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A Study on the Clustering Method of Row and Multiplex Housing in Seoul Using K-Means Clustering Algorithm and Hedonic Model (K-Means Clustering 알고리즘과 헤도닉 모형을 활용한 서울시 연립·다세대 군집분류 방법에 관한 연구)

  • Kwon, Soonjae;Kim, Seonghyeon;Tak, Onsik;Jeong, Hyeonhee
    • Journal of Intelligence and Information Systems
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    • v.23 no.3
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    • pp.95-118
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    • 2017
  • Recent centrally the downtown area, the transaction between the row housing and multiplex housing is activated and platform services such as Zigbang and Dabang are growing. The row housing and multiplex housing is a blind spot for real estate information. Because there is a social problem, due to the change in market size and information asymmetry due to changes in demand. Also, the 5 or 25 districts used by the Seoul Metropolitan Government or the Korean Appraisal Board(hereafter, KAB) were established within the administrative boundaries and used in existing real estate studies. This is not a district classification for real estate researches because it is zoned urban planning. Based on the existing study, this study found that the city needs to reset the Seoul Metropolitan Government's spatial structure in estimating future housing prices. So, This study attempted to classify the area without spatial heterogeneity by the reflected the property price characteristics of row housing and Multiplex housing. In other words, There has been a problem that an inefficient side has arisen due to the simple division by the existing administrative district. Therefore, this study aims to cluster Seoul as a new area for more efficient real estate analysis. This study was applied to the hedonic model based on the real transactions price data of row housing and multiplex housing. And the K-Means Clustering algorithm was used to cluster the spatial structure of Seoul. In this study, data onto real transactions price of the Seoul Row housing and Multiplex Housing from January 2014 to December 2016, and the official land value of 2016 was used and it provided by Ministry of Land, Infrastructure and Transport(hereafter, MOLIT). Data preprocessing was followed by the following processing procedures: Removal of underground transaction, Price standardization per area, Removal of Real transaction case(above 5 and below -5). In this study, we analyzed data from 132,707 cases to 126,759 data through data preprocessing. The data analysis tool used the R program. After data preprocessing, data model was constructed. Priority, the K-means Clustering was performed. In addition, a regression analysis was conducted using Hedonic model and it was conducted a cosine similarity analysis. Based on the constructed data model, we clustered on the basis of the longitude and latitude of Seoul and conducted comparative analysis of existing area. The results of this study indicated that the goodness of fit of the model was above 75 % and the variables used for the Hedonic model were significant. In other words, 5 or 25 districts that is the area of the existing administrative area are divided into 16 districts. So, this study derived a clustering method of row housing and multiplex housing in Seoul using K-Means Clustering algorithm and hedonic model by the reflected the property price characteristics. Moreover, they presented academic and practical implications and presented the limitations of this study and the direction of future research. Academic implication has clustered by reflecting the property price characteristics in order to improve the problems of the areas used in the Seoul Metropolitan Government, KAB, and Existing Real Estate Research. Another academic implications are that apartments were the main study of existing real estate research, and has proposed a method of classifying area in Seoul using public information(i.e., real-data of MOLIT) of government 3.0. Practical implication is that it can be used as a basic data for real estate related research on row housing and multiplex housing. Another practical implications are that is expected the activation of row housing and multiplex housing research and, that is expected to increase the accuracy of the model of the actual transaction. The future research direction of this study involves conducting various analyses to overcome the limitations of the threshold and indicates the need for deeper research.

Spatial Composition and Landscape Characteristics of Shimwon-Pavilion Garden in Chilgok - Focusing on 'Shimwon-pavilion Poem of 25 Sceneries' and 「Shimwon-pavilion Soosukgi(心遠亭水石記)」 - (칠곡 심원정원림의 공간구성과 경관특성 - '심원정 25영(心遠亭 二十五詠)'과 「심원정수석기(心遠亭水石記)」를 중심으로 -)

  • Kim, Hwa-Ok;Park, Yool-Jin;Rho, Jae-Hyun;Shin, Sang-Seop;Cho, Ho-Hyeon
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.34 no.2
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    • pp.27-34
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    • 2016
  • The results of investigation on the spatial composition and landscape characteristics of Shimwon-pavilion garden built and enjoyed by Jo Byeong-sun in 1937 during the period of Japanese colonialism based on 'Shimwon-pavilion Soosukgii(水石記)' and 'Shimwon-pavilion Poem of 25 Sceneries(二十五詠)' contained in 'Anthology of Giheon(寄軒)' are as follows. 1. Shimwon-pavilion garden is assumed as Byeol-Seo garden based on the planning background and contents of Gimun and the observations on spot. By its location, it is classified as 'Planted forest' with a pine forest in the north and 'Byeol-Seo of mooring type' with Guyacheon flowing in the garden. It is about 400m away from the main house in the straight-line distance. 2. The meaning and attributes of reclusiveness are well represented in the 'screening structures' all around Shimwon-pavilion garden with Hakrimsan, a Gasan(假山) in the north, vines on Chwibyeong(翠屛) in the east and west, Eunbyeong(隱屛) of stone walls along with Guyacheon in the south, which shows the spirit of Giheon who adored the Taoistic life. 3. Shimwon-pavilion garden, located in the Songrimsa, a temple of thousand years, is a place of consilience where Buddhism was accepted, Taoistic life was pursued with Tao Yuan-ming's philosophy regarding rural areas and romantic sensibilities of Li Po, called poem master(詩仙), the confucian values of Zhu Xi were realized. Giheon intended to build and enjoy this place as a microcosm and shelther where he unfolded his own view of learning and cultivated his mind. 4. 25 sceneries on Shimwon-pavilion consist of 5 sceneries in the space of pavilion(architecture) and 20 sceneries in the outer garden. First, 5 sceneries consist of ancillary rooms for various uses, including Jeongunru, Amsushil, Wiryujae, Iyeoldang, and Jeong-Gak Shimwon-pavilion embracing them, which shows that Shimwon-pavilion is a place to foster younger students. And 20 scenary is divided into 9 sceneries on the natural spaces and 11 artificially created facilities. 9 sceneries are engraved on the rocks as described in 'Seokgyeonggi'. 5. 4 sceneries of the indoor scenery lexemes(亭閣 心遠亭 怡悅堂 停雲樓 闇修室) were intended to be recognized by the framed pictures, 5 places among the scenery lexemes in garden(龜巖 醒石 隱屛 兩忘臺 東槃) by letters carved on the rocks, and 8 places(君子沼 杞泉 天光雲影橋 芳園 槐岡 柳堤 石扉 東翠屛) by sign stones, but signs of 8 sceneries are not currently identified because they have been be swept away and demolished. 6. A variety of plant landscapes with various meanings and water landscape with various types are contained in 25 sceneries - Sophora symbolizing a tree for scholar in Gehgang(槐岡), Willow symbolizing Tao Yuanming and continued vitality in Yooje(柳堤), Boxthorn symbolizing family togetherness in spring(杞泉), vines and herbal plants and waterfalls(隱瀑), shallow pond(君子沼), pond(湯池), water hole(杞泉), water flowing in the middle of rock(盤陀石), water flowing between the rocks(水口巖). 7. While Shimwon-pavilion garden is a garden near the water, the active involvements with 11 sceneries directly built is distinguished. The other pavilion gardens are faithful in engraving the names by setting the scenery lexemes of the nature-oriented Gyeong(景) and Gok(曲) near and far, but Shimwon-pavilion garden is a garden for active learning(修景) with the spaces built to match with the beautiful nature and to show the depths of space off.

SSR Marker Related to Major Characteristics Affected Kernel Quality in Waxy Corn Inbred Lines (찰옥수수 자식계통의 주요 품질특성과 관련된 SSR마커)

  • Jung, Tae-Wook;Moon, Hyeon-Gui;Son, Beom-Young;Kim, Sun-Lim;Kim, Soon-Kwon
    • KOREAN JOURNAL OF CROP SCIENCE
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    • v.51 no.spc1
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    • pp.185-192
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    • 2006
  • This experiment was conducted to assess genetic diversity of waxy corn inbred lines and to identify SSR markers related to major characteristics affected kernel quality for improving waxy corn $F_1$ hybrid with good quality. Diversity of 64 waxy com inbred lines was evaluated using 30 microsatellite markers. The 30 microsatellite markers representing 30 loci in the maize genome detected polymorphisms among the 64 inbred lines and revealed 225 alleles with a mean of 7.5 alleles per primer. The polymorphism Information content (PIC) value ranged from 0.14 to 0.87, with an average of 0.69. Based on Nei's genetic distances, the 64 inbred lines were classified into 9 groups by the cluster analysis. The group I included 26 inbred lines (41%), other groups included 3 to 9 inbred lines. One-way analysis of variance was conducted to identify significant relationship between individual markers and major characteristics that affect kernel quality. The analysis showed that umc1019 was related to amylopectin and crude protein content, me 1020 to amylopectin content and peak viscosity, and bnlg1537 to 100-kernel weight, kernel length, and kernel width.

Evaluation of SharpIR Reconstruction Method in PET/CT (PET/CT 검사에서 SharpIR 재구성 방법의 평가)

  • Kim, Jung-Yul;Kang, Chun-Koo;Park, Hoon-Hee;Lim, Han-Sang;Lee, Chang-Ho
    • The Korean Journal of Nuclear Medicine Technology
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    • v.16 no.1
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    • pp.12-16
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    • 2012
  • Purpose : In conventional PET image reconstruction, iterative reconstruction methods such as OSEM (Ordered Subsets Expectation Maximization) have now generally replaced traditional analytic methods such as filtered back-projection. This includes improvements in components of the system model geometry, fully 3D scatter and low noise randoms estimates. SharpIR algorithm is to improve PET image contrast to noise by incorporating information about the PET detector response into the 3D iterative reconstruction algorithm. The aim of this study is evaluation of SharpIR reconstruction method in PET/CT. Materials and Methods: For the measurement of detector response for the spatial resolution, a capillary tube was filled with FDG and scanned at varying distances from the iso-center (5, 10, 15, 20 cm). To measure image quality for contrast recovery, the NEMA IEC body phantom (Data Spectrum Corporation, Hillsborough, NC) with diameters of 1, 13, 17 and 22 for simulating hot and 28 and 37 mm for simulating cold lesions. A solution of 5.4 kBq/mL of $^{18}F$-FDG in water was used as a radioactive background obtaining a lesion of background ratio of 4.0. Images were reconstructed with VUE point HD and VUE point HD using SharpIR reconstruction algorithm. For the clinical evaluation, a whole body FDG scan acquired and to demonstrate contrast recovery, ROIs were drawn on a metabolic hot spot and also on a uniform region of the liver. Images were reconstructed with function of varying iteration number (1~10). Results: The result of increases axial distance from iso-center, full width at half maximum (FWHM) is also increasing in VUE point HD reconstruction image. Even showed an increasing distances constant FWHM. VUE point HD with SharpIR than VUE point HD showed improves contrast recovery in phantom and clinical study. Conclusion: By incorporating more information about the detector system response, the SharpIR algorithm improves the accuracy of underlying model used in VUE point HD. SharpIR algorithm improve spatial resolution for a line source in air, and improves contrast recovery at equivalent noise levels in phantoms and clinical studies. Therefore, SharpIR algorithm can be applied as through a longitudinal study will be useful in clinical.

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A Study on Evaluating Solute Excretion in the Normal Neonate (정상 신생아에서 용질배설 측정 의의에 관한 연구)

  • Choi Jeong Hoon;Kim Mi Kyung;Yoo Kee Hwan;Hong Young Sook;Lee Joo Won;Kim Soon Kyum
    • Childhood Kidney Diseases
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    • v.4 no.1
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    • pp.6-10
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    • 2000
  • Purpose: To evaluate whether the urinary creatinine concentration is a reliable reference value to standardize urinary solute excretion in a spot urine sample during the first week of life. Methods: Spontaneously voided urine specimens were obtained in 49 healthy full term neonates, and in 33 healthy older children with the median ages of $5.7{\pm}4.3$ years, two urine samples were available with an interval of 2 to 3 days. Urine creatinine concentration was determined by the Jaffe test(CoBAS, Integra, Roche, Swiss). Uurine osmolality was determined by the freezing point depression test(Multi-osmette, Precision, USA). Results: Mean urinary creatinine and osmolality values of the first urine samples were not significantly different with the second urine samples in each group. Mean urinary creatinine and osmolality values in neonates were significantly different from the older children of the each urine sample(P<0.01). In neonates, the mean of the urinary oreatinine/osmolality ratios was higher than that of the older children(P<0.01). The urinary creatinine and the creatinine/osmolality values of the first urine samples were closely correlated with those of the second samples in both two groups(P<0.001). Conclusion: The urinary creatinine concentration during the first day of life is relatively stable, even when corrected for urinary osmolality The urinary creatinine and the urinary creatinine/osmolality ratio, therefore, can be used to standardize the urinary excretion of solutes in the neonate.

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Reading Deviations of Glass Rod Dosimeters Using Different Pre-processing Methods for Radiotherapeutic in-vivo Dosimetry (유리선량계의 전처리 방법이 방사선 치료 선량 측정에 미치는 영향)

  • Jeon, Hosang;Nam, Jiho;Park, Dahl;Kim, Yong Ho;Kim, Wontaek;Kim, Dongwon;Ki, Yongkan;Kim, Donghyun;Lee, Ju Hye
    • Progress in Medical Physics
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    • v.24 no.2
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    • pp.92-98
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    • 2013
  • The experimental verification of treatment planning on the treatment spot is the ultimate method to assure quality of radiotherapy, so in-vivo skin dose measurement is the essential procedure to confirm treatment dose. In this study, glass rod dosimeter (GRD), which is a kind of photo-luminescent based dosimeters, was studied to produce a guideline to use GRDs in vivo dosimetry for quality assurance of radiotherapy. The pre-processing procedure is essential to use GRDs. This is a heating operation for stabilization. Two kinds of pre-processing methods are recommended by manufacturer: a heating method (70 degree, 30 minutes) and a waiting method (room temperature, 24 hours). We equally irradiated 1.0 Gy to 20 GRD elements, and then different preprocessing were performed to 10 GRDs each. In heating method, reading deviation of GRDs at same time were relatively high, but the deviation was very low as time went on. In waiting method, the deviation among GRDs was low, but the deviation was relatively high as time went on. The meaningful difference was found between mean reading values of two pre-processing methods. Both methods present mean dose deviation under 5%, but the relatively high effect by reading time was observed in waiting method. Finally, GRD is best to perform in-vivo dosimetry in the viewpoint of accuracy and efficiency, and the understanding of how pre-processing affect the accuracy is asked to perform most accurate in-vivo dosimetry. The further study is asked to acquire more stable accuracy in spite of different irradiation conditions for GRD usage.

A Study on the Sailing Speed of Ancient Ships - especially on the average speed and the effect of the wind, the tide, and the man-power at the oar - (고대 선박의 항해속도 연구 - $\ll$고려도경$\gg$을 중심으로-)

  • Yoon, Il-Young
    • Journal of National Security and Military Science
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    • s.7
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    • pp.155-231
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    • 2009
  • Xu-Jing(徐競) an official of the Song(宋), a medieval Kingdom of China, wrote a book titled $\ll$Koryo Tu Jing(高麗圖經)$\gg$ which explains his travel to the Koryo as a member of diplomatic mission in 1123. $\ll$Koryo Tu Jing$\gg$ is the record of his personal experience in Koryo with many explanatory illustrations and especially contains 5 months' voyage record of his diplomatic fleet. His fleet set sail at a port located in the Ding Hai Xian(定海縣), Ming Zhou(明州) via a few islands of Koryo [Hyup Kye San(俠界山) , the Kun San Do(群山島) , the Ja Yon Do(紫燕島) , the Keup Su Mun(急水門) in Kang Hwa Gun(江華郡) and the Hap Gul(蛤窟) ] and finally arrived the Port Ye Song Hang(禮成港) . According to the Xu-Jing's record his fleet sailed the sea with the help of the favorable seaward winds and tides as the usual way of ancient sailing. The Xu- Jing's Fleet sailed the sea between the Mei Cen(梅岑), Ming Zhou(明州) of China and the Hyup Kye San(俠界山) of Koryo from about 5:00 a.m., May 24th(of the lunar calendar) to about 5:00 p.m., June 2nd. At this section, the average speed of the seaward winds was 19.45km/h and the average speed of the fleet which sailed only by the power of the winds was 6.29km/h. This means that 32.3% of the favorable seaward winds' speed was equal to the speed of the ancient fleet which sailed only by the power of the favorable seaward winds. The fleet sailed the sea between the Ja Yon Do(紫燕島) and the Keup Su Mun(急水門) from about 9:00 a.m., June 10th to about 1:00 p.m., the same day. At this section the fleet sailed by the power of tides in addition to the favorable seaward winds without oaring. The average speed of the winds was not different from that of former section and the average speed of the tides was 1.937km/h. And at this section the average speed of the fleet increased by 0.41km/h than that of the former section. This means that 21.1% of the speed of the tides was equal to the increased speed of the ancient fleet by virtue of the tides. The fleet sailed the sea between Keup Su Mun(急水門) and the Hap Gul(蛤窟) from about 1:00 p.m., June 10th to about 3:00 p.m., the same day. At this section, there were no seaward winds and the fleet sailed only by the powers of tides and oaring. And at this section, the tide increased the average speed of the fleet by 0.3114km/h and the fleet could sail at the speed of 4.3km/h. So we can conclude that the average speed of ancient fleet without any influences of the seaward winds and tides was 3.98 km/h. We can make use of the various sailing speeds of ancient fleets when judging their maritime activities. If we make use of the various sailing speeds of the ancient fleets as calculated in this article, we will be able to get various important informations about the certain ancient fleet's maritime maneuver. For example, we can infer the sailing routs of a certain fleet and the time when the fleet passed a certain spot by making use of the various sailing speeds of the ancient fleet. In this article I did not take account of the shapes of ships that consist of the ancient fleets and the sizes of the various ships and fleets. It was because that such factors would not change the foresaid conclusions seriously.

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Ag Ion Substituted HAp Coatings on Ti-6Al-4V Substrate by IBAD and It's Bactericidal Effect (Ti 합금표면의 항균성 HAp Coating에 관한 연구)

  • Jung, Moon-Young;Kim, Taik-Nam;Kim, Yun-Jong;Yim, Hyuk-Jun;Kim, Jong-Ock;Lim, Dae-young;Kim, Sun-Ok
    • The Journal of Engineering Research
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    • v.3 no.1
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    • pp.189-197
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    • 1998
  • Hyeroxyapatite(HAp) which has good biocompatibility was made by Wet Chemical Process. The surface of Ti-6Al-4V, coated with HAp by lon Beam Assisted Deposition (IBAD), was treated with 5ppm, 10ppm, 20ppm, and 100ppm of $AgNO_3$ solution. In this Ag impregnation process, $Ca^{2+}$ of HAp was substituted with $Ag^+$ of $AgNO_3$. In this study, the antimicrobial effect and biocompatibility of Ti-6Al-4V alloy which was coated with Ag-HAp were examined. The antimicrobial test was carried out with two kinds of bacteria(P. Aeruginosa, S. Epidermidis), which are highly infectious in a transplanting operation of implant materials. As a result of the test, it was observed that Ti-6Al-4V alloy which was treated by 20ppm of $AgNO_3$ solution has good biocompatibility. In order to observe the antimicrobial mechanism of $Ag^+$, E. coli which is the most common bacterium was treated by Ag-HAp. Then cell morphology of E. coli was observed by the transmission electron microscope(TEM). The destruction of cell wall and cytoplasm of E. coil were observed. A black spot appeared in the cytoplasm was analyzed by energy dispersive analysis X-ray (EDAX) and it showed a small amount of $Ag^+$. Thus, it was proved that $Ag^+$ destroys bacteria effectively and Ti-6Al-4V alloy which was impregnate with Ag ion show antimicrobial effect on infection bacteria.

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A Study to activate and evaluate competitive advantage on Free Trade Zone of Busan Port (부산항 관세자유지역의 경쟁력 평가 및 활성화 방안에 관한 연구)

  • Hur, Y.S.;Chung, T.W.
    • Journal of Navigation and Port Research
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    • v.28 no.1
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    • pp.59-67
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    • 2004
  • As the environment for international logistics varies according to the globalization in world economy, world-class seaports are struggling for the position as strongholds in their own block. As a new government begins its own era in Korea, they are positively implementing their strategies at the level of government for making the Korean Peninsula the logistics centre in North-eastern Asia, marking the most of its geographic advantage. As one of those strategies, it plans to foster a specific area as an international logistics base camp in Northeast Asia by activating its logistics industry through inducing multinational logistics enterprises. In reality, however, in order for Busan seaport, the late-comer, to induce investment from the world-class multinational companies, a considerably large volume of investment should be given from both central and local governments. Accordingly, the objective of this study is to assess its competitiveness and to suggest an activation plan for BSDFA(Busan Seaport Duty-Free Area), based upon the results of on-the-spot interviews in China and Japan. The survey for the respondent's preference by way of Conjoint Analysis indicated that Investment procedures and limitations get the highest 36.2% preference, so the most critical strategy to be considered for attracting enterprises into DFA(Duty-Free Area) is to solve the problems related to the investment procedures and limitations. The simulation analysis results for market share showed that UAE has the highest preference and BSDFA the lowest preference among the five countries. However, when the levels of investment procedures and limitations and production costare upgraded, the competitiveness of BSDFA was elevated next to that of UAE among the 5 countries. Thus, in order for BSDFA to obtain competitiveness, it is implied that production cost level as well as investment procedures and limitations level, should be lowered so that it could meet companies' demand.

Why Central Banks Intervene? (왜 중앙은행은 개입하는가?)

  • Ko, Jong-Moon
    • 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.

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