• Title/Summary/Keyword: 등구조 온도

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Association Between the Polymorphism on Intron 5 of the Lipoprotein Lipase Gene and Carcass Traits in Hanwoo (Korean cattle) (한우 Lipoprotein Lipase 유전자 Intron 5번의 Polymorphism과 경제 형질과의 관련성 분석)

  • Lee, H.J.;Lee, S.H.;Cho, Y.M.;Yoon, H.B.;Jeon, B. K.;Oh, S.J.;Kwon, M.S.;Yoon, D.H.
    • Journal of Animal Science and Technology
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    • v.46 no.6
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    • pp.947-956
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    • 2004
  • The primary role of lipoprotein lipase(LPL) is the hydrolysis of triglycerides(TG) from the core of triglyceride-rich lipoproteins such as chylomicrons and very low density lipoproteins in plasma. Fatty acids liberated by LPL on capillary endothelial surfaces are available for tissues as energy sources especially in muscles or for storage in the form of TG in adipose tissues. Therefore, as the candidate gene related to the carcass traits of the beef cattle, we have directly sequenced the exon 5${\sim}$exon 6 region in the bovine LPL gene for discovery of single nucleotide polymorphism(SNP) with 24 unrelated Hanwoo(Korean cattle). Novel eight sequence variants were detected: three loci on exon 5, three on intron 5 and two on exon 6. All SNPs identified were strongly linked each other, and one hundred twenty eight Hanwoo samples were genotyped one SNP on intron 5 using PCR-restriction fragment length polymorphism method by digestion with Hae III restriction enzyme. The allele frequency of the polymorphism was 0.76 and 0.24. The effects of this polymorphism on the breeding values of the carcass weight, loin muscle area, back fat thickness and marbling score were analyzed using least square methods of SAS GLM. The marbling score of BB genotype was significantly higher than those of AA and AB genotypes(P<0.05). This result indicates that this polymorphism may be associated with the variation of marbling score. Further study is warranted to investigate the phenotypic association in Hanwoo.

Varietal Differences in Agronomic Characters of Rice Grown on Salty Water Irrigation (벼의 생육시기별 염수처리에 따른 주요 특성의 품종간 차이)

  • 정진일;김보경;박형만;이선용
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.40 no.4
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    • pp.494-503
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    • 1995
  • The selection of salt tolerant rice variety needs an effective method in its testing. Salinity of irrigated water, 0.5% at seedling stage, 0.6% at tillering stage, and 0.9% at panicle formation stage were treated to test salt tolerance of rice using 45 cultivars. At tillering stage, salty water irrigation reduced plant height to 22.6% in early maturing rices(EMR), 30.5% in medium maturing rices(MMR), and 20.9% in medium-late maturing rices(MLMR), and also reduced number of tillers to 11.2% in EMR, 36.2% in MMR, and 36.0% in MLMR compared to rices grown in non-salty water irrigation. At panicle formation stage of rice, salty water irrigation affected plant height and tiller numbers that showed varietal differences. As salt tolerant rice cultivars, Daegwangbyeo, Namweonbyeo, Sinseonchalbyeo, Gyehwabyeo, and Daeyabyeo were selected. Jinbubyeo, Donghaebyeo, and Tamjinbyeo were weak in salty water irrigation.

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Parameterization and Application of a Forest Landscape Model by Using National Forest Inventory and Long Term Ecological Research Data (국가산림자원조사와 장기생태연구 자료를 활용한 산림경관모형의 모수화 및 적용성 평가)

  • Cho, Wonhee;Lim, Wontaek;Kim, Eun-Sook;Lim, Jong-Hwan;Ko, Dongwook W.
    • Korean Journal of Agricultural and Forest Meteorology
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    • v.22 no.3
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    • pp.215-231
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    • 2020
  • Forest landscape models (FLMs) can be used to investigate the complex interactions of various ecological processes and patterns, which makes them useful tools to evaluate how environmental and anthropogenic variables can influence forest ecosystems. However, due to the large spatio-temporal scales in FLMs studies, parameterization and validation can be extremely challenging when applying to new study areas. To address this issue, we focused on the parameterization and application of a spatially explicit forest landscape model, LANDIS-II, to Mt. Gyebang, South Korea, with the use of the National Forest Inventory (NFI) and long-term ecological research (LTER) site data. In this study, we present the followings for the biomass succession extension of LANDIS-II: 1) species-specific and spatial parameters estimation for the biomass succession extension of LANDIS-II, 2) calibration, and 3) application and validation for Mt. Gyebang. For the biomass succession extension, we selected 14 tree species, and parameterized ecoregion map, initial community map, species growth characteristics. We produced ecoregion map using elevation, aspect, and topographic wetness index based on digital elevation model. Initial community map was produced based on NFI and sub-alpine survey data. Tree species growth parameters, such as aboveground net primary production and maximum aboveground biomass, were estimated from PnET-II model based on species physiological factors and environmental variables. Literature data were used to estimate species physiological factors, such as FolN, SLWmax, HalfSat, growing temperature, and shade tolerance. For calibration and validation purposes, we compared species-specific aboveground biomass of model outputs and NFI and sub-alpine survey data and calculated coefficient of determination (R2) and root mean square error (RMSE). The final model performed very well, with 0. 98 R2 and 8. 9 RMSE. This study can serve as a foundation for the use of FLMs to other applications such as comparing alternative forest management scenarios and natural disturbance effects.

Study on the Manufactures for the Korean Astronomical Instrument

  • Lee, Yong Sam
    • The Bulletin of The Korean Astronomical Society
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    • v.43 no.2
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    • pp.30.1-30.1
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    • 2018
  • 일제 강점기를 지난 후 광복을 맞았지만, 전란의 폐허 속에 개설된 대학의 천문학과의 관측 시설들은 전문한 상태였다. 필자가 학부 재학 중이던 6-70년대까지도 시 시공(時空)의 흐름은 필요한 것을 직접 만들어 사용할 수밖에 없는 시대로 몰아가고 있었다. 당시를 회고 하며 지금까지 걸어 온 "천문기기 제작 연구의 삶"을 회고하고자 한다. 대학 재학 시절 교수님의 도움으로 막스토브 망원경을 제작하고, 40cm 카세그레인 망원경 등 광학계의 원리와 특성연구를 통해 부품 조립을 수행할 수 있었다. 태양 흑점관측을 위한 10cm 굴절 망원경의 투영시설을 고안하여 6개월 동안 관측하였지만. 석사 논문을 위해 광전측광 관측시스템을 제작하여 식쌍성 관측을 수행하였다. 그 결과 한국의 시설로 UBV 광도곡선 완성하여 1975년 가을 천문학회에서 발표하였다. 1976년 2월 국립천문대 천문계산연구실에 발령 받고 역서편찬 업무를 담당하면서 소백산 60cm 망원경 최종 설치를 끝내고, 천문대(현 역삼동 과총회관 빌딩) 옥상에 2m 규모의 목재 돔을 설계 제작하고 일반인들을 위한 대중천문 활동을 시작하였다. 재직 중에 항상 한국의 열악한 천문시설의 상황을 실감하고 20대를 마감하면서 퇴직하여 "한국천문기기 연구소"라는 명칭으로 천체 돔을 설계하고, 돔 제작기계를 개발하였다. 망원경만 보관 중인 국내 4개 대학에 돔을 납품 한 후 연세대학교 천문대의 직경 6m 스텐레스 돔을 제작하였다. 아울러 연세대 천문대 60cm망원경을 설치하면서 이 곳에 입사하여 관측 장비개발 연구와 관측에 전념하게 되었다. 재직 기간 중 대학의 배려로 카나다 국립천문대(DAO) 방문연구원으로 1.8m 망원경으로 식쌍성들의 분광관측을 수행하여 시선속도곡선을 완성하였고, 체류 중에 스텝들과 국내에서 사용할 60cm용 첨단 분광기를 설계하였으나 대학에 재원이 없어 제작을 못한 아쉬움이 남는다. 1989년 2월 충북대학교 천문우주학과에 부임하면서 열악한 상황이지만 교육과 연구 장비로 20cm와 35cm 소형 망원경의 디지털 광전측광시스템으로 간이 천문대를 설치하여 운영하였다. 학과 설립 10 주년(1998년)을 맞아 40cm 망원경과 6m 돔을 설치하여 교내천문대가 완공되었다. 2000년이 되면서 대중 천문활동 을 위해 이동 천문대를 제작하여 4륜 자동차에 견인하여 여러 지역을 찾아 관측과 강연 활동 등 학과의 대중천문 활동의 특성을 살리는 계기를 만들게 되었다. 학과 설립 20주년(2008년)을 맞으면서 충북 진천에 16개 자동분할 개폐식 스릿의 9m 돔 안에 1m 망원경을 원격관측 시설을 완비하여 대학 본부의 기관으로 충북대학교천문대를 개관하고 관측시설을 완비하였다. 우리의 전통적인 세종시대 천문시설은 당대 최대의 시설이지만 당시 유물들이 모두 소실되어 현존하는 것이 하나도 없음은 실로 아쉬움이 큰 것이었다. 누군가는 그 구조, 형태, 원리, 기능, 사용방법 등을 밝히고 복원을 시도해야 할 시급함이 있었다. 문헌을 통해 1991년부터 학부졸업 논문으로 "고천문 의기(儀器) 복원연구" 분야의 발표를 시작하였다. 그 결과를 통해 세종탄신일에 영릉에서 숭모제 행사 후 그 곳에서 수년간 세종시대 고천문의기 한가지씩 작동모델을 복원하여 제막식을 거행하였다, 유물복원 회사 (주)옛기술과 문화 와 함께 팀을 이루어 매년 제작할 종목을 준비하게 되었다. 간의(簡儀)를 복원한 후에는 일성정시의, 소간의, 앙부일구, 정남일구, 석각천문도, 혼천의, 혼상, 각종 해시계 등 매년 지속적으로 복원되어 큰 규모의 야외 전시장이 완성되었다. 작동모델 설계연구팀의 자문과 제작팀과의 팀웍으로 이룬 성과인 것이다. 한번 시작품이 발표된 모델들은 국내 과학관과 박물관, 천문관에서 후속 모델을 설치하였다. 한국천문연구원과 부산 동래읍성 내에 장영실 과학 동산은 간의와 혼상을 비롯한 각종 해시계들을 설치한 큰 규모의 야외 전시장이다. 조선의 명망 높은 유학자들이 인격적인 하늘을 살펴보았던 혼천의와 일만원권에 그려 있는 국보 230호 자명종 혼천시계(일만원권의 그림)의 작동 모델을 제작하였다. 이와 같은 연구 결과들은 석사과정 박사과정을 통하여 더 심층적인 연구들이 발표되었고, 각종 조선(한국)의 천문의기(天文儀器) 연구 자료들은 연구팀들을 통해 중국과 일본 등 해외에서도 발표되었다. 지금까지 복원된 유물들이 완성되기까지는 참여한 많은 연구원들과 제작팀들이 합심하여 각자의 역할을 수행하여 최종 작동모델들이 하나 둘 완성되는 것이었다. 이것은 참으로 보람된 일이었고, 은퇴 후 지금은 재능기부자로서 즐거운 삶을 이어 갈수 있게 되었다.

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A Study on the Hot Springs(Tangsil Building) of Temporary Palace(Onyanghaenggung) according to the <Oncheonhaenggungdo>(1795) (<온천행궁도(溫泉行宮圖)>(1795)의 온천(탕실) 건축 고찰)

  • LEE Jeongsoo;KIM Ilhwan;LEE Kyeongmi;JI Wonku;CHOI Jaeseong
    • Korean Journal of Heritage: History & Science
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    • v.57 no.1
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    • pp.110-123
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    • 2024
  • Onyanghaenggung Palace(temporary palace at Onyang) is an important cultural heritage that can substantially confirm the king's visiting at hot springs based on literature records such as <Ongungyeonggoedae(溫宮靈槐臺)>, <Oncheonhaenggungdo(溫泉行宮圖)> of 『Ongungsasil(溫宮事實)』, <Younggoedaedo(靈槐臺圖)>, 『Younggoedaegi(靈槐臺記)』 and cultural properties such as Yeonggoedae(靈槐臺) and Shinjeong Monument(神井碑). Through a photo taken by Hermann Sander in 1906, it can be confirmed that the hot springs(Tangsil building) at Onyanghaenggung Palace during the Joseon Dynasty was maintained until the early Japanese colonial period. The purpose of this study is to estimate the compositions of the hot springs(Tangsil building) in Onyanghaenggung Palace based on literature records and <Oncheonhaenggungdo>(1795). To achieve these purposes, we firstly examined the changes in Onyanghaenggung Palace and the hot springs (Tangsil building); secondly, the bathing behaviors of kings were reviewed; thirdly, we organized the architectural composition of the hot springs (Tangsil building) according to "Ongung Repair" of 『Ongungsasil (溫宮事實)』; and fourthly, by comparing Sander's photo in the early days of Japanese colonial rule, the architectural composition of the hot springs (Tangsil building) in the late Joseon Dynasty was examined. The results of this study are as follows. First, the hot springs(Tangsil building) of Onyanghaenggung Palace were continuously connected to the Onjeongsil(溫井室) in the reign of King Hyeonjong and maintained until 『Hoseo-eupji』 (1871) in the late Joseon Dynasty. It matches the photograph taken by Hermann Sander(1906) and <1912 Onyang Hot Springs in Asan City>(1912) of Korea Copyright Commission during the early Japanese colonial period. Second, the various king's bathing methods during the Joseon Dynasty were adopted such as washing, spilling and bathing head while sitting on a bathing platform or chair, or exposing the steam of hot spring water, dipping feet into the water and a half-body soaking bath below the navel immersed in water. Third, the stone bathtubs of hot springs(Tangsil building) are composed of the upper bath which was hot spring water gushes out from the northwest, bends to the east, enters the middle bath, and bends to the south to come out to the outside to gather in the lower bath. Around the stone bathtubs, pebble stones brought in from Taean were laid on the floor of the hot springs(Tangsil building). From the above considerations, the compositions of the Tangsil building in Onyang Temporary Palace is based on the king's approach from the main royal building, the king's bathing method and bathing tools, the bathing behavior of enlisted medical officers and bathing assistants, and each rooms mentioned in "Ongung Repair". By comparing it with Hermann Sander's photo, the architectural compositions of the hot springs(Tangsil building) can be estimated.

The Standing Crops and Soil-borne Microfungal Flora of Phyllostachys reticulata in Korea (한국산(韓國産) 왕대나무의 현존량(現存量)과 토양(土壤) 미세균류상(微細菌類相))

  • Kim, Kwan-Soo
    • The Korean Journal of Mycology
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    • v.7 no.2
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    • pp.91-116
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    • 1979
  • This paper is to investigate the standing crops and microfungal flora in soil in Phyllostachys reticulata forests in both the Yesan area (A) and the Kwangsan area (B). The stand density of the bamboo revealed 17,250 shoots per ha in area A, and in area B 14,780 shoots which were 16.1% less in number than area A. In respect to the environmental factors between the two areas, the mean temperature during the growth period was $1.5{\sim}2^{\circ}C$ higher in area B than in area A, soil tempeature also was $1{\sim}2^{\circ}C$ higher in area B, and the total quantities of nitrogen, phosphoric acid and organic compounds contained in the soil of area B were also slightly higher than those of area A. In area B the quantities of dried leaf matter, humus, and vegetation in the bamboo forest were also larger than in area A. In addition, five more species of microfungi which playa role in the decomposition of the various organic materials in the bamboo forests were identified in area B: Mortierella elongata, Mucor circinelloides, Aspergillus japonicus, Penicillium waksmani and Trichoderma lignorum. The atmospheric temperature in the inner portions of the bamboo forests was lower than the outside temperature, but the humidity was higher. The rates of relative illuminance were measured in area A at 4.19%, and in area B at 2.7%. These values revealed that the photosynthetic acitivity in the lower part of the bamboo was lost but it was considered that lower illuminance increased the microfungal activities in the vicinity of the surface soil. Since the productive structure of the bamboo showed that the maximum amount of photosynthesis was located in the upper portion of the bamboo in area B, it was considered to be an effective structure in maintaining the high productivity of the bamboo. The allometric relation between $D^2H$ and dry weight of stems(Ws), branches(Wb) and leaves(Wl) of the bamboo in area A were appoximated by log Ws=0.5262 log $D^2H$+1.9546; log Wb=0.6288 log $D^2H$+1.5723; log Wl=0.5181 log $D^2H$+1.8732, and those of the bamboo in area B were approximated by log Ws=0.5433 log $D^2H$+1.8610; log Wb=0.1630 log $D^2H$+2.3475; log Wl=0.4509 log $D^2H$+2.0041. From the above, the standing crops in area A were measured thus: Ws was 1,128. 83kg; Wb, 689.05kg; Wl, 926.69kg and Wl, 2,744.57kg per 10a. In area B, Ws was 1,206. 66kg; Wb, 679.92kg; Wl, 1,112.51kg and Wt, 2.999kg per l0a. Significant differences from the result of t-test were for $D^2H$ Ws, Wl and Wt between areas A and B. But no significant difference was found for Wb. In order to record as completely as possible the microfungal flora of the areas, every possible means was tried, and 158 strains of fungi were isolated, and of these, the microfungi of 55 species were identified. The dominant species were Trichoderma viride, Penicillium janthinellum, P. commune, Aspergillus oryzae, A. niger, A. gigantus, A. fumigatus, Mortierella ramaniana, var. anguliFPora, Mucor hiemalis and Zygorhynchus moelleri. According to the above results, it was revealed that optimum soil, the increases of soil materials, more species of soil microfungi, and the atmospheric temperature during the growth period have made the bamboo flourish and bring more species and larger quantities of vegetation in the bamboo forests. The correlation between the standing crops and environmental factors in the bamboo forest is considered to be a complicated relationship of all the factors, but the stand density is thought to be the most important factor involved.

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A Study on the Visions of Zechariah in the Old Testament from a Perspective of Analytical Psychology (구약성서 '스가랴'서의 환상에 대한 분석심리학적 연구)

  • Sang Ick Han
    • Sim-seong Yeon-gu
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    • v.29 no.1
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    • pp.1-45
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    • 2014
  • Mystic experience such as seeing an vision could be explained as experiencing elusive and mysterious unique existence in religious way. In depth psychology, which is based on unconsciousness like analytical psychology, this could be explained as a something that gives a meaning of life and purpose through discovering health and healing. The importance of primodial experience in depth psychology is that it can possibly discover the base of present acts. In Christian theology, symbolic mystery and truth of religious experience that appear in Christian tradition have interest on human situation. These two fields' approach methods are different, but both show common interest on unique experience which can be said properly as raw experience. Various visions appear in many parts of the Bible. Among many visions, the book of Zechariah, one of the 12 Prophets, describes rich and diverse 8 visions through chapter 1 to chapter 8. However, due to the Genre of revelation, it lacks historicity, and because of vagueness and symbolic meanings, its visions are hard to understand and interpret. Theologically, visions of Zechariah show communality of Israelites by reconstructing kingdom of Judah and church in a way of historical circumstances. Though, these visions could deliver the meaning of an ethnical aspect as reporting continuous conversation between the God and humans. Furthermore, it could mean a personal aspect of the Prophet Zechariah as reaching for a opportunity of new change. Moreover, those who read these visions could try to interpret the meanings of various images which represent meeting mysterious existences. Therefore, the Author would concentrate on the fact that 8 visions in the book of Zechariah, which has not been received much attention to neither Christians nor non-believers, develop in chiastic structure (stylistic contrast), so that tries to interpret the first, second, seventh, and the eighth visions in analytic psychology way. In visions of Zechariah, excepting the 4th vision which probably was inserted later, rest of 7 visions each shows the stage of the hours of darkness. 1st to 3rd visions represent evening, 5th vision represents deep in the night, and 6th to 8th visions represent dawn to morning. Moreover, since structure of visions arranged in chiastic way, horse appears in 1st and 8th vision, measuring rope and measure tools are used as main motif in 2nd and 7th vision. However, same motifs could have different symbolic meanings and roles as visions are formed in different situations and conditions. In the first vision, angels who ride horses look around the world and report it is calm and peaceful. Concerning the political situation back in the day, the world being calm and peaceful in the beginning of evening means that it is not ready to change to a whole new world. Psychologically, if there is no readiness to adopt new world, it means being hopeless. It is sending you a message to get out of those kinds of situation. Moreover, appearance of four angels who rode red, brown, and white horses to a myrtus tree in the valley means that it is time for individuation and it is right and good timing for changing. In second vision, you will be able to see that Israelites had long years being caught in the shadows by foreign country, and long years succumbed by the strength of four horns, which shows the progress of renewing strength and being oneness with oneself from overwhelmed situation by paternity. In seventh vision, meaning of two women bringing the godness of the sky, who were locked up in a rice basket, back to the temple in Babylon is going towards in a level of Self-actualization by separating one's ego captured excessively by matherhood and putting back to a place where it was before. In eighth vision, chariots pulled by horses are scattered far and wide, and horses which went to north had rest in the land of North. After horses and chariots are seen between two mountains of bronze with the image of Self and anima/animus. These images can be explained as the changing progress are almost completed and the God and human, in other words Self and ego are being united and is now time for rest. All of 8 visions contains the conversation between angel and Zechariah who willing to know the meaning of visions. Zechariah asks the angel actively about the meaning of visions because of his wish for Israelites to return home and rebuild church. Conversation among the God, Zechariah, who asks questions until he knows everything, an Angel, who gives answer to given questions, is conversation between ego and anima/animus. Eventually, it is a conversation between Self and ego.

Multinational Corporate Linkage Stability in the Canadian Urban System (캐나다 도시체계에서의 다국적기업 연계패턴의 안정성)

  • Kee-Bom Nahm
    • Journal of the Economic Geographical Society of Korea
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    • v.1 no.1
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    • pp.151-172
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    • 1998
  • Over the past two decades, the process of globalization of multinational corporations has increased at a rapid rate. One manifestation of this process is the establishment of corporate head offices in a variety of international centers to administer and coordinate, the day-to-day operations in the host countries. In establishing a subsidiary overseas a firm creates a direct link between the operations of the domestic corporate center and the foreign host center This paper investigates elements of stability and change in the international linkage patterns among domestic parent corporations and host subsidiaries over the past several decades. In particular, it seeks answers to a number of question related to stability and change in linkages among foreign centers of control and those Canadian centers selected to administer the subsidiary operations from 1970 to 1991 over the four primary sectors, namely, resources, manufacturing, services, and finance. By confirming the core stability and dispersed linkages hypotheses, the papar offers some generalizations with respect to the location and stability of subsidiary headquarters centers in Canada and their respective subsector specialties. Finally, it addresses further research avenues fer the quaternary place study.

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A New Understanding on Environmental Problems in China - Dilemma between Economic Development and Environmental Protection - (중국 환경문제에 대한 재인식 -경제발전과 환경보호의 딜레마-)

  • Won, Dong-Wook
    • Journal of Environmental Policy
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    • v.5 no.1
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    • pp.45-70
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    • 2006
  • China has achieved great economic growth above 9% annual since it changed to more of a market economy system by its reform and open-door policy. At the same time, China has experienced severe ecological deterioration, such as air and water pollutions caused by its rapid urbanization and industrialization. China is now confronted with environmental pollution and ecological deterioration at a critical point, at which economic development in China is limited. Moreover, environmental problems in China have become a lit fuse for social fluctuation beyond pollution problems. The root and background of environmental problems in China, firstly, are its government's lack of understanding of these problems and incorrect economic policies affected by political and ideological prejudice. Secondly, the plundering of resources, 'the principle of development first' which didn't consider environmental sustainability is another source of environmental deterioration in China. In addition, a huge population and poverty in China have increased the difficulty in solving its environmental problems, and in fact have accelerated them. The Chinese government has established many environmental laws and institutions, increased environmental investments, and is enlarging the participation of NGOs and the general public in some limited scale to solve its environmental problems. However, it has not obtained effective results because of the lack of environmental investments owing to the government's limit of the development phase, a structural limit of law enforcement and local protectionism, and the limit of political independency in NGOs and the lack of public participation in China. It seems that China remains in the stage of 'economic development first, environmental protection second', contrary to its catch-phrase of 'the harmony between economic development and environmental protection'. China is now confronted with dual pressure both domestically and abroad because of deepening environmental problems. There are growing public's protests and demonstrations in China in response to the spread of damage owing to environmental pollution and ecological deterioration. On the other hand, international society, in particular neighboring countries, regard China as a principal cause of ecological disaster. In the face of this dual pressure, China is presently contemplating a 'recycling economy' that helps sustainable development through the structural reform of industries using too much energy and through more severe law enforcement than now. Therefore, it is desirable to promote regional cooperation more progressively and practically in the direction of building China's ability to solve environmental problems.

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An Overview of Readjustment Measures Against the Banking Industry's Non-Performing Loans (은행부실채권(銀行不實債權) 정리방안(整理方案)에 대한 고찰(考察))

  • Kim, Joon-kyung
    • KDI Journal of Economic Policy
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    • v.13 no.1
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    • pp.35-63
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    • 1991
  • Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.

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