• 제목/요약/키워드: Mixed Effects Models

검색결과 170건 처리시간 0.026초

민간의료보험 가입이 의료이용에 미치는 영향 (Effects of Private Insurance on Medical Expenditure)

  • 윤희숙
    • KDI Journal of Economic Policy
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    • 제30권2호
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    • pp.99-128
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    • 2008
  • 민간보험은 공적보험과 보완적인 관계를 형성함에도 불구하고 우리나라의 민간보험은 소득계층에 따른 접근성 차이로 인한 사회적 불평등, 도덕적 해이로 인한 공적보험 재정악화 등의 우려를 낳고 있다. 그러나 이에 관한 실증적 분석은 그간 이루어지지 못하여 정책적인 방향을 정립하는 데 장애가 되어 왔다. 본 연구는 건강보험공단, 심사평가원, 민간보험사, 행정자치부 주민등록세대정보 등의 관련 정보를 종합하여 이에 대한 실증분석을 시도했다. 그 결과, 우리나라의 민간보험 가입률은 전 국민의 64%에 달하고 있으며, 고소득층과 저소득층 간에 민간보험 가입률의 차이가 나타나지 않았다. 이는 공적보험의 보장성이 미흡한 상황에서 저소득층 역시 갑작스런 의료지출에 대비하고 있으며, 민간보험이 의료접근성의 계층화를 초래하지 않고 있다는 것을 시사한다. 또한 민간보험 가입자는 평균적으로 미가입자에 비해 의료이용량이 높지 않았으며, Two-Part Model을 통해 다양한 변수를 통제했을 경우에도 동일한 결과가 나타났다. 연령대에 따른 차이로 미루어 이러한 결과는 노동시장과 연관된 한시적인 성격일 것으로 추측되나, 현재로서는 민간보험 가입에 따른 도덕적 해이가 강하게 나타나고 있다는 근거는 발견되지 않았다.

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배양조건에 의한 일과성 저산소상태 후 신경세포회복의 차이 (Difference of Neuronal Recovery by Incubation Condition after Transient Hypoxia)

  • 문수현;오재인;박윤관;정흥섭;이훈갑;이기찬
    • Journal of Korean Neurosurgical Society
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    • 제29권9호
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    • pp.1161-1170
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    • 2000
  • Objective : The transverse hippocampal slice is one of the most commonly studied in vitro models of mammalian brain physiology. However, despite its broad usage, there has been no standardization of slice preparation techniques or recording condition. It is well known that variations in recording conditions can result in profound different effects to neuronal responses. Evoked field potentials, recorded extracellularly, were used to investigate the effects of variations in hippocampal slice preparation protocol on hypoxia responses of CA1 neurones. Material & Methods : Before hypoxic injury, hippocampal slices were incubated for 4 hours. During incubation period, the slices were placed in a incubation chamber($21^{\circ}C$) for recovery from preparation injury and then transferred to recording chamber($34^{\circ}C$) for more recovery and baseline electric recording with current stimulation(0.1Hz). Various time periods in incubation chamber and recording chamber were applied to each experimental group(group 1=60min : 180min, group 2=90min : 150min, group 3=180min : 60min, time in incubation chamber : time in recording chamber) before 10 min hypoxia produced by replacing 95% $O_2$+5% $CO_2$ mixed gas to 95% $N_2$+5% $CO_2$ gas. Calcium, Magnesium ions and several drugs effecting on glutamate receptor also were studied. Recoveries from hypoxic injury of hippocampal slices were estimated by percent recovery of population spike(PS). Statistic analysis of study were performed using paired t-test. Results : The percent recovery of PS after 10min hypoxia was considerably enhanced by increasing the period of current stimulation during incubation period before hypoxic injury. Temperature effect on the result of this experiment was also studied(group 4) but the result from this showed no statistic significance. Low magnesium ion concentration of artificial CSF(Mg-free aCSF) during incubation period enhanced the recovery of PS but low calcium (calcium-free) and high magnesium ion concentration(2mM) reduced it after hypoxic injury. L-glutamate($100{\mu}M$) and AP-5($50{\mu}M$) had no effect on the recovery of PS but CNQX($10{\mu}M$) in artificial CSF during incubation period markedly enhanced the recovery of PS. Co-treatment of AP-5($50{\mu}M$), CNQX($10{\mu}M$) and high magnesium concentration(2mM) enhanced recovery of PS in immediate following period of hypoxic injury but the effect of cotreatment after then decayed rapidly and lost statistic significance. Conclusions : Judging from above results, the condition of baseline recording is important in observing the recovery of population spike after hypoxia, and the time and the condition should be controled more strictly to obtain reliable results.

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봄철 미세분진이 북경시 아동 폐기능에 미치는 급성영향에 관한 연구 (A Study on the Acute Effects of Eine Particles on Pulmonary Function of Schoolchildren in Beijing, China)

  • 김대선;유승도;차정훈;안승철;차준석
    • 한국환경보건학회지
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    • 제30권2호
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    • pp.140-148
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    • 2004
  • To evaluate the acute effects of fine particles on pulmonary function, a longitudinal study was conducted. This study was carried out for the schoolchildren (3rd and 6th grades) living in Beijing, China. Each child was provided with a mini-Wright peak flow meter and a preformatted health symptom diary for 40 days, and was trained on their proper use. Participants were instructed to perform the peak flow test three times in standing position, three times a day (9 am, 12 pm, and 8 pm), and to record all the readings along with the symptoms (cold, cough, and asthmatic symptoms) experienced on that day. Daily measurement of fine particles (PM$_{10}$ and PM$_{2.5}$) was obtained in the comer of the playground of the participating elementary school for the same period of this longitudinal study. The relationship between daily peak expiratory flow rate (PEFR) and fine particle levels was analyzed using a mixed linear regression models including gender, height, the presence of respiratory symptoms, and daily average temperature and relative humidity as extraneous variables. The total number of students participating in this longitudinal study was 87. The range of daily measured PEFR was 253-501$\ell$/min. In general, the PEFR measured in the morning was lower than the PEFR measured in the evening (or afternoon) on the same day. The daily mean concentrations of PM$_{10}$ and PM$_{2.5}$ over the study period were 180.2$\mu\textrm{g}$/㎥ and 103.2$\mu\textrm{g}$/㎥, respectively. The IQR (inter-quartile range) of PM$_{10}$ and PM$_{2.5}$ were 91.8$\mu\textrm{g}$/㎥ and 58.0$\mu\textrm{g}$/㎥. During the study period, the national ambient air quality standard of 150$\mu\textrm{g}$/㎥ (for PM$_{10}$) was exceeded in 23 days (57.5%). The analysis showed that an increase of 1$\mu\textrm{g}$/㎥ of PM$_{10}$ corresponded to 0.59$\mu\textrm{g}$/㎥ increment of PM$_{2.5}$. Daily mean PEFR was regressed with the 24-hour average PM$_{10}$ (or PM$_{2.5}$) levels, weather information such as air temperature and relative humidity, and individual characteristics including gender, height, and respiratory symptoms. The analysis showed that the increase of fine particle concentrations was negatively associated with the variability in PEFR. The IQR increments of PM$_{10}$ or PM$_{2.5}$ (at 1-day time lag) were also shown to be related with 1.54 $\ell$/min (95% Confidence intervals: 0.94-2.14) and 1.56$\ell$/min (95% CI: 0.95-2.16) decline in PEFR.R.ine in PEFR.ine in PEFR.

이민자와 모국인 기업가의 창업을 위한 금융원천: 특정국가 부의 조절효과를 중심으로 (Immigrant and Native Entrepreneurs' Sources of Financing for Startup: With a Moderating Effect of Wealth in the Country)

  • Ashourizadeh, Shayegheh
    • 기업가정신과 벤처연구
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    • 제19권2호
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    • pp.1-15
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    • 2016
  • 일반적으로 기업가들이 창업을 할 때 자금을 필요로 한다. 이들 자금의 주요원천은 개인저축, 가족이나 친구들의 자금 또는 은행이나 다른 금융기관들의 대출이다. 이민자와 모국인 기업가들의 자금원천에는 차이가 있는데, 그 차이는 그들이 처해있는 사회적 맥락에 기인한다. 이 연구의 주제는 기업가의 거주형태-이민자인지 모국인인지-가 어떻게 자금의 원천에 영향을 미치는지, 그리고 이러한 차이가 어떻게 한국가의 부에 의해 조절효과를 가지는지 하는 것이다. 데이터는 글로벌 기업가정신 모니터에서 29개국 14,369명의 이민자 및 모국인 창업 기업주나 관리자를 대상으로 서베이한 것을 사용했으며, 위계혼합모델을 사용하여 분석하였다. 분석결과 이민자나 모국인 기업가 모두 개인저축과 가족의 자금을 가장 주요한 자금원천으로 사용했다. 모국인 기업가들은 이민자 기업가들보다 은행이나 금융기관들을 주요 자금원천으로 사용한데 반해, 이민자 기업가들은 친구나 기타 원천을 자금원천으로 사용했다. 하지만 이러한 거주형태가 자금의 원천에 미치는 영향은 국가의 상황에 의해 조절된 것으로 나타났다. 한 국가의 부의 정도가 친구나 기타 원천을 자금원천으로 사용하도록 촉진한 것으로 나타났다.

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미세먼지가 울산지역 초등학생의 폐기능에 미치는 영향 (Effects of Fine Particles on Pulmonary Function of Elementary School Children in Ulsan)

  • 유승도;차정훈;김대선;이종태
    • 한국환경보건학회지
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    • 제33권5호
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    • pp.365-371
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    • 2007
  • To evaluate the effect of air pollution on respiratory health in children, We conducted a longitudinal study in which children were asked to record their daily levels of Peak Expiratory Flow Rate(PEFR) using potable peak flow meter(mini-Wright) for 4 weeks. The relationship between daily PEFR and ambient air particle levels was analyzed using a mixed linear regression models including gender, age in year, weight, the presence of respiratory symptoms, and relative humidity as an extraneous variable. The daily mean concentrations of $PM_{10}$ and $PM_{2.5}$ over the study period were $64.9{\mu}g/m^3$ and $46.1{\mu}g/m^3$, respectively. The range of daily measured PEFR in this study was $182{\sim}481\;l/min$. Daily mean PEFR was regressed with the 24-hour average $PM_{10}(or\;PM_{2.5})$ levels, weather information such as air temperature and relative humidity, and individual characteristics including sex, weight, and respiratory symptoms. The analysis showed that the increase of air particle concentrations was negatively associated with the variability in PEFR. We estimated that the IQR increment of $PM_{10}$ or $PM_{2.5}$ were associated with 1.5 l/min (95% Confidence intervals -3.1, 0.1) and 0.8 l/min(95% CI -1.8, 0.1) decline in PEFR. Even though this study showed negative findings on the relationship between respiratory function and air particles, it was worth noting that the findings must be interpreted cautiously because exposure measurement based on monitoring of ambient air likely resulted in misclassification of true exposure levels and this was the first Korean study that $PM_{2.5}$ measurement was applied as an index of air quality.

덧씌우기 응력흡수층에 대한 전단, 부착강도 평가 및 파괴에너지 예측모델 개발 (Evaluation of Interlayer Shear Properties and Bonding Strengths of a Stress-Absorbing Membrane Interlayer and Development of a Predictive Model for Fracture Energy)

  • 김도완;문성호;권오선;문기훈
    • 한국도로학회논문집
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    • 제20권1호
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    • pp.87-95
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    • 2018
  • PURPOSES : A geo-grid pavement, e.g., a stress-absorbing membrane interlayer (SAMI), can be applied to an asphalt-overlay method on the existing surface-pavement layer for pavement maintenance related to reflection cracking. Reflection cracking can occur when a crack in the existing surface layer influences the overlay pavement. It can reduce the pavement life cycle and adversely affect traffic safety. Moreover, a failed overlay can reduce the economic value. In this regard, the objective of this study is to evaluate the bonding properties between the rigid pavement and a SAMI by using the direct shear test and the pull-off test. The predicted fractural energy functions with the shear stress were determined from a numerical analysis of the moving average method and the polynomial regression method. METHODS : In this research, the shear and pull-off tests were performed to evaluate the properties of mixtures constructed using no interlayer, a tack-coat, and SAMI with fabric and without fabric. The lower mixture parts (describing the existing pavement) were mixed using the 25-40-8 joint cement-concrete standard. The overlay layer was constructed especially using polymer-modified stone mastic asphalt (SMA) pavement. It was composed of an SMA aggregate gradation and applied as the modified agent. The sixth polynomial regression equation and the general moving average method were utilized to estimate the interlayer shear strength. These numerical analysis methods were also used to determine the predictive models for estimating the fracture energy. RESULTS : From the direct shear test and the pull-off test results, the mixture bonded using the tack-coat (applied as the interlayer between the overlay layer and the jointed cement concrete) had the strongest shear resistance and bonding strength. In contrast, the SAMI pavement without fiber has a strong need for fractural energy at failure. CONCLUSIONS : The effects of site-reflection cracking can be determined using the same tests on cored specimens. Further, an empirical-mechanical finite-element method (FEM) must be done to understand the appropriate SAMI application. In this regard, the FEM application analy pavement-design analysis using thesis and bonding property tests using cored specimens from public roads will be conducted in further research.

까나리 액젓 부산물과 건조 비지를 첨가한 압출성형물의 제조 (Production of Extrudates Formulated from Pacific Sand Lance Sauce By-Product and Dried Biji)

  • 한규홍;김병용;이재권
    • 한국식품과학회지
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    • 제34권2호
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    • pp.186-193
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    • 2002
  • 까나리 액젓 부산물을 이용하고자 단백질 효율이 뛰어난 건조 비지를 혼합하여 압출성형을 하였고, 통계적 모델링과 분석을 통하여 혼합비에 따른 압출성형물의 최적화를 이루었다. 수학적인 모델과 trace plot을 이용하였을 때 건조 비지는 압출성형물의 단백질을 증가시키고, 까나리 액젓 부산물과 상호작용을 일으켜 절단파손강도를 강하게 함을 알 수 있었다. 하지만 압출성형물내에 건조 비지가 증가함에 따라 회분과 염도는 감소하였고, 각각의 성분이 독립적으로 작용한 지방과 색도는 증가시키는 경향을 보였다. 건조 비지를 첨가한 최적의 압출성형물을 결정하기 위해 각 반응의 canonical 계수를 이용하여 수적 최적화를 한 결과 까나리 액젓 부산물 15.83%, 건조 비지 44.17%, 밀가루 40%로 나타났고, 혼합물 성분 모형을 중첩시킨 모형적 최적화에서는 까나리액젓 부산물 15.74%, 건조 비지 44.26%, 밀가루 40%로 나타났다. 최적화된 압출성형물이 제조하여 동물실험을 하였을때 건조 비지를 첨가한 압출성형물이 대조군과 비교하여 낮은 식이효율을 보였으나 단백질 함량의 증가가 식이효율에 주요하게 작용하여 대조군과의 차이를 줄이는 것으로 나타났다.

준분포형 모형을 이용한 농업용 저수지가 안성천 유역의 유출모의에 미치는 영향 평가 (Impact Assessment of Agricultural Reservoir on Streamflow Simulation Using Semi-distributed Hydrologic Model)

  • 김보경;김병식;권현한
    • 대한토목학회논문집
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    • 제29권1B호
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    • pp.11-22
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    • 2009
  • 장기유출 해석은 저수지와 댐의 용량 결정, 가뭄대책 수립, 하천유지유량 결정 등의 이수계획과 용수공급을 위한 댐 및 저수지의 물 관리, 수리권의 허가 및 조정, 용수 분쟁 조정 등의 하천 물 관리 실무와 하천, 호소의 수질예측 등에도 필수적이다. 이를 위해 수문학자들은 수자원관리를 목적으로 강우-유출 모형을 가장 널리 이용하고 있으나 실제 유역 내에 위치하고 있는 댐과 저수지 등과 같은 인위적 저류시설물에 대한 고려가 미흡한 실정이다. 각 저류시설물의 수용 및 방류 능력은 국부적으로는 저수지 하류에, 광역적으로는 유역 전체에 상당한 영향을 미칠 수 있으며 이러한 관점에서 볼 때 강우-유출 모형을 이용하여 유출해석 시 유역 내 포함된 저수지나 댐과 같은 시설물을 고려하여 모형을 구성하는 것이 타당하다. 본 연구에서는 과거 집중호우 등으로 홍수피해를 경험한 바가 있으며 농업용 저수지가 다수 위치한 안성천 유역을 대상으로 농업용 저수지가 유출해석에 미치는 영향을 분석하였다. 이를 위해 본 연구에서는 현재 홍수조절 능력에 대한 논란이 일고 있는 안성천 유역의 농업용 저수지를 고려하여 준 분포형 강우-유출 모형인 SLURP 모형을 구성하고 농업용 저수지의 저류 효과에 따른 하류 지역에 대한 영향성을 검토하였으며, 유출해석 시 모형 내 저수지 반영 여부에 따른 차이에 대하여 비교 분석하였다. 모형 내 저수지를 고려하여 모의한 결과, 강우가 집중되지 않는 봄과 가을철에는 저류효과가 있는 것으로 나타났으나 강우가 매우 집중되는 시기에는 하류로의 유출이 더 크게 모의되어 저수지를 고려하지 않은 경우와 차이를 보였으며, 유황분석을 통해 저수지 유무에 따른 유량변동이 풍수량(95일)과 갈수량(355일)에서 특히 크게 분석되는 결과를 확인 할 수 있었다. 단, 본 연구에서 분석하고자 하는 기흥, 이동, 고삼과 금광 저수지의 자료는 안성천홍수예보시스템 개선(건설교통부, 2007b)에서 조사된 내용에 의거하여 각 저수지별 최대방류량을 입력 자료로 활용하였으므로 실제 저수지 운영에 따른 유출과 유황변동과는 차이가 있을 수 있음을 미리 밝히는 바이다.

인터넷 쇼핑몰 수용에 있어 사용자 능력의 조절효과 분석 (An Analysis of the Moderating Effects of User Ability on the Acceptance of an Internet Shopping Mall)

  • 서건수
    • Asia pacific journal of information systems
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    • 제18권4호
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    • pp.27-55
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    • 2008
  • Due to the increasing and intensifying competition in the Internet shopping market, it has been recognized as very important to develop an effective policy and strategy for acquiring loyal customers. For this reason, web site designers need to know if a new Internet shopping mall(ISM) will be accepted. Researchers have been working on identifying factors for explaining and predicting user acceptance of an ISM. Some studies, however, revealed inconsistent findings on the antecedents of user acceptance of a website. Lack of consideration for individual differences in user ability is believed to be one of the key reasons for the mixed findings. The elaboration likelihood model (ELM) and several studies have suggested that individual differences in ability plays an moderating role on the relationship between the antecedents and user acceptance. Despite the critical role of user ability, little research has examined the role of user ability in the Internet shopping mall context. The purpose of this study is to develop a user acceptance model that consider the moderating role of user ability in the context of Internet shopping. This study was initiated to see the ability of the technology acceptance model(TAM) to explain the acceptance of a specific ISM. According to TAM. which is one of the most influential models for explaining user acceptance of IT, an intention to use IT is determined by usefulness and ease of use. Given that interaction between user and website takes place through web interface, the decisions to accept and continue using an ISM depend on these beliefs. However, TAM neglects to consider the fact that many users would not stick to an ISM until they trust it although they may think it useful and easy to use. The importance of trust for user acceptance of ISM has been raised by the relational views. The relational view emphasizes the trust-building process between the user and ISM, and user's trust on the website is a major determinant of user acceptance. The proposed model extends and integrates the TAM and relational views on user acceptance of ISM by incorporating usefulness, ease of use, and trust. User acceptance is defined as a user's intention to reuse a specific ISM. And user ability is introduced into the model as moderating variable. Here, the user ability is defined as a degree of experiences, knowledge and skills regarding Internet shopping sites. The research model proposes that the ease of use, usefulness and trust of ISM are key determinants of user acceptance. In addition, this paper hypothesizes that the effects of the antecedents(i.e., ease of use, usefulness, and trust) on user acceptance may differ among users. In particular, this paper proposes a moderating effect of a user's ability on the relationship between antecedents with user's intention to reuse. The research model with eleven hypotheses was derived and tested through a survey that involved 470 university students. For each research variable, this paper used measurement items recognized for reliability and widely used in previous research. We slightly modified some items proper to the research context. The reliability and validity of the research variables were tested using the Crobnach's alpha and internal consistency reliability (ICR) values, standard factor loadings of the confirmative factor analysis, and average variance extracted (AVE) values. A LISREL method was used to test the suitability of the research model and its relating six hypotheses. Key findings of the results are summarized in the following. First, TAM's two constructs, ease of use and usefulness directly affect user acceptance. In addition, ease of use indirectly influences user acceptance by affecting trust. This implies that users tend to trust a shopping site and visit repeatedly when they perceive a specific ISM easy to use. Accordingly, designing a shopping site that allows users to navigate with heuristic and minimal clicks for finding information and products within the site is important for improving the site's trust and acceptance. Usefulness, however, was not found to influence trust. Second, among the three belief constructs(ease of use, usefulness, and trust), trust was empirically supported as the most important determinants of user acceptance. This implies that users require trustworthiness from an Internet shopping site to be repeat visitors of an ISM. Providing a sense of safety and eliminating the anxiety of online shoppers in relation to privacy, security, delivery, and product returns are critically important conditions for acquiring repeat visitors. Hence, in addition to usefulness and ease of use as in TAM, trust should be a fundamental determinants of user acceptance in the context of internet shopping. Third, the user's ability on using an Internet shopping site played a moderating role. For users with low ability, ease of use was found to be a more important factors in deciding to reuse the shopping mall, whereas usefulness and trust had more effects on users with high ability. Applying the EML theory to these findings, we can suggest that experienced and knowledgeable ISM users tend to elaborate on such usefulness aspects as efficient and effective shopping performance and trust factors as ability, benevolence, integrity, and predictability of a shopping site before they become repeat visitors of the site. In contrast, novice users tend to rely on the low elaborating features, such as the perceived ease of use. The existence of moderating effects suggests the fact that different individuals evaluate an ISM from different perspectives. The expert users are more interested in the outcome of the visit(usefulness) and trustworthiness(trust) than those novice visitors. The latter evaluate the ISM in a more superficial manner focusing on the novelty of the site and on other instrumental beliefs(ease of use). This is consistent with the insights proposed by the Heuristic-Systematic model. According to the Heuristic-Systematic model. a users act on the principle of minimum effort. Thus, the user considers an ISM heuristically, focusing on those aspects that are easy to process and evaluate(ease of use). When the user has sufficient experience and skills, the user will change to systematic processing, where they will evaluate more complex aspects of the site(its usefulness and trustworthiness). This implies that an ISM has to provide a minimum level of ease of use to make it possible for a user to evaluate its usefulness and trustworthiness. Ease of use is a necessary but not sufficient condition for the acceptance and use of an ISM. Overall, the empirical results generally support the proposed model and identify the moderating effect of the effects of user ability. More detailed interpretations and implications of the findings are discussed. The limitations of this study are also discussed to provide directions for future research.

마코브국면전환모형을 이용한 글로벌 주식시장의 변동성에 대한 연구 (A Study on the Volatility of Global Stock Markets using Markov Regime Switching model)

  • 이경희;김경수
    • 경영과정보연구
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    • 제34권3호
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    • pp.17-39
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    • 2015
  • 본 연구는 Hamilton and Susmel(1994)에 의해 개발된 마코브국면전환 ARCH모형을 이용하여 글로벌 주식시장의 구조적 변화와 변동성을 파악하고자 하였다. 본 연구를 요약하면, 첫째, SWARCH-L(3,2)모형의 결과, 미국, 이탈리아 및 아일랜드는 상태 1에서 상태 2로의 국면전환으로 변화가 없고 상태 1에서 상태 3으로의 국면전환은 5배 이상의 분산증가를 나타내었으나, 한국, 러시아, 인도 및 그리스는 상태 1에서 상태 2로의 국면전환으로 2배 이상이고, 상태 1에서 상태 3으로의 국면전환은 7배 이상의 분산이 더욱 증가되었다. 평균값의 결과, 상태 1에서 상태 2로의 점프는 3배, 상태 1에서 상태 3으로의 전환은 13배의 위험이 증가되었다. 그리고 한국, 미국, 인도, 이탈리아는 ARCH(1)과 ARCH(2)효과를 나타내었고, 대부분의 주식시장에서 레버리지(leverage)와 비대칭효과는 존재하였다. 둘째, 평균전이확률의 결과, 한국의 저변동성국면의 지속성(278일)이 가장 커서 장기적인 것으로 추정되었고 동일한 변동성국면간의 확률은 거의 1에 가까워 높은 지속성을 나타내었다. 셋째, Chow 결과, 아시아, 글로벌 및 유럽발 금융위기를 포함한 설정된 5개 기간에서 주식시장간의 구조적 변화(structural changes)가 존재하였다. 또한 1-Step 예측오차 결과, 1997년과 1998년의 아시아의 금융위기동안 러시아를 제외하고 대부분 주식시장이 불안정하고, 2007년과 2008년의 글로벌 금융위기동안에 한국을 제외하고 다른 주식수익률이 불안정하고, 2010과 2011의 유럽발 금융위기동안에 한국, 미국, 러시아 및 인도를 제외하고 대부분의 주식시장도 불안정하고, N-Step 결과에서는 1997년부터 2008년까지의 아시아와 글로벌 금융위기동안 대부분의 주식시장이 불안정하였다. 반면에 CUSUM검정에서 아시아의 위기인 1997년과 1998년에는 거의 변화가 없었고, 일부 국가를 제외하고 2000년대 후반까지 모든 주식시장이 안정적으로 나타났다. CUSUMSQ검정에서는 1997년 7월부터 2011년 12월까지 아시아와 글로벌 및 유럽발 금융위기 동안에 대부분의 주식시장이 국가별로 안정과 불안정이 혼재하였다. 넷째, 우도비 검정결과, 한국과 타국의 주식시장의 변동성간의 밀접한 관련성을 확인하였다. 따라서 본 연구는 첫째, 여러 금융위기동안의 주식시장의 고변동성을 발생시키는 에피소드 또는 사건들을 파악하였고, 둘째, 주식시장의 변동성의 지속성에서 저변동성국면에서 위기변동성국면으로의 전환보다는 고변동성국면으로의 국면전환으로 분산이 더욱 증가되었고, 셋째, 국가 기간별로 동일하지는 않을지라도 고변동성국면은 1990년대 말 이후의 비즈니스 불경기와 관련이 있었고, 넷째, 주식시장에 레버리지와 비대칭효과가 존재하였고, 다섯째, Lamoureux and Lastrapes(1990)의 주식시장의 구조적 위험의 변화로 인한 결과와 본 연구의 결과와 일치하였다는 것을 확인하였고 $An\acute{e}$ and Ureche-Rangau(2006)의 다양한 비선형의 국면전환모형을 사용하여 보다 정교한 추가적인 분석이 필요하다.

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