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Legal Review of Product Liability of a Defective Aircraft (군용항공기와 결합방지를 위한 개선방안 및 법적 책임관계 연구)

  • Cho, Young-Ki;Chung, Wook
    • The Korean Journal of Air & Space Law and Policy
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    • v.20 no.2
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    • pp.59-158
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    • 2005
  • When a military aircraft suffers damages due to the defects in its design, manufacturing or notification, all of which are generally understood as products liability defects, the obvious compensation is sought as it would in other consumer good case. However, there exist clear yet unappreciated difference between general consumer goods and military aircraft, as far as products liability law is concerned - some sort of recovery should be obtained even when there exist only defects, not damages, to the aircraft because of the implication of defective parts is much grave than what can be expected in a consumer goods case. While certain anticipatory measures do exist in manual or at negotiation stages for the safety of military aircraft, such measures are ineffective, if not ambiguous, in recovery effort in the post-accident stage In another word, the standardized military procurement contract manuals and boilerplate forms do not appreciate the unique and dangerous military nature of military aircraft. There are many unique legal issues which can arise when trying to prevent defective aircraft or parts, or to recover compensations for accident due to such defects. At two-level, the government should establish legal system (or countermeasures if you'd like) for purchasing safer military aircraft. First, one should be able to work with legal ground and policy that allows selecting and purchasing safer goods - the purpose of such contract is not litigious, but rather in acquiring what are most reliable. Second, in case the defects do arise and lead to damages, solid legal principles and instructions should be established for effectively pursuing appropriate company, (usually a aerospace industry giant with much experience) for products liability - the purpose of such pursuit is inevitable for a public official, since he or she is no private business man with much flexibilities, even to the point of waiving such compensatory right for future business purposes. This article tries to identify problems in methods of procuring military aircraft or parts - after reviewing on how the military can improve on legal and policy grounds for procuring what will be the focus of future military strength, it will offer some of the ways to effectively handling and resolving a liability issues.

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Characterization of InAs Quantum Dots in InGaAsP Quantum Well Grown by MOCVD for 1.55 ${\mu}m$

  • Choe, Jang-Hui;Han, Won-Seok;Song, Jeong-Ho;Lee, Dong-Han
    • Proceedings of the Korean Vacuum Society Conference
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    • 2011.08a
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    • pp.134-135
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    • 2011
  • 양자점은 전자와 양공을 3차원으로 속박 시키므로 기존의 bulk나 양자우물보다 양자점을 이용한 레이저 다이오드의 경우 낮은 문턱 전류, 높은 미분이득 및 온도 안전성의 장점이 있을 거라 기대되고 있다. 그러나, 양자점은 낮은 areal coverage 때문에 높은 속박효율을 얻지 못하고 있다. 이러한 양자점의 문제점을 해결하기 위해 양자점을 양자우물 안에 성장시켜 운반자들의 포획을 향상시키는 방법들이 연구되고 있다. 양자우물 안에 양자점을 넣으면 양자우물이 운반자들의 포획을 증가 시키고, 열적 방출도 억제하여 온도 안정성이 향상 되는 것으로 알려져 있다. 광통신 대역의 1.3 ${\mu}m$ 경우, GaAs계를 이용하여 InAs 양자점을 strained InGaAs 박막을 우물층으로 한 dot-in-a-well 구조의 연구는 몇몇 보고된 바 있다. 그러나 InP계를 사용하는 1.55 ${\mu}m$ 대역에서 dot-in-a-well구조의 연구는 아직 미미하다. 본 연구에서는 유기 금속 화학 증착법(metal organic chemical vapor deposition)을 이용하여 InP 기판 위에 InAs 양자점을 자발성장법으로 성장하였으며 dot-in-a-well 구조에서 우물층으로 1.35 ${\mu}m$ 파장의 $In_{0.69}Ga_{0.31}As_{0.67}P_{0.33}$ (1.35Q)를, 장벽층으로는 1.1 ${\mu}m$ 파장의 $In_{0.85}Ga_{0.15}As_{0.32}P_{0.68}$(1.1Q)를 사용하였다. 양자우물층과 장벽층은 모두 InP 기판과 격자가 일치하는 조건으로 성장하였다. III족 원료로는 trimethylindium (TMI)와 trimethylgalium (TMGa)을 사용하였으며 V족 원료 가스로는 $PH_3$ 100%, $AsH_3$ 100%를, carrier gas로는 $H_2$를 사용하였다. InP buffer층의 성장 온도는 640$^{\circ}C$이며 양자점 성장 온도는 520$^{\circ}C$이다. 양자점 형성은 원자력간 현미경(Atomic force microscopy)를 이용하여 확인하였으며, 박막의 결정성은 쌍결정 회절분석(Double crystal x-ray deffractometry)를 이용하여 확인하였다. 확인된 성장 조건을 이용하여 양자점 시료를 성장하였으며 광여기분광법(Photoluminescence)을 이용하여 광특성을 분석하였다. Fig. 1은 dot in a barrier 와 dot-in-a-well 시료의 성장구조이다. Fig. 1(a)는 일반적인 dot-in-a-barrier 구조로 InP buffer층을 성장하고 1.1Q를 100 nm 성장한 후 양자점을 성장하였다. 그 후 1.1Q 100 nm와 InP 100 nm로 capping하였다. Fig. 1(b)는 dot-in-a-well 구조로 InP buffer층을 성장하고 1.1Q를 100 nm 성장 후 1.35Q 우물층을 4 nm 성장하였다. 그 위에 InAs 양자점을 성장하였다. 그 후에 1.35Q 우물층을 4 nm 성장하고 1.1Q 100 nm와 InP 100 nm로 capping하였다. Fig. 2는 dot-in-a-barrier 시료와 dot-in-a-well 시료의 상온 PL data이다. Dot-in-a-barrier 시료의 PL 파장은 1544 nm이며 반치폭은 79.70 meV이다. Dot-in-a-well 시료의 파장은 1546 nm이며 반치폭은 70.80 meV이다. 두 시료의 PL 파장 변화는 없으며, 반치폭은 dot-in-a-well 시료가 8.9 meV 감소하였다. Dot-in-a-well 시료의 PL peak 강도는 57% 증가하였으며 적분강도(integration intensity)는 45%가 증가하였다. PL 데이터에서 높은 에너지의 반치폭 변화는 없으며 낮은 에너지의 반치폭은 8 meV 감소하였다. 적분강도 증가에서 dot-in-a-well 구조가 dot-in-a-barrier 구조보다 전자-양공의 재결합이 증가한다는 것을 알 수 있으며, 반치폭 변화로부터 특히 높은 에너지를 갖는 작은 양자점에서의 재결합이 증가 된 것을 알 수 있다. 이는 양자우물이 장벽보다 전자-양공의 구속력을 증가시키기 때문에 양자점에 전자와 양공의 공급을 증가시키기 때문이다. 따라서 낮은 에너지를 가지는 양자점을 모두 채우고 높은 에너지를 가지는 양자점까지 채우게 되므로, 높은 에너지를 가지는 양자점에서의 전자-양공 재결합이 증가되었기 때문이다. 뿐만 아니라 파장 변화 없이 PL peak 강도와 적분강도가 증가하고 낮은 에너지 쪽의 반치폭이 감소한 것으로부터 에너지가 낮은 양자점보다는 에너지가 높은 양자점에서의 전자-양공 재결합율이 급증하였음을 알 수 있다. 우리는 이와 같은 연구에서 InP계를 이용해 1.55 ${\mu}m$에서도 dot in a well구조를 성장 하여 더 좋은 특성을 낼 수 있으며 앞으로 많은 연구가 필요할 것이라 생각한다.

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Development of Loading Information System in Shin-Chon Region (하숙 정보 시스템 구축:신촌지역을 중심으로)

  • 이숙임;성효현;강애띠
    • Spatial Information Research
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    • v.6 no.2
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    • pp.133-152
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    • 1998
  • This article considers the experimental foundations of geographical phenomena for the distribution of lodging houses and the development of lodging Information Systems in Shin-Chon Area. This system allows the rural students to find their lodging houses conveniently. We examine the geographical reality of lodging houses in Shin-chon area and explores the lodging information system, reflecting how students select the lodging houses. Criteria for selection of lodging houses are travel time to school, interior facilities, rent fee, members, owners of lodging houses, which are collected by field swvey. The lodging information system is built in integration of Visual Basic with spatial data which are created in Mapinfo and Arcview through MapObject, component GIS software. This system provide query tools to efficiently investigate data as well as interactive map display. Also it displays the characteristics of a selected lodging houses using the identify tool on the map.

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Study on Hydrogen Production and CO Oxidation Reaction using Plasma Reforming System with PEMFC (고분자 전해질 연료전지용 플라즈마 개질 시스템에서 수소 생산 및 CO 산화반응에 관한 연구)

  • Hong, Suck Joo;Lim, Mun Sup;Chun, Young Nam
    • Korean Chemical Engineering Research
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    • v.45 no.6
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    • pp.656-662
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    • 2007
  • Fuel reformer using plasma and shift reactor for CO oxidation were designed and manufactured as $H_2$ supply device to operate a polymer electrolyte membrane fuel cell (PEMFC). $H_2$ selectivity was increased by non-thermal plasma reformer using GlidArc discharge with Ni catalyst simultaneously. Shift reactor was consisted of steam generator, low temperature shifter, high temperature shifter and preferential oxidation reactor. Parametric screening studies of fuel reformer were conducted, in which there were the variations of the catalyst temperature, gas component ratio, total gas ratio and input power. and parametric screening studies of shift reactor were conducted, in which there were the variations of the air flow rate, stema flow rate and temperature. When the $O_2/C$ ratio was 0.64, total gas flow rate was 14.2 l/min, catalytic reactor temperature was $672^{\circ}C$ and input power 1.1 kJ/L, the production of $H_2$ was maximized 41.1%. And $CH_4$ conversion rate, $H_2$ yield and reformer energy density were 88.7%, 54% and 35.2% respectively. When the $O_2/C$ ratio was 0.3 in the PrOx reactor, steam flow ratio was 2.8 in the HTS, and temperature were 475, 314, 260, $235^{\circ}C$ in the HTS, LTS, PrOx, the conversion of CO was optimized conditions of shift reactor using simulated reformate gas. Preheat time of the reactor using plasma was 30 min, component of reformed gas from shift reactor were $H_2$ 38%, CO<10 ppm, $N_2$ 36%, $CO_2$ 21% and $CH_4$ 4%.

An Analysis of Growth Conditions of old Trees in Yangdong Villages (양동마을의 노거수 생육실태 분석)

  • Kim, Young-Hun;Deng, Bei-Jia;You, Ju-Han
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.38 no.2
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    • pp.95-107
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    • 2020
  • The purpose of this study is to provide the basic data by analyzing and analysing the Growth Conditions of old Trees in Yangdong village. This study investigated about the conducted on tree information, soil information, and tree health. The result are as follows. The trees information in Yangdong Village consists of Juniperus chinensis, Salix chaenomeloides, Salix pseudolasiogyne, Celtis sinensis, Zelkova serrata, Gleditsia japonica, and Gleditsia sinensis trees, The range of height was 4.0~17.0m, and the diameter was 0.51~1.34m, Juniperus chinensis trees of No.17 was most large. In the results of soil analysis, there showed that acidity was pH4.1~6.3, hardness of 5~48mm, organic matter content of 21.2~29.1g/kg, electrical conductivity(EC) of 0.34~1.76dS/m, available P2O5 of 79.8~451.6mg/kg, exchangeable K of 0.22~1.71cmol+/kg, exchangeable Ca of 4.98~7.44cmol+/kg, exchangeable Mg of 0.67~2.19cmol+/kg, exchangeable Na of 0.19~1.04cmol+/kg and cation exchange capacity(C.E.C) of 7.23~13.02cmol+/kg. As a result, the highest number of tree health levels is 8 of 11trees of Celtis sinensis, 2 of 7trees of Zelkova serrata, and 3 of Gleditsia sinensis, and 13 of 30 trees of health levels, The Older trees with high infection, spoil and hollowed part were the remaining trees except for the healthy part. Relatively, more than half of the number of targets is infected, decay, and the hollowed site, and it is necessary to perform surgery on the damaged area. In addition, preservation and protection measures should be implemented by supplying root nutrients for trees, controlling nutrients in the body to prevent secondary and tertiary damages that cause the infection site to metastasize to the health site, In order to continually monitor the trees, measures to improve the location environment and management of the trees should be sought.

Studies on the Characteristics of Modified Landscape and the Transformational Processes of Ongnyucheon in Changdeok Palace (창덕궁 옥류천의 수경(修景) 특성과 변천과정)

  • Jung, Woo-Jin;Kim, Hyung-Suk;Sim, Woo-Kyung
    • Journal of the Korean Institute of Traditional Landscape Architecture
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    • v.30 no.3
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    • pp.42-56
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    • 2012
  • This study was carried out to investigate the construction characteristics and the landscaping design skill for Wiyiam at Ongnyucheon(玉流川) in the rear garden of Changdeok Palace focusing on constructing technique, space composition and transformational process of the site. The results of this study were summarized as follows; First, Wiyiam of Ongnyucheon was constructed as garden ornament which was modified the huge bedrock into the shape of the mountain. The waterfall of Wiyiam was originally made of torrent which water flowed into the bottom, but it was reconstructed to take the effect of Inak(離落: the method to drop water from high place) by carving rock into square shape at the era of King Gojong(高宗). Second, main characteristics of Wiyiam appeared in Donggwoldo was the hill built up with a square pond and ground at the back of Wiyiam and the profound scenery of mountains and stream from the view of Wiyiam. Also, pavilions such as Soyojeong(逍遙亭), Cheongujeong and Taegeukjeong(太極亭) built in Ongnyucheon seemed to be constructed as the spots to appreciate the view and waterfall sound of Wiyiam. Also the spots were not bounded by the function of creating special water systems such as Cheongujeong pond and Taegeukjeong pond and showed the outstanding landscape design skill to make people feel unusual interest from each spot. On the other hand, this study considered that the evening scenery of Wiyiam, beautiful sound of falling water, unusual water system with beautiful plant materials were landscaped for the function of the psychological peace and stability to the appreciators. Lastly, the extreme change of space composition in Ongnyucheon was assumed as a strategy to improve the existing poor drain environment by confirming that the mountain stream and wall of Soyojeong were removed and drainage in both side of Soyojeong was installed in the 21th year of King Gojong's reign(1884).

A Study of the Images of General Supers and a Department Store in a Local City (지방도시에 입점하고 있는 종합슈퍼와 백화점에 대한 점포이미지 비교 분석)

  • Kim, Chang-Gon
    • Journal of Distribution Science
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    • v.10 no.6
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    • pp.17-26
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    • 2012
  • Suncheon is a city comprising a rural and urban area, where there are four types of large stores. Studies have shown that there are too many large stores serving the local population of just 300,000. However, geographically, Suncheon is located at a transportation hub that borders the cities of Gwangyang and Yeosu as well as the local counties of Boseong and Gurae. Residents of these areas can reach these shopping stores within an hour's drive. Thus, the managers of these four stores regard residents in these areas as their valued customers and endeavor to create a differentiated image among them. In this study, 13 different images were used to determine the public's opinions and feelings towards these stores and the differences were analyzed. The store images measured overall store impression, diversity of the product, the quality of products displayed at the store, accessibility, the atmosphere, service to the customers, and so on. These images are evaluated subjectively by each customer and are major factors in them deciding to revisit the stores. The 13 images are classified into five main categories and further classified into 13 sub-categories. Three kinds of factor images were extracted from the store images in the five main categories by factor analysis using SPSS Ver. 19. The first factor image was extracted from the images of convenience, atmosphere, and service in the main categories and is called a sub-service factor for the store in this study. Accessibility to the store was classified as a convenience image in the main category and was extracted as a common factor along with diversity and the price of goods. These differences are expected according to the store location, that is, the difference between stores located in a large city and those in a small local city, and depending on the nature of survey respondents. The result shows that there is a significant difference between the stores' images with regard to accessibility, the price of products, brand image, and lighting/sound image. This study has the following limitations. First, the survey sample was restricted to residents of a small local city that includes rural and urban populations. The differences between the store images regarding traffic and accessibility are factored by store location, whether they are located within a large or a small city as well as the economic situation of these cities. Second, only the customers of large-scale stores were included in the survey as respondents. Relatively large traditional markets are held every five days in local cities and there is competition between large-scale stores and traditional markets with regard to diversity and the price of goods. It could be expected that customers in large-scale stores and customers in traditional markets would hold different store images. In future studies, images of stores in large cities should be compared with the images of stores located in small local cities. In addition, customer behavior when buying goods in large-scale stores should be compared with their behavior when buying goods in traditional markets.

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A Study on the Evaluation and Maintenance for Alternative Habitats of the Narrow-mouth Frog (Kaloula borealis) - A Case Study on the Alternative Habitats of Kaloula borealis at the University of Seoul - (맹꽁이 대체서식지 조성 평가 및 유지관리 방안 연구 - 서울시립대학교 맹꽁이 대체서식지를 사례로 -)

  • Park, Seok-Cheol;Han, Bong-Ho;Park, Min-Jin
    • Journal of the Korean Institute of Landscape Architecture
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    • v.47 no.1
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    • pp.76-87
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    • 2019
  • The purpose of this study was to evaluate the performance of and to derive future maintenance-management measures of the constructed alternative habitat for the Kaloula borealis at the University of Seoul, examining the period between 2015-2017. The research was constructed in 2014 and in a $191m^2$ area. The performance evaluation was divided into maintaining the habitat of the target species, maintaining the population and reproduction rates of the target species, maintaining the habitat of the wild species, the resilience of natural ecosystems, and the harmony with the surrounding environment. In terms of maintaining the habitat of the target species, soil collected from the existing habitat of the Kaloula borealis and was the depth was increased to 30cm in the alternative habitat. An artificial water supply was required every year during the supporting the spawning and hatching of other amphibians along with the Kaloula borealis. The sources of water of the alternative habitat were both rain and tap water, as it cannot be maintained naturally. Additionally, the Kaloula borealis thrived because it inhabited the research site and the average temperature was $26.2^{\circ}C$ from April-June, which is when the Kaloula borealis spawns. In terms of maintaining the population and reproduction rates of the Kaloula borealis, they were evaluated to have stable rates of reproduction. In terms of maintaining the habitat of the wild species, studies on vegetation and the structure of the characteristics of prey or predators will be needed. Also, alien species, such as Humulus japonicus and Bidens frondosa needed to be removed to maintain the wetland ecosystem of the wild species. In the assessment of the resilience of the natural ecosystems, the mud was monitored, noting the changes in the depth of water, with steps taken to reduce the leakage of water. The mud collected from the Haneul Pond wetland, which is located around the research site was piled up. Also, partial mowing management and the inducement of a natural vegetation colony was required for vegetation management. It was also necessary to create porous spaces, such as old trees and tree branches to create a habitat with hiding places and feeding and spawning places for small organisms. In terms of the harmony with the surrounding environment, the following threat factors needed to be managed: amphibian roadkill by vehicles and pedestrians and artificial draining due to nearby user access. Based on the monitoring results, alternative habitat management measures presented the promoting various waterside structures, in which amphibians can spawn and hide in, managing the water environment consistently, managing the vegetation, focused on the habitat of the wild species, and managing the surrounding environment for the habitat. The creation of an alternative habitat should be managed through monitoring, reflecting the characteristics of the changes in the site. Also continuing efforts are also needed to improve the habitat of the target species.

A Study on the Present Situation, Management Analysis, and Future Prospect of the Ornamental Tree Cultivation with respect to Environmental Improvement (환경개선(環境改善)을 위한 녹화수목재배(綠化樹木裁培)의 현황(現況) 및 경영분석(經營分析)과 전망(展望))

  • Park, Tai Sik;Kim, Tae Wook
    • Journal of Korean Society of Forest Science
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    • v.34 no.1
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    • pp.31-46
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    • 1977
  • The study was made to give some helpful information for policy-making on ornamental tree cultivation by doing a survey on general situations, management analysis, and future prospects of the ornamental tree growing. The study was carried out through literature studies related to the subject, questionaire surveys, and on-the-spot investigation. The questionaire surveys could be divided into two parts: pre-questionaire survey and main-questionaire survey. In the pre-questionaire survey, the researchers intended to identify the total number of ornamental tree growers, cultivation areas in size and their locations. The questionaires were sent to each town and county administration authorities, forest cooperatives, and related organizations through-out the nation. The main-questionaires were prepared for detailed study and the questionaires were sent to 200 tree growers selected by option by taking considerations of the number of tree growers and the size of cultivating areas in regions. The main findings and some information obtained in the survey were as follows: 1. The total land for ornamental tree growing was amounted to 1,873.02 hectares and the number of cultivators was totaled to 2,717. 2. The main occupations of the ornamental tree growers were found in horticulture (41.9%), agronomy (25.9%), officialdom (11.3%), animal husbandry (6.5%), business circle(4.8%), and forestry (3.2%) in sequence. 3. The ornamental trees were cultivated mostly upperland (54.8), forest land (19.4%), rice paddy (11.3%) and others. 4. The educational training of the tree growers seemed quite high. The results of the survey indicated that a large number of tree growers was occupied by college graduates (38.7%), and then high school graduates (34.7%), middle school graduates (12.9%) in order. 5. The tree farming was undertaken as a side-job (41.9%) rather than main-job (23.4%), but a few of respondents rated as subsidiary-job (18.6%). 6. The management status classified by the rate of hired labors used was likely to belong to three categories: independant enterprise management (41.9%); half independant management (31.5%); and self-management (32.4%). 7. The majority of the tree growers sold their products to the consumers through middle-man channel (48.4%), or directly to the house-holder and detailers (13.7%), but a few of the respondents answered that they disposed of their products by bidding (11.2%) or by direct selling to the contractors (4.8%). 8. The channel cf marketing seemed somewhat complicated. The results of the survey were as: (1) producers ${\rightarrow}$consumers (22.6%) (2) producers ${\rightarrow}$field middle-men${\rightarrow}$consumers (33.1%) (3) producers ${\rightarrow}$field middle-men${\rightarrow}$first stage brokers${\rightarrow}$consumers (15.3%) (4) producers ${\rightarrow}$field middle-men${\rightarrow}$second stage middle-men${\rightarrow}$brokers${\rightarrow}$consumers (5.7%) (5) producers${\rightarrow}$field middle-men${\rightarrow}$third stage middle-men${\rightarrow}$second stage middlemen${\rightarrow}$brokers${\rightarrow}$consumers (4.8%) 9. It was responded that the margin for each stage of middle-men or brokers was assumed to be 30-50%(33.1%), 20-30%(32.3%), 50-100%(9.7%), and 100-200%(2.4%) in sequence. 10. The difference between the delivery price of consumers and field selling price of the producers seemed quite large. Majority of producers responded that they received half a price compared to the consumer's prices. 11. About two thirds of the respondents opposed to the measure of "Law on Preservation and Utilization of Agricultural Land" in which says that all the ornamental trees grown on flat agricultural lands less than 8 degrees in slope must be transplanted within three years to other places more than 8 degrees in slope. 12. The tree growers said that they have paid rather high land taxes than they ought to pay (38.7%), but come responded that land tax seemed to be appropriate (15.3%), and half of the respondents answered "not known". 13. The measures for the standardization of ornamental trees by size were backed up by a large number of respondents (57.3%), but one third of the respondents showed negative answer (29.8%). 14. About half of the respondents favored the systematic marketing through organization such as forest cooperatives (54%), but quite a few respondents opposed to organizing the systematic marketing channel (36.3%). 15. The necessary measures for permission in ornamental tree cultivation was rejected by a large number of respondents (49.2%) than those of favored (43.6%).

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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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