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M2 Velocity and Expected Inflation in Korea: Implications for Interest Rate Policy (인플레와 M2 유통속도(流通速度))

  • Park, Woo-kyu
    • KDI Journal of Economic Policy
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    • v.13 no.2
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    • pp.3-19
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    • 1991
  • This paper attempts to identify key determinants of long run movements of real M2 by using the Johansen procedure for estimating and testing cointegration relations. It turns out that the real M2 equation has been stable over the long run despite rapid changes in financial structure since 1975. Moreover, the real M2 equation can be reduced to a velocity equation with the opportunity cost variable, expected inflation less the weighted average rate paid on M2 deposits, being the key determinant. However, it does not work to use a market interest rate such as the yield on corporate bonds in place of expected inflation for calculation of the opportunity cost. In the U.S., a market interest rate can be used, but not in Korea. Presumably, two somewhat different reasonings can be used to explain this result. One is that the yield on corporate bonds may not adequately reflect the inflationary expectations due to regulations on movements in interest rates. The other is that M2 deposits are not readily substitutable with such assets as corporate bonds because of market segmentations, regulations, and so on. From the policymaker's point of view, this implies that the inflation rate is an important indicator of a policy response. On the other hand, policymakers do not regard movements of the yield on corporate bonds as an important policy indicator. Altogether, the role of interest rates has been quite limited in Korea because of incomplete interest rate liberalization, an underdeveloped financial system, implementation procedures of policy measures, and so on. The result that M2 velocity has a positive cointegration relation with expected inflation minus the average rate on M2 implies that frequent adjustments of the regulated rates on M2 will be necessary as market conditions change. As the expected inflation gets higher, M2 velocity will eventually increase, given that the rates on M2 do not change. This will cause higher inflation. If interest rates are liberalized, then increases in market interest rates will result in lagged increases in deposits rates on M2. However, in Korea a substantial portion of deposit rates are regulated and will not change without the authority's initiatives. A tight monetary policy will cause increases in a few market interest rates. But the market mechanism, upward pressure for interest rate adjustments, never reaches regulated deposit rates. Hence the overall effects of tight monetary policy diminish considerably, only causing distortions in the flow of funds. Therefore, frequent adjustments of deposit rates are necessary as market conditions such as inflationary expectations change. Then it becomes important for the policymaker to actively engage in adjusting regulated deposit rates, because the financial sector in Korea is not fully developed.

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Effect of Ethylene Glycol(EG) and Propylene Glycol(PG) on the Viability of Frozen-thawed Primordial Germ Cells(PGCs) on Korean Native Chicken(Ogye) by Vitrification (한국재래닭(오계)의 유리화 동결 시 생존율에 미치는 Ethylene Glycol(EG)과 Propylene Glycol(PG)의 영향)

  • Kim, Hyun;Kim, Dong Hun;Han, Jae Yong;Choi, Sung Bok;Ko, Yeoung Gyu;Do, Yoon Jung;Seong, Hwan-Hoo;Kim, Sung Woo
    • Korean Journal of Poultry Science
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    • v.40 no.3
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    • pp.197-205
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    • 2013
  • This study established a method for preserving chicken primordial germ cells (PGCs) that enables long-term storage in liquid nitrogen ($LN_2$) for preservation of the species. The purpose of this study was to compare the effects of Ethylene Glycol (EG) and Propylene Glycol (PG) on viability of cryopreserved PGCs with vitrification in Korean Native Chicken (Ogye), and to fine should be find or to the optimal protocol for PGCs freezing. One of the important components of cryopreservation process is cryopreservation medium that plays a vital role in preventing cellular injury during freeze-thawing. Cryoprotective agents have been known to improve cell viability after freeze-thawing. PGCs obtained from the germinal gonade of 5.5~6 day (stage 28) chick embryos, using the MACS method were suspended in a freezing medium containing a freezing and protecting agents. Gonads were harvested from stage 28 chick embryos and pooled in groups of 10E embryos, contributing gonads to the cell suspension. The gonadal cells, including PGCs, were then frozen in 1 of the following cryoprotectant treatments: 2.5% EG, 5% EG, 10% EG, 2.5% PG, 5% PG, 10% PG, and 0% cryoprotectant as a control. Effects of exposure to vitrification solution and vitrification, with different concentrations of the cryoprotectant solution, were examined. After freezing and thawing, survival rates of the frozen-thawed PGCs from the 0, 2.5, 5, 10 and 15% EG plus FBS treatment were 44.24%, 64.51%, 85.63%, 80.51% and 73.52% (p<0.05), respectively. The viability of PGCs after freeze-thawing was significantly higher for 10% EG plus FBS treatment than for 10% PG + FBS treatment (p<0.05)(85.63% vs 66.81%). Therefore, these systems may contribute in the improvement of cryopreservation for a scarce species in birds preservation. This study established a method for preserving chicken PGC that enables systematic storage and labeling of cryopreserved PGCs in liquid N at a germplasm repository and ease of entry into a database. In the future, the importance for this new technology is that poultry lines can be conserved while work is being conducted on improving the production of germline chimeras.

The Influence of Transformational Leadership Exhibited by Organizational Leaders on Organizational Commitment: Focusing on the Mediating Effect of Knowledge Management Activities (상사의 변혁적 리더십이 조직몰입에 미치는 영향 : 지식경영활동의 매개변수를 중심으로)

  • Ryu, Yeon-Hwa;Song, Kyung-Soo;Koo, Ja-Hyun
    • Management & Information Systems Review
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    • v.34 no.3
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    • pp.273-302
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    • 2015
  • This empirical study analyzed the influence of transformational leadership on knowledge management activities and organizational commitment, and examined the mediating effect of knowledge management in the relationship between transformational leadership and organizational commitment. A survey was employed as the research method. The survey targeted 635 participants working in the service, manufacturing, and IT industries. The results were used to compare and analyze the relationships among industry-specific variables. Transformational leadership is defined as the tendency to strive for change and innovation despite the achievement of objectives, develop the potential capabilities and strengths that each member of the organization possesses, amplify their self-esteem and passion, and lead them to surpass their expected objectives by stimulating positive strengths. Such type of leadership has been perceived as a precedent that enhances organizational effectiveness. In summary, this study has yielded the following results: First, the transformational leadership exhibited by organizational leaders was found to have a significant positive impact on knowledge management activities as well as organizational commitment. Second, knowledge management activities were found to have a significant positive influence on organizational commitment. Third, the transformational leadership exhibited by organizational leaders was found to have a partial mediating effect on the mediating role of knowledge management activities in the relationship with organizational commitment. Fourth, analyzing industry-wise, the influence of transformational leadership on knowledge management activities was the most significant in the service industry, which was also the case for the influence of knowledge management activities on organizational commitment. The influence of leaders' transformational leadership on organizational commitment was the most significant in the information technology industry. Finally, based on the aforementioned research results, suggestions were made regarding the meaning of the influence of transformational leadership on knowledge management activities and organizational commitment and the differences by industry thereof, while also suggesting the limitations of this work.

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The Way of Expression of Wangreungdo(王陵圖: A Kind of A Royal Mausoleum Map) Reflected on Sanhyoungdo(山形圖: A Kind of A Mountain Map) in the Late Nineteenth Century - Centering the Drawings Relevant to Jogyoungdan(肇慶壇) of Lee Han, the Founder of Jeonju Lee Family - (19세기 후반 산형도(山形圖)로 본 왕릉도(王陵圖)의 표현방법(表現方法) -전주이씨(全州李氏) 시조(始祖) 이한(李翰)의 조경단(肇慶檀) 관련 그림을 중심으로-)

  • Kim, Jeong-Moon
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.30 no.1
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    • pp.57-65
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    • 2012
  • This work attempted to study the properties of expression of ground, the composition of outlook and the implications of the connotative symbolic scenery throughout investigating the properties of expression content and method of the scenery, outlook, viewpoint, natural features for each drawing and intention of making 4 old maps, which had been made in the period of the Great Korean Empire and had been called 'Wansan-dohyoung(完山圖形),' 'Jogyeongdan- bigak-jaesil-dohyoung(肇慶壇碑閣齋室圖形),' 'Jeonju-geonjisan-dohyoung(全州乾止山圖形)' and 'Jogyeongmyo-gyounggijeon-dohyoung(肇慶廟慶基殿圖形),' and analyzing the correlation between their drawings. For this aim, observatory investigation by using a map, on-spot investigation, analysis involving the satellite images and internet were carried out with literature review simultaneously. The result of investigation could be sum up as follows. Gyounggijeon(1410), Jogyeongmyo(1771) and Jogyeongdan(1899), where are the core space to lay the historically firm foundation for securing the fact Jeonju is the home of the Royal Family of Joseon, had been built, fixed and extended for giving legitimacy to the Joseon Dynasty and a part of strengthening of royal authority. And these had played an important role of spiritual mainstay from early in the Joseon Dynasty to the era of the Great Korean Empire and had been managed and maintained continuously. It is grasped that the 4 maps consist of Sanhyuoungdo(山形圖; a kind of a mountain map), which is the map for showing a burial place of Lee Han(李翰), the founder of the Joseon Dynasty, and its auxiliary drawings and these had been drawn intensively to justify dignity and authority of the Imperial Family and the Emperor after the name of country was renamed the Great Korean Empire as a part of national undertaking. In detail, Wansan-doghyoung is the key map for announcing the existence of Jogyeong-myo, Gyounggijeon and Jogyeongdan in Jeonju and informing their locations and Geonjisan-dohyoung is the map of divination based on topography for highlighting the geomantic justification of the founder's mausoleum. Jogyeongdan-bigak-jaesil-dohyooung is the partial map detailing for Geonjisan-dohyoung. Jeonju-geonjisan-dohyoung and Jogyeongmyo-gyounggijeon-dohyoung had employed the binary reduced scale and the bird-eye view method and in the above maps, Geonji Mountain is the main mountain and these maps make an exaggeration of the main geographical features, centering Wangjabong and Euimyoso, unlike the real geographical features. Also, the other main geographical features, which are found in the burial place, are expressed in detail by changing the view. In the point of view of 1 set being consisted of 4 maps, 'Wansan-dohyoung' has the property not only as Gunhyoundo, which Gun and Hyoun mean a unit of the administrative district, respectively and Gynhyoundo is a kind of the map for recording their locations, but also as the map of showing their locations. On the other side, 'Jogyoungmyogyounggijeondohyoung' is a kind of lay-out drawing as a partially detailed map. In addition, it has been found out that 'Jeonju-geonjisan-dohyoung' and 'Jogyeongdan-bigak-jaesil-dohyoung' is not only Pungsu- hyounggukdo having the function of Sanhyoungdo but also a detail drawing. On the base of these properties, it is considered that the functionality as a serial map had been strengthened, unlike the existing old maps.

Comparative Study of Cyclioxygenase-2 Expression and HER-2/neu Amplification in Korean and Caucasian Women with Early-Onset Breast Carcinoma (한국인과 백인 젊은 여성 유방암 환자에서 Cyclooxygenase-2 발현과 HER-2/neu 증폭의 비교 연구)

  • Choi, Doo-Ho;Kim, Eun-Seog;Kim, Yong-Ho;Jin, So-Young;Lee, Dong-Wha;Haffty, Bruce G.
    • Radiation Oncology Journal
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    • v.22 no.4
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    • pp.307-315
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    • 2004
  • Purpose: The purpose of this work was to study the differences of cyclooxygenase (COX-2) expression between Korean and Caucasian patients with early-onset breast carcinoma by immunohistochemistry. The test were analyzed to find a correlation between COX-2 and other biomarkers including HER-2/neu amplification, because we previously reported that a significant difference had been found in the expression of HER-2/neu between the two races. Furthermore, we investigated prognostic significance of COX-2 in korean patients. Materials and Methods: Sixty Korean women who were diagnosed breast carcinoma at 45 years old or younger and 60 Caucasian women with breast carcinoma were selected for this study. The median age of both groups was 37 years and tumor sizes were distributed evenly between the two group. Paraffin embedded blocks of primary tumor were processed for immunohistochemical staining of COX-2. The COX-2 expression was evaluated according to the percentage of positive cells and the intensity of staining. And the results were compared with the data of the previous studies to find correlation between COX-2 and other parameters and survival data. Results: Proportion of the COX-2 expression in total patients was $27.6\%$. The percentage of tumors that stained positive for COX-2 in korean and Caucasian women with early-onset breast carcinoma were $37.9\%$ and $20.8\%$, respectively. The difference was statistically not significant(p=0.090). Expression of COX-2 was not associated with several clinicopathologic parameters including HER-2/neu overexpression, but negative estrogen receptor status was correlated with significance (p=0.046). The 5 year disease free survival rate for patients with COX-2 expression was $67.9\%$, compared to $81.9\%$ of the COX-2 negative patients and the result was statistically not significant. Conclusions : A significant difference was not found in the expression of COX-2 between the two groups of patients with early-onset breast carcinoma. And correlation between COX-2 and other parameters was not observed except estrogen receptor negativity. Large scaled further research including radiotherapy factors will be needed to identify COX-2 as a prognostic role in patients with early-onset breast carcinoma.

A Cohort Study of Mental, Physical and Behavioral Impacts of Early(at Age 55) Compulsory Retirement in Korea (조기 정년퇴직자의 정신. 육체. 행위적 경향연구)

  • Duk-Sung Kim;Sae-Kwon Kong;Kong-Kyun Ro
    • Korea journal of population studies
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    • v.11 no.1
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    • pp.204-229
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    • 1988
  • This paper documents and discusses trends and differentials in youth's participation in the labor force and employment. Youth in this study is defined asthe young aged 15-29. Youth passes through a series of life-course transitions,which include school completion own family formation(marriage and childbirth) .mandatory service in the army (by males) , and their economic activities are affectedby those life-course events. Accordingly we show how and to what extent youth'slabor force participation and employment varies with age and how the age patternhas changed over time.Throughout the 1980's and 1990's, youth's labor force participation showeddifferent trends by age group Labor fDrce participation rate of the 15-19 agedsteeply decreased, while that of the 25-29 steadily increased during the twodecades, the rate fsr the 20-24 aged showing not much variation. The former is dueto the increased rate of school enrollment among the age group, while the lattercould be attributed, in part, to the young women s increased and more steadyparticipation in the labor force over time.While labor force participation could be considered as a result of one's choicesand preferences, employment opportunities are more or less restricted by labormarket structure and institutions . This study documents how the structuralconstraints have interacted with individual and group attributes to differentiateemployment opportunities between individuals (educational background) and groups(especially sex diffrences) . One of the most salient feature of youth's em[ploymentstructure is the recent high unemployment rate of the college graduates. We discusshow that is related to the'credential society'in which one's educational credentials and it's social status play major role in determining who gets what in terms of job opportunities. Also is discussed the discordance between school and labor marketsupply and demand system, which is apparent in the prolonged oversupply of thecollege graduates, which is due to the consistently high rate of college entranceobserved since the early 1980's. Theoretically the job market for college graduates isviewed not as the'neoclassical'wage competition market but as job competition market in which one's (good) job opportunity is determined by one s position in thejob queue, which is in turn heavily dependent on from which college one get shis/her college degree as well as one's sex.

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The Influence of Number of Targets on Commonness Knowledge Generation and Brain Activity during the Life Science Commonness Discovery Task Performance (생명과학 공통성 발견 과제 수행에서 대상의 수가 공통성 지식 생성과 뇌 활성에 미치는 영향)

  • Kim, Yong-Seong;Jeong, Jin-Su
    • Journal of Science Education
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    • v.43 no.1
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    • pp.157-172
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    • 2019
  • The purpose of this study is to analyze the influence of number of targets on common knowledge generation and brain activity during the common life science discovery task performance. In this study, 35 preliminary life science teachers participated. This study was intentionally made a block designed for EEG recording. EEGs were collected while subjects were performing common discovery tasks. The sLORETA method and the relative power spectrum analysis method were used to analyze the brain activity difference and the role of activated cortical and subcortical regions according to the degree of difficulty of common discovery task. As a result of the study, in the case of the Theta wave, the activity of the Theta wave was significantly decreased in the frontal lobe and increased in the occipital lobe when the difficult difficulty task was compared with the easy difficulty task. In the case of Alpha wave, the activity of Alpha decreased significantly in the frontal lobe when performing difficult task with difficulty. Beta wave activity decreased significantly in the frontal lobe, parietal lobe, and occipital lobe when performing difficult task. Finally, in the case of Gamma wave, activity of Gamma wave decreased in the frontal lobe and activity increased in the parietal lobe and temporal lobe when performing the difficult difficulty task compared to the task of easy difficulty. The level of difficulty of the commonality discovery task is determined by the cingulate gyrus, the cuneus, the lingual gyrus, the posterior cingulate, the precuneus, and the sub-gyral where it was shown to have an impact. Therefore, the difficulty of the commonality discovery task is the process of integrating the visual information extracted from the image and the location information, comparing the attributes of the objects, selecting the necessary information, visual work memory process of the selected information. It can be said to affect the process of perception.

A Study on the Effectiveness of 3PL Logistics Information System : A Focus on the Role of Supply Chain Performance in Shipper and Long-term Relationship intention (3PL 물류정보시스템의 효과성에 관한 실증적 연구 : 화주기업의 공급사슬성과와 장기지향적관계성의 역할을 중심으로)

  • Cho, Jae-yong
    • Journal of Venture Innovation
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    • v.3 no.2
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    • pp.111-128
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    • 2020
  • Recently, in the process of globalization of companies, the use of third party logistics providers (3PL) has been strengthened. Therefore, the purpose of this study is to test the effectiveness of the logistics information system provided by 3PL companies. This study is to test the relationship between the effect of the characteristics of the 3PL logistics information system on the shipper's supply chain performance, that is, logistics performance, customer performance, and organizational performance, and the shipper's loyalty to the 3PL company, that is, 3PL corporate performance. In addition, long-term relationship orientation is to test whether there is a moderating effect between the shipper company and the 3PL company. Through this, this study aims to provide strategic implications for improving the competitiveness of 3PL companies. In this study, a total 205 data were collected and used for analysis of shippers companies for hypothesis testing, and analyzed using SPSS 21.0 and AMOS 21.0 statistical programs. The results of the study are summarized as follows. First, it was found that the accuracy, timeliness, and usefulness of the 3PL logistics information system all had a significant positive (+) effect on the performance of the shipper's supply chain. Second, it was found that the accuracy, timeliness, and usefulness of the 3PL logistics information system all had a significant positive (+) effect on 3PL corporate performance. Third, it was found that the performance of the supply chain of the shipper company had a significant positive (+) effect on the performance of the 3PL company. Finally, it was found that long-term relationship orientation had a moderating effect on the relationship between the performance of the shipper company's supply chain and the performance of the 3PL company. The purpose of this study is to provide academic and practical implications for securing competitive advantage through the logistics information system of 3PL logistics companies.

Endoparasitic Dinoflagellates, Amoebophrya spp. and their Host Dinoflagellates in Jinhae Bay, Korea (진해만에 출현하는 기생성 와편모류 Amoebophrya spp.와 숙주 와편모류)

  • Park, Jong-Gyu;Hur, Hyun-Jung;Coats, D. Wayne;Yih, Won-Ho;Ha, Na
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.12 no.4
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    • pp.359-369
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    • 2007
  • Amoebophrya is an obligate endoparasitic eukaryotic dinoflagellate infecting host species and eventually killing them within a short period. Because of its host specificity and significant impacts on population dynamics of host species, it has long been proposed to be a potential biological agent for controlling harmful algal bloom (HAB). For several decades, the difficulties of culturing host - parasite systems have been a great obstacle to further research on the biology of Amoebophrya but recent success of several culture systems reactivates this research field. In this study, as a preliminary work for understanding the impacts of Amoebophrya on the population dynamics of host species, semimonthly occurrence of infected host dinoflagellates by Amoebophrya spp. had been observed in Jinhae Bay for two years and with a host - parasite system cultivated, host specificity of Amoebophrya spp. on several dinoflagellates was tested. Amoebophrya spp. were observed in the cellular organelle and cytoplasm of several species including Akashiwo sanguinea, Ceratium fusus, Dinophysis acuminata, Heterocapsa triquetra, Oblea sp., Prorocentrum minimum, P. triestinum, Scrippsiella spinifera, and S. trochoidea. Among them two host - parasite systems for an athecate dinoflagellate, A. sanguinea, and for a thecate dinoflagellate, H. triquetra, had been able to be successfully established as laboratary cultures. Cross-infection tests for 6 species of dinoflagellates in which Amoebophrya was observed or had been reported to exist confirmed high preference for host species of the parasite. Through the continuous research on Amoebophrya occurring in Korean coastal waters, we need to maintain various host - parasite culture systems, which will be very helpful for understanding its ecological role in marine food webs and for applying the species to biologically control harmful algal blooms.

Cell proliferation inhibition effects of epigallocatechin-3-gallate in TREK2-channel overexpressing cell line (TREK2-채널 과발현 세포주에서 에피갈로카테킨-3-갈레이트의 세포 증식 억제 효과)

  • Kim, Yangmi;Kim, Kyung-Ah
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.17 no.3
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    • pp.127-135
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    • 2016
  • Two-pore domain potassium (K2P) channels are the targets of physiological stimuli, such as intracellular pH, bioactive lipids, and neurotransmitters, and they set the resting membrane potential. Some types of K2P channels play a critical role in both apoptosis and tumoriogenesis. Among the K2P channels, no antagonists of the TREK2 channel have been reported. The aim of the present study was to determine if the TREK2 channel is blocked and whether cell proliferation is influenced by flavonoids in the TREK2 overexpressing HEK293 cells (HEKT2). The electrophysiological current was recorded using single channel patch clamp techniques and cell proliferation was measured using a XTT assay. The electrophysiological results showed that the TREK2 channel activity was reduced to $91.5{\pm}13.1%$ (n=5) and $82.2{\pm}13.7%$ (n=5) by flavonoids, such as epigallocatechin-3-gallate (EGCG) and quercetin in HEKT2 cells, respectively. In contrast, the EGCG analogue, epicatechin (EC), had no significant inhibitory effects on the TREK2 single channel activity. In addition, cell proliferation was reduced to $69.4{\pm}14.0%$ (n=4) by ECGG in the HEKT2 cells. From these results, EGCG and quercetin represent the first known TREK2 channel inhibitors and only EGCG reduced HEKT2 cell proliferation. This suggests that the flavonoids may work primarily by inhibiting the TREK2 channel, leading to a change in the resting membrane potential, and triggering the initiation of a change in intracellular signaling for cell proliferation. TREK2 channel may, at least in part, contribute to cell proliferation.