part, etc. don't show in this book. This is why Choi Ja-ha published only certain texts on Dae-jang-do-kam edition his own posession. So we can think the existing edition has a little misses compared with original edition. 5. This book recorded only names of drugstuffs in animal drug department like fowls, crab, goldbug, earthworm, etc. and didn't tell us ways of taking those. This is effect of Buddhist culture on medicine. This is efforts to practice 'Don't murder';one of Five Prohibition of Buddhism. 6. Beacause this book was published at the time, when our originative medicine would be set forth. This followed the Chinese ways in Theory, Treatment, Prescription and used 'Hyang Yack' in Medication out of theory of Korean medicine, which was a transitional form. So this is all important material which tell us aspects of development of 'Hyang Yack' the middle of Korea Dynasty.and this is also the beginning of originative, medical works like Dong-Eui-Bo-Kam(東醫寶鑑), Dong-Eui-Su-Bo-Won(東醫壽世保元). 7. There are few contents based on 'Byen-Jeung-Lon-Chi(辨證論治)'in this book. So we can see this book is not for doctors who study medical thoughts but for general public who suffer from diseases resulted from war. Because this book was written for a first-aid treatmeant, this is an index of medical service for the people those days. And this is also an useful datum for first-aid medicine or military medicine in these modern days. 8. Nowadays, parts of learned world of Korean medicine disregard essential theories and want to explain Korean medicine only by the theories or the methods of Western medicine. Moreover they don't adopt Chinese and Japanese theorys & thoughts about Oriental medicine in our own style and just view in there level. What was worse, there is a growing tendency for them to indulge in a trimming policy of scholarship and to take others' ideas. I think these trends to ignore our own medical thoughts involving growth of 'Hyang Yack' in the middle of Korea Dynasty, Dong-Eui-Bo-Kam and Dong-Eui-Su-Se-Bo-Won. So we, as researchers of Korean medicine, must get out of this tendency, and take over brilliant tradition and try to develop originative Korean medicine.

• Korean Journal of Oriental Medicine
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• v.9 no.1
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• pp.1-33
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• 2003

From the study on Doo-Jong Kims view of history about the early Korea$(Korea\;herewith\;stands\;for\;Korea\;dynasty\;A.D.918{\sim}1392)s$ Medicine, I came to a conclusion as follows. 1. Doo-Jong Kim is stressing on the fact that Early Koreas Medicine inherited from Shilla dynasty and seemingly expressing the pride of national medical science. But actually he distorted the Koreas independent growth with flunkeyism and insisted that Koreas medicine only took over Shilla dynastys which based on Chinese Tang dynastys medical science. As a result, Koreas medicine was blurred and evaluated as nothing but Tangs medicine. But, the reasons of Doo-Jong Kims viewpoints were not based on the fact, but on his speculation. 2. About the medical system, Doo-Jong Kim viewed that Korea copied Chinese Soo & Tangs medical system, But the fact is that Korea only borrowed a part of Chinese medical systems name, for examples, Tae-I-Gam, Sang-Yak-Kook, Sang-Sik-Kook, etc., and its actual functions were different and grew in Koreas own way, As a result, the titles or roles in the system were very different from those of Chinas. Especially, Korea saw much development in Science of Acupuncture and Moxibustion that there was a specialist on Acupuncture, called I-Chim-Sa, and even had much influences on Chinese Acupuncture and Moxibustions growth, exporting Hwang-Je-Ne-Kyong to Chinese Song dynasty. 3. About the education system of medicine, Doo-Jong Kim viewed that Koreas medicine was only a copy of Shilla dynastys which was based on Chinese Tang dynastys, taking the medical examination curriculum as an example. The fact is that Tangs medical curriculum was three, Bon-Cho, Kab-Ul, Maek-Kyong, Shilla had seven, Bon-Cho-Kyong, Kab-Ul-Kyong, So-Moon-Kyong, Chim-Kyong, Maek-Kyong, Myong-Dang-Kyong, Nan-Kyong, and Korea had ten, So-Moon-Kyong, Kab-Ul-Kyong, Bon-Cho-Kyong, Myong-Dang-Kyong, Maek-Kyong, Dae-Kyong-Chim-Kyong, Nan-Kyong, Ku-Kyong, Ryu-Yon-Ja-Bang, So-Kyong-Chang-Jeo-Ron. Simply considering this, it is so clear that Koreas medical curriculum was much more upgraded one than that of China. 4. About the examination system for civil service, Doo-Jong Kim expressed that Shilla dynasty did not have such system, and only expounded knowledge of Shilla medicine, In case of China, Tang danasty Hyang-Kong was only a qualification test for civil service, which the result was completely dependent on applicants social status, Song danasty examination system was composed of three steps of Hyang-Si, Sung-Si, Jeon-Si (See Note1), but it stuck to formality by having Jeon-Si of anti-fraudulence use. On the other hand, examination system for civil service in Korea dynasty started in 958 by an advice of Ssang-Ki, Chin-Si in 977 and K대-Ja-Si (See Note 1), a kind of Hyang-Si, in 1024., Three steps of examination system made employment for civil service strictly fair, Moreover, it was possible for offsprings of concubine to be an applicant. These easily explain that the examination system of Korea dynasty was more upgraded one than that of China, Tang ＆ Song dynasty. Hyang-Si : Exam in local area Sung-Si : Exam in province for those who passed Hyang-Si Jeon-Si : Exam held with Koea Kings supervision for those who passed Hyang-Si Keo-Ja-Si : Selective exam in local area like Hyang-Si. From the reasons above, it is clear that Doo-Jong Kim was much biased by flunkeyism through Japanese colonialisam and expressed his view on Korea Medical History based on such theory of heteronomy and stasis. Moreover, without rigid historical evidence on records, he distored the fact by translating incorrectly on his purpose. Therefore, Doo-Jong Kims Korean Medical History must be reevaluated through rigid historical research and his mistranslation should be corrected.

• KSBB Journal
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• v.23 no.1
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• pp.1-7
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• 2008

The world demand of ethanol as an alternative fuel for gasoline is increasing rapidly because of high oil price and global climate change. Most of ethanol is currently produced from corn grain or sugars in sugarcane and sugar beet. Because these sources compete with foods and animal feed and are not expected to be enough for future demand of ethanol. Thus, cellulosic ethanol from agricultural residues or wood has to be commercialized in near future. Typical cellulosic ethanol production consists of pretreatment, enzyme hydrolysis, fermentation and product separation. This paper reviews the principles and status of each step and discusses issues for cellulosic ethanol production.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.28 no.1
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• pp.49-58
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• 2010

This study is attempted to establish the concept of Byeulseo Scenic Spot that the definitions of Byeulseo and Scenic Spot would be presented first followed by clarifying the basis, reason and justification that Byeulseo would be called as Byeulseo Scenic Spot that the following is the major results formulated herein. First, the concept of scenic spot under the Cultural Property Act is the reference to the famous site with the building improvement well known for its great scenery or the point where splendid scenery is viewed that has the artistic value along with the trace of human lives in this cultural heritage that, although the scenery is important but the attention has to be on discovery of historic resources with the story telling in the subject site. Second, the criteria of designation on the Scenic Spot in Korea would be natural scenery, animal and plant site with well-known scenery, view point of scenery, famous building or garden and important places with legend that there lacks diversification. In this aspect, the intent of the concept of Scenic Spot would be facilitated to expand the designation of the Byeulseo Scenic Spot as the Scenic Spot of living style. Third, from the foreign cases, particularly, in Japan, it is needed to note that Byeulseos and housing gardens are designated for 196 places of Scenic Spot, reaching 55.4% of entire Scenic Spots. Laws, regulations, systems and designated criteria on the cases of designating the foreign Scenic Spots would be studied and quoted. Fourth, the classification work for each type to designate as cultural heritage has to be continued as the Scenic Spot of subject site with even more emerged for the value as the Scenic Spot in garden, original site and the like classified as historic site, important folk data and the like. Fifth, the designation of Scenic Spot of Byeulseo garden with splendid scenery as the living Scenic Spot has to be expanded. The pavilion existed now nationwide would be approximately 1,500, and these pavilions are the place where the scholars stay in the famous site, and this is the central space of Byeulseo to study, and if there is clear one that has written and record of deed to create the stories to people with the value for publicity campaign, it would be the subject of Scenic Spot. And sixth, for the case of view point with splendid scenery in Byeulseo Garden, it cannot be the subject of designation that the designation of Scenic Spot has to be expanded. In the event of the Byeulseo garden in Korea, there are many cases of having outstanding view points, and there is a few case of designating the subject site with great view point as a Scenic Spot.

• The Korean Journal of Financial Management
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• v.12 no.2
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• pp.273-298
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• 1995

1960년대, 각국의 환율이 미국의 달러화에 연동(pegging)된 고정환율제도를 근간으로 하는 브레튼우즈(Bretton Woods)체제하에서 각국의 중앙은행은 환율을 일정한 범위 내로 유지하기 위한 정책수단으로 외환시장개입을 적극 활용하였다. 1973년 브레튼우즈체제하의 고정환율제도가 붕괴되고 변동환율제도가 채택된 이후에도 각국의 외환시장개입정책은 계속되었다. 1980년대에 레이건 행정부의 재정팽창정책과 미연방준비은행의 긴축통화정책으로 금리의 지속적인 상승과 미달러화의 큰폭의 절상이 이루어 졌다. 이에 국제무역의 위기를 우려한 미국, 독일, 프랑스, 영국, 일본 등 선진 5개국(Group-5, G5)은 1985년 9월 22일 미 달러화의 절하를 위해 외환시장에 공동으로 개입할 것을 주내용으로 한 플라자합의(Plaza Agreement)를 발표하였다. 그후에도 1987년 2월 23일 열린 루브르협정(Louvre Accord, G-6 Communique)에서 환율을 현수준으로 유지시키기 위한 목표환율대(Target zone)를 설정하고 외환시장개입을 통해 이를 유지하기로 합의한 바 있다. 이후의 구미각국은 환율의 관리를 위하여 국가가 공동으로 외환시장에 개입하곤 했다. 본 논문은 1987년 루브르협정 이후 미국, 독일 및 일본의 중앙은행의 외환시장 개입 정책이 소기의 목적을 달성했는지의 여부를 규명해 보고자 한다. 즉, Federal Reserve, Bundesbank 및 Bank of Japan의 외환시장개입이 현물환율시장(spot market)에서 각각의 변동성을 감소 시켰는지의 여부를 독일의 마르크화 및 일본의 엔화를 중심으로 규명해 보고자 한다. 1981년 루브르협정이후, 미국, 독일 및 일본의 중앙은행은 미국 달러화에 대한 마르크 및 엔화의 환율을 안정시키기 위해 꾸준히 외환시장에 개입해 왔다. 외환시장의 개입유형은 크게 태화외환시장개입(non-sterilized intervention)과 불태화외환시장개입(sterilized intervention)으로 구분할 수 있는데, 전자는 외환당국이 민간부문과 외화채권을 거래함으로써 본원통화의 크기가 변하는 개입형태를 의미하는 반면에 후자는 외환당국의 순외화자산의 크기변화가 본원통화의 변화를 초래하지 않는 경우이다. 즉, 불태화외환시장개입은 순외화자산의 증감이 순국내자산의 증감과 반비례해서 이루어지기 때문에 본원통화의 크기에는 변함이 없다. 외환시장개입이란 외환당국이 은행간 시장에서 민간시잔 참가자들과 행하는 적극적인 외환거래를 의미한다. 반면, 넓은 의미에서의 외환시장개입에는 수동적 외환시장개입이라고 불리는 고객거래가 포함된다. 후자의 거래는 국내통화 및 외화표시 자산의 상대적 공급규모를 변화시킨다는 의미에서 전통적외환시장개입과 동일한 효과를 갖기 때문에 광의의 외환시장 개입으로 분류된다. 외환시장의 개입목적은 크게 세 가지로 분류할 수 있다. 첫째, 환율의 안정적 운영이다. 환율수준이 자유롭게 변화되는 변동환율제도하에서 환율의 지나친 변동으로 인한 실물경제로의 부정적인 영향을 최소화하기 위해서 환율의 지나친 변동으로 인한 실물경제로의 부정적인 영향을 최소화하기 위해서 환율의 안정을 정책 목표로 설정하는 경우와 고정환율제도하에서 환율을 일정수준으로 유지시키기 위해서 외환당국이 외환시장에 개입하는 경우가 여기에 해당된다고 볼 수 있다. 둘째, 환율수준의 균형수준으로의 조정이다. 이때 야기될 수 있는 문제점으로는 환율균형 수준을 어떻게 정의, 추정할 것이냐 하는 점과 목표환율정책이 다른 정책목표와 상충될 수 있다는 점이다. 셋째, 외환당국이 공적외환보유액이나 구성을 변화시킬 목적으로 외환시장에 개입하는 경우이다. 이때의 외환시장개입은 현재의 환율수준이 개입으로 인하여 과도하게 이탈하는 문제가 발생하지 않을 것을 전제로 한다. 본고에서는 현물환율에 영향을 미치는 요소로 미국, 독일 및 일본의 중앙은행의 개입효과, 요일효과, 통화의 공급량(M1), 무역적자의 폭, 산업의 생산량, 생산가격지수(PPI), 소비자물가지수(CPI), 실업률, 옵션의 내재적 변동성 등을 고려한다. 환율의 변동성을 추정하는 식은 GARCH 모델이 사용된다. 본 추정모델은 Dominguez(1993)의 확장이다. Dominguez (1993)의 논문은 GARCH 모델을 써서 미국, 독일 및 일본의 중앙은행의 시장개입효과를 분석했으나, 거시변수를 고려대상에서 제외시켰다. 본 논문은 위의 방법에 거시변수를 삽입하고 모델을 변형시켜서 더 확실한 시장개입효과와 거시변수효과를 밝혔다. 또한 옵션의 내제적 변동성을 구하는 과정에서 American option model을 사용하는 대신, Bourtha & Courtadon (1987)등이 밝힌 바와 같이 American style option이라 할지라도, European Model을 쓰면 더욱더 간편하고, 예측력도 American Model에 뒤지지 않음을 이용하여, European Model을 써서 내재적 변동성을 구한 다음 이것을 독립변수로 이용하였다. 본 모델의 추정 결과는 3국의 시장개입정책이 현물환율과 옵션의 내재적 변동성을 증가시켜서 Louvre 협정이후 각국은 시장개입의 목적을 달성하지 못한 것으로 나타났다.