• 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.

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

• Journal of Distribution Research
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• v.15 no.5
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• pp.103-126
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• 2010

The development of an industry including distribution sector is influenced by not only government policy but the related firms' behaviors. Recently the large-scale retailers have had more enormous channel power than any other distributors including monopolistic makers. Now is the time for government to prepare some policies against the unfair transaction behaviors by large-scale retailers. In this paper I tried to inquire into the distribution competition policy from a political correspondent point of view related with the transition of distribution system. For the purpose of this article I compared the case of Korea with Japan. According to the results so far inquired, there are some commons and differences in the cases of the two. Some suggestions are as follows. Considering the predominant position the concept of large-scale retailers is to be extended from a single store to numerous chain stores in the political level. Government needs to examine the standard propriety for large-scale retailer; the size of selling area and amount of sales a year. When a large-scale retailer store is to be established, it need to be taken a permit or a pre-inspection. The Fair Trade Commission have to secure the neutrality from Government's strategies. And government should find out the examples of unfair transaction behavior types and prepare some proper guidelines continually. For the last time statistical data by distributors are to be fitted out and the actual investigations for estimating the effects of government policies need to be enforced.

• The Korean Journal of Pharmacology
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• v.32 no.1
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• pp.23-29
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• 1996

According to the traditional receptor model, competitive antagonists share with agonists the ability to bind to a common site on receptors, but they are different from agonist in that they cannot trigger the biological response-i.e., they lack intrinsic efficacy. Recent findings extend the model by indicating that not all antagonists display an intrinsic efficacy of zero but that some display 'inverse agonism'. In the present study we studied the inverse agonism at $A_1$ adenosine receptors in membranes prepared from rat cerebral cortex. Eight commercially available $A_1$ adenosine receptor antagonists (CGS-15943, ADPX, CPT, DPCPX, DPX, N-0840, PACPX and 8-PT) were screened for inverse agonism by measuring the extent of $[^{35}S]guanosine-5'-({\gamma}-thio)$ triphosphate $([^{35}S]GTP_{\gamma}S)$ binding to G proteins. The agonist-induced stimulation of $[^{35}S]GTP_{\gamma}S$ bindings was completely blocked in the presence of $A_1$ adenosine receptor antagonists. Under optimal conditions, two types of antagonists could be distinguished. Seven antagonists including DPCPX decreased the basal $[^{35}S]GTP_{\gamma}S$ binding in the absence of agonist, displaying inverse agonist activity. One (CGS-15943) had no effect on the basal bindings. N-ethylmaleimide treatment reduced the basal bindings as well as agonist-mediated stimulation of $[^{35}S]GTP_{\gamma}S$ bindings, indicating that a substantial amount of this binding reflects an activated state of the C proteins. In good agreement with these findings, 0.1 mM GTP decreased the apparent affinity of the receptors for the agonist PIA, increased that for DPCPX, and had no effect on that for CGS-15943.

• Science of Emotion and Sensibility
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• v.6 no.4
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• pp.9-14
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• 2003

Sleep stages have been useful indicator to check a person's comfortableness in a sleep, But the traditional method of scoring sleep stages with polysomnography based on the integrated analysis of the electroencephalogram(EEG), electrooculogram(EOG), electrocardiogram(ECG), and electromyogram(EMG) is too restrictive to take a comfortable sleep for the participants, While the sympathetic nervous system is predominant during a wakefulness, the parasympathetic nervous system is more active during a sleep, Cardiovascular function is controlled by this autonomic nervous system, So, we have interpreted the heart rate variability(HRV) among sleep stages to find a simple method of classifying sleep stages, Six healthy male college students participated, and 12 night sleeps were recorded in this research, Sleep stages based on the "Standard scoring system for sleep stage" were automatically classified with polysomnograph by measuring EEG, EOG, ECG, and EMG(chin and leg) for the six participants during sleeping, To extract only the ECG signals from the polysomnograph and to interpret the HRV, a Sleep Data Acquisition/Analysis System was devised in this research, The power spectrum of HRV was divided into three ranges; low frequency(LF), medium frequency(MF), and high frequency(HF), It showed that, the LF/HF ratio of the Stage W(Wakefulness) was 325% higher than that of the Stage 2(p＜.05), 628% higher than that of the Stage 3(p＜.001), and 800% higher than that of the Stage 4(p＜.001), Moreover, this ratio of the Stage 4 was 427% lower than that of the Stage REM (rapid eye movement) (p＜.05) and 418% lower than that of the Stage l(p＜.05), respectively, It was observed that the LF/HF ratio decreased monotonously as the sleep stage changes from the Stage W, Stage REM, Stage 1, Stage 2, Stage 3, to Stage 4, While the difference of the MF/(LF+HF) ratio among sleep Stages was not significant, it was higher in the Stage REM and Stage 3 than that of in the other sleep stages in view of descriptive statistic analysis for the sample group.

• Childhood Kidney Diseases
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• v.12 no.1
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• pp.78-87
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• 2008

Purpose: Recently, the conception and cognition that enuresis was resolved spontaneously, have changed. We reviewed the attitudes of the primary care physicians who make diagnose and treat nocturnal enuresis. Methods: From January 2006 to February 2007, a total of 293 primary care physicians in Daegu city participated in this survey. Questionnaires included questions about physicians' opinions on the appropriated age for diagnosis of enuresis, the likely causes of enuresis, etc. Physicians are grouped in two according to whether enuresis is major field of their subspecialty; the pediatrician & urologist group and the other physician group. Results: 59.2% of pediatricians and urologists thought that enuresis is defined as the nightly involuntary release of urine by children of the age of 5 to 6, while 49.6% of other physicians did. For the causes of enuresis, most of clinicians checked "yes" to the question that "Under-developed bladder and nerve" and "Emotional problems". In the patient's behavioral reactions related to enuresis, "Lack of concentration in home and school" and "Frequent urination" were most responded. Attendance to the education program of enuresis in last five years and willing to participate in education program was statistically different among pediatricians-urologists and other physicians. Regarding the treatment of enuresis, most physicians used imiprarnin widely, but pediatricians and urologists preferred desmopressin. Alarm was the last one in treatment modality. Conclusion: This study revealed that pediatricians and urologists are attending more to the educational places and knowing much about the recent information on enuresis when compared to other primary care physicians, regarding the diagnostic age and treatment modality of enuresis. The education of enuresis for primary physicians is more needed.

• Journal of Chest Surgery
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• v.36 no.4
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• pp.261-266
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• 2003

Background: Surgery of abdominal aortic aneurysm revealed high operative mortality. We reviewed our 11-years' experiences of abdominal aortic aneurysm operation and wish to obtain information on the treatment. Material and Method: From Jan. 1990 to Dec. 2000, 48 patients were operated due to abdominal aortic aneurysm in Yonsei Cardiovascular Center Mean age was $62.8{\pm}12.7$ and there were 40 males and 8 females. Among 48 patients, nine patients had ruptured abdominal aortic aneurysm, and mean aneurysm diameter of non-ruptured cases was $8.8{\pm}2.4$cm. Result: There were 6 early deaths, and early mortality was 12.5%. Among 9 patients of preoperative aneurysm rupture, three patients died (33.3%), and among 39 patients of non-ruptured cases, 3 patients died (7.7%). Among preoperative variables, age (p<0.05), preoperative BUN level (p<0.05), and DM (p<0.05) were risk factors of early mortality. Among discharged 42 patients, 40 patients were followed up (f/u rate=95.2%) and mean follow up was $3.6{\pm}0.2$ years. During follow up periods, five patients died (late mortality=11.9%), and Kaplan-Meier survival analysis revealed $81.7{\pm}7.6$% survival rate at five and ten year. Linealized incidence of graft related event was 3.53% per patient-year. Conclusion: Surgical mortality of ruptured abdominal aortic aneurysm was higher than non-ruptured cases; therefore, early resection of the aneurysm can decrease the surgical mortality.

• Korean Journal of Organic Agriculture
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• v.13 no.4
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• pp.401-412
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• 2005

This study was conducted to examine the effects of dietary Mogchotan(the mixture of charcoal and pyroligneous acid, 80:20, w/w) supplementation on fattening performance, fatty acid composition and the physico-chemical characteristics of meat in pigs. The present study was also stressed to investigate the possibility of industrial utilization of charcoal and pyroligneous acid as a livestock feed additive. Weight gain and feed conversion in pigs fed the Mogchotan supplemented diet were higher than those of the control group. In fatty acids composition, palmitic acid(C16:0) contents of Mogchotan treatment groups were lower than that of control group. However, Mogchotan supplementation increased C16:1, C18:0, C18:1, C18:2 and C18:3 contents when compared with control group pigs. Also, Mogchotan supplementation groups decreased saturated fatty acids level than control group. On the other hand, Mogchotan supplementation showed higher unsaturated fatty acids value, especially polyunsaturated fatty acids value compared to control group. The carcass pH of pigs fed the Mogchotan tended to be higher than control, but was not significantly different. The water holding capacity was significantly higher in pigs fed the 3.0% Mogchotan-supplemented diet than those of other treatment groups(p<0.05). Altogether, it has been suggested that dietary $1{\sim}3%$ of Mogchotan supplementation improved the fattening performance and meat quality in pigs.

• Journal of Life Science
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• v.30 no.4
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• pp.331-342
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• 2020

The suppression of neuroinflammatory responses in microglial cells can be considered a key target for improving the progression of neurodegenerative diseases such as Alzheimer's disease (AD), Parkinson's disease (PD), and Huntington's disease (HD). Asparagus cochinchinensis has traditionally been used as a medicine to treat fever, cough, kidney disease, breast cancer, inflammatory diseases, and brain diseases. In this study, we investigated the neuroprotective mechanism of an aqueous extract from A. cochinchinensis root (AEAC), particularly its anti-inflammatory effects on lipopolysaccharide (LPS)-activated BV-2 microglial cells. BV-2 cells were treated with four different concentrations of AEAC. No significant toxicity was detected in BV-2 cells treated with AEAC. Nitric oxide (NO), cyclooxygenase-2 (COX-2) mRNA, and inducible nitric oxide synthase (iNOS) mRNA levels were 21% lower in the AEAC+LPS group than in the Vehicle+LPS group. Lower proinflammatory (TNF-α and IL-1β) and anti-inflammatory cytokine (IL-6 and IL-10) levels were also detected in the AEAC+LPS group than in the Vehicle+LPS group, albeit at varying rates. Moreover, the phosphorylation of mitogen-activated protein kinase (MAPK) members after LPS treatment was significantly recovered in the AEAC-pretreated group compared to the Vehicle+LPS group, enhancement of the phosphorylation of mitogen-activated protein kinase (MAPK) members after LPS treatment was significantly recovered in the AEAC-pretreated group, while cell cycle arrest at the G2/M phase caused by LPS treatment was less severe in the AEAC+LPS group. The increase in reactive oxygen species (ROS) generation induced by LPS treatment was also lower in the AEAC-pretreated group than in the Vehicle+LPS group. This is the first study to show that AEAC exerts anti-neuroinflammatory activity against LPS stimulation by regulating the MAPK signaling pathway, the cell cycle, and ROS production.

• Journal of Food Hygiene and Safety
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• v.24 no.4
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• pp.318-323
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• 2009

Dahi is yoghurt like fermented dairy products available in Bangladesh made by traditional ways from raw milk. The aim of the present study was to check and compare the present quality status of the market dahi in reference to laboratory made dahi. For this, dahi was prepared in the laboratory (A) and collected from Kishoregonj district (B), Gazipur district (C), Bogra district (D) and Dhaka district (E and F). Consumer acceptance quality was judged on 100 point by a judge panel and chemical and microbiological quality test were done by established methods. 'A' type dahi was superior followed by E, D, F, B and C considering the consumer acceptance quality parameter. From chemical test, it appears that, B possess the lowest pH ($3.75\;{\pm}\;0.05$) and highest was in C ($4.46\;{\pm}\;0.15$). Total solids content of F type dahi ($318.40\;{\pm}\;4.44\;g/kg$) was highest and fat ($52.00\;{\pm}\;2.00\;g/kg$), protein ($44.33\;{\pm}\;2.00\;g/kg$) and ash ($10.76\;{\pm}\;0.31\;g/kg$) content were also higher in F type dahi. E and A type dahi were also with considerable figure in chemical quality parameter. Dahi B was inferior in respect of microbiological quality- total viable count (TVC) (${\times}\;10^5\;cfu/ml$) content was $94.00\;{\pm}\;4.58$, yeast (cfu/ml) content was $183.33\;{\pm}\;15.28$ and mold (cfu/ml) content was $53.33\;{\pm}\;15.28$. The TVC (${\times}\;10^5\;cfu/ml$), yeast (cfu/ml) and mold (cfu/ml) content of A type dahi were $39.67\;{\pm}\;4.51$, $50.00\;{\pm}\;10.00$ and $20.00\;{\pm}\;10.00$, respectively. Considering all the three major quality aspects dahi A was superior than others followed by F, D, E, C and B.