G7국가의 보험, 은행, 주식시장 간의 장단기 연관성 분석

( Guan-chun Liu ),( Chien-chiang Lee ) 보험연구원 2016 보험금융연구 Vol.27 No.4

본 연구는 G7국가들을 대상으로 보험, 은행, 주식시장 간의 장단기 연관성을 분석하였다. 단기적인 인과관계를 분석하기 위하여 Toda and Yamamoto(1995)가 제안한 그레인저 인과관계(Granger causality)를 적용하였다. 장기적인 연관성 분석을 위해서는 분수차(fractional) 재무모형에 기반한 Jumarie의 분수차 미분을 적용한 확장 비선형 계량경제모형을 도입하였다. 또한 최적회귀를 분석하기 위하여 다중 다단계 회귀(multiple stepwise regression) 기법을 사용하였다. 연구결과 보험, 은행, 주식시장 간에는 다양한 형태의 동태적 연관성이 존재함을 알 수 있었다. 특히 장단기 연관성에는 국가별 고유효과가 존재했으며, 장기적인 연관성은 단기적인 연관성에 비해 강한 것으로 나타났다. 한편 단기적인 인과관계에서는 보험과 은행 간의 인과관계가 가장 강하게 나타났고, 장기적으로는 주식시장과 은행의 연관성이 가장 강한 것으로 나타났다. 이러한 연구결과는 위험을 분산하고자 하는 투자자들뿐만 아니라 경제성장 과정에서 금융 시스템의 상호협력적인 발전을 실현하려는 정책당국에도 시사점을 제공할 것이다. This paper investigates the short-run and long-run linkages among insurance activity, banking development, and stock market for G-7 countries. To examine the short-run causal nexus, we adopt the Granger causality approach proposed by Toda and Yamamoto(1995). To explore the long-run relationships, we introduce an extended nonlinear econometric model with the Jumarie`s fractional derivative based on the fractional financial model for economic system, and the multiple stepwise regression technique is employed to explore the optimal regression. Our empirical results show that there exist various patterns of dynamic relationships among the three financial sectors. Specifically, their short-run and long-run relationships are country-specific, and the long-run linkage is stronger than the short-run linkage. Furthermore, the short-run causal relationship between insurance activity and banking credit is the strongest, whereas the long-run relationship between stock market and banking credit is the strongest. These findings offer some useful insights not only for investors to diversify their risk away, but also for policy makers to realize the synergistic development of the financial system in the process of economic growth.

The Synergistic Effects Between Insurance and Credit Markets on Economic Growth: Evidence from China

Guan-Chun Liu,CHIEN-CHIANG LEE,Lei He 연세대학교 동서문제연구원 2016 Global economic review Vol.45 No.1

Insurance and credit markets share some common roles in stimulating economic growth, whether they are complementary or not is worth researching further. Based on the generalized method of moments, this paper investigates the synergistic effects between insurance and credit markets on economic growth in Chinese different regions using an interaction term in the regression model. Moreover, to understand the different economic roles of life and nonlife insurance sectors, we include them into estimation model as well. The results indicate that total insurance and credit markets are substituted, life insurance and credit markets are substituted, and nonlife insurance and credit markets are complementary in the whole region. Specifically, the synergistic effects between insurance and credit markets on economic growth vary considerably across different regions. These findings offer several useful insights for policy-makers.

Relationship Between Syrinx Resolution and Cervical Sagittal Realignment Following Decompression Surgery for Chiari I Malformation Related Syringomyelia Based on Configuration Phenotypes

Chunli Lu,Longbing Ma,Jian Guan,Zhenlei Liu,Kai Wang,Wanru Duan,Zan Chen,Hao Wu,Fengzeng Jian 대한척추신경외과학회 2022 Neurospine Vol.19 No.4

Objective: Combined with different configuration types of syringomyelia, to analyze the correlation between syrinx resolution and changes in cervical sagittal alignment following Foramen magnum and Magendie dredging (FMMD) for syringomyelia associated with Chiari I malformation (CM-I), and to further explore the respective relationship with clinical outcome. Methods: A consecutive series of 127 patients with CM-I and syringomyelia who underwent FMMD in our center met the inclusion criteria of this study. Their clinical records and radiologic data were retrospectively reviewed. The Japanese Orthopedic Association (JOA) scoring system and the Chicago Chiari Outcome Scale (CCOS) were used to evaluate the surgical efficacy. The phenotypes of syringomyelia and the clinical characteristics of the patients were analyzed according to grouping by cervical curvature at baseline. Results: The preoperative straight or kyphotic cervical alignment is more common in the moniliform syrinx. After surgery, the syrinx resolution and cervical sagittal realignment in the moniliform group are more obvious, and the corresponding prognosis is relatively better. Spearman correlation analysis showed that the ΔS/C ratio (the change ratio of syrinx/cord) was positively correlated with the CCOS (p = 0.001, r = 0.897) and ΔC2–7A (the change of lower cervical angle) (p = 0.002, r = 0.560). There was also a correlation between the ΔJOA score (the change rate of the JOA score) and ΔC2–7A (p = 0.012, r = 0.467). Conclusion: After decompression surgery, syrinx resolution may coexist with the changes in the subaxial lordosis angle, especially for syrinx in moniliform type, and the relationship between syrinx resolution and cervical sagittal realignment might be valuable for evaluating the surgical outcome.

Research of liquid-solid two phase flow in centrifugal pump with crystallization phenomenon

Liu, Dong,Wang, Ya-Yun,Wang, Ying-Ze,Wang, Chun-Lin,Yang, Min-Guan Korean Society for Fluid machinery 2014 International journal of fluid machinery and syste Vol.7 No.2

Particle Image Velocimetry combined with developed image processing method is adopted to study the liquid-solid two phase flow in the centrifugal pump impeller with crystallization phenomenon. The tracer particle is used to follow the liquid phase, which has the diameter between 8 to $12{\mu}m$. The crystal particle precipitates from the sodium sulfate solution does change the wavelength of the laser, and which has great laser scattering characteristics. The diameter of the crystal particle is larger than $20{\mu}m$. Through calculating the diameter of the particles in the image, the tracer particle and the crystal particle can be distinguished. By analyzing the experimental result, the following conclusion has been obtained. During the delay period, there is not any crystal particle and the pump performance has not been changed. As the crystallization process begins, the crystal nuclei appears from the supersaturation solution and grows larger with temperature decreasing, which has the tendency of moving towards the pressure side. The characteristics of liquid-solid two phase flow with crystallization phenomenon in the pump are obtained according to analysis of experimental results, and some guiding advices are presented to mitigate the crystallization phenomenon in pump impeller.

Analytic Modeling of the Silicon Beam Resonator Attached to a Round Diaphragm

Shang Chun Fan,Guan Gyu Liu,Man Hyung Lee 대한전자공학회 1997 대한전자공학회 학술대회 Vol.1997 No.01

Boundary Layer and Cooling Rate and Microstructure Formation on the Cooling Sloping Plate

Ren Guo Guan,Zhan Yong Zhao,Run Ze Chao,Lei Dong,이종수,Chun Ming Liu 대한금속·재료학회 2013 METALS AND MATERIALS International Vol.19 No.5

During melt treatment by cooling sloping plate, laminar flow and turbulent flow exist on sloping plate surface commonly. The thickness of velocity boundary layer and the critical transfer distance from laminar flow to turbulent flow increase with the decrease of initial flow velocity. The thickness of temperature boundary layer increases with the increment of flow distance and the decrease of initial flow velocity. The melt cooling rate and melt thickness have an inverse proportion relationship. The melt cooling rate of cooling sloping plate process can reach 102-103 K/s and belongs to meta-rapid solidification scope. Uniform solute field and high cooling rate can lead to eruptive nucleation. In addition, a large quantity of heterogonous nuclei appears on the sloping plate surface, and vibrating flow can enable heterogonous nucleus to escape off the plate, which leads to nucleus multiplication. Under relative uniform solute field and high cooling rate, some grains can keep stable growth surface, go on growing with the round surface and finally maintain their globular structure. However, there are always some grains that grow along a certain preferred direction, but under vibrating flow their dendritic arms break and transform into near spherical structure.

Protective Effect of Biological Osmolytes against Heat- and Chaotropic Agent-Induced Denaturation of Bacillus licheniformis γ-Glutamyl Transpeptidase

( Huei-fen Lo ),( Meng-chun Chi ),( Min-guan Lin ),( Yuan-gin Lan ),( Tzu-fan Wang ),( Long-liu Lin ) 한국미생물생명공학회(구 한국산업미생물학회) 2018 Journal of microbiology and biotechnology Vol.28 No.9

In the present study, the stabilizing effect of four different biological osmolytes on Bacillus licheniformis γ-glutamyl transpeptidase (BlGGT) was investigated. BlGGT appeared to be stable under temperatures below 40°C, but the enzyme retained less than 10% of its activity at 60°C. The tested osmolytes exhibited different degrees of effectiveness against temperature inactivation of BlGGT, and sucrose was found to be the most effective among these. The use of circular dichroism spectroscopy for studying the secondary structure of BlGGT revealed that the temperature-induced conformational change of the protein molecule could be prevented by the osmolytes. Consistently, the molecular structure of the enzyme was essentially conserved by the osmolytes at elevated temperatures as monitored by fluorescence spectroscopy. Sucrose was further observed to counteract guanidine hydrochloride (GdnHCl)- and urea-induced denaturation of BlGGT. Taken together, we observed evidently that some well-known biological osmolytes, especially sucrose, make a dominant contribution to the structural stabilization of BlGTT.

Factors Associated with Psychological Characteristics in Patients with Hepatic Malignancy before Interventional Procedures

Wang, Zi-Xuan,Yuan, Chang-Qing,Guan, Jun,Liu, Si-Liang,Sun, Chun-Hui,Kim, Seong-Hwan Asian Pacific Journal of Cancer Prevention 2012 Asian Pacific journal of cancer prevention Vol.13 No.1

Objective: To investigate the psychological characteristics of hepatic malignancy patients before interventional procedures and assess associations with related factors. Methods: Two hundred and thirteen patients requiring interventional procedure for hepatic malignancy were asked to complete a survey of health knowledge and psychological symptom on health knowledge questionnaire and SCL-90 before interventional procedure. Logistic regression analysis was employed to determine the association of various demographic, clinical and health knowledge factors with the presence of psychological symptoms in patients. Results: Eight psychological symptom scores, i.e. somatization, obsessive-compulsive tendencies, depression, anxiety, hostility, phobia, paranoid ideations and psychotic states, were significantly higher than the normal range (P< 0.001). Of 213 cases in the study, 49 families (23.00%) concealed the diagnoses of hepatic carcinoma from patients; 135 patients (63.38%) described the prognosis of the disease correctly. It was demonstrated that the correlations between psychological symptoms and related factors, i.e. age, gender, education, interventional procedure times and health knowledge, were statistically significant (P<0.05). Conclusion: Psychological distress is severe in hepatic malignancy patients before interventional procedures. Age, gender, education, interventional procedure times and health knowledge are associated with psychological symptoms which are significant different from the normal range in Chinese.

Microstructure Formation Mechanism and Properties of AZ61 Alloy Processed by Melt Treatment with Vibrating Cooling Slope and Semisolid Rolling

Zhan Yong Zhao,Ren Guo Guan,Xiang Wang,Yang Li,Lei Dong,이종수,Chun Ming Liu 대한금속·재료학회 2013 METALS AND MATERIALS International Vol.19 No.5

A melt treatment with a vibrating cooling slope and a semisolid rolling process to produce an AZ61 alloy strip was proposed. The microstructure formation mechanism and the properties of the AZ61 alloy produced by the proposed process were investigated. Due to the high cooling rate and stirring action caused by the vibration cooling slope, the nucleation rate was greatly improved, which caused the formation of fine spherical or rosette primary grains. During the rolling process, the solid fraction increased from the entrance to the exit of the roll gap, and under the shearing action of the roller, the distribution of solute in the melt was homogenous, and the primary grains grew further. When the casting temperature was 680 °C,a strip with a cross section of 4 mm×160 mm was produced and a homogeneous microstructure was obtained. The ultimate tensile strength of the AZ61 alloy strip produced by the proposed method reached 242 MPa, and the corresponding elongation to failure was 4%, which were better than those achieved in previous similar studies.

Siegesbeckia Orientalis L. Extract Attenuates Postoperative Cognitive Dysfunction, Systemic Inflammation, and Neuroinflammation

John Man Tak Chu,Wei Xiong,Ke Gang Linghu,Yan Liu,Yan Zhang,Guan Ding Zhao,Michael G. Irwin,Gordon Tin Chun Wong,Hua Yu 한국뇌신경과학회 2018 Experimental Neurobiology Vol.27 No.6

A proportion of patients experience acute or even prolonged cognitive impairment after surgery, a condition known as postoperative cognitive dysfunction (POCD). It is characterized by impairment in different cognitive domains and neuroinflammation has been implicated as one of the inciting factors as strategies targeting inflammation tend to improve cognitive performance. Siegesbeckia Orientails L. (S. Orientails) is a common Chinese medicinal herb used for managing chronic inflammatory diseases. We investigated if pretreatment with S. Orientails before surgery confers any neuroprotective effects in postoperative animals in terms of reducing inflammation and mitigating cognitive impairment. Three-month-old male C57BL/6N mice were fed different doses of S. Orientails extract for 14 days before they underwent a laparotomy. After cognitive testing they were sacrificed on postoperative day (POD) 3. Our results showed that animals with extract pretreatment demonstrated memory improvement in a dose-dependent manner compared with control. Further, evidence for the attenuation of systemic and neuroinflammation was found in the pretreated animals, along with the inhibition of inflammatory pathways and significantly reduced tau phosphorylation in the hippocampus. Taken together, these results demonstrated a neuroprotective effect of S. Orientails in postoperative animals, indicating a therapeutic potential of S. Orientails in minimizing POCD and the possibility of utilizing this traditional Chinese medicine perioperatively.