통화정책의 예금경로가 존재하기 위한 조건

황순주 산업연구원 2023 산업연구(JIET) Vol.7 No.1

This paper examines the existence and magnitude of the deposits channel of monetary policy. Under a fairly general assumption that bank lending is increasing in bank deposits, the deposits channel exists if a policy rate cut leads to an increase in bank deposits. This paper theoretically shows that the deposits channel exists if the share of interest rate sensitive investment on bank’s total investment portfolio is small, deposits market is highly concentrated, or the share of demand deposits on total deposits is large. Also, using Korean bank-level data, this paper empirically finds that a 1%p decrease in policy rate leads to a 4% increase in bank lending through the deposits channel and this channel is more pronounced with demand deposits as opposed to term deposits.

Case of pembrolizumab-induced TB arthritis in elbow joint

황순주,조성심,김현호,박형순,안호정,심병용 대한내과학회 2019 대한내과학회 추계학술대회 Vol.2019 No.1

Government Guarantee, Investment, and the Welfare Effects

황순주 예금보험공사 2019 金融安定硏究 Vol.20 No.1

Creditor bail-in is a new resolution regime under which failed banks are resolved at the costs of creditors rather than taxpayers, which essentially implies that banks cannot rely on government guarantees anymore. G20 and other developed countries agree on accepting this new regime since bail-in could arguably resolve several fundamental problems of bailouts such as banks’ moral hazard, fiscal instability, and economic injustice. However, there is an opposing view on bail-in: as government guarantees are abolished, investment would be discouraged and hence social welfare decreases. This paper focuses on this opposing view and clarifies when this view is valid and when it is not. In under-developed financial systems, financial constraints are strong and the related problem of insufficient investment could be exacerbated as government guarantees are abolished. In advanced financial systems, by contrast, financial constraints are weaker and the related problem of excessive investment could be mitigated after the abolition.

Financial Development and Economic Growth in Korea

황순주 한국개발연구원 2020 KDI Journal of Economic Policy (KDI JEP) Vol.42 No.1

Does financial development contribute to economic growth? The literature finds that an expansion in financial resources is useful for economic growth if the degree of financial development is under a certain threshold; otherwise, the expansion is detrimental to growth. Almost every published study, however, considers country-panel data. Accordingly, the results are not directly applicable to the Korean economy. By examining Korean time-series data, this paper finds that there is an inverse U-shaped relationship between the per capita real GDP growth rate and private credit (as a percentage of nominal GDP)―a well-known measure of quantitative financial development, where the threshold is 171.5%. This paper also finds that private credit is positively associated with economic growth if the share of household credit out of private credit is less than 46.9%; otherwise, private credit is negatively associated with economic growth. As of 2016, the ratio of private credit to GDP and the ratio of household credit to private credit are both higher than the corresponding thresholds, which implies that policymakers should place more emphasis on qualitative financial development than on a quantitative expansion of financial resources.

Is Bail-in Debt Bail-inable?

황순주 한국개발연구원 2019 KDI Journal of Economic Policy (KDI JEP) Vol.41 No.4

The contingent convertible bond (or CoCo) is designed as a bail-in tool, which is written down or converted to equity if the issuing bank is seriously troubled and thus its trigger is activated. The trigger could either be rule-based or discretion-based. I show theoretically that the bail-in is less implementable and that the associated bail-in risk is lower if the trigger is discretion-based, as governments face greater political pressure from the act of letting creditors take losses. The political pressure is greater because governments have the sole authority to activate the trigger and hence can be accused of having 'blood on their hands'. Furthermore, the pressures could be augmented by investors’ self-fulfilling expectations with regard to government bailouts. I support this theoretic prediction with empirical evidence showing that the bailin risk premiums on CoCos with discretion-based triggers are on average 1.13 to 2.91%p lower than CoCos with rule-based triggers.

A Signaling Theory of Education under the Presence of Career Concerns

황순주 한국개발연구원 2016 KDI Journal of Economic Policy (KDI JEP) Vol.38 No.2

A person’s life consists of two important stages: the first stage as a student and the second stage as a worker. In an integrated model of education and career concerns, I analyze the welfare effects of education. In Spence’s job market signaling model, education as a sorting device improves efficiency by mitigating the lemon market problem. In contrast, in the integrated model, education as a sorting device can be detrimental to social welfare, as it eliminates work incentives generated by career concerns.

1930년대 경제적 불황이 메이크업에 미치는 영향 - 서양 메이크업을 중심으로 -

황순주,조진아 한국메이크업디자인학회 2005 한국메이크업디자인학회지 Vol.1 No.1

Effects of Fiscal Instability on Financial Instability

황순주 한국개발연구원 2022 KDI Journal of Economic Policy (KDI JEP) Vol.44 No.3

This paper empirically examines how fiscal instability affects financial instability. According to an IMF forecast (2021a), the fiscal space in Korea will be steadily reduced in the future. The theoretical literature predicts that if fiscal stability is undermined, financial stability will also be in danger given that government guarantees on banks are weakened and/or sovereign bonds held in banks become riskier. This paper empirically finds the existence of this negative impact of fiscal instability on financial instability. I also find that the intensity of this fiscal-financial relationship is greater in a country where (i) its currency is not a reserve currency such as the US dollar or euro, (ii) its banking sector is large relative to government sector, and/or (iii) its private credit to GDP is high. Korea has all of these three characteristics and hence needs to put more effort into maintaining fiscal stability.

수복물의 미세누출도와 변연적합도 측정에 사용되는 방법 사이의 상관 관계 평가

황순주,신동훈 대한치과보존학회 2006 Restorative Dentistry & Endodontics Vol.31 No.5

본 연구에서는 색소 침투법을 이용한 5급 복합레진 수복물의 미세누출도와 주사전자 현미경을 이용한 변연적합도를 측정하고 두 방법 사이의 상관성을 평가하고자 하였다. 발거된 사람의 대구치 20개의 협면에 고속의 330번 버를 이용하여 5급 와동을 (백아법랑경계부를 중앙으로 가로 4 mm, 세로 3 mm, 깊이 1.5 mm) 형성하고, 평가시 참고점으로 사용하고자 1/2번 원형 버로 6개의 함몰부를 만들었다. 제조사의 지시에 따라 단일 단계의 올인원 접착제인 Xeno Ⅲ로 치면을 처리한 다음, 미세혼합형 복합레진인 Esthet X로 단일 충전하였다. 시편을 식염수에 1일간 보관한 후 Sof-Lex 시스템으로 마무리 및 연마하였다. 이후 5도와 55도에서 1000회 열순환시킨 다음, 50% 질산은 용액을 이용하여 침투시켰다. 실리콘 고무 인상재와 폴리우레탄 모형재로 수복물 주변의 레진 복제물을 제작하고 금도금한 다음, 주사전자현미경으로 외부 및 내부 변연부의 변연적합도를 측정하였다. 또한 참고점을 기점으로 수복물을 3분한 다음, 미세누출도를 측정 하였다. 내부 및 외부 변연적합도와 미세누출도 평가법 사이의 상관관계는 Spearman's rho test를 이용하여 다음과 같은 결과를 얻었다. 1. 미세누출도와 각각의 외부 및 내부 변연 적합도는 유의한 상관관계를 보였다 (p<0.01). 2. 내부와 외부의 변연 적합도 사이에는 유의한 상관관계를 보이지 않았다. The purpose of this study was to estimate the relation between techniques used for microleakage from dye penetration and for marginal adaptation from SEM evaluation of the restoration. Using high speed #330 bur, class V cavities (4 × 3 × 1.5 mm around CEJ) were prepared on the buccal surface of 20 extracted human molars. Six dimples as reference points for SEM and dye penetration evaluation were made with 1/2 round bur. Cavity was bulk filled with microhybrid composite resin (Esthet X) and all-in one adhesive (Xeno III). Teeth were stored in saline solution for one day, after then, they were finished and polished using Sof-Lex system. Fifty percent silver nitrate dye solution was used for the evaluation of microleakage and resin replica was used for marginal adaptation. All of these were done after 1000 times thermocycling between 5 and 55ºC. Vertical sections were made through three dimples of restoration to obtain samples for the evaluation of dye penetration and inner marginal adaptation. Outer adaptational estimation was done with an intact restoration before sectioning. Dye penetration was determined in three degrees and percentage of outer and inner leaky margin was estimated from SEM image. The data were analysed statistically: Spearman' s rho test were used to check relationships between two methods. The result were as follows: 1. There were significant relationships between degree of dye penetration and inner and outer marginal adaptations each (p < 0.01). 2. However, there was no significant relationship between the results of inner and outer marginal adaptation. Within the results of this study, relationship between the percentage of marginal adaptation and microleakage shows significant relationship. However, inner and outer marginal adaptation did not show any significant relationship mutually. [J Kor Acad Cons Dent 31(5):337-343. 2006]The purpose of this study was to estimate the relation between techniques used for microleakage from dye penetration and for marginal adaptation from SEM evaluation of the restoration. Using high speed #330 bur, class V cavities (4 × 3 × 1.5 mm around CEJ) were prepared on the buccal surface of 20 extracted human molars. Six dimples as reference points for SEM and dye penetration evaluation were made with 1/2 round bur. Cavity was bulk filled with microhybrid composite resin (Esthet X) and all-in-one adhesive (Xeno Ⅲ). Teeth were stored in saline solution for one day, after then, they were finished and polished using Sof-Lex system. Fifty percent silver nitrate dye solution was used for the evaluation of microleakage and resin replica was used for marginal adaptation. All of these were done after 1000 times thermocycling between 5 and 55℃. Vertical sections were made through three dimples of restoration to obtain samples for the evaluation of dye penetration and inner marginal adaptation. Outer adaptational estimation was done with an intact restoration before sectioning. Dye penetration was determined in three degrees and percentage of outer and inner leaky margin was estimated from SEM image. The data were analysed statistically: Spearman's rho test were used to check relationships between two methods. The result were as follows: 1. There were significant relationships between degree of dye penetration and inner and outer marginal adaptations each (p < 0.01). 2. However, there was no significant relationship between the results of inner and outer marginal adaptation. Within the results of this study, relationship between the percentage of marginal adaptation and microleakage shows significant relationship. However, inner and outer marginal adaptation did not show any significant relationship mutually.

선형 예측 부호화를 이용한 화상 데이터 압축에 관한 연구 ( A Study on Image Data compression using Matched Pattern and L P C )

황순주,이충웅 대한전자공학회 1985 대한전자공학회 학술대회 Vol.1985 No.1