• 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.

• Journal of IKEEE
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• v.23 no.4
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• pp.1461-1464
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• 2019

In this paper, we propose the development of embedded board for integrated radiation exposure protection fireman's life-saving alarm capable of location tracking and radiation measurement. The proposed techniques consist of signal processing unit, communication unit, power unit, main control unit. Signal processing units apply shielding design, noise reduction technology and electromagnetic wave subtraction technology. The communication unit is designed to communicate using the wifi method. In the main control unit, power consumption is reduced to a minimum, and a high performance system is formed through small, high density and low heat generation. The proposed techniques are equipment operated by exposure to poor conditions, such as disaster and fire sites, so they are designed and manufactured for external appearance considering waterproof and thermal endurance. The proposed techniques were tested by an authorized testing agency to determine the effectiveness of embedded board. The waterproof grade has achieved the IP67 rating, which can maintain stable performance even when flooded with water at the disaster site due to the nature of the fireman's equipment. The operating temperature was measured in the range of -10℃ to 50℃ to cope with a wide range of environmental changes at the disaster site. The battery life was measured to be available 144 hours after a single charge to cope with emergency disasters such as a collapse accident. The maximum communication distance, including the PCB, was measured to operate at 54.2 meters, a range wider than the existing 50 meters, at a straight line with the command-and-control vehicle in the event of a disaster. Therefore, the effectiveness of embedded board for embedded board for integrated radiation exposure protection fireman's life-saving alarm has been demonstrated.

• Journal of Bio-Environment Control
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• v.26 no.1
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• pp.7-12
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• 2017

This experiment was conducted to analyze the effect of drainage reuse rate on the growth and fruiting of summer paprika in closed hydroponic cultivation. The experiment was carried out for 25 weeks from March to September 2015 with 0, 20, 30, 50% mixing ratio of waste nutrient solution using non - recycling hydroponic cultivation as a control. As a result, stem diameter of the test was different in the groups 1 and 2, but no difference showed as the group progressed more than 3 groups. L.A.I tended to decrease with increasing drainage mixing ratio. The number of nodes in the 50% reuse test group was 1.4 compared to the control group, but there was no significant difference. The number of harvested nodes was significantly different in the control group (11.1 nodes) and the 50% reuse test group (8.7 nodes), and the harvested nodes tended to decrease as the drainage was reused. The ratio of harvest was also the same as that of the harvesting node, and the control was the highest at 33.2% and the lowest at the 50% reuse test at 27.6%. Relative yields were reduced by 30%, 35% and 45% in the control group in the first group, and this tendency was also observed in the second and fourth groups. However, in the 3 and 5 groups, the production of 50% test group increased by 13% and 5%. The ratio of unmarketable fruit was increased 2%, 4%, 4%, and 7% in 0%, 20%, 30% and 50% reuse test, respectively. In conclusion, if the decrease in yield due to the decline in early growth is carefully managed, even if the imbalance of inorganic ions occurs after the mid-term growth, the growth of the crop will enter into a stable period and the re-use will not be worried about the growth and the yield decrease.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.44 no.3
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• pp.249-258
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• 2018

Airborne pollution causes oxidative damage, inflammation, and premature aging of skin. Resveratrol is a polyphenol compound that has various biological activities such as antioxidant, anti-inflammation, and anti-melanogenic activities but it is unstable to heat and light. Resveratryl triacetate (RTA) is a new cosmetic ingredient that is more stable than resveratrol and its skin safety and whitening efficacy have been reported previously. The purpose of this study was to examine the effects of resveratrol and resveratryl triacetate (RTA) on the inflammatory responses of human epidermal keratinocytes (HEKs) exposed to airborne particulate matters with a diameter of < $10{\mu}m$ (PM10). Cultured HEKs were exposed to PM10 in the absence or presence of resveratrol and RTA. Assays were undertaken to determine cell viability, the production of reactive oxygen species (ROS), and the expression of inflammatory cytokines. PM10 treatment decreased cell viability, and increased the expression of pro-inflammatory cytokines such as tumor necrosis $factor-{\alpha}$ ($TNF-{\alpha}$), $interleukin-1{\beta}$ ($IL-1{\beta}$), interleukin-6 (IL-6), and interleukin-8 (IL-8). Resveratrol and RTA reduced cell death and ROS production induced by PM10. PM10-induced mRNA expression of the inflammatory cytokines was either attenuated (IL-6), or enhanced ($IL-1{\beta}$), or unaffected ($TNF-{\alpha}$ and IL-8) by resveratrol and RTA. PM10-induced IL-6 protein expression was attenuated by resveratrol and RTA. This study suggests that resveratrol and RTA have activities regulating cell damage and inflammatory responses of the skin exposed to airborne particulate matters.

• Korean Journal of Soil Science and Fertilizer
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• v.22 no.2
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• pp.86-92
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• 1989

This experiment was conducted to find out the effect of soil improvement on the changes of soil physical properties and the silage yield of corn in the newly-reclaimed sloped land. Corn (Suweon 19) was cultivated under the six different treatments at Songjeong loam, 20 percent slope, during 1985 to 1987 and various soil physical properties and silage yield were investigated. Growing Degree Days of corn during the growing season were $820.6^{\circ}C$ in 1985, $810.2^{\circ}C$ in 1986, and $812.4^{\circ}C$ in 1987. The changes of soil bulk density were high variances by different treatments in 1st year, but sluggish in 2nd year. In 3rd year, the control plot was the highest, but the integrated improvement plot was the lowest than the other plots. Soil hardness was reduced in subsoiling and integrated improvement plot with deep plowing, and water stable aggregates and air permeability were higher in these plots. Moisture retention was no differences between treatments. Dry matter yield of corn was decreased in the 2nd year than the 1st year, but increased in the 3rd year. Increasing ratio of yield was in the order of integrated improvement > subsoiling > lime > phosphate > compost > control plot. Correlation among the dry matter yield and soil physical properties were significant at 1%, but moisture retention of soil was not significant at 5%.

• The Korean Journal of Nuclear Medicine
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• v.36 no.3
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• pp.195-202
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• 2002

Purpose: For clinical application of beta-emitter labeled antibody, high specific activity is imporiant. Carrier-free $^{188}Re$ from $^{188}W/^{188}Re$ generator is an ideal radionuclide for this purpose. However, low stability of $^{188}Re$ labeled antibody, especially in high specific activity, due to radiolytic decomposition by high energy (2.1 MeV) beta ray was problem. We studied the stability of $^{188}Re$ labeled antibody, and stabilizing effect of several stabilizers. Materials and Methods: Pre-reduced monoclonal antibody (CEA79.4) was labeled with $^{188}Re$ by incubating with generator-eluted $^{188}Re-perrhenate$ in the presence of stannous tartrate for 2 hr at room temperature. Radiochemical purity of each preparation was determined by chromatography. Human serum albumin was added to the labeled antibodies (2%). Stability of $^{188}Re-CEA79.4$ was investigated in the presence of ascorbic acid, ethanol, of Tween 80 as stabilizing agents. Results: Labeling efficiencies were $88{\pm}4%\;(n=12)$. Specific activities of $1.25{\sim}4.77MBq/{\mu}g$ were obtained. If stored after purging with $N_2$, all the preparations were stable for 10 hr. However, stability decreased in the presence of air. Perrhenate and $^{188}Re-tartrate$ was major impurity in declined preparation. colloid-formation was not a significant problem in all cases. Addition of ascorbic acid stabilized the labeled antibodies either under $N_2$ or under air by reducing the formation of perrhenate. Conclusion: High specific activity $^{188}Re$ labeled antibody is unstable, especially, in the presence of oxygen. Addition of ascorbic acid increased the stability.

• Journal of Distribution Research
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• v.16 no.1
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• pp.1-27
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• 2011

I. Introduction: This study is to examine the structural relationships among exogenous variable (preliminary and post-support, franchisee's perceived business possibility, communication, moral hazard), the mediated variables(satisfaction, perceived risk, trust) and dependent variable(recontracting intention) in the food service franchise industry context. More specifically, this study has considered some realistic characteristics factors influencing satisfaction, perceived risk and trust between franchisors and franchisees and their further recontracting intention from the perspective of a practical approach. In this study, 437 data has been collected and used for the SPSS and AMOS analysis. The data were analyzed with structural equation modeling. Since the result of the overall model analysis demonstrated a good fit, we could further analyze our data. II. Research Model: This study is to examine the structural relationships among preliminary and post-support by franchisor, franchisee's perceived business possibility, and communication, moral hazard, has on effect on franchisee's satisfaction, perceived risk, trust and recontracting intention in the food service franchise industry context. Hypotheses are as following (Stern & EL-Ansary 1988; Oliver, 1997;Kee & Knox, 1970; Moorman, Deshpande & Zaltman, 1993; Perron, 1998; Zaheer, McEvily, Perrone, 1998). III. Result and Implication: We examined franchisee who have food service stores for samples of this study. The data were analyzed with structural equation modeling using path analysis. The result of the overall model analysis appeared as following: ${\chi}^2$ = 61.578 (d.f.=9, p<0.01), CFI =.990, GFI =.973, AGFI =.863, RMR =.019, RMSEA= .116, NFI = .988, TLI = .959. The findings can be summarized as follows: First, preliminary and post support of franchisor, perceived business possibility and communication positively influence to franchisee's satisfaction. Second, moral hazard of franchisor has negatively influence to franchisee's satisfaction and positively influence to perceived risk. Third, franchisee's satisfaction and trust has positively influence to recontracting intention. Fourth, franchisee's perceived risk has negatively influence to trust and recontracting intention. We can concluded that franchisor's preliminary and post support of franchisor, perceived business possibility and communication may be considered as the important factors influence to franchisee's satisfaction. Moral hazard has become a focused issue in franchise industry. Finally, the managerial implication has been stated as followings: First, in the process of building a systematic industry support franchise system and developing a creative business model, franchisee's stable profitability should be considered as the first important factor. The franchisee's trust to franchise may become a dominant factor that influence the business expansion of franchisor. Second, franchisor should communication with their franchisees and deal with the realistic difficulties faced by them with an effort. Third, the franchisor should achieve a synergy effect by utilizing the win-win strategy. The moral hazard strategy that achieving the profit through franchisee's damage will not be inadvisable to franchisor. Then the long-term oriented development and profitability can be maintained. To do so, the franchise industry may break away from the traditional business structure to improve management transparency and competitiveness on investment and organizational changing management. The conflict between franchisor and franchisee also can be reduced and big success can be achieved in the franchise industry.

• Journal of Korea Water Resources Association
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• v.42 no.7
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• pp.579-589
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• 2009

Hwang River in South Korea, has experienced channel adjustments due to dam construction. Hapcheon main dam and re-regulation dam. The reach below the re-regulation dam (45 km long) changed in flow regime, channel width, bed material distribution, vegetation expansion, and island formation after dam construction. The re-regulation dam dramatically reduced annual peak flow from 654.7 $m^3$/s to 126.3 $m^3$/s and trapped the annual 591 thousand $m^3$ of sediment load formerly delivered from the upper watershed since the completion of the dam in 1989. An analysis of a time series of aerial photographs taken in 1982, 1993, and 2004 showed that non-vegetated active channel width narrowed an average of 152 m (47% of 1982) and non-vegetated active channel area decreased an average of 6.6 km2 (44% of 1982) between 1982 and 2004, with most narrowing and decreasing occurring after dam construction. The effects of daily pulses of water from peak hydropower generation and sudden sluice gate operations are investigated downstream of Hapcheon Dam in South Korea. The study reach is 45 km long from the Hapcheon re-regulation Dam to the confluence with the Nakdong River. An analysis of a time series of aerial photographs taken in 1982, 1993, and 2004 showed that the non-vegetated active channel width narrowed an average of 152 m (47% reduction since 1982). The non-vegetated active channel area also decreased an average of 6.6 $km^2$ (44% reduction since 1982) between 1982 and 2004, with most changes occurring after dam construction. The average median bed material size increased from 1.07 mm in 1983 to 5.72 mm in 2003, and the bed slope of the reach decreased from 0.000943 in 1983 to 0.000847 in 2003. The riverbed vertical degradation is approximately 2.6 m for a distance of 20 km below the re-regulation dam. It is expected from the result of the unsteady sediment transport numerical model (GSTAR-1D) steady simulations that the thalweg elevation will reach a stable condition around 2020. The model also confirms the theoretical prediction that sediment transport rates from daily pulses and flood peaks are 21 % and 15 % higher than their respective averages.

• Journal of Korean Society of Environmental Engineers
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• v.35 no.9
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• pp.636-642
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• 2013

In order to overcome drawbacks (i.e., filtration and recovery) of conventional powder type photocatalysts, nano-ZnO/Laponite/PVA (ZLP) photocatalyzed adsorption balls were developed by using in situ mixing of nanoscale ZnO as a photocatalyst, and Laponite as both adsorbent and supporting media in deionized water, followed by the poly vinyl alcohol polymerization with boric acid. The optimum mixing ratio of nano-ZnO:Laponite:PVA:deionized water was found to be 3:1:1:16 (by weight), and the mesh and film produced by PVA polymerization with boric acid might inhibit both swelling of Laponite and detachment of nanoscale ZnO from ZLP balls. Drying ZLP balls with microwave (600 watt) was found to produce ZLP balls with stable structure in water, and various sizes (55~500 ${\mu}m$) of pore were found to be distributed based on SEM and TEM results. In the initial period of reaction (i. e., 40 min), adsorption through ionic interaction between methylene blue and Laponite was the main removal mechanism. After the saturation of methylene blue to available adsorption sites for Laponite, the photocatalytic degradation of methylene blue occurred. The effective removal of methylene blue was attributed to adsorption and photocatalytic degradation. Based on the results from this study, synthesized ZLP photocatalyzed adsorption balls were expected to remove recalcitrant organic compounds effectively through both adsorption and photocatalytic degradation, and the risks of environmental receptors caused by detachment of nanoscale photocatalysts can be reduced.

• Journal of Life Science
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• v.18 no.12
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• pp.1693-1699
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• 2008

Recent studies have suggested that inulin might be utilized as a prebiotics for the promotion of antimicrobial growth, but a major obstacle to the use of inulin has been its low bifidogenic effects, which were initially observed in the ceca of broiler chickens. Inulin has some problems with related to denaturation in air and lowering passage rate from upper digestive tract to caecum. To solve this problems, a newly developed compound derived by microencapsulation, inuloprebiotics, was hypothesized to enrich cecal bifidobacterial populations and reduce the colonization levels of Salmonella in the ceca of broiler chickens. The in vitro growth of intestinal beneficial bacteria including Bifidobacterium longum, Bifidobacterium bifidum, Lactobacillus acidophilus, and Lactobacillus casei grew effectively on the medium containing inulin, whereas the growth of Streptococcus aureus and Clostridium perfringens was not differences among the treatment groups. Broiler chickens consumed chow diets containing 0.5%, 0.7% or 1.0% inuloprebiotics, or a control diet without inuloprebiotics supplementation. The chickens on the inuloprebioticssupplemented diets evidenced significantly higher cecal levels of Bifidobacterium and Lactobacillus species as compared with the chickens on the control diet. The population of cecal E. coli and Salmonella was specifically reduced as the result of treatment with inuloprebiotics. However, we noted no significant differences in Bifidobacterium species, E. coli and Salmonella counts among the inuloprebiotics treatment groups. The inuloprebiotics-supplemented diets induced an increase in the serum IgG concentration. The thymus index was significantly increased in the broiler chickens that consumed diets containing 0.7% or 1.0% inuloprebiotics, with the exception of the chickens consuming the diet supplemented with 0.5% inuloprebiotics. These results indicate that the inuloprebiotic preparations exerted an immune system-promoting effect or selectively enriched the cecal Bifidobacterium species populations in the broiler chickens, and also suggest that inuloprebiotics may prove useful as a stable natural antimicrobial agent.