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

• Journal of Distribution Research
• /
• v.12 no.3
• /
• pp.23-48
• /
• 2007

Category management has been implemented to enhance competitiveness in the food distribution industry since 2000 in Korea. This study helps to understand why suppliers achieve better or worse performance than competitors in a category. The major objective of this article is to explore which category tactics are effective to have influence on category performance when suppliers as a category captain implement category management with variety enhancer categories like shampoo, toothpaste, and detergent. The Nielsen data were analyzed using regression and Chow test. The empirical results that were varied upon the store type and market position found out which specific actions on product assortments, pricing, shelving, and product replenishment can increase category sales. Specifically, in the case of market leader in large supermarket, the significant indicators of category sales with respect to category tactics are the out-of-stock rate, the variance across brand shares, the forward inventory, and the days supply of a product. However, in the case of follower in large supermarket, the significant indicators of category sales are the variance across brand shares, the forward inventory, and the days supply of a product. On the other hand, in the case of small supermarket, the significant factors on category sales for both market leader and follower are the retail distribution rate, the variance across brand shares, the forward inventory, and the days supply of a product category. In sum, regardless of the store type and market position, dominant brands in a category, the forward inventory, and short days supply of a product improved performance in all categories. Critical difference is that the out-of-stock rate acted as a key ingredient for the market leader between large and small supermarket and the retail distribution rate for the follower between large and small supermarket. This article presents some theoretical and managerial implications of the empirical results and finalizes the paper by addressing limitations and future research directions.

• Cartoon and Animation Studies
• /
• s.43
• /
• pp.321-342
• /
• 2016

The "uncanny valley" curve describes the measured results of the negative emotion response which depends on the similarity between the artificially created character and the real human shape. The "uncanny valley" effect that usually appears in the animation character design induces negative response such as fear and hatred feeling, and anxiety, which is not expected by designers. Especially, in the case of the commercial animation which mostly reply on public response, this kind of negative response is directly related to the failure of artificially created character. Accordingly, designers adjust the desirability of the character design by avoiding or utilizing the "uncanny valley" effect, inducing certain character effect that leads to the success in animation work. This manuscript confirmed the "uncanny valley" coefficient of the positive emotion character design which was based on the actual character design and animation analysis. The "uncanny valley" concept was firstly introduced by a medical scientist Ernst Jentsch in 1906. After then, a psychologist Freud applied this concept to psychological phenomenon in 1919 and a Japanese robert expert Professor Masahiro Mori presented the "uncanny valley" theory on the view of the recognition effect. This paper interpreted the "uncanny valley" effect based on these research theory outcomes in two aspects including sensation production and emotion expression. The mickey-mouse character design analysis confirmed the existence basis of the "uncanny valley" effect, which presented how mickey-mouse human shape image imposed the "uncanny valley" effect on audience. The animation work analysis investigated the reason why the produced 3D animation character should not be 100% similar to the real human by comparing the animation baby character produced by Pix company as the experimental subject to the data of the real baby with the same age. Therefore, the examples of avoiding or utilizing the "uncanny valley" effect in animation character design was discussed in detail and the four stages of sensation production and emotional change of audience due to this kind of effect was figured out. This research result can be used as an important reference in deciding the desirability of the animation character.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
• /
• v.4 no.1
• /
• pp.40-49
• /
• 1999

A laboratory flume experiment, using turbulence-generating acryl tank and natural sediments, was conducted to investigate the effects of salinity, concentration of suspended sediment, turbulence and clay minerals on the flocculation and settling of fine-grained suspended sediments. While experiments were run, a sequence of water samples were taken near the bottom of the tank to analyze the variations of size distribution and relative contents of clay minerals. The results of the salinity experiment indicate that median settling velocity ($W_{50}$) increases linearly with salinity. Different settling processes of suspended sediments under variable concentrations appear to be predictable, depending upon the range of the suspension concentration. At concentrations less than 200 mg/l, $W_{50}$ is rarely varied with concentration probably because of the individual--grain settling mode. In the range of 200 to 13,000 mg/l show $W_{50}$ and concentration a good relationship following an empirical formula: $W_{50}=0.45C^{0.44}$. This relationship, however, no longer holds in concentrations exceeding 13,000 mg/l; instead, a more or less reverse one is shown. This result suggests an effect of hindered settling. The turbulence effect is somewhat different from that of concentration. Turbulence accelerates the flocculation and settling susepended sediments at low concentration (200 mg/l), whereas at high concentration turbulence breaks floes down and impedes the settling. Size distribution of suspended sediments sampled near the bottom of the tank tend to be more negatively skewed and leptokurtic in turbulent conditions compared to those in static conditions. The clay mineral analysis from the sequential water samples shows that over time the content of smectite decreases most rapidly with illite remaining concentrated in suspension. This means that smectite, among other clay minerals, plays the most effective role in the flocculation of fine-grained sediment in saline water.

• Journal of Food Hygiene and Safety
• /
• v.6 no.1
• /
• pp.1-12
• /
• 1991

Fischer 344 rats aged six weeks were diYided into four groups and group 1, 2, and 3 of rats were given an intraperitoneal injection of diethylnitrosamine at 200 mg/kg body weight and group 4 was given saline alone. Two weeks after beginning of the experiment, group 1 and 2 of rats were begun to feed on diets containing 0.02% 2-acetylaminofluorene as a promoter for four weeks. Three weeks after beginning of the experiment, all groups were performed partial hepatectomy. During the last two weeks, group 1 and 3 of rats were received subcutaneously 3 consecutive weekly doses of iron dextran at 0.125 ml/100 g body weight. Subcutaneous injection of iron dextran resulted in hepatic siderosis in group 1 and 3 of rats. Pre neoplastic nodules were identified histopathologically by two markers, resistance to exogenous iron accumulation and glutathione S-transeferase placental form (GST-P) activity, while early carcinogen induced foci were hardly resistant to iron accumulation and though a few lesions were identified, it could hardly be distincted from normal hepatocytes of surroundings. However, GST-P positive nodules as well as foci were clearly distincted from normal hepatic cells of surroundings. In the quantitative analysis of carcinogen-induced nodules and foci, more lesions were detected by immunohistochemical method for GST-P than by prussian blue staining for resistant to iron accumulation. It is concluded that immunohistochemical marker for GST-P is more sensitive and reliable than iron-resistance marker, and that iron-resistance is not useful marker for early detection of carcinogen-induced hepatic lesions.

• Korean Journal of Ecology and Environment
• /
• v.44 no.2
• /
• pp.203-213
• /
• 2011

Agriculture modern environments can vary due to factors such as land consolidation and ditch enhancement projects. But, these improvements projects can include cover-ing-up of irrigation ditches with concrete, increasing the drop between paddy field and drainage ditches, which might decrease the abundance and diversity of fish fauna around paddy fields. In this study, for the management of agrobiodiversity on fish in paddy fields, we installed a small-scale fishways between paddy fields and drainage ditches, and evaluated the effects on the eco-connection of the paddy fields, ditches and stream. Five fish species were recovered at the drainage ditches. The species exhibited characteristics spawning and growth based on the paddy field. The results indicate that the five fish species could ascend the paddy fields through the small-scale fishways. There are no difference of species numbers at ditches of environment-friendly agriculture paddy fields (A) and good agricultural practices (B) region, but individual numbers were higher at the B region. This result could be interpreted as indicating that ditch diversity was affected by positional properties rather than farming practices because the water flow and connection to adjacent stream of B region were better than A region. After ascertaining the fish species capable of ascending in a pre-survey of the drainage ditches, we set up small-scale fishways at the drop between paddy fields and drainage ditches. Three species of fish (Aphyocypris chinensis, Misgurnus anguillicaudatus, M. mizolepis) arrived at the paddy fields via small-scale fishways. The main movement time was from 18:00~24:00 and 00:00~06:00, indicating a preference for the night time period rather than the day period for migration. Concentrating the operation time from night to dawn seems prudent for effective management of small-scale fishways.

• Journal of the Korean association of regional geographers
• /
• v.22 no.1
• /
• pp.151-167
• /
• 2016

Conventional social science typically regards the idea of a 'mountain' as part of 'nature' and a physical environment existing separately from, or prior to, human society and culture. However, in Korea, which is 70% mountainous land, the 'mountain' is part of a unique 'social nature'. This research develops the idea that in this context the mountain is a social nature and a cultural landscape which are tied heavily to the idea of travel. The article interrogates why the scenic beauties of Mt. Kumgang have been perceived and conveyed through multiple generations since the Chosun Dynasty period. Focusing on Mt. Kumgang, this article illustrates how strongly people have held dreams of mountain travel, for the whole life-time. Travel writings(or accounts of trips to the mountain) and artwork have played a particularly important role in creating Mt. Kumgang's reputation as the most beautiful mountain in the country. At the same time, the access to the mountain was often a dangerous adventure, with many travelers facing hunger and extreme physical challenges. As portrayed in writings and artwork, the overall effect of these dynamics was the creation of a socionatural place of striking beauty that even seemed to have mystical or magical fantasy. According to Confucian ideals, full appreciation of nature and its beauty was key to understanding the logics of the universe and to achieving a high moral standard, which contributed to decide to leave for the mountain as well. The essays, poems, and paintings of Mt. Kumgang since the Chosun Dynasty period that portrayed the mountain's beauty collectively served to produce the mountain as a socionatural landscape engendered with potent place-myths, important historical meaning, and strong aesthetic associations. Thus, the travel to the mountain seemed never completed over until travelers had completed various artistic representations to record and to memorize what they'd done and seen in Mt. Kumgang, which had been performed for the strong purpose of social sharing of the real the mountain's beauties and itinerary.

• Journal of Digital Convergence
• /
• v.18 no.10
• /
• pp.81-93
• /
• 2020

This study is based on workplace learning, which has revealed its significant influence in the previous enterprise case studies. Why do small business owners have the opportunity to participate in workplace learning based on authenticity? It was intended to clarify whether it was necessary and to increase the growth and development potential of small business owners based on its contents. Moreover, this study is focused on identifying the influence of workplace learning on management performance through this series of processes. In order to investigate the influence of small enterprise workplace learning on management performance, research hypotheses were set based on a review of previous studies, and empirical analysis was carried out. A total of 203 questionnaires were empirically analyzed using SPSS 18.0 program. As a result, first, workplace learning had partially significant positive influence on job satisfaction. Second, workplace learning had significant positive influence on management performance. Third, job satisfaction had significant positive influence on management performance. Fourth, job satisfaction had partial mediating effect in the relationship between workplace learning and management performance. The analysis result showed that among sub-factors of workplace learning, only formal learning did not affect job satisfaction and that job satisfaction did not have mediating effect in the relationship between formal learning and management performance. According to analysis, this was because in poor small enterprise environments, opportunities to participate in formal learning like external training or in-house training were not kept. In other words, poor small enterprise environments were plainly revealed from the managerial, economic and social standpoint. Therefore, there is a need to establish the foundation of growth for them to solve problems and develop win-win development capabilities and an institutional system that can make a contribution to policy and education, and management, by helping small enterprises keep opportunities to participate in workplace learning. In spite of these significant study results, there can be a limitation. For improving this limitation, further research will need to target diverse fields focusing on samples, which can explain relations of many different variables. Also, working-level relation research connected to studies that can highly enhance management performance will be required.

• Journal of the Korean Academy of Child and Adolescent Psychiatry
• /
• v.27 no.1
• /
• pp.2-30
• /
• 2016

This article provides an overview of the developmental history and rationale of medical ethics to establish the code of ethics and professional conduct of the Korean Academy of Child and Adolescent Psychiatry (KACAP). Most medical professional organizations have their own codes of ethics and conduct because they have continuous responsibility to regulate professional activities and conducts for their members. The Ethics and Award Committee of the KACAP appointed a Task-Force to establish the code of ethics and conduct in 2012. Because bioethics has become global, the Ethics Task Force examined global standards. Global standards in medical ethics and professional conduct adopted by the World Medical Association and the World Psychiatric Association have provided the basic framework for our KACAP's code of ethics and professional conduct. The Code of Ethics of the Americal Academy of Child and Adolescent Psychiatry has provided us additional specific clarifications required for child and adolescent patients. The code of ethics and professional conduct of the KACAP will be helpful to us in ethical clinical practice and will ensure our competence in recognizing ethical violations.

• Korean Journal of Social Welfare
• /
• v.50
• /
• pp.235-263
• /
• 2002

The present study is designed to explore restructuring direction of the old-age income maintenance system and development direction of the Seniority Pension Scheme(SPS) in Korea. While the SPS is trifling scheme with tiny benefit amount and small budget, the SPS has important role that function as only public income maintenance scheme for both the low income class and the excluded from public pension and public assistance at present stage because of immature National Pension. This study starts with the research question why serious mis-matching problem between needs and resources in old-age income maintenance system occur. Thus this study explores fundamental change direction of the old-age income maintenance system which is coincide with further situation change(demography, labour market, family structure). Also this study explores desirable SPS's development direction as taking into account relation with other public old-age income maintenance system. This paper suggests basic direction of old-age income maintenance system as follows: principle of universal and individual security; principle of sustainability; principle of equity. Under general principle, this paper also proposes largely two development scenario of the SPS. The one is to maintain present transitional and provisional scheme with trying scheme's substantiality. The other is to change into permanent old-age income maintenance scheme for the excluded public pension and public assistance. At this point it is the public pension's role that the SPS's development direction is determined. If the public pension keep one pension per one earner as present system, non-contribution pension as present SPS should maintain continuously. However, if the public pension reorganize into basic pension of one pension per one person and earning-related pension, the SPS should be managed temporarily until mature of public pension. Therefore whether the public pension play basic security role for all elderly or not will determine the SPS development direction.