무위험 금리평형의 불균형: 금리․환율 개별 충격의 동태효과 분석

김윤영(Yun-Yeong Kim) 한국계량경제학회 2010 JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS Vol.21 No.2

본고에서는 외환위기 이후 우리나라의 무위험 금리 평형조건 (covered interest rate parity)의 불균형 오차 (disequilibrium error)와 국내외 금리 및 현ㆍ선물환율 개별충격과의 동태적 상관관계를 살펴보았다. 이를 위하여 김윤영⋅박준용 (2008), Kim(2008, 2009), Kim and Park (2008), 김윤영 (2009)을 따라 무위험 금리평형을 구성하는 변수들을 개별적으로 모두 고려한 VAR 모형에서 유도된 변환 오차수정모형을 도입하였다. 충격반응, 그랜저 검정 등의 분석 결과 2000 년대 들어 우리나라의 무위험 금리평형 불균형 오차는 환율 보다는 주로 국내외 금리 부분에서의 충격에서 유발되는 것으로 나타났다. 또한 국내외 금리 및 현ㆍ선물환율 간의 장기 공적분 관계의 추정계수로 정의된 불균형 오차를 이용하여 동일한 동태분석을 실시한 경우와 구조모형의 식별 순서를 바꾼 경우에도 유사한 결과가 도출되었다. 그러나 무위험 금리평형 불균형 오차가 금리와 환율 변수에 미치는 영향은 분석 방법에 따라 상이하게 나타났다. 따라서 우리나라의 경우 환율ㆍ외환 정책 보다는 통화정책이 더 무위험 금리평형의 불균형을 유발하는 요인이 될 수 있으므로 통화당국의 기준금리 결정시 이를 고려해야 할 것으로 판단된다. This paper analyzes the dynsmics and determinants of disequilibrium error in the covered interest parity (CIP) thrpough the transformed error correction model following Kim and Park (2008), Kim (2008, 2009), Kim and Park (2008) and Kim (2009). According to the dynamic analyses including impulse response analyses and Granger causality test, I found the CIP disequilibrium error may be mainly caused not by the foreign exchange rate part but by the domestic and foreign interest part. However the dynamic effect of the CIP error to the interest rates and exchange rates was not meaningful. These results imply that there may be restrictions to hinder the arbitrage transaction to clear the CIP disequilibrium quickly. A restriction to this direction is the credit risk of Korean financial market and any policy reaction to reduce it may be necessary. For instance, any effort to inform the sound fundamentals of Korean economy in the international financial markets may be useful.

한방 임상연구 실무자들의 직무 및 스트레스에 관한 연구

김윤영,유종향,김호석,김윤정,김상혁,이시우,Kim, Yun-Young,Yoo, Jong-Hyang,Kim, Ho-Seok,Kim, Yun-Jeong,Kim, Sang-Hyuk,Lee, Si-Woo 사상체질의학회 2011 사상체질의학회지 Vol.23 No.1

1. Objectives: In this research, job and stress of the staffs who is working on clinical trial of oriental medicine involved in the project of Korea Institute of Oriental Medicine (KIOM) was identified. And an efficient way to enhance the working ability of clinical trial of oriental medicine was developed by recognizing the relationship of job satisfaction, organizational commitment and job performance with their stress. 2. Methods: A survey was conducted on 18 staffs in 12 hospitals who is working in the project of The construction of constitutional information collecting system for the scientification of Sasang Constitution. The collected data was analyzed with computer software of SPSS 17.0 3. Results: The research results are as follows: 1. The staffs of clinical trial of oriental medicine responded that they want to receive the rewards for their work with a salary, and they felt that through clinical demonstration followed by SOP and front face photograph are the most difficult works in clinical trial of oriental medicine. 2. Permanent workers showed higher organizational commitment than temporary workers in the relationship of job satisfaction, organizational commitment and job performance with general characteristics(p=0.026). 3. In the relationship of job stress with general characteristics, the workers who are higher than college graduates had dissatisfaction in salary with the highest frequency(p=.004), and the workers whose monthly salary is higher than 2 millions won showed the lowest job stress(p=.021). 4. In the relationship of job satisfaction, organizational commitment and job performance with job stress, as job apprehension stress is increased, job performance is dramatically decreased(p=.027). And as improper salary stress is increased, job satisfaction and organizational commitment is dramatically decreased (p=.018, p=.050). 4. Conclusions: It was clearly evidenced that job satisfaction, organizational commitment and job performance is closely related with stress of the staffs who is working on clinical trial of oriental medicine. And it is highly recommended that the improvement of working condition and the decrease of job stress can enhance the working ability of them.

사상체질에 따른 신체적 증상에 관한 연구

김윤영,김호석,백영화,유종향,김상혁,장은수,Kim, Yun-Young,Kim, Ho-Seok,Baek, Young-Hwa,Yoo, Jong-Hyang,Kim, Sang-Hyuk,Jang, Eun-Su 사상체질의학회 2011 사상체질의학회지 Vol.23 No.3

1. Objectives: This clinical study was conducted to understand the differences between Sasang constitutional types and to identify the physical symptoms presentation specific to each Sasang constitutional type. 2. Methods: In this descriptive study, 2,629 subjects (1,061 Taeeum-type, 683 Soeum-type, 885 Soyang-type) were surveyed between Nov 1, 2007 and Jul 31, 2010. The subjective symptoms experienced by the subjects were collected using a Physical Symptoms questionnaire, and the subjects were interviewed by Sasang specialists who determined the subjects' constitutional type. The data (in crude number and percentage) was analyzed on the general characteristics, Sasang constitutional type, and physical symptoms using the SPSS 17.0 software. The symptomatic presentation in men and women were analyzed on Sasang constitutional distribution using the chi-square test. 3. Results: 1) The physical symptoms specific to each Sasang constitutional type were as follows: 'frequent aphthous lesions in the oral cavity', 'lingering fatigue after sleep', 'headache', 'common cold symptoms presenting as loss of appetite or indigestion', and 'physical deterioration presenting as problems with digestion' in the Soeum type; 'physical deterioration presenting as problems in perspiration' and 'swelling and puffiness' in the Taeeum type; and 'excessive forgetfulness' in the Soyang type. 2) The physical symptoms specific to each Sasang constitutional type in men were as follows: 'Unilateral or bilateral headaches, 'frequent aphthous lesions in the oral cavity', 'common cold symptoms presenting as rhinorrhea or nasal congestion', 'common cold symptoms presenting as loss of appetite or indigestion', and 'physical deterioration presenting as problems with digestion' in the Soeum type; and 'swelling and puffiness' in the Taeeum type. 3) The physical symptoms specific to each Sasang constitutional type in women were as follows: 'common cold symptoms presenting as headaches', 'common cold symptoms presenting as loss of appetite or indigestion', 'physical deterioration presenting as problems with digestion' in the Soeum type; and 'pain in knees', 'redness of eyes', 'dryness of mouth', 'common cold symptoms presenting as coughing', 'physical deterioration presenting as problems in perspiration', 'swelling and puffiness' in the Taeeum type. 4. Conclusions: This study demonstrates that physical symptoms present in constitutional type-specific patterns. Understanding of the personal Sasang constitutional type and systematic, personalized healthcare based on constitutional typology is anticipated to contribute to improved health management strategy.

외환위기 전후 원‧달러 환율의 불균형 오차 결정요인 분석

김윤영 (Yun-Yeong Kim) 한국계량경제학회 2008 JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS Vol.19 No.4

본고는 통화론적 환율결정모형과 Engle-Granger의 공적분이론에서 정의되는 원․달러 환율 불균형 오차의 결정요인을 외환위기 전․후 기간을 대상으로 분석하였다. 분석 모형으로는 김윤영‧박준용 (2007)을 따라 VAR 모형을 변환한 후 불균형 오차의 동태 방정식을 유도하여 사용하였으며, 이 방법은 오차수정모형 (error correction model)과 비교하여 불균형 오차의 발생요인 분해, 안정성(stationarity) 검정과 실물경제 변수와의 상호영향분석에 장점을 지니고 있다. 실증 분석 결과는 환율 변동성의 축소와 실물경제의 안정 성장이 서로 상치되는 정책목표일 수도 있음을 시사하고 있다. 즉 정책 당국의 개입비중이 컸던 외환위기 전의 경우 외환시장의 불균형이 발생하였을 경우 조정되는 속도는 외환위기 후에 비해 빨랐으나 이로 인한 환율의 왜곡이 성장률 등 실물경제에 부정적인 영향을 미친 것으로 나타났다. 그러나 외환위기 이후 자유변동환율제 실시로 환율 결정이 거시경제 변수 등 시장의 수급 요인에 의해 주로 결정됨에 따라 외환시장의 불균형이 발생하였을 경우 조정되는 속도는 외환위기 전에 비해 느려졌으나 성장률 등 실물경제에 미치는 부정적인 영향은 줄어든 것으로 보인다. The paper analyzes whether there was any change in the dynamics of disequilibrium error of Korean Won-Dollar foreign exchange rates before and after Asian financial crisis. We used a transformed error correction model where the dependent variable is the disequilibrium error deduced from the cointegration theory, following Kim and Park (2008). The long run equilibrium of exchange rate is basically defined from the monetary approach. From the estimation using the data for the period before the Asian financial crisis, we found there was the negative effect of exchange rate disequilibrium shock on the real growth rate, even though the disequilibrium error has been quickly disappeared probably through the government intervention. After the crisis, the disequilibrium error of exchange rate did not disappear quickly possibly due to the choice of free floating system. However the detrimental effect of disequilibrium shock for the real growth rate has been mitigated. The result confirms a policy dilemma that is a trade-off between the exchange rate stabilization and sound growth in the real sector which may not be attained simultaneously.

Hunter 증후군 환아 증례 1례 보고

김윤영,서영민,김장현,Kim, Yoon-Young,Seo, Young-Min,Kim, Jang-Hyun 동국대학교 한의학연구소 2008 東國韓醫學硏究所論文集 Vol.10 No.-

목적 : 이 연구의 목적은 Hunter 증후군 환아의 삶의 질 향상과 지속적인 건강관리를 위해 한방치료를 시행하여 유의한 결과를 얻은 증례를 보고하는 것이다. 방법 : 환아는 복부창만, 복통, 잦은 가스 배출, 변비, 번번한 감기 증상을 호소하였고 이러한 증상의 완화와 지속적인 건강상태 관리를 위해 한약치료, 침치료, IR, 비강레이저, CEP nebulizer, 아로마마사지, 건식부항을 시행하였다. 결과 : 복부둘레는 더 이상 증가하지 않았으며, 복통과 변비는 호전되었고, 가스 배출의 빈도, 감기의 빈도와 정도가 감소하였다. 결론 : 이 연구는 한방치료가 hunter 증후군 환아의 건강상태 관리와 대증 치료로 삶의 질을 향상시킬 수 있다는 것을 보여준다. 향후 더 많은 증례로 심도깊은 임상연구가 필요하다. Objective : The purpose of this study is to report a case that has an important meaning as a result of treating Hunter syndrome patient with oriental medicine for elevation of quality of life and continuous health care. Methods : The patient complained of abdominal dropsy, abdominal pain, constipation, frequent gases and the common cold. So we treated him with herbal medicine, acupuncture, infra red, laser, CEP nebulizer, aroma massage and cupping. Results : After treatment, the girth of abdomen didn't increse any more and abdominal pain, constipation, frequent gases and common cold were improved. Conclusion : This study shows that oriental medicine can elevate the Hunter syndrome patient's quality of life with continuous heath care and treatment for chief complaint. The further study is needed with more cases.

우리나라 자산가격 변동의 기준점 효과 및 전망이론적 해석 가능성 검정

김윤영,이진수,Kim, Yun-Yeong,Lee, Jinsoo 한국개발연구원 2011 韓國 開發 硏究 Vol.33 No.1

본고에서는 Tversky and Kahneman(1974)의 기준점 효과와 Kahneman and Tversky(1979)의 전망이론으로 해석이 가능한 현상이 우리나라 자산시장에 동시에 나타나는지를 주가 및 부동산 가격을 대상으로 검증하였다. 전망이론의 경우 위험 회피 성향 투자자가 가격 상승 시 매각을 선호하는 것으로 예측하는데, 본고는 이런 성향이 자산가격 수익의 변동성이 증가하는 경우 더 강화되는 것으로 보았다. 1990년대 이후 우리나라 자료를 바탕으로 실증분석한 결과, 과거 수익률이 양(+)인 경우, 주가수익률은 과거 20 또는 30 영업일 자료(window)를 이용하여 산출한 변동성에, 아파트를 제외한 주택가격 수익률은 과거 24~36개월의 자료를 이용하여 산출한 변동성에 각각 통계적으로 유의한 영향을 받는 것으로 나타났다. In this paper, we claim the asymmetric response of asset returns on the past asset returns' signs may be explained from the market behavioral portfolio choice of investors. For this, we admit the anchor and adjustment mechanism of investors which partly explains the momentum in the asset prices. We also claim the prospect theory based on the risk aversions may simultaneously work with the anchor and adjustment effect, whenever the lagged asset return was positive and investors accrued the gain. To identify these effects empirically in a threshold autoregressive model, we suppose the risk aversions inducing the volatility effect is related with the past volatility of asset returns. In application of suggested method to Korean stock and real estate markets, we found these effect exist as expected.

펄스 옥시메터의 산소포화도 추출 알고리즘을 위한 계산모델 설계에 관한 연구

김윤영,김도철,이윤선,Kim, Yun-Yeong,Kim, Do-Cheol,Lee, Yun-Seon 대한의용생체공학회 1998 의공학회지 Vol.19 No.1

본 논문은 맥동 성분의 적분비를 이용한 펄스 옥시메터의 산소포화도 계산 모델의 설계 및 분석에 관한 것이다. 제안된 알고리즘은 손가락이나 귀볼에서 투과된 광신호를 직류성분 A 와 맥동성분 A , Sinwt 잡음성분 A 등으로 모델링하였다. 또한 맥동성분과 직류성분의 효율적인 분리를 위해 맥동성분에 대한 평균치 A 를 직류성분으로 규정하였고, 적분비를 이용하여 잡음성분을 어떻게 제거 하는지에 관하여도 기술하였다. 본 알고리즘은 신호의 맥동성분을 단순 가산에 의한 적분 알고리즘을 구성할 수 있기 때문에 산소농도 추출을 간략하게 수행할 수 있는 장점을 가지고 있다. 알고리즘 성능평가는 펄스 옥시메터에서 많이 사용하고 있는 맥동성분의 진폭비를 이용한 방법과 비교하였다. 비교결과는 본 알고리즘에서 샘플링 시간을 고려한 최적의 조건인 4주기의 면적계산 주기를 가졌을 때 기존의 방식보다 평균오차가 1%정도 향상되었으며, 회귀직선의 신뢰도를 보여주는 결정계수 r 도 0.985로 0.970보다 더 좋은 결과를 얻을 수 있었다. This paper is based on the design and analysis computing model of oxygen saturation with the pulse oximeter using the integral ratio of pulsating components. In our proposed algorithm. we modeled the transmitted optical signal in fingertip or earlobe to DC component $A_{dc}$ pulsating component $A_a\;Sinwt$, noise component $A_{noise}$ and etc.. To separate the pulsating components and DC components efficiently, we defined the signal average to DC components. Also we presented the way to eliminate the noise using integral ratio. To acquire a linearity of correlation graph for pulsating components ratios and non invasive oxygen saturation. we intensively observed on the oxygen saturations in the range of 75-100% in consideration of the error range of simulator. Also, for real time processing we experimented on changing the period of area calculating cycle from 1 to 6. The functional evaluation of the algorithm is compared with the method using the amplitude ratio of pulsating components frequently seen with pulse oximeter. The result was that our algorithm with 4 cycles of area calculating cycle which considered to be best fit by 1% to the existing method. Moreover r , the decision coefficient showing the correlation of regression graph with real data, proved better result of 0.985 than 0.970.

Hunter 증후군 환아 증례 1례 보고

김윤영,서영민,김장현,Kim, Yoon-Young,Seo, Young-Min,Kim, Jang-Hyun 대한한방소아과학회 2007 대한한방소아과학회지 Vol.21 No.2

Objectives The purpose of this study is to report a case that has an important meaning as a result of treating. Hunter syndrome patient with oriental medicine for elevation of quality of life and continuous health care. Methods The patient had abdominal dropsy, abdominal pain, constipation, frequent gases and the common cold, so we treated him with herbal medicine, acupuncture, infra red, laser, CEP nebulizer, aroma massage and cupping. Results After the treatment, the girth of abdomen didn't Increase any more, and abdominal pain, constipation, frequent gases and common cold were improved. Conclusions This study shows that oriental medicine can elevate the Hunter syndrome patient's quality of life with continuous heath care and treatment for major problem. For more accurate studies, further studies would be needed with more cases.

필용방감길탕이 기도 뮤신의 분비, 생성, 유전자 발현 및 점액 과다 분비에 미치는 영향

김윤영,민상연,김장현,Kim, Yoon Young,Min, Sang Yeon,Kim, Jang Hyun 대한한방소아과학회 2014 대한한방소아과학회지 Vol.28 No.2

Objectives In this study, the author tried to investigate whether piryongbang-gamgil-tang (PGGT) significantly affect in vitro airway mucin secretion, PMA- or EGF- or TNF-${\alpha}$-induced MUC5AC mucin production / gene expression from human airway epithelial cells and increase in airway epithelial mucosubstances and hyperplasia of tracheal goblet cells of rats. Materials and Methods For in vitro experiment, confluent RTSE cells were chased for 30 min in the presence of PGGT to assess the effect of PGGT on mucin secretion by enzyme-linked immunosorbent assay (ELISA). Also, effect of PGGT on PMA- or EGFor TNF-${\alpha}$-induced MUC5AC mucin production and gene expression from human airway epithelial cells (NCI-H292) were investigated. Confluent NCI-H292 cells were pretreated for 30 min in the presence of PGGT and treated with PMA (10 ng/ml) or EGF (25 ng/ml) or TNF-${\alpha}$ (0.2 nM) for 24 hrs, to assess both effect of PGGT on PMA- or EGF- or TNF-${\alpha}$-induced MUC5AC mucin production by ELISA and gene expression by reverse transcription-polymerase chain reaction (RT-PCR). For in vivo experiment, the author induced hypersecretion of airway mucus and goblet cell hyperplasia by exposure of rats to $SO_2$ during 3 weeks. Effect of orally-administered PGGT during 2 weeks on increase in airway epithelial mucosubstances from tracheal goblet cells of rats and hyperplasia of goblet cells were assesed by using histopathological analysis after staining the epithelial tissue with alcian blue. Possible cytotoxicities of PGGT in vitro were assessed by examining LDH release from RTSE cells and the rate of survival and proliferation of NCI-H292 cells. In vivo liver and kidney toxicities of PGGT were evaluated by measuring serum GOT/GPT activities and serum BUN/creatinine concentrations of rats after administering PGGT orally. Results (1) PGGT did not affect in vitro mucin secretion from cultured RTSE cells. (2) PGGT significantly inhibited PMA-, EGF-, and TNF-${\alpha}$-induced MUC5AC mucin productions and the expression levels of MUC5AC mRNA from NCI-H292 cells. (3) PGGT decreased the amount of intraepithelial mucosubstances and showed the tendency of expectorating airway mucus already produced. (4) PGGT increased LDH release from RTSE cells. However, PGGT did not show in vivo liver and kidney toxicities and cytotoxicity to NCI-H292 cells. Conclusion The result from this study suggests that PGGT can regulate the production and gene expression of airway mucin observed in diverse respiratory diseases accompanied by mucus hypersecretion and do not show in vivo toxicity to liver and kidney functions after oral administration. Effect of PGGT with their components should be further studied using animal experimental models that reflect the diverse pathophysiology of respiratory diseases through future investigations.

인간 배아줄기세포의 배양을 위한 지지세포에 관한 고찰

김윤영,오선경,최영민,Kim, Yoon-Young,Oh, Sun-Kyung,Choi, Young-Min 대한생식의학회 2007 Clinical and Experimental Reproductive Medicine Vol.34 No.4