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      • KCI등재

        우리나라 이자율 차익거래 유인과 주식시장 변동성의 연관성에 관한 연구: 2007-2008년 세계 금융위기를 전후하여

        오주연 ( Joo Youn Oh ),구형건 ( Hyeng Keun Koo ),현종석 ( Chong Seok Hyun ) 한국금융공학회 2014 금융공학연구 Vol.13 No.3

        본 논문은 2007-2008년 세계 금융위기 전후 우리나라 이자율 차익거래 유인과 주식시장 내재변동성의 관련성에 대하여 분석한다. 금융위기 발생 시점인 2007년 7월 이후 이자율 차익거래 유인은 V-KOSPI와 높은 정(+)의 상관관계를 보인다. 이는 국가 신용위험이 이자율 차익거래 유인과 주식시장 내재변동성에 미치는 영향이 커지면서 발생한 것으로 추정된다. 그랜저 인과관계 검정 결과에 따르면 금융위기 이전에는 V-KOSPI와 이자율 차익거래 유인 사이에 선후행성이 나타나지 않으나 금융위기 발생 이후에는 V-KOSPI가 이자율 차익거래 유인을 선행하는 것으로 나타난다. 금융위기 발생 이후 기간에 충격 반응을 분석한 결과에서도 V-KOSPI에 대한 외생적 충격이 이자율 차익거래 유인에 지속적으로 영향을 미치는 것으로 나타난다. 반면에 국가 신용부도스왑 수수료율과 이자율 차익거래 유인 사이의 선후행성은 일관되게 한 쪽 방향으로 형성되지 않는다는 점에서 차이가 난다. 이는 금융시장이 불안한 국면에서는 주식시장 변동성이 신용부도스왑 수수료율에 영향을 미치고, 결과적으로 이자율 차익거래 유인의 변화를 유도한다는 기존의 연구와 일치한다. 본 연구는 2007-2008년 금융위기 발생 이후 우리나라 주식시장 내재변동성과 이자율 차익거래 유인이 상호 연관되어 있음을 실증적으로 보였다는 점에서 의의가 있다. We investigate the relationship between the dollar-based covered interest rate disparity (CIRD, violation of the interest rate parity) and the stock market implied volatility in South Korea before and after the 2007-2008 global financial crisis. Since the advent of the global financial crisis in July 2007, the observed disparity exhibits a high positive correlation with the V-KOSPI. We propose the following explanation: the sovereign credit risk of South Korea had larger effects on the CIRD and on the stock market implied volatility during the crisis than it had had previously, and hence the linkage among them became tighter. The Granger causality test shows that there had been no causality between the V-KOSPI and the CIRD before the crisis, but the V-KOSPI has caused the CIRD since the advent of the crisis. The impulse response analysis also verifies that external impacts to the V-KOSPI consistently have had influences on the CIRD after the crisis. This contrasts to the fact that there has been no clear causality between the Credit Default Swap (CDS) spread of South Korea and the CIRD. The empirical evidence coincides with the extant literature which shows that stock market volatility has a larger influence on credit risk during a crisis period than when the market is normal and the volatility is related to the frequency of interest rate arbitrage opportunities.

      • SCISCIESCOPUS

        The novel perovskite-type Ni-doped Sr<sub>0.92</sub>Y<sub>0.08</sub>TiO<sub>3</sub> catalyst as a reforming biogas (CH<sub>4</sub> +CO<sub>2</sub>) for H<sub>2</sub> production

        Kwon, Byeong Wan,Oh, Joo Hyeng,Kim, Ghun Sik,Yoon, Sung Pil,Han, Jonghee,Nam, Suk Woo,Ham, Hyung Chul ELSEVIER 2018 APPLIED ENERGY -BARKING THEN OXFORD- Vol.227 No.-

        <P><B>Abstract</B></P> <P>In this study, novel perovskite-type Sr<SUB>0.92</SUB>Y<SUB>0</SUB>.<SUB>08</SUB>TiO<SUB>3</SUB>-based catalysts were investigated for hydrogen production by the dry reforming of biogas (comprising CH<SUB>4</SUB> and CO<SUB>2</SUB>). Ni-doped Sr<SUB>0.92</SUB>Y<SUB>0</SUB>.<SUB>08</SUB>TiO<SUB>3</SUB> catalysts with improved catalytic activity were grown using the Pechini method. The prepared catalysts were characterized using X-ray diffraction to check for impurities introduced in the perovskite structure by doping method. The reforming of methane over perovskite-based catalysts has been extensively investigated; however, detailed understanding of the activating catalytic sites under different conditions is still lacking. To understand the details of the activating catalyst mechanism, transmission electron microscopy, temperature-programed reduction, X-ray photoelectron spectroscopic (XPS) analysis were performed under different activating conditions. XPS analysis of 5mol% Ni-doped Sr<SUB>0.92</SUB>Y<SUB>0.08</SUB>TiO<SUB>3</SUB> revealed that the H<SUB>2</SUB>-activated catalyst lost active lattice oxygen sites and Ni sites due to formation of Ni hydroxide. Thus, the H<SUB>2</SUB>-activated catalyst has lower catalytic activity than the N<SUB>2</SUB>-activated one.</P> <P><B>Highlights</B></P> <P> <UL> <LI> The novel Ni-doped Sr<SUB>0.92</SUB>Y<SUB>0.08</SUB>TiO<SUB>3</SUB> was prepared via Pechini Method. </LI> <LI> The novel Ni-doped Sr<SUB>0.92</SUB>Y<SUB>0.08</SUB>TiO<SUB>3</SUB> was activated under N<SUB>2</SUB> or reduction condition. </LI> <LI> The N<SUB>2</SUB>-activated catalyst showed the better activity than the H<SUB>2</SUB>-activated case. </LI> <LI> The 5mol% Ni-doped Sr<SUB>0.92</SUB>Y<SUB>0.08</SUB>TiO<SUB>3</SUB> catalyst showed excellent long-term stability. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>

      • KCI등재
      • KCI등재

        Integration of dry-reforming and sorption-enhanced water gas shift reactions for the efficient production of high-purity hydrogen from anthropogenic greenhouse gases

        Chan Hyun Lee,Byeong Wan Kwon,Joo Hyeng Oh,Suji Kim,Jonghee Han,Suk Woo Nam,Sung-Pil Yoon,Ki Bong Lee,함형철 한국공업화학회 2022 Journal of Industrial and Engineering Chemistry Vol.105 No.-

        With growing interest in the bulk production of the alternative energy carrier hydrogen, dry-reforming ofmethane using carbon dioxide has attracted great interest as one of the possible carbon capture and utilization(CCU) technologies and hydrogen production methods. An integrated system combining the dryreformingand water gas shift reactions is suggested to improve the productivity of hydrogen, and a systemhas also been developed for high-purity hydrogen production from a single system using thesorption-enhanced reaction concept. To realize the proposed system, we develop the Ru-dopedSr0.92Y0.08TiO3 perovskite catalysts and investigate their characteristics using various analyses. The preparedcatalysts exhibit excellent CH4 conversion of 92.2% for the dry-reforming reactions at 800 C withoutperformance degradation by coke formation. Moreover, high-purity hydrogen (>99.5%) is directlyproduced by the proposed integrated system using anthropogenic greenhouse gases as reactants, andthe efficiency is further enhanced by recycling the captured CO2 to the dry-reforming reactor.

      • SCOPUSKCI등재

        Dephosphorylation of Phytate from Rice Bran and Soybean Meal Using Phytases from Aspergillus sp. 5990

        Kim, Jong Soon,Kim, Doo-Sang,Kim, Hyeng-Rak,Shin, Tai-Sun,Kim, Heung-Yoon,Oh, Myong-Joo,Byun, Dae-Seok 한국수산학회 2004 Fisheries and Aquatic Sciences Vol.7 No.2

        Total phosphorus contents in rice bran and soybean meal were determined to be 5.81 and 2.77%, respectively, and 97.2% of phosphorus in rice bran and 66.4% in soybean meal were presented as phytate phosphorus. Optimum pH condition for hydrolysis of phytate in rice bran and soybean was determined to be in the pH range of 3.7 and 5.3. The highest activity of phytase for hydrolysis of phytate in both samples was determined to be at 55°C for rice bran and 55-60'C for soybean. Hydrolysis of phytate in soybean meal at pH 5.0 increased with the co-reaction or consecutive reaction with protease; however, in rice bran hydrolysis decreased with co-reaction with protease. Phytate degradation of soybean meal in the presence of pepsin at pH 2.5 showed higher than that of rice bran. Phytate degradation of rice bran in the presence of trypsin or pancreatin at pH 7.0 increased the activity around 2-times compared with the activity in the absence of trypsin or pancreatin. The results of this study suggest that hydrolysis of phytate in rice bran or soybean meal with phytase and protease may provide an alternative process for the preparation of aquacultural feed with a low level of organic phosphorus.

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