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A Study on Improving Survival of Bombina orientalis through Escape Facilities in Artificial Canals (무당개구리의 인공 수로 내 수로 탈출시설을 통한 생존성 향상에 대한 연구)

  • Jung-Hoon Bae;Young-Don Ju;Sul-Woong Shim;Yang-Seop Bae
    • Journal of Environmental Impact Assessment
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    • v.33 no.1
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    • pp.1-8
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    • 2024
  • Amphibians are a taxonomic group that ecologically connects terrestrial ecosystems and aquatic ecosystems. They play a very important role in the food chain of the ecosystem. It is known that there are about 5,948 species distributed all over the world, but after the Industrial Revolution, due to industrialization and urbanization, there has been a decrease in species and populations. In particular, it is becoming a factor in exacerbating habitat fragmentation or fragmentation due to artificial canals. In orderto improve the survivalrate of wild animals in artificial canals, escape facilities are installed to reduce it. This study analyzed the slope, height of the escape facility, escape rate, and travel distance in the operating facility for Bombina orientalis, which mainly inhabits near forests. The slope of the escape facility showed a relatively similar escape success rate regardless of height at 50° and 60°, while at 70°, it showed a relatively high escape success rate at only 40cm in height. The success rate of escape from the waterway escape facility in operation was 14.71%, showing a very low utilization rate, and the recognition rate of the artificial canal escape facility was found to be very low as it moved along the side wall of the artificial canal. Therefore, in the case of a waterway escape facility for Bombina orientalis, it is possible to construct it at an angle of 60°, and if the side walls of the artificial canals are built within 60°, Bombina orientalis can move freely in both directions, overcoming the low utilization rate of existing waterway escape facilities. It is expected to minimize the impact of movement and death of artificial canals. In addition, if the spacing between escape facilities is narrowed from the installation standard of 30m and ramps are constructed in both directions upstream and downstream, the escape success rate of amphibians,reptiles, and small mammals otherthan lady frogs is expected to improve.

Distribution Patterns of Surface Sediments of the Jangan Linear Sand Ridge off the Northern Taean Peninsula, in the Mid-west Coast of Korea (서해 중부 태안반도 북부 해역의 장안사퇴 표층퇴적물 분포 특성)

  • TAE SOO CHANG;EUNIL LEE;DO-SEONG BYUN;HWAYOUNG LEE;SEUNG-GYUN BAEK
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.29 no.1
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    • pp.14-27
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    • 2024
  • Unlike the shelf sand ridges moribund in motion, nearshore sand ridges are highly mobile, sensitive to changes in ocean environments, thereby becoming of particular interest with respect to morphological changes. About 5 km off the Daesan port, the Jangan Sand Ridge has been undergoing severe subsea morphological change over the past two decades. Understanding the nature of sand ridges is critical to elucidate the causes of morphological changes. In this context, this study aims at understanding the characteristics and distribution patterns of surface sediments of the ridge and its vicinity. For this purpose, 227 sediment samples were acquired using a grab-sampler, the grain sizes being analysed by the sieve-pipette method. In addition, comparison of grain sizes in sediments between 1997 and 2021 was made in order to investigate the 25-years change in sediment composition. Surface sediments along the ridge axis are fine to medium sands with 2-3 phi in mean grain size, whereas, in the trough of ridge, the sediments are composed of gravels and muddy sandy gravels with mean sizes of -2 to -6 phi. Sediments in the crest of the ridge are well-sorted with normal distribution, on the other hand, the basal sediments are poorly-sorted and positively skewed. Along the ridge crest, the sediments are negatively skewed. From 1997 to 2021, the ridge sediments became largely coarser about 0.5 phi. Such coarsening trend in mean grain size can be explained either by elimination of fine sediments during high waves in winter or elimination of fines suspended during sand mining activities in the past. Spatial distribution pattern of surface sediments shows that ca. 30 m thick of the sand ridge itself overlies the thin relict gravels. The strong asymmetry of sand ridge, the exposure of ridge base, and reworked gravel lags suggest that Jangan sand ridge is probably sediment-deficit and hence erosive in nature at present.

A Study on the Implications of Korea Through the Policy Analysis of AI Start-up Companies in Major Countries (주요국 AI 창업기업 정책 분석을 통한 국내 시사점 연구)

  • Kim, Dong Jin;Lee, Seong Yeob
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.19 no.2
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    • pp.215-235
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    • 2024
  • As artificial intelligence (AI) technology is recognized as a key technology that will determine future national competitiveness, competition for AI technology and industry promotion policies in major countries is intensifying. This study aims to present implications for domestic policy making by analyzing the policies of major countries on the start-up of AI companies, which are the basis of the AI industry ecosystem. The top four countries and the EU for the number of new investment attraction companies in the 2023 AI Index announced by the HAI Research Institute at Stanford University in the United States were selected, The United States enacted the National AI Initiative Act (NAIIA) in 2021. Through this law, The US Government is promoting continued leadership in the United States in AI R&D, developing reliable AI systems in the public and private sectors, building an AI system ecosystem across society, and strengthening DB management and access to AI policies conducted by all federal agencies. In the 14th Five-Year (2021-2025) Plan and 2035 Long-term Goals held in 2021, China has specified AI as the first of the seven strategic high-tech technologies, and is developing policies aimed at becoming the No. 1 AI global powerhouse by 2030. The UK is investing in innovative R&D companies through the 'Future Fund Breakthrough' in 2021, and is expanding related investments by preparing national strategies to leap forward as AI leaders, such as the implementation plan of the national AI strategy in 2022. Israel is supporting technology investment in start-up companies centered on the Innovation Agency, and the Innovation Agency is leading mid- to long-term investments of 2 to 15 years and regulatory reforms for new technologies. The EU is strengthening its digital innovation hub network and creating the InvestEU (European Strategic Investment Fund) and AI investment fund to support the use of AI by SMEs. This study aims to contribute to analyzing the policies of major foreign countries in making AI company start-up policies and providing a basis for Korea's strategy search. The limitations of the study are the limitations of the countries to be analyzed and the failure to attempt comparative analysis of the policy environments of the countries under the same conditions.

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The Interpretaion of the Fairy Tale <The Frog King or Iron Heinrich> in Light of Jungian Psychology : The Unification of Opposites in the Fairytale (민담 <개구리 왕 혹은 충직한 하인리히>의 융심리학적 해석 : 민담에 나타난 대극의 합일)

  • Boseop Lee
    • Sim-seong Yeon-gu
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    • v.36 no.1
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    • pp.55-86
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    • 2021
  • The initial situation in our tale shows that the earth-mother-feminine principle disappeared from the center of the collective consciousness into the collective unconscious. Therefore the heaven-father-masculine principle is dominant, which is represented by the king. And in the king's daughter, who is living without mother, the positive father complex is working. She stays in the heaven-spirit world playing with the golden ball, which can be seen as the state of inflation. She is disconnected from the earth-mother-feminine principle, which is important for a woman to find her genuine feminine identity. This demanded principle approaches her through the frog, a bewitched prince. Psychologically it means that a man is under the power of the negative mother complex. The disgusting, ugly frog is a symbol for the shadow, the earthly animal instincts of the princess. Only with his help she can find her golden ball again, which has fallen into the deep well. Their talk about the rewards to him for his help shows us very well the opposites. The frog wants the feminine value such as relation, earthly eros, but the princess offers the masculine value such as heavenly logos. After the frog brought her the lost ball, i.e. she regained her libido, she completely forgot her promise. Like this the content, which is becoming conscious, here the shadow, is easy to fall back into the unconscious and to be repressed. The frog cannot be with the princess without the help of the king, a father figure, a firm protector of the collective oder. At first unwillingly the princess obeys Logos of her father. But her authentic instinctual urge grows stronger and it causes that her ego is released from the power of her father complex. At just this moment the frog turns into a prince, i.e. he is liberated from the mother complex. The marriage of princess and frog-prince symbolize the unification of the opposites: heaven becomes earthly and earth becomes heavenly. Three iron bands, wrapped around the heart of Heinrich, a young king's servant, are snapped, while he brings the prince and princess back to his kingdom. The heart, the place of earth-mother-feminine consciousness, is now liberated. This principle, which disappeared into the unconscious, emerged into the collective consciousness and the wholeness is recovered. The Self is now leading the collective consciousness, which includes not only the principle of Logos but also Eros.

Psychological Meaning of Creation Myths: Focused on Darkness/Massa Confusa, Separation of World Parent and Creation of Land/Island (무의식의 창조성 관점으로 고찰한 창조신화: 흑암/혼돈, 천지개벽/분리, 섬/육지 창조 중심)

  • Jin-Sook Kim
    • Sim-seong Yeon-gu
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    • v.38 no.2
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    • pp.269-304
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    • 2023
  • The purpose of this paper is to present the psychological meaning of the creation myths by utilizing related myths, analysand's dreams, active imagination, and artwork to reveal the creative function of the unconscious. The creation myth is the phenomenon of projection when a new order is demanded in the chaotic phase of personal and human history. Depending on the attitude of the ego, it can be a sign of a reconstruction/alteration of consciousness or an invasion. Related literature such as Jung, von Franz, Neumann, Harding, and Edinger, domestic papers, and case reports are introduced to identify the background for this research. The psychological meaning of 'darkness' in creation myths is regarded as unconscious that is too dark to see. The Eskimo creation myth and an analysand's dreams of being blind and wandering in darkness are discussed in relation to nigredo in Alchemy. The psychological meaning of 'massa confusa' regards Uroboros, pleroma, early childhood experience, and a psychological womb in which everything is contained in one. With related myths and unconscious materials, a discussion is followed on how this realm can be a precursor of creation but also be trapped in an abyss. The psychological meaning of 'separation of world parent' is related to splitting one into two when unconscious contexts were touched before it became consciousness. Related myths, 'the world created between heaven and earth,' 'celestial being descending to the earth,' and 'the legend of relocation of a mountain,' as well as clinical material, are examined. Then this paper discusses the clinical implications of the separation of heaven and earth occurring on its own, that the creator's emotional aspects, such as loneliness and anxiety, are involved, and that delayed separation leads to the death of creatura and sudden separation leads to the death of the chaos. Then, the meaning of 'separation of world parent' is discussed in relation with separatio, the alchemical process of acquiring light/consciousness from darkness/unconsciousness. The psychological meaning of the creation of 'land/island' refers to the emergence of consciousness, the contents of the unconscious material into the realm of the ego. Related myths, such as the 'body of the monster/dragon becoming land' and analysand's dreams, are introduced, referring to the embodiment of Mercurius. This is followed by discussing related myths in creating the land to coagulatio in alchemy and utilizing creative work such as active imagination, art, music, and dance that can coagulate or concretize unconscious material in clinical approaches. Finally, myths of resurfaced land after the Flood or the complete destruction of the world in relation to the reconstruction of ego are discussed with related clinical material to show the importance of the analyst/therapist/supervisor's mental stability and capacity.

A Psychological Interpretation of Fairly Tale Mokdoryung, Son of Tree (한국민담 '목(木)도령'의 분석심리학적 해석)

  • Jin-Sook Kim
    • Sim-seong Yeon-gu
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    • v.25 no.2
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    • pp.224-264
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    • 2010
  • A brief story of the tale follows : Mokdoryung was a son of an arbor tree and a fairly. When the boy was 7-8 years old, mother-fairy returned to the sky. By using father-tree, Mokdoryung survived from the flood where he saved ants, mosquitos, and a boy with the same age. They arrived on top of the highest mountain, met an old woman with two daughters, worked as servants. With help of insects, Mokdoryung passed the trials, married to a wise daughter and 2 couples became the ancestor of the mankind. Interpretation of the tale starts with amplification of tree which symbolizes Self and Libido. As the son of the tree-spirit and a fairly from the sky, Mokdoryung is a kind of 'divine child' which represents a psychic possibility to understand archetypal nature of unconscious. Adversities of early childhood due to mother's absence regarded as necessary condition for 'divine child' to attain highest good. Flood can be compensation of absence of feminine as well as to bring a new life. The notion of father·tree becomes a kind of life-boat has to do with union of opposite(vertical phallic tree and horizontal feminine boat). Ants and mosquitoes represent upper and lower level of unconsciousness, they mediate divine power. Therefore respecting insects means respecting unconscious, and reward of insects means salvation come from unconscious. The boy saved from the flood presents emergence of psychic energy in its latent unconscious condition to create mental dynamism. The old woman is Great Mother or anima, the controller or guider of unconscious. Working as servants can be an active service for the divine marriage. Trials of separating millet from sand, and finding right direction relate to separatio, means one needs to be separated from unconscious before conunctio, union of opposite. Two sets of couple becoming ancestor of man-kind has to do with number 4 (quaternity) as well as regeneration. Although the tale includes both positive couple (Mokdoryung, wise daugther in east room). and negative couple(shadow side of Mokdoryung, step daughter in west room)as ancestors of mankind, "Good" seems to be more valued than "evil".

An Empirical Study on Influencing Factors of Venture Firm's CSR: Focusing on Slack Resources and Growth Strategy (벤처기업의 사회적책임(CSR)활동의 영향요인에 관한 연구: 기업의 여유자원과 성장전략을 중심으로)

  • Jang, Dong-Hyun;Yeon, Ju-Han;Kim, Chun-Kyu
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.19 no.3
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    • pp.27-40
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    • 2024
  • This study empirically derives the factors affecting the practice of corporate social responsibility (CSR) of venture firms in Korea from the perspective of Slack Resource Theory and the company's growth strategy, and provides implications for future expansion of venture firm's CSR activities. In Korea, venture firms have grown into important players in the national economy since the late 1990s through social contributions such as economic value creation, job creation, and technological development. As venture companies grow in status, positive relationships with stakeholders and responsibility for environmental and social values are required. Now, CSR is becoming an important strategic choice for SMEs and venture firms. However, until now, CSR-related academic research has mainly focused on large or listed corporations, and there is not much research on SMEs or venture firms. In particular, research on the factors that lead venture companies to make important business decisions of participating in CSR activities is not there yet. This study applied logistic multiple regression analysis using the '2023 Survey on Venture Firms' conducted by the Ministry of SMEs and Startups. As a result of this study, operating profit, which is an available resources of venture companies, and government support, which is a potential resource, have a positive impact on venture firms's CSR activities. Also, business relationships with large corporations and expectation for future cooperation also have a positive impact on CSR activities as the determinants. On the other hand, it was analyzed that in venture firms where ownership and management are not separated, the higher the CEO's shareholding ratio, the more negatively it affects CSR activities. This study contributes academically as the first empirical study on the determinants of CSR activities of venture firms in Korea and provides implications that government policy support and collaboration between large corporations and venture firms are important in order to expand CSR activities of venture firms.

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Assessing forest net primary productivity based on a process-based model: Focusing on pine and oak forest stands in South and North Korea (과정기반 모형을 활용한 산림의 순일차생산성 평가: 남북한 소나무 및 참나무 임분을 중심으로)

  • Cholho Song;Hyun-Ah Choi;Jiwon Son;Youngjin Ko;Stephan A. Pietsch;Woo-Kyun Lee
    • Korean Journal of Environmental Biology
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    • v.41 no.4
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    • pp.400-412
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    • 2023
  • In this study, the biogeochemistry management (BGC-MAN) model was applied to North and South Korea pine and oak forest stands to evaluate the Net Primary Productivity (NPP), an indicator of forest ecosystem productivity. For meteorological information, historical records and East Asian climate scenario data of Shared Socioeconomic Pathways (SSPs) were used. For vegetation information, pine (Pinus densiflora) and oak(Quercus spp.) forest stands were selected at the Gwangneung and Seolmacheon in South Korea and Sariwon, Sohung, Haeju, Jongju, and Wonsan, which are known to have tree nurseries in North Korea. Among the biophysical information, we used the elevation model for topographic data such as longitude, altitude, and slope direction, and the global soil database for soil data. For management factors, we considered the destruction of forests in North and South Korea due to the Korean War in 1950 and the subsequent reforestation process. The overall mean value of simulated NPP from 1991 to 2100 was 5.17 Mg C ha-1, with a range of 3.30-8.19 Mg C ha-1. In addition, increased variability in climate scenarios resulted in variations in forest productivity, with a notable decline in the growth of pine forests. The applicability of the BGC-MAN model to the Korean Peninsula was examined at a time when the ecosystem process-based models were becoming increasingly important due to climate change. In this study, the data on the effects of climate change disturbances on forest ecosystems that was analyzed was limited; therefore, future modeling methods should be improved to simulate more precise ecosystem changes across the Korean Peninsula through process-based models.

The Effect of the Gap between College Students' Perception of the Importance of Coffee Shops and Their Satisfaction after Patronizing Coffee Shops on Their Purchasing Behavior (대전원교학생대가배점중요성적감지화타문광고가배점지후적만의도지간적차거대타문구매행위적영향(大专院校学生对咖啡店重要性的感知和他们光顾咖啡店之后的满意度之间的差距对他们购买行为的影响))

  • Lee, Won-Ok
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.4
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    • pp.1-10
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    • 2009
  • The purpose of this study was to categorize the gap between coffee shop 'importance' (as perceived by customers before patronizing the coffee shop) and 'satisfaction' (perception of customers after patronizing the coffee shop) as positive or negative and to analyze the effect of these gaps on purchasing behavior. To do this, I used the gap between importance and satisfaction regarding the choice of a coffee shop as the explanatory variable and performed an empirical analysis of the direction and size of the effect of the gap on purchasing behavior (overall satisfaction, willingness-to-revisit) by applying the Ordered Probit Model (OPM). A previous study that used IPA to evaluate the effects of gaps estimated the direction and size of a quadrant but failed to analyze the effect of gaps on customers. In this study, I evaluated the effects of positive and negative gaps on customer satisfaction and willingness-to-revisit. Using OPM, I quantified the effect of positive and negative gaps on overall customer satisfaction and willingness-to-revisit. Per-head expenditure, frequency of visits, and coffee-purchasing place had the most positive effects on overall customer satisfaction. Frequency of visits, followed by per-head expenditure and then coffee-purchasing place, had the most positive impact on willingness-to-visit. Thus per-head expenditure and frequency of visits had the greatest positive effects on overall satisfaction and willingness-to-revisit. This finding implies that the higher the actual satisfaction (gap) of customers who spend KRW5,000 or more once or more per week at coffee shops is, the higher their overall satisfaction and willingness-to-revisit are. Despite the fact that economical efficiency had a significant effect on overall satisfaction and willingness-to-revisit, college and university students still use coffee shops and are willing to spend KRW5,000 because they do not only purchase coffee as a product itself, but use the coffee shop for other activities, such as working, meeting friends, or relaxing. College and university students also access the Internet in coffee shops via personal laptops, watch movies, and study; thus, coffee shops should provide their customers with the appropriate facilities and services. The fact that a positive gap for coffee shop brand had a positive effect on willingness-to-revisit implies that the higher the level of customer satisfaction, the greater the willingness-to-revisit. A negative gap for this factor, on the other hand, implies that the lower the level of customer satisfaction, the lower the willingness-to-revisit. Thus, the brand factor has a comparatively greater effect on satisfaction than the other factors evaluated in this study. Given that the domestic coffee culture is becoming more upscale and college/university students are sensitive to this trend, students are attentive to brands. In most upscale coffee shops in Korea, the outer wall is built out of glass that can be opened, the interiors are exotic with an open kitchen. These upscale coffee shops function as landmarks and match the taste of college/university students. Coffee shops in Korea have become a cultural brand. To make customers feel that coffee shops are upscale, good quality establishments and measures to provide better services in terms of brand factor should be instituted. The intensified competition among coffee shop brands in Korea as a result of the booming industry indicates that provision of additional services is needed to differentiate competitors. These customers can also use a scanner free of charge. Another strategy that can be used to boost brands could be to provide and operate a seminar room for seminars and group study. If coffee shops adopt these types of strategies, college/university students would be more likely to consider the expenses they incur worthwhile and, subsequently, they would be more likely to be satisfied with the brands of these coffee shops, with an associated increase in their willingness-to-revisit. Gender and study year had the most negative effects on overall satisfaction and willingness-to-revisit. Female students were more likely to be satisfied and be willing to return than male students, and third and fourth-year students were more likely to be satisfied and willing-to-return than first or second-year students. Students who drink coffee, read books, and use laptops alone at coffee shops are easily noticeable. High-grade students tend to visit coffee shops alone in order to use their time efficiently for self-development and to find jobs. The economical efficiency factor had the greatest effect on overall satisfaction and willingness-to-revisit in terms of a positive gap. The higher the actual satisfaction (gap) of students with the price of the coffee, the greater their overall satisfaction and willingness-to-revisit. Economical efficiency with a negative gap had a negative effect on willingness-to-revisit, which implies that a less negative gap will result in a greater willingness-to-revisit. Amid worsening market conditions, coffee shops located around colleges/universities are using strategies, such as a point or membership card, strategic alliances with credit-card companies, development of a set menu or seasonal menu, and free coffee-shot services to increase their competitive edge. Product power also had a negative effect in terms of a negative gap, which indicates that a higher negative gap will result in a lower willingness-to-revisit. Because there are many more customers that enjoy coffee in this decade, as compared to previous decades, the new generation of customers, namely college/university students, want various menu items in addition to coffee, and coffee shops should, therefore, add side menu items, such as waffles, rice cakes, cakes, sandwiches, and salads. For example, Starbucks Korea is making efforts to enhance product power by selling rice cakes flavored in strawberry, wormwood, and pumpkin, and providing coffee or cream free of charge. In summary, coffee shops should focus on increasing their economical efficiency, brand, and product power to enhance the satisfaction of college/university students. Because shops adjacent to colleges or universities enjoy a locational advantage, providing differentiated services in terms of economical efficiency, brand, and product power, is likely to increase customer satisfaction and return visits. Coffee shop brands should, therefore, be innovative and embrace change to meet their customers' desires. Because this study only targeted college/university students in Seoul, comparative studies targeting diverse regions and age groups are required to generalize the findings and recommendations of this study.

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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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