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Isolation and Characterization of Lactic acid bacteria Leuconostoc mesenteroides DB3 from Camellia japonica Flower (백꽃으로부터 분리한 Leuconostoc mesenteroides DB3의 특성)

  • Sam Woong Kim;Da Hye Shin;Sang Wan Gal;Kyu Ho Bang;Da Som Kim;Won-Jae Chi
    • Journal of Life Science
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    • v.33 no.11
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    • pp.915-922
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    • 2023
  • Lactic acid bacteria (LAB) are widespread in a variety of environments including fermented dairy products, gastroinstetinal and urogenital tracts of human and animals, plant, soil and water. Leuconostoc mesenteroides DB3 was detected by the strongest antibacterial activities among 24 Leuconostoc strains isolated from Camellia japonica flowers. Acid tolerance of L. mesenteroides DB3 existed up to pH 2.5, but the resistance did not show at pH 2.0, which relatively excellent acid resistance existed. Bile acid tolerance was very stable within the test range to 1.2%. L. mesenteroides DB3 exhibited the optimal growth at 30℃, and showed a slight slow growth when compared with L. mesenteroides KCTC3505, which reached a stationary phase at 18 hr. The pH was changed along with the growth curve, but was maintained above pH 3.98. L. mesenteroides DB3 had higher initial antibacterial activities when compared to L. mesenteroides KCTC3505, but it showed similar activities with the standard strain after the latter part of the logarithmic growth phase. Although lactic acid production in L. mesenteroides DB3 was induced by lower amount in the initial part to the standard strain, it was exhibited by similar amounts after the late logarithmic growth phase. Muicin adhesion of L. mesenteroides DB-3 maintained superior to L. mesenteroides KCTC3505. Both strains showed excellent emulsification ability for kerosene. In summary, we evaluate that L. mesenteroides DB-3 has a high potential for application as probiotics owing to its excellent antibacterial activity, acid resistance, bile acid resistance, and muicin adhesion.

A Review on Solution Plans for Preventing Environmental Contamination as the Trend Changes of Cryptocurrency (암호화폐의 트랜드 변화에 따른 환경오염 방지 해결방안에 대한 고찰)

  • Kim, Jeong-hun;Song, Sae-hee;Ko, Lim-hwan;Nam, Hak-hyun;Jang, Jae-hyuck;Jung, Hoi-yun;Choi, Hyuck-jae
    • Journal of Venture Innovation
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    • v.5 no.1
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    • pp.91-106
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    • 2022
  • Cryptocurrency, stood out the sharp cost rising of Bitcoin has been spotlighted by means of the solution for stagflation because it is decentralized with an existing currency differently. Especially getting into 4th industrial revolution, technologies using block chain and internet of things have been used in the many fields, and the power of influence is also widespread. Nevertheless like a remark of Elon Musk of Tesla CEO, the problems of environmental contamination for cryptocurrency have been pointed out continuously and the most representative of them is an enormous electric usage as the use of fossil fuels. Also the amount generated of carbon dioxide result in the acceleration of global warming mainly based on the climate changes of earth if the existing mining method is continued. On the other hand, review researches have been conducted restrictively as the connection with environmental contamination as the mining of cryptocurrency. In this study, it intended to review problems for environmental contamination as the diversification of ecological system of cryptocurrency concretely. Upon investigation existing prior documents on the putting recent data first, the mining of cryptocurrency has affected on the environmental contamination conflicting with carbon neutrality as increasement of the electric usage and electronic wastes. And POS method without the mining process appeared, but it had a demerit collapsing a decentralization and then we met turning point on appearing various environmental-friendly cryptocurrency. Finally the appearance of cryptocurrency using new renewable energy acted on the opportunity of the usage maximization of energy storage apparatus and the birth of national government intervention. Based on these results, we mention clearly that hereafter cryptocurrency will regress if not go abreast the value of currency as well as environmental approach.

The Effects of Luck in Belief and Positive Cognitive Bias on Entrepreneurial Self-Efficacy (행운신념이 긍정적 인지편향과 창업효능감에 미치는 영향)

  • Ha, Hwan Ho;Byun, Chung Gyu
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.5
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    • pp.33-44
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    • 2023
  • Entrepreneurial self-efficacy is an important variable that explains people's attitudes and behaviors toward start-ups. In this study, we focused on individual psychological characteristics variables such as luck in belief and positive cognitive bias that affect entrepreneurial self-efficacy. Among these variables, we paid particular attention to luck in belief. The belief that business success depends on luck is widespread, but scientific verification about it has not been much. The reason for the academic indifference is that luck is a kind of superstition, related to precognition or extrasensory perception, and randomly caused by the external environment. The study of luck began in earnest as a measure to measure luck as an individual characteristic variable such as personality was developed. The purpose of this study is to examine the existing studies on luck in belief and to examine the effect of this luck in belief on positive cognitive bias and entrepreneurial self-efficacy through empirical analysis. For empirical analysis, this study conducted an on-line survey of 400 ordinary people and conducted a structural equation model analysis using AMOS 21.0 to verify the hypothesis. As a result of hypothesis testing, all hypotheses that luck in belief would have a positive effect on positive cognitive bias(self-enhancement bias, illusion of control bias, unrealism optimistic bias) were adopted. The hypothesis that positive cognitive bias(self-enhancement bias, illusion of control bias, unrealistic optimism bias) will have a positive effect on entrepreneurial self-efficacy was also adopted. Additional analysis was conducted to examine the mediating role of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy, which showed that 'luck in belief→positive cognitive bias →entrepreneurial self-efficacy' were statistically significant. Through this, we confirmed the mediating effect of positive cognitive bias in the relationship between luck in belief and entrepreneurial self-efficacy. In the conclusion, the implications and limitations of the study were presented based on the results of this study.

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A Study on the Korean Shamanistic Myth "Samgong Bonpoori" from the Perspective of Analytical Psychology (무가 '삼공본풀이'에 대한 분석심리학적 고찰)

  • Myung-sook Hwang
    • Sim-seong Yeon-gu
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    • v.30 no.2
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    • pp.145-186
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    • 2015
  • This thesis discusses and analyzes Jeju island's shamanistic myth "Samgong Bonpoori" from the perspective of analytical psychology. Similar to the "I live on my fortune"-type folktales discovered in the Korean mainland, "Samgong Bonpoori" is such a widespread myth that similar folktales are found not only in East Asian regions, including Korea, Japan, and China, but also in Ireland. The essence of the story is as follows; One day, a father asked his three daughters whose fortune they lived on. The first two daughters claimed that they owe their lives to their parents. However, the youngest daughter, Gameunjang-agi, replied, against his expectation, that "I live on my own fortune," and showed her fortune and virtue were physically embodied in the line drawn from her genitals to navel. Her answer enrages his father so fiercely that she was expelled and forced to embark on a journey with no one but a black cow carrying food to accompany her. In retaliation for telling lies against her, Gameunjang-agi transformed her two sisters into a centipede and a mushroom, while her parents were turned into beggars afflicted with blindness. Afterward, Gameunjang-agi wandered around the country and eventually found love with a Chinese yam digger. Not long after, they got married, and as a couple, they stumbled upon roots of gold in fields, which brought them an incredible amount of wealth. After this miracle has happened, Gameunjang-agi began to wonder about the status of her parents and decided to organize a party for all the beggars and the blinds in the country. She eventually found her parents and got a chance to reconcile with her sisters. The story ends with her parents regaining their eyesight and Gameunjang-agi reestablishing herself as the "Goddess of Providence." "Samgong Bonpoori" is a myth about a God. A God is ontologically a supremely perfect being; however, in this thesis, it will be discussed as a part of a folktale. Gameunjang-agi can be seen as the anima archetype of the father, which reveals the process of a paternal consciousness being transformed over time. At first, her parents deny Gameunjang-agi. However, after years of suffering from blindness, they regain their eyesight and finally recognize their daughter. This signifies that Gameunjang-agi is a being that has come into the world for a certain "purpose." Gameunjang-agi embodies the creative function of "femininity" that can renew the existing collective consciousness embedded in the patriarchal system. Such recognition of femininity matters to men to a great degree as well as to women. Without knowing their true nature (femininity), the two sisters submit themselves to their parents and conventional values. Not until they suffer from being transformed and captured into small and insignificant beings, a centipede and a mushroom, which symbolize their shadow, they fail to develop their self-awareness. Meanwhile, by reconciling with her parents and sisters--playing a significant role in reuniting the family--Gameunjang-agi turns out to be a figure that can reveal what it truly means to have self-awareness and achieve Self-realization. In conclusion, this story illustrates that recognition of femininity matters to men to a great degree as well as to women, and women's Self-realization plays a critical role in revitalizing the collective consciousness embedded in the patriarchal system.

The Contents and Significance of the Songs in The Scripture of Myriad Laws (萬法典) (『만법전(萬法典)』에 실린 가사의 내용과 의의)

  • Kim Tak
    • Journal of the Daesoon Academy of Sciences
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    • v.47
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    • pp.241-279
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    • 2023
  • The Scripture of Myriad Laws was first published in 1986 and then reprinted in 1994 and 1995. It gained widespread recognition as a mysterious text or a Buddhist document containing enigmatic content that deemed difficult to comprehend. Through the analysis of the content of The Scripture of Myriad Laws, it was revealed that the book was published by the Dragon Flower Order, a Jeungsanist religion founded by Seo Baek-Il (徐白一). Therefore, the various texts included in The Scripture of Myriad Laws can be classified as 'Songs of Jeungsanism' (Jeungsan-gyo Gasa 甑山敎歌辭). The contents included in The Scripture of Myriad Laws often mention terms unique to the Jeungsanist orders, such as 'the Reordering Works of Heaven and Earth' (天地公事), 'presiding over cures' (醫統), 'Degree Number' (度數), 'the West God' (西神), 'the nobility of heaven' (天尊), 'the nobility of earth' (地尊), 'the nobility of humanity' (人尊), 'ruling the world for 50 years' (治天下五十年), and 'the era of Resolving Grievances (解冤時代).' It also discusses the birthplace and birth date of Kang Jeungsan, his family name, and the duration of his existence. The contents directly quote the words spoken by Jeungsan and incorporate them into songs. They also mention unique Jeungsan terms such as 'Five Immortals Playing Baduk' (五仙圍碁), 'open-weight wresting match,' 'birth, growth, harvest, and storage' (生長斂藏), 'the god who listens to words' (言聽神), 'pillar of foundation' (基礎棟樑),' 'Ocean Seal' (海印), and 'the higher gods' (上計神). It is also notable that some verses of Chinese poetry that Jeungsan taught his disciples are directly quoted in this scripture. Furthermore, the scripture shows traces of Buddhist salvational beliefs; particularly those that emphasize faith in Maitreya Bodhisattva (彌勒信仰). However, The Scripture of Myriad Laws differs from traditional Buddhist beliefs in that it anticipates and emphasizes the birth of a specific individual endowed with the power and abilities of Maitreya Buddha. While emphasizing Maitreya Buddha (彌勒世尊) and the Dragon Flower Gathering (龍華會上), the scripture also specifically mentions Geumsan-sa Temple (金山寺) located on Mount Moak (母岳山) in North Jeolla Province, and these details are sung about in a special manner. This positive portrayal serves to affirm the belief of followers that Jeungsan, centered around Geumsan-sa Temple, was an incarnation of Maitreya Buddha. Moreover, The Scripture of Myriad Laws subtly asserts that Seo Baek-il, the leader of the Dragon Flower Order, who is mentioned in the scripture, is the absolute savior who has come to this world in place of Jeungsan. In support of this teaching, his birth date, birthplace, years of imprisonment, release date, and honorific name (號) are all recorded in precise detail.

Analysis on dynamic numerical model of subsea railway tunnel considering various ground and seismic conditions (다양한 지반 및 지진하중 조건을 고려한 해저철도 터널의 동적 수치모델 분석)

  • Changwon Kwak;Jeongjun Park;Mintaek Yoo
    • Journal of Korean Tunnelling and Underground Space Association
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    • v.25 no.6
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    • pp.583-603
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    • 2023
  • Recently, the advancement of mechanical tunnel boring machine (TBM) technology and the characteristics of subsea railway tunnels subjected to hydrostatic pressure have led to the widespread application of shield TBM methods in the design and construction of subsea railway tunnels. Subsea railway tunnels are exposed in a constant pore water pressure and are influenced by the amplification of seismic waves during earthquake. In particular, seismic loads acting on subsea railway tunnels under various ground conditions such as soft ground, soft soil-rock composite ground, and fractured zones can cause significant changes in tunnel displacement and stress, thereby affecting tunnel safety. Additionally, the dynamic response of the ground and tunnel varies based on seismic load parameters such as frequency characteristics, seismic waveform, and peak acceleration, adding complexity to the behavior of the ground-tunnel structure system. In this study, a finite difference method is employed to model the entire ground-tunnel structure system, considering hydrostatic pressure, for the investigation of dynamic behavior of subsea railway tunnel during earthquake. Since the key factors influencing the dynamic behavior during seismic events are ground conditions and seismic waves, six analysis cases are established based on virtual ground conditions: Case-1 with weathered soil, Case-2 with hard rock, Case-3 with a composite ground of soil and hard rock in the tunnel longitudinal direction, Case-4 with the tunnel passing through a narrow fault zone, Case-5 with a composite ground of soft soil and hard rock in the tunnel longitudinal direction, and Case-6 with the tunnel passing through a wide fractured zone. As a result, horizontal displacements due to earthquakes tend to increase with an increase in ground stiffness, however, the displacements tend to be restrained due to the confining effects of the ground and the rigid shield segments. On the contrary, peak compressive stress of segment significantly increases with weaker ground stiffness and the effects of displacement restrain contribute the increase of peak compressive stress of segment.

Contactless Data Society and Reterritorialization of the Archive (비접촉 데이터 사회와 아카이브 재영토화)

  • Jo, Min-ji
    • The Korean Journal of Archival Studies
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    • no.79
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    • pp.5-32
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    • 2024
  • The Korean government ranked 3rd among 193 UN member countries in the UN's 2022 e-Government Development Index. Korea, which has consistently been evaluated as a top country, can clearly be said to be a leading country in the world of e-government. The lubricant of e-government is data. Data itself is neither information nor a record, but it is a source of information and records and a resource of knowledge. Since administrative actions through electronic systems have become widespread, the production and technology of data-based records have naturally expanded and evolved. Technology may seem value-neutral, but in fact, technology itself reflects a specific worldview. The digital order of new technologies, armed with hyper-connectivity and super-intelligence, not only has a profound influence on traditional power structures, but also has an a similar influence on existing information and knowledge transmission media. Moreover, new technologies and media, including data-based generative artificial intelligence, are by far the hot topic. It can be seen that the all-round growth and spread of digital technology has led to the augmentation of human capabilities and the outsourcing of thinking. This also involves a variety of problems, ranging from deep fakes and other fake images, auto profiling, AI lies hallucination that creates them as if they were real, and copyright infringement of machine learning data. Moreover, radical connectivity capabilities enable the instantaneous sharing of vast amounts of data and rely on the technological unconscious to generate actions without awareness. Another irony of the digital world and online network, which is based on immaterial distribution and logical existence, is that access and contact can only be made through physical tools. Digital information is a logical object, but digital resources cannot be read or utilized without some type of device to relay it. In that respect, machines in today's technological society have gone beyond the level of simple assistance, and there are points at which it is difficult to say that the entry of machines into human society is a natural change pattern due to advanced technological development. This is because perspectives on machines will change over time. Important is the social and cultural implications of changes in the way records are produced as a result of communication and actions through machines. Even in the archive field, what problems will a data-based archive society face due to technological changes toward a hyper-intelligence and hyper-connected society, and who will prove the continuous activity of records and data and what will be the main drivers of media change? It is time to research whether this will happen. This study began with the need to recognize that archives are not only records that are the result of actions, but also data as strategic assets. Through this, author considered how to expand traditional boundaries and achieves reterritorialization in a data-driven society.

Problems in the field of maternal and child health care and its improvement in rural Korea (우리나라 농촌(農村)의 모자보건(母子保健)의 문제점(問題點)과 개선방안(改善方案))

  • Lee, Sung-Kwan
    • Journal of agricultural medicine and community health
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    • v.1 no.1
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    • pp.29-36
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    • 1976
  • Introduction Recently, changes in the patterns and concepts of maternity care, in both developing and developed countries have been accelerating. An outstanding development in this field is the number of deliveries taking place in hospitals or maternity centers. In Korea, however, more than 90% of deliveries are carried out at home with the help of untrained relatives or even without helpers. It is estimated that less than 10% of deliveries are assisted by professional persons such as a physician or a midwife. Taking into account the shortage of professional person i11 rural Korea, it is difficult to expect widespread prenatal, postnatal, and delivery care by professional persons in the near future, It is unrealistic, therefore, to expect rapid development of MCH care by professional persons in rural Korea due to economic and sociological reasons. Given these conditions. it is reasonable that an educated village women could used as a "maternity aid", serving simple and technically easy roles in the MCH field, if we could give such a women incentive to do so. The midwife and physician are assigned difficult problems in the MCH field which could not be solved by the village worker. However, with the application of the village worker system, we could expect to improve maternal and child hoalth through the replacement of untrained relatives as birth attendants with educated and trained maternity aides. We hope that this system will be a way of improving MCH care, which is only one part of the general health services offered at the local health centre level. Problems of MCH in rural Korea The field of MCH is not only the weakest point in the medical field in our country hut it has also dropped behind other developing countries. Regarding the knowledge about pregnancy and delivery, a large proportion of our respondents reported having only a little knowledge, while 29% reported that they had "sufficient" knowledge. The average number of pregnancies among women residing in rural areas was 4.3 while the rate of women with 5 or more pregnancies among general women and women who terminated childbearing were 43 and 80% respectively. The rate of unwanted pregnancy among general women was 19.7%. The total rate for complications during pregnancy was 15.4%, toxemia being the major complication. The rate of pregnant women with chronic disease was 7%. Regarding the interval of pregnancy, the rates of pregnancy within 12 months and within 36 months after last delivery were 9 and 49% respectively. Induced abortion has been increasing in rural areas, being as high as 30-50% in some locations. The maternal death rate was shown 10 times higher than in developed countries (35/10,000 live births). Prenatal care Most women had no consultation with a physician during the prenatal period. Of those women who did have prenatal care, the majority (63%) received such care only 1 or 2 times throughout the entire period of pregnancy. Also, in 80% of these women the first visit Game after 4 months of gestation. Delivery conditions This field is lagging behind other public health problems in our country. Namely, more than 95% of the women deliveried their baby at home, and delivery attendance by a professional person occurred only 11% of the time. Attendance rate by laymen was 78% while those receiving no care at all was 16%. For instruments used to cut the umbilical corn, sterilized scissors were used by 19%, non-sterilized scissors by 63% and 16% used sickles. Regarding delivery sheets, the rate of use of clean sheets was only 10%, unclean sheets, vinyl and papers 72%, and without sheets, 18%. The main reason for not using a hospital as a place of delivery was that the women felt they did not need it as they had previously experience easy deliveries outside hospitals. Difficult delivery composed about 5% of the total. Child health The main food for infants (95%) was breast milk. Regarding weaning time, the rates within one year, up to one and half, two, three and more than three years were 28,43,60,81 and 91% respectively, and even after the next pregnancy still continued lactation. The vaccination of children is the only service for child health in rural Korea. As shown in the Table, the rates of all kinds of vaccination were very low and insufficient. Infant death rate was 42 per 1,000 live births. Most of the deaths were caused by preventable diseases. Death of infants within the neonatal period was 83% meaning that deaths from communicable diseases decreased remarkably after that time. Infant deaths which occurred without medical care was 52%. Methods of improvement in the MCH field 1. Through the activities of village health workers (VHW) to detect pregnant women by home visiting and. after registration. visiting once a month to observe any abnormalities in pregnant women. If they find warning signs of abnormalities. they refer them to the public health nurse or midwife. Sterilized delivery kits were distributed to the expected mother 2 weeks prior to expected date of delivery by the VHW. If a delivery was expected to be difficult, then the VHW took the mother to a physician or call a physician to help after birth, the VHW visits the mother and baby to confirm health and to recommend the baby be given proper vaccination. 2. Through the midwife or public health nurse (aid nurse) Examination of pregnant women who are referred by the VHW to confirm abnormalities and to treat them. If the midwife or aid nurse could not solve the problems, they refer the pregnant women to the OB-GY specialist. The midwife and PHN will attend in the cases of normal deliveries and they help in the birth. The PHN will conduct vaccination for all infants and children under 5, years old. 3. The Physician will help only in those cases referred to him by the PHN or VHW. However, the physician should examine all pregnant women at least three times during their pregnancy. First, the physician will identify the pregnancy and conduct general physical examination to confirm any chronic disease that might disturb the continuity of the pregnancy. Second, if the pregnant woman shows any abnormalities the physician must examine and treat. Third, at 9 or 10 months of gestation (after sitting of the baby) the physician should examine the position of the fetus and measure the pelvis to recommend institutional delivery of those who are expected to have a difficult delivery. And of course. the medical care of both the mother and the infants are responsible of the physician. Overall, large areas of the field of MCH would be served by the VHW, PHN, or midwife so the physician is needed only as a parttime worker.

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Epidemiology and Control of Rice Blast in Korea (한국(韓國)에서의 도열병(病) 발생(發生), 만연(蔓延)과 그 방제(防除))

  • Park, Jong Seong
    • Korean Journal of Agricultural Science
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    • v.12 no.2
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    • pp.356-369
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    • 1985
  • In Korea, inevitable researches for the blast control exactly started from 1927 by the organization of Office of Rural Development with the local extensive outbreak of panicle blast at Jeonlla Buk-Do Province in 1926. At present, the rice blast is still one of the most destructive and widespread diseases in spite of considerable contributions by rice scientists, particularly plant pathologists during last 55 years in Korea. Rice blast control and management are very difficult because of the marked variability in pathogenicity of the blast fungus. From the results obtained through the disease surveys during last 70 years, different 3 prevalence type of blast such as bimodal leaf-blast type, bimodal panicle-blast type and bimodal continual blast type were recognized. In generally speaking, pattern of blast outbreak is said to be characterized by severe outbreak of panicle blast after slight outbreak of leaf blast with discontinuity between leaf and panicle blast. So we have to pay much attention for successful management of panicle blast giving direct influence to rice yield. Main factors induce blast epidemic were pointed out to be breakdown of the disease resistance, nutritional unbalance such as excess application of nitrogen, delay of transplantation and longspell of rain fall by extensive surveys and researches on blast during last 70 years in Korea. The fact some of Japonica varieties such as Kokuryomiyako, Tamanishiki, Ginbozu and Pungok belong to varietal group A had been cultivated with extensive acrage over 30 years in this country should be mentioned by Korean rice scientists. Differences in field resistance between varieties in the same group are detectable and apparently small but sometimes epidemiologically significant differential effects may be found out in case of blast. Much more attention should be payed to accumulate the knowledges on field resistance for successful management of blast. Excess application of nitrogen is more effective to outbreak of panicle blast than that of leaf blast of IR varieties. In comparatively low level application of nitrogen infection rate of panicle blast of IR varieties is considerably high. Low temperature effects on outbreak of blast is very great. It results in remarkable increase of the inoculum potential on the leaf lesions and infection of panicle blast in leaf sheathes of IR varieties during the booting stage. In economic point of view, it is concluded that 5 times sprays of effective fungicides including 3 times before and 2 times after heading is good enough to control blast. We have experienced no one of control measures for blast is superior to all others. The integrated control measures was established as guideline of blast control around 1950 in Korea. This guideline must be helpful for rice growers as long as rice growing continue.

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An Overview of the Rationale of Monetary and Banking Intervention: The Role of the Central Bank in Money and Banking Revisited (화폐(貨幣)·금융개입(金融介入)의 이론적(理論的) 근거(根據)에 대한 고찰(考察) : 중앙은행(中央銀行)의 존립근거(存立根據)에 대한 개관(槪觀))

  • Jwa, Sung-hee
    • KDI Journal of Economic Policy
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    • v.12 no.3
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    • pp.71-94
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    • 1990
  • This paper reviews the rationale of monetary and banking intervention by an outside authority, either the government or the central bank, and seeks to delineate clearly the optimal limits to the monetary and banking deregulation currently underway in Korea as well as on a global scale. Furthermore, this paper seeks to establish an objective and balanced view on the role of the central bank, especially in light of the current discussion on the restructuring of Korea's central bank, which has been severely contaminated by interest-group politics. The discussion begins with the recognition that the modern free banking school and the new monetary economics are becoming formidable challenges to the traditional role of the government or the central bank in the monetary and banking sector. The paper reviews six arguments that have traditionally been presented to support intervention: (1) the possibility of an over-issue of bank notes under free banking instead of central banking; (2) externalities in and the public good nature of the use of money; (3) economies of scale and natural monopoly in producing money; (4) the need for macro stabilization policy due to the instability of the real sector; (5) the external effects of bank failure due to the inherent instability of the existing banking system; and (6) protection for small banknote users and depositors. Based on an analysis of the above arguments, the paper speculates on the optimal role of the government or central bank in the monetary and banking system and the optimal degree of monetary and banking deregulation. By contrast to the arguments for free banking or laissez-faire monetary systems, which become fashionable in recent years, monopoly and intervention by the government or central bank in the outside money system can be both necessary and optimal. In this case, of course, an over-issue of fiat money may be possible due to political considerations, but this issue is beyond the scope of this paper. On the other hand, the issue of inside monies based on outside money could indeed be provided for optimally under market competition by private institutions. A competitive system in issuing inside monies would help realize, to the maxim urn extent possible, external economies generated by using a single outside money. According to this reasoning, free banking activities will prevail in the inside money system, while a government monopoly will prevail in the outside money system. This speculation, then, also implies that the monetary and banking deregulation currently underway should and most likely will be limited to the inside money system, which could be liberalized to the fullest degree. It is also implied that it will be impractical to deregulate the outside money system and to allow market competition to provide outside money, in accordance with the arguments of the free banking school and the new monetary economics. Furthermore, the role of the government or central bank in this new environment will not be significantly different from their current roles. As far as the supply of fiat money continues to be monopolized by the government, the control of the supply of base money and such related responsibilities as monetary policy (argument(4)) and the lender of the last resort (argument (5)) will naturally be assigned to the outside money supplier. However, a mechanism for controlling an over-issue of fiat money by a monopolistic supplier will definitely be called for (argument(1)). A monetary policy based on a certain policy rule could be one possibility. More importantly, the deregulation of the inside money system would further increase the systemic risk inherent in the current fractional banking system, while enhancing the efficiency of the system (argument (5)). In this context, the role of the lender of the last resort would again become an instrument of paramount importance in alleviating liquidity crises in the early stages, thereby disallowing the possibility of a widespread bank run. Similarly, prudential banking supervision would also help maintain the safety and soundness of the fully deregulated banking system. These functions would also help protect depositors from losses due to bank failures (argument (6)). Finally, these speculations suggest that government or central bank authorities have probably been too conservative on the issue of the deregulation of the financial system, beyond the caution necessary to preserve system safety. Rather, only the fullest deregulation of the inside money system seems to guarantee the maximum enjoyment of external economies in the single outside money system.

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