• Agribusiness and Information Management
• /
• 제4권1호
• /
• pp.24-31
• /
• 2012

This case study investigates the KIKO currency option that has been a social issue in recent years among developing countries, especially Korea, where the financial derivatives market is in a state of rapid growth. The forward transaction which becomes a basis of derivatives is intended to hedge risks that may be caused by a future change in asset prices. Although it originates from a simple form of agricultural transactions, there currently exists a variety of derivatives in more sophisticated forms. In the Korean agricultural industry, the need to use such derivatives is great, as there is a huge risk of price fluctuation in agricultural products due to frequent adverse weather. In addition, many developing countries with export-led industrial structures similar to Korea's, of necessity must resort to currency hedging as a method of reducing relevant risk. However, in most cases, the lack of understanding about financial derivatives results in an inappropriate application of these derivatives. The KIKO in this study represents such cases. Since 2007, KIKO has been sold in Korea to many small- and medium-sized export companies for the purpose of currency hedging when the exchange rate between the Korean won and the U.S. dollar was in a downward spiral. The main focus of this study is a case which is most representative of KIKO. As inflation rapidly increased during the financial crisis in the U.S. at the end of 2007, derivatives became a hot issue in the courts rather than in the financial markets. This case study investigates what KIKO and the fierce legal debates over it imply, from the perspective of the option of value evaluation in order to suggest not only a direction in which companies can utilize financial derivatives, but also a roadmap for the future derivatives market.

• 문화기술의 융합
• /
• 제6권4호
• /
• pp.825-831
• /
• 2020

현대 사회에서 자동차는 필수 이동수단이 되었다. 자동차 부품 중 유일하게 지면에 맞닿아 사용되어 마모되는 소모품이다. 만약 타이어가 마모가 심한 경우 타이어가 파손되어 운전자에게 큰 사고의 위험이 제공될 수 있다. 이런 위험을 방지하기 위해 운전자는 자동차를 주행하기 전에 타이어의 공기압과 트레드의 상태를 확인해야 한다. 타이어 공기압은 TPMS가 있는 자동차에서는 손쉽게 측정할 수 있지만, 타이어 트레드 상태 같은 경우 동전 또는 버니어 캘리퍼스를 이용해 운전자가 직접 측정해 번거로울 수 있다. 이런 번거로움은 운전자가 타이어 트레드 상태 측정을 등한시하여 타이어 파손으로 인한 교통사고에 노출될 수 있다. 본 논문에서는 자동차 타이어를 자동으로 측정할 수 있는 IoT 서비스 기반의 시스템을 설계하기 위한 연구 내용을 소개하며, 해당 시스템의 일부 구성요소를 실제로 구현하고 테스트하여 시스템 구현에 대한 가능성을 확인하였다.

• 한국건설관리학회논문집
• /
• 제10권6호
• /
• pp.146-153
• /
• 2009

2008년에는 국내 부동산 경기 침체로 인해 국내 건설 경기가 급속도로 악화되었으며, 국제 유가인상과 함께 철근, 레미콘 등 건설 주요 자재의 가격이 폭등하였다. 또한 새로 출범한 정부는 '예산 10% 절감' 방안을 내세우며 그 일환으로 최저가 낙찰제 공사를 기존 300억원에서 100억원으로 확대 시행할 것으로 발표하였다. 이처럼 정책적 경제적 악재가 겹치면 가장 큰 타격을 받는 것은 대부분 수익성 없이 저가로 수주한 최저가 낙찰제 현장이다. 평상시에도 적자로 운영되는 현장에서 이런 대외적 타격을 받을 경우, 기존에 안고 있던 문제점들이 극대화되기 때문이다. 이에 본 연구에서는 2008년 국내 최저가 낙찰제 현장의 운영 실태를 파악하고 발견된 문제점들에 대한 원인 분석 및 이에 따른 개선방안을 도출하였다. 조사 결과 발주자-원도급자-하도급자간의 자금 유동성의 문제가 가장 큰 것으로 드러났으며 그 원인에는 설계변경 및 에스컬레이션 제도의 미작동 및 리스크를 중소 및 영세기업에게 전가시키는 생산구조에 있는 것으로 파악되었다. 이에 따라 원도급자들은 경기 사이클에 대비할 수 있는 리스크관리 능력을 향상시키고, 발주자들은 경기 침체 시 현장에 유동성을 확보해 줄 수 있는 장치를 마련해 주는 것이 중요한 것으로 파악되었다.

• 통상정보연구
• /
• 제14권3호
• /
• pp.31-47
• /
• 2012

1999년 유로존(Eurozone)은 단일통화 출현을 목표로 출범하였다. 유로화(Euro)의 사용은 회원국들에게 있어 GDP의 약 1%에 이르는 환전비용과 환위험 관리비용을 제거하였다. 또한 안정적인 역내 물가수준을 유지할 수 있었고 저금리 기조를 유지하며 투자와 고용의 촉진이 이루어졌다. 유로화의 국제적 위상에서도 세계 외환보유고 비중이 2010년 기준 26.9%로 제2위의 기축통화국으로 자리매김하였다. 역내 회원국들 간에도 환율 고정에 따른 환율 위험을 떨어드려 투자와 경제성장을 유도하였다. 특히나 금융시장에서는 거래비용의 감소로 유로화의 수요가 증가하였고 교역에서도 대금지급수단으로 유로화가 사용됨으로써 교역증가로 인한 단일시장 효과를 유발하고 있다. 본 연구에서는 EU내 단일통화 사용이 회원국들 간의 수출과 수입에 미치는 파급효과에 대해 임의효과모형(random effect estimation)과 고정효과모형(fixed effect estimation)으로 분석해 보았다.

• Asian Pacific Journal of Cancer Prevention
• /
• 제13권10호
• /
• pp.5125-5129
• /
• 2012

Economic decision models are being increasingly used to assess medical interventions. Advances in this field are mainly due to enhanced processing capacity of computers, availability of specific software to perform the necessary tasks, and refined mathematical techniques. We here estimated the incremental cost-effectiveness of ten strategies for colon cancer screening, as well as no screening, incorporating quality of life, noncompliance and data on the costs and profit of chemotherapy in Iran. We used a Markov model to measure the costs and quality-adjusted life expectancy of a 50-year-old average-risk Iranian without screening and with screening by each test. In this paper, we tested the model with data from the Ministry of Health and published literature. We considered costs from the perspective of a health insurance organization, with inflation to 2011, the Iranian Rial being converted into US dollars. We focused on three tests for the 10 strategies considered currently being used for population screening in some Iranians provinces (Kerman, Golestan Mazandaran, Ardabil, and Tehran): low-sensitivity guaiac fecal occult blood test, performed annually; fecal immunochemical test, performed annually; and colonoscopy, performed every 10 years. These strategies reduced the incidence of colorectal cancer by 39%, 60% and 76%, and mortality by 50%, 69% and 78%, respectively, compared with no screening. These approaches generated ICER (incremental cost-effectiveness ratios) of $9067, $654 and $8700 per QALY (quality-adjusted life year), respectively. Sensitivity analyses were conducted to assess the influence of various scales on the economic evaluation of screening. The results were sensitive to probabilistic sensitivity analysis. Colonoscopy every ten years yielded the greatest net health value. Screening for colon cancer is economical and cost-effective over conventional levels of WTP8.

• Journal of Korea Trade
• /
• 제24권7호
• /
• pp.38-53
• /
• 2020

Purpose - A financial crash triggers asset fire sales by foreign investors and, as a consequence, the price of domestic assets severely decreases. Domestic investors take advantage of these low prices by replacing foreign assets with domestic assets, which helps to alleviate the liquidity shock caused by foreigners. However, is the amount of capital retrenchment by domestic investors sufficient to protect the Korean economy from capital stop by foreign investors during financial crisis? This paper answers this question and suggests the implications of this phenomenon for the Korean economy. Design/methodology - We estimate the associations between capital stop and retrenchment and various financial crises such as banking, currency, debt, and inflation crises using the complementary log-log model. Specifically, we use data of gross capital flows to differentiate between the role of foreign and domestic investors in financial markets. Capital stop and retrenchment designate a sharp decrease in gross capital inflows and outflows, respectively. Findings - Capital stop is significantly associated with financial crises, especially currency and debt crises. This implies that increased risk aversion during times of financial turmoil encourages foreign investors to retrench their investments, worsening liquidity shocks. Conversely, capital retrenchment is not significantly associated with such crises. The results show that, although financial crises reduce gross capital outflows, the reduction is not as large as that with capital inflows. Originality/value - The contribution of this paper is threefold. First, this study investigates how domestic investors behave during times of financial distress by studying gross capital flows-not net capital flows. Second, we concentrate on sharp changes in capital flows during crises. Third, we examine the associations between capital stop and retrenchment and financial crises in general, not specific events.

• Pediatric Gastroenterology, Hepatology & Nutrition
• /
• 제26권1호
• /
• pp.23-33
• /
• 2023

Purpose: The incidence and prevalence of inflammatory bowel disease (IBD) are increasing along with an increasing number of patients with comorbid conditions like psychiatric and behavioral disorders, which are independent predictors of quality of life. Methods: Non-overlapping years (2003-2016) of National Inpatient Sample and Kids Inpatient Database were analyzed to include all IBD-related hospitalizations of patients less than 21 years of age. Patients were analyzed for a concomitant diagnosis of psychiatric/ behavioral disorders and were compared with IBD patients without psychiatric/behavioral disorder diagnoses for outcome variables: IBD severity, length of stay and inflation-adjusted hospitalization charges. Results: Total of 161,294 IBD-related hospitalizations were analyzed and the overall prevalence rate of any psychiatric and behavioral disorders was 15.7%. Prevalence rate increased from 11.3% (2003) to 20.6% (2016), p<0.001. Depression, substance use, and anxiety were the predominant psychiatric disorders. Regression analysis showed patients with severe IBD (odds ratio [OR], 1.57; confidence interval [CI], 1.47-1.67; p<0.001) and intermediate IBD (OR, 1.14; CI, 1.10-1.28, p<0.001) had increased risk of associated psychiatric and behavioral disorders than patients with a low severity IBD. Multivariate analysis showed that psychiatric and behavioral disorders had 1.17 (CI, 1.07-1.28; p<0.001) mean additional days of hospitalization and incurred additional $8473 (CI, 7,520-9,425; p<0.001) of mean hospitalization charges, independent of IBD severity. Conclusion: Prevalence of psychiatric and behavioral disorders in hospitalized pediatric IBD patients has been significantly increasing over the last two decades, and these disorders were independently associated with prolonged hospital stay, and higher total hospitalization charges.

• Archives of Plastic Surgery
• /
• 제39권2호
• /
• pp.118-123
• /
• 2012

Background : An area of the skull exposed by burn injury has been covered by various methods including local flap, skin graft, or free flap surgery. Each method has disadvantages, such as postoperative alopecia or donor site morbidities. Due to the risk of osteomyelitis in the injured skull during the expansion period, tissue expansion was excluded from primary reconstruction. However, successful primary reconstruction was possible in burned skull by tissue expansion. Methods : From January 2000 to 2011, tissue expansion surgery was performed on 10 patients who had sustained electrical burn injuries. In the 3 initial cases, removal of the injured part of the skull and a bone graft was performed. In the latter 7 cases, the injured skull tissue was preserved and covered with a scalp flap directly to obtain natural bone healing and bone remodeling. Results : The mean age of patients was $49.9{\pm}12.2$ years, with 8 male and 2 female. The size of the burn wound was an average of $119.6{\pm}36.7cm^2$. The mean expansion duration was $65.5{\pm}5.6$ days, and the inflation volume was an average of $615{\pm}197.6mL$. Mean defect size was $122.2{\pm}34.9cm^2$. The complications including infection, hematoma, and the exposure of the expander were observed in 4 cases. Nonetheless, only 1 case required revision. Conclusions : Successful coverage was performed by tissue expansion surgery in burned skull primarily and no secondary reconstruction was needed. Although the risks of osteomyelitis during the expansion period were present, constant coverage of the injured skull and active wound treatment helped successful primary reconstruction of burned skull by tissue expansion.

• 디지털융복합연구
• /
• 제10권4호
• /
• pp.181-190
• /
• 2012

투자보수율은 통신정책에서 사용하는 가장 중요한 원가요소의 중 하나이다. 본 연구에서는 현행 투자보수율 산정방법과 산출과정의 문제를 검토하고, 합리적인 투자보수율 산정을 위한 개선방안을 제시하고자 하였다. 먼저 산출방법의 개선을 위해서는 시장프리미엄산출시 벤치마크법을 사용하여 경기변화와 인플레인션으로 인한 결과 왜곡을 방지하고, 부채프리미엄가산법을 사용하여 타인자본 산출과정에 발생하는 정확성의 문제를 개선하며 최적자본구조법을 적용하여 급격한 시장변화에 의한 자본구조 변화의 문제를 줄이도록 하는 방안을 제시하였다. 산출과정을 개선하기 위해서는 투자보수율을 산정 주기를 1년으로 하여 시장 변화의 속도가 빠른 통신 산업의 특성이 반영되도록 할 것을 제안하였다. 또한 투자보수율의 산정주체를 규제기관이 아닌 기업으로 변경해 규제기관과 피규제기업 사이의 정보비대칭으로 인한 투자보수율 산출비용을 감소시키고, 기업별 투자보수율을 산정할 것을 제시하였다. 본 연구에서 제시한 투자보수율의 개선방안은 앞으로도 지속적으로 시장의 변화를 반영하여 개선할 필요가 있을 것이며, 투자보수율 산정방법 자체에 관해서도 합리적이고 투명한 산출기준이 마련될 수 있도록 추가적인 연구가 필요하다.

• Journal of Korean Neurosurgical Society
• /
• 제64권6호
• /
• pp.950-956
• /
• 2021

Objective : Psoas and masseter muscles are known markers of sarcopenia. However, the relative superiority of either muscle as a marker is unclear. Therefore, this study analyzed the two muscles in patients with a prognosis of traumatic brain injury (TBI). Methods : Patients with TBI visiting a regional trauma center between January 2017 and December 2018 were selected, and their medical records were reviewed. TBI patients with an abbreviated injury score (AIS) of 4 or 5 were selected. Patients with an AIS of 4 or 5 at the chest, abdomen, and extremity were excluded. Patients with a hospital stay of 1 to 2 days were excluded. Both muscle areas were measured based on the initial computed tomography. The psoas muscle index (PMI) and the masseter muscle index (MMI) were calculated by dividing both muscle areas by height in meters squared (cm²/m²). These muscle parameters along with other medical information were used to analyze mortality and the Glasgow outcome scale (GOS). Results : A total of 179 patients, including 147 males (82.1%), were analyzed statistically. The mean patient age was 58.0 years. The mortality rate was 16.8% (30 patients). The mean GOS score was 3.7. Analysis was performed to identify the parameters associated with mortality, which was a qualitative study outcome. The psoas muscle area (16.9 vs. 14.4 cm², p=0.028) and PMI (5.9 vs. 5.1 cm²/m², p=0.004) showed statistical differences between the groups. The PMI was also statistically significant as a risk factor for mortality in logistic regression analysis (p=0.023; odds ratio, 0.715; 95% confidence interval, 0.535-0.954). Quantitative analyses were performed with the GOS scores. Bivariate correlation analysis showed a statistically significant correlation between PMI and GOS scores (correlation coefficient, 0.168; p=0.003). PMI (p=0.004, variation inflation factor 1.001) was significant in multiple regression analysis. The masseter muscle area and MMI did not show significance in the study. Conclusion : Larger PMI was associated with statistically significant improved survival and GOS scores, indicating its performance as a superior prognostic marker. Further analyses involving a larger number of patients, additional parameters, and more precise settings would yield a better understanding of sarcopenia and TBI.