골 신연술을 시행받은 가토의 경골 성장골단판에서 골성장 지표와 길이 성장률과의 관계

이순혁,한승엽,변영수 고려대학교 의과대학 1997 고려대 의대 잡지 Vol.34 No.1

The rate of longitudinal bone growth in the physeal plate is modulated by the size of pool of proliferative chondrocyte, the rate of cell division of proliferative chondrocyte. the height of terminal hypertrophic chondrocyte and matrix production in the transverse septa. The parameters such as growth plate thickness and the rate of cell division by proliferating chondrocytes have been indentified as useful indices of longitudinal bone growth rate. Recently the height and volume of hypertrophics have been reported to be one of the decisive factors in modulating the longitudinal growth rate. Fracture. osteotomy or limb lengthening have been known to affect the longitudinal growth rate and, it can be assumed. they could change the relationship betweengrowth rate andparameters. The purposes of this study were to clarify the relationship betweenparameters and longitudinal bone growth in osteotomized and lengthened limbs and t o compare the relationship between the different groups which showed changed growth rate affected by the amount of lengthening. Sixteen eight weeks old New Zealand white rabbitswere allocated into four groups; Group Ⅰ was osteotomized and stabilized by external fixater but without lengthening, Group Ⅱ was lengthened 20% of total tibia1 length at a rate of 0.8mm/day with external fixater. Group Ⅲ was lengthened 30% at a rate of 0.8mm/day and Group Ⅳ was lengthened 40% t o 50% a t a rate of 3. Pmm/day. Left tibia was used for that procedure and right tibia was left as a control. In the proximal & distalphyses of both tibia, following measure ments were performed. The longitudinal growth rates were determined by tetracychine labeling and indirect light fluoroscence microscopy. The physeal thickness was histomorphologically measured and the proliferative rate of chondrocytes in physeal plate was assessed by immunohistochemical staining using anti-bromcdeoxyuridine monoclonal antibody. The results obtained were as follows ; 1) The physeal thickness and the number of proliferating chondrocytes had linearcorrelation with longitudinal growth rate in the physis of the lengthened or osteotomized tibia of rabbits. ) The relationship of the physeal thickness and the number of proliferating chondro cytes with longitudinal growth rate had highercorrelation coefficiency and different slope of regression in the proximalphysis of lengthened or osteotomized tibia of rabbits compared to that in the distal physis of lengthenedorosteotomizedtibia ofrabbits. 3) The relative contribution of the physeal thickness orthe number of proliferating chondrocytes tothe longitudinal growth rates varied following the varied amount or rate oflengtheninginthe physis of lengthened orosteotomizedtibia of rabbits. As a conclusion, physeal thickness and the number of proliferating chondrocytes are considered to be significant parameters of longitudinal growth ratein the osteotomized orlengthened limb, but they may contribute to longitudinal growth rate differently according to the location, ageand local condition of the physis.

요구성장률과 역행투자전략

김봉준 ( Bong-jun Kim ),차승연 ( Seung-youn Cha ),박정민 ( Jeongmin Park ) 한국재무관리학회 2021 財務管理硏究 Vol.38 No.4

본 연구는 시장 주가를 정당화하는 절대가치 지표의 요구성장률(required growth rate)을 추정한 후 이를 이용한 역행 투자 전략(contrarian strategy)의 성과를 분석하였다. 실증 결과 및 해석은 다음과 같다. 첫째, Fama and French(1992)의 방법에 따라 절대가치 모형별 요구성장률이 높은 종목을 공매하여 요구성장률이 낮은 종목을 매입하는 무비용 포트폴리오의 성과를 추정한 결과 모형 전체적으로 평균수익률이 0.4~1.3%, 시장지수 대비 초과 성과(Jensen’s alpha)가 0.6~1.4%, Fama and French(1993) 모형 대비 초과 성과가 0.1~0.7% 대를 발견하였다. 둘째, 패널 회귀 분석 결과 요구성장률이 클수록 실현성장률과의 차이가 증가하였으며 이는 정기 재무제표의 공시 시점을 기준으로 요구성장률이 높을수록 과대 추정되는 경향이 있다는 것을 시사한다. 그 결과 실현성장률이 시장의 요구성장률에 미치지 못하여 주가가 재조정되는 과정에서 역행 투자 전략의 초과 성과가 발생하였다고 판단된다. 셋째, 요구성장률의 주가 설명력을 분석한 결과 일부 절대가치 지표의 요구성장률이 유의한 양의 계수를 발견하였다. 이는 해당 지표의 요구성장률이 커짐에 따라 미실현 위험이 증가하고 시장이 이에 대해 추가적 위험 보상을 요구한 결과로 해석할 수 있다. This study estimated the required growth rate that justifies the current stock price using absolute valuation models. We evaluated the performance of contrarian investment strategy based on the estimated required growth rate for KOSPI market. Empirical results are summarized as follows. First, we constructed zero cost portfolio by short selling stocks with high required growth rate and buying stocks with low required growth rate. Market excess return (Jensen’s alpha) of these portfolios were distributed between 0.6% and 1.4%. Second, from panel regression we found that the difference between required growth rate and realized growth rate increases with the required growth rate. This implies that the excess return of contrarian strategy is due to naive investor’s extrapolation about the growth rate of growth firm. Third, from cross sectional regression we found that required growth rate had positive coefficients with stock return. This implies that market investors required additional risk premium for stocks with high required growth rate. Fourth, contrarian portfolio based on the required growth rate showed performance similar to the portfolio based on the relative valuation index like PER. Concludingly, naive investor’s excessive expectation for growth stocks caused the overvaluation of stock with high required growth rate. As the result of it, abnormal return of contrarian strategy was found as growth stocks with high required growth rate failed to satisfy the expectation of these investors. Required growth rate reflects market’s expectation for growth potential of individual firm. Therefore, we suggest that required growth rate be used as the alternative index that segregates growth stock and value stock.

외국인직접투자기업의 성장률정책에 관한 연구

안영규 한국국제경영관리학회 2007 국제경영리뷰 Vol.11 No.4

본 연구에서는 기업의 성장률정책과 관련하여 기업이 안정적이고 지속적으로 추구할 수 있는 적정성장률인 Higgins(1977, 1981)의 내부성장률과 지속가능성장률을 우리나라에서 기업 활동 중인 외국인직접투자기업과 국내기업에 적용하여 종합적으로 비교․분석하였다. 구체적으로, 외국인직접투자기업과 국내기업의 내부성장률과 지속가능성장률을 계산한 후, 이 두 기업 간 성장률 차이검정을 통해 외국인직접투자기업과 국내기업의 성장률정책에 차이를 살펴보았다. 그리고 외국인직접투자기업과 국내기업의 지속가능성장률 결정요인 중 어떤 요인이 주요 결정요인으로 작용하는지 파악하기 위하여 회귀방정식 모형인 최소자승법과 연립방정식 모형인 2단계 최소자승법을 실시하였다. 분석결과, 외국인직접투자기업의 내부성장률이 국내기업의 내부성장률보다 크게 나타났으며, 그 차이도 유의적으로 발생하였다. 특히, 외국인직접투자기업 중 영상통신장비제조업에 속하는 외국인직접투자기업의 내부성장율이 크게 나타났다. 그리고 외국인직접투자기업의 지속가능성장률도 국내기업의 지속가능성장률보다 유의적으로 큰 값을 가지는 것으로 나타났으며, 내부성장률과 마찬가지로 영상통신장비제조업에 속하는 외국인직접투자기업의 지속가능성장률이 크게 나타났다. 한편, 최소자승법과 2단계 최소자승법을 이용한 지속가능성장률 결정요인 분석에서는 외국인직접투자기업과 국내기업의 결정요인이 상이하게 작용하며, 매출액순이익률이 중요한 역할을 한다는 것을 확인할 수 있었다. Internal growth rate and sustainable growth rate represent the maximum rate of sales or asset growth that a firm can support using both internally generated funds and debt. These concepts have gained increasing prominence as a key financial and operating concept in recent years. This paper investigates internal growth rate, sustainable growth rate and sustainable growth rate’s component analysis of foreign direct investment companies in Korea.As a result, the internal growth rate of foreign direct investment companies is less than the real sales growth rate of foreign direct investment companies and all manufacturing companies. However, the sustainable growth rate of foreign direct investment companies is more than the real sales growth rate of foreign direct investment companies and all manufacturing companies. The internal growth rate and the sustainable growth rate of foreign direct investment companies is more than Korea domestic companies'. Moreover, the sustainable growth rate of electronic components, radio, television and communication section in foreign direct investment companies is highest among them. Finally, I can find that foreign direct investment companies gain sustainable growth rate through net income to sales ratio.

초과부채증가율과 경제성장

이인호,유시용 한국공공관리학회 2019 한국공공관리학회 학술대회 Vol.2019 No.12

글로벌 금융위기 이후 부채축소(deleverage)가 충분히 이루어지지 않은 상태에서 선진국들은 여전히 유동성공급에 우선순위를 두고 있다. 이러한 추세에서, 본 연구는 초과부채증가율(excess debt growth rate)이 경제성장률에 미치는 영향을 분석하였다. 초과부채증가율은 GDP 대비 부채비율의 증가율로 계산하였고, OECD 25개 국가의 1990년부터 2017년까지 기간을 분석 대상과 기간으로 선정하였다. 특히 2008년 글로벌 금융위기 전후로 달라진 상황을 비교 분석하기 위하여 다시 기간을 둘로 나누어 분석하였다. 주요 연구 결과로, 전체 기간으로 보았을 때, 기업과 정부의 초과부채증가율, 신용갭은 경제성장에 유의한 음(-)의 영향을 주었다. 글로벌 금융위기 전후를 살펴보면 가계의 초과부채증가율은 경제성장에 있어 유의한 양(+)에서 음(-) 바뀌었고 신용갭은 전후 모두 유의한 음(-)의 관계를 보였다. 부채의 만기효과를 확인하기 위해 초과부채증가율 변수에 1~3년의 시간지연(time lag)을 주었을 때, 신용갭만 1, 2년 만기에 대해 경제성장에 유의한 음(-)의 영향을 주었다. 그러나 이를 다시 경제위기 전후로 나누어보면, 글로벌 금융위기 이후에는 경제성장에 있어 기업은 2년, 가계는 1년 후에 유의한 양(+), 정부는 1, 3년, 신용갭은 1, 2년 후에 유의한 음(-)의 관계를 보였다. After the global financial crisis, the advanced countries still prioritize liquidity supply without enough deleveraging. Under these circumstances, the global economy, as a lesson of economic policy failure in the Great Depression of 1930s, responded in joint using expansion of credit instead of fiscal austerity for the global financial crisis in 2008. However, the global economy has not recovered sufficiently and the economic growth rate has been declining steadily. Global debt is also increasing. In the case of Japan, the ratio of public or government debt to GDP has continued to increase since 1990, reaching 250%. The United States and United Kingdom also grow by 105% and 87%, respectively, from the global financial crisis of 2008. In this global trend, this paper analyzes how the excess debt growth rate affects economic growth. Previous studies used debt to GDP ratios as debt variable. However, we define the excess debt growth rate as gap between debt growth rate and GDP growth rate. We also use Credit to GDP gaps from statistical explorer of Bank for International Settlements. The data is a panel of 25 OECD countries covering the period 1990-2017. Especially, the period is divided into two periods to compare the situation before and after the global financial crisis in 2008. The system GMM was used to estimate the effect of debt of on economic growth. We have two key questions and answer them in this study. The first, does the excess debt growth rate affect economic growth? Debt-to-GDP ratio involve GDP and debt growth together. However, the excess debt growth rate only captures debt growth that exceed over the GDP growth. We expect the result using the excess debt growth rate is negative effect identical with previous on economic growth. The second, does the maturity effect of debt exist? In the previous study, the maturity effect of debt was different in the sector of private and government. In the case of government debt, the effect is negative on economic growth, but private debt has positive effect on economic growth on long-term debt. In other words, there is a positive or negative maturity effect of debt. Therefore, the excess debt growth rate can show the maturity effect of debt. The key findings are that the excess debt growth rate of non-financial corporate, governments and credit gap have a negative effect on the economic growth under the whole period. When we look at before and after the global financial crisis, households’ excess debt growth rate is changed from positive effect to negative effect and credit gap is negative effect before and after the global financial crisis on economic growth. When the model has a time lagged variable of 1-3 years to check with an expiration effect, only the credit gap shows a negative effect on the economic growth (1-2 years). However, when we divide it before and after the global financial crisis, the excess debt growth rate of non-financial corporate (2-year) and household (1-year) have a significant positive effect, but government’s excess debt growth rate (1, 3-year) and credit gap(1-2years) have a significant negative effect on economic growth. It is distinction that this study used the excess debt growth rate by using the rate of increase in the ratio instead of using the debt-to-GDP ratio variable in the previous research. Not only the excess debt growth rate but also the debt-to-GDP variable cannot immune from endogeneity, but we tried two approaches. This study use system GMM which uses GDP growth as an instrumental variable at t-1 time and use time lag variables to solve endogenous problem. Most previous debt research focused on government debt, but this study include non-financial and household debt and use also Credit to GDP gaps because debt is not the only area of government, it needs to be dealt with in detail, including private debt. In this study, the negative effects of excess debt on economic growth are clearly shown, as in previou

기업의 수익성과 성장성이 주식가격에 미치는 영향

정희석 한국무역보험학회 2023 무역금융보험연구 Vol.24 No.5

Purpose : The purpose of this study is to study the impact on stock returns by empirically analyzing companies' profitability, growth potential, and stock price trends, thereby contributing to helping investors increase stock returns by selecting high-quality companies by considering profitability and growth potential. Research design, data, methodology : The research method was to collect financial data from 2018 to 2022 and analyze the profitability ratio using the return on equity, return on asset, and margin ratio and the growth ratio was analyzed using the net profit growth rate, sales growth rate, and total asset growth rate. Results : As a result of the study, in the profitability ratio analysis, the impact of good ROE, good ROA, and good margin rate on the average stock return was small, but the ratio of the number of rising stocks with insufficient ROE, insufficient ROA, and insufficient margin rate was low. In the growth ratio analysis, good sales growth rate, good net profit growth rate, and good total asset growth rate had a large impact on the average stock return, and the proportion of rising stocks with high sales growth rate, high net profit growth rate, and high total asset growth rate was high. Conclusions : Companies with high profitability and growth potential are expected to have good stock returns. On average over the past five years, the stock price growth rate has been 17.1% per year, showing that long-term investments have higher returns than stable investments commodities

초과부채증가율과 경제성장

이인호,유시용 한국재무학회 2019 한국재무학회 학술대회 Vol.2019 No.05

글로벌 금융위기 이후 부채축소(deleverage)가 충분히 이루어지지 않은 상태에 서 선진국들은 여전히 유동성공급에 우선순위를 두고 있다. 이러한 글로벌한 추 세에서, 본 연구는 초과부채증가율(excess debt growth rate)이 경제성장률에 미치는 영향을 분석하였다. 초과부채증가율은 부채증가율에서 GDP 증가율을 뺀 값으로 정의하였고, OECD 30개 국가의 1990년부터 2017년까지 기간을 분석 대상과 기간으로 선정하였다. 특히 2008년 글로벌 금융위기 전후로 달라진 상황 을 비교 분석하기 위하여 다시 기간을 둘로 나누어 분석하였다. 주요 연구 결과 로는, 전체 기간으로 보았을 때, 가계 및 정부의 초과부채증가율은 경제성장에 유의한 음(-)의 영향을 주었고, 글로벌 금융위기 이전에도 같은 결과를 보였다. 그러나 글로벌 금융위기 이후에는 가계의 초과부채증가율만이 경제성장에 유의 한 음의 영향을 주는 것으로 나타났다. 부채의 만기효과를 보기 위해 초과부채 증가율 변수에 1~3년의 시간지연(time lag)을 주었을 때, 1~3기 이전의 변수 모두 경제성장에 대해 기업과 가계의 초과부채증가율은 유의한 음의 영향을, 정 부의 초과부채증가율은 유의한 양의 영향을 보였다. 부채의 만기효과도 글로벌 금융위기 전과 후로 나누어 살펴본 결과, 경제성장에 있어 글로벌 금융위기 이 전에는 정부의 초과부채증가율은 1~3기 이전의 변수가 모두 양의 관계를, 가계 의 초과부채증가율은 3기 이전의 변수만 음의 관계를 보였다. 그러나 글로벌 금 융위기 이후에는 정부의 초과부채증가율 1기 이전의 변수만 음의 관계를 보였 고, 변수 대부분은 유의한 관계를 보이지 않았다. After the global financial crisis, the advanced countries still prioritize liquidity supply without enough deleveraging. In this global trend, this paper analyzes how the excess debt growth rate affects economic growth. We define the excess debt growth rate as gap between debt growth rate and GDP growth rate and the data is a panel of 30 OECD countries covering the period 1990-2017. Especially, the period is divided into two periods to compare the situation before and after the global financial crisis in 2008. The key findings are that the excess debt growth rate of households and governments have a negative effect on the economic growth under the whole period and before the global financial crisis. However, households’ excess debt growth rate is statistically significant after the global financial crisis. When the model has a time lagged variable of 1-3 years to check with an expiration effect, the excess debt growth rate of households and non-financial corporate shows a negative effect on the economic growth, but the excess debt growth rate of governments have a positive effect. As a result of examining the expiration effect of debt before and after the global financial crisis, we also find that the excess debt growth rate of governments affects positive impact in all time lagged variables(1-3 years) before the global financial crisis, but only time lagged variable of 3-year of households shows a negative effect. However, only time lagged variable of 1-year of governments shows negative effect after the global financial crisis, but the other variables are not statistically significant.

기업의 사회적 책임활동과 자본투자 의사결정이 지속가능성장률과 그 구성요소에 미치는 영향

유성용(Ryu Sung Yong),김동헌(Kim Dong Hun) 한국물류학회 2016 물류학회지 Vol.26 No.3

The purpose of this study is to analyze the influence of the CSR activities, capital investments, dividend policy on sustainable growth rate and the components of the Rate with an integrated perspective. Through the analysis, we want to find the benefits of long-term oriented decision-making in management. The results are as follows; First, it showed that the higher the level of CSR activities lowered the sustainable growth rate. Second, it indicated that the firm's capital investment did not affect the sustainable growth rate. Third, the dividend yield of the firm was found to decrease sustainable growth rate. Fourth, we found that as the firm's capital investment increased, the effect of CSR activities on the sustainable growth rate did not exist. Fifth, it showed that a negative effect of the CSR on sustainable growth rate increased as the firm's dividend yield was higher. In addition, the CSR activities, capital investments, and dividend policy impacted differently on the sales margin, total asset turnover, and equity growth rate as a component of sustainable growth rate. This suggested that operating, investing, and financing decisions impacted independently on the sustainable growth rate, but also existed interaction between the decision-makings. the results of this study show that the executive can generate the higher performance and firm's value when the manager makes decisions with a long-term perspective. Furthermore, the results also suggests that there is a need to consider the information on the sustainable growth rate in forming or re-balancing their own investment portfolios. 본 연구에서는 기업의 세 가지 활동영역에 대한 경영자의 의사결정을 종합적으로 판단할 수 있는 재무지표인 지속가능성장률에 기업의 CSR활동, 자본투자, 배당정책이 어떠한 영향을 미치는지를 분석하였다. 분석 결과는 다음과 같다. 첫째, 기업의 사회적 책임활동 수준이 높아질수록 지속가능성장률이 낮아지는 것으로 나타났다. 둘째, 기업의 자본투자를 나타내는 회귀계수는 통계적으로 유의하지 않아 자본투자가 지속가능성장률에 영향을 미치지 않는 것으로 볼 수 있다. 셋째, 배당수익률이 높은 기업일수록 지속가능성장률이 낮아지는 것으로 나타났다. 넷째, 기업의 자본투자에 따라 기업의 사회적 책임활동 수준이 지속가능성장률에 미치는 영향의 크기는 달라지지 않는 것으로 나타났다. 다섯째, 기업의 사회적 책임활동이 지속가능성장률에 미치는 부정적인 효과가 배당수익률이 높을수록 더 커지는 것으로 나타났다. 또한 기업의 사회적 책임활동, 기업의 자본투자, 배당정책이 지속가능성장률의 구성요소인 매출액순이익률, 총자산회전률, 자기자본증가율에 미치는 영향을 분석하였다. 그 결과 지속가능성장률의 구성요소들에 미치는 영향이 상이한 것으로 나타나 경영자의 영업, 투자, 재무활동에 관한 의사결정은 독립적으로 지속가능성장률에 영향을 미치기도 하지만 의사결정들 사이에 상호작용도 발생하는 것으로 나타났다. 본 연구의 결과를 토대로 볼 때 경영자들이 영업, 투자, 재무활동에 관한 의사결정을 하는 과정에서 단기적 성과보다는 장기적 관점에서 성장할 수 있는 의사결정이 선행되어야 기업가치를 보다 높게 창출할 수 있다는 것을 암시한다. 또한 투자자들도 자신의 투자포트폴리오를 형성함에 있어서 지속가능성장률에 대한 정보를 고려할 필요가 있다는 것을 시사한다.

인구 및 인구구조 변화와 경제성장과의 관계: 한국과 일본의 인구 및 인구구조 변화와 경제성장 간 선형⋅비선형 관계 분석

이순호 한일경상학회 2020 韓日經商論集 Vol.88 No.-

This study aims to analyze how overall changes in population affects economic growth. The analysis is followed by thorough comparison with Japan especially on how demographic changes(decline in population growth, aging, and low fertility rate) influence economic growth. Finally, policy implications are deduced based on the observations. First, we compare the impact and magnitude of population growth on economic growth in Korea and Japan. OLS is used in the analysis. Analysis is made on both linear and non-linear relationships. By linear analysis, we compare the impact and magnitude of population growth on economic growth in each of the two countries, while by non-linear analysis, we estimate the optimal population growth rate that maximizes economic growth. The following are conclusions derived by empirical analysis. First, the impact of population growth on economic growth was greater in Japan than in Korea. Second, unlike Japan, non-linear relationship between population growth and economic growth was observed in Korea, and the optimal population growth rate for maximizing economic growth was estimated at 1.89 to 2.03%. Third, the negative impact of aging on economic growth in Korea outweighed the positive impact of the fertility rate. The policy implications for population and demographic changes to contribute to economic growth are as follows: First, the population growth rate should be raised to the 2% range estimated at the optimum level of maximizing economic growth. Second, the government and businesses need to step up efforts to improve the aging population’s willingness to work and create quality jobs so that the aging population does not act as a negative factor for economic growth. This study is differentiated from preceding research in that it analyzed the non-linear relationship between the population and economic growth, estimated the optimal population growth rate, and presented policy implications related to changes in the population structure, such as aging and low fertility rate. 본 연구의 주제는 인구 및 인구구조 변화와 경제성장과의 관계이며 연구 목적은 인구 증가세 둔화와 고령화⋅저출산 등 인구구조 변화가 경제성장에 미치는 영향에 대해 일본 과의 비교분석을 통해 정책적 시사점을 도출하는 데 있다. 인구증가 및 인구구조 변화와 경제성장 간 분석은 OLS를 이용한다. 먼저 인구증가와 경제성장 간 선형관계 분석을 통해 인구증가가 한국과 일본의 경제성장에 미친 영향 및 크기를 비교하며 비선형 관계 (Non-Linear Relationship) 분석에서는 경제성장을 극대화하는 최적 인구증가율(Optimal Population Growth Rate)을 추정해 본다. 실증분석 결과 첫째, 인구증가가 경제성장에 미친 영향은 한국보다 일본이 큰 것으로 나타났다. 둘째, 한국은 일본과 달리 인구증가와 경제성장간 비선형관계가 나타났으며 경제성장을 극대화하는 최적 인구증가율은 1.89∼2.03% 수준으로 추정되었다. 셋째, 한국은 고령화가 경제성장에 미치는 부정적 영향이 출산율의 긍정적 영향보다 더 큰 것으로 나타났다. 실증분석 결과를 토대로 인구 및 인구구조 변화가 경제성장에 기여하기 위한 정책적 시사점을 다음과 같이 제시해 본다. 첫째, 인구증가율을 경제성장률을 극대화시키는 최적수준으로 추정된 2%대까지 높여야 된다. 둘째, 고령인구가 경제성장의 부정적 요인으로 작용하지 않도록 정부, 기업 등이 고령인구의 근로의욕 향상, 양질의 일자리 창출 등을 위한 노력을 한층 강화할 필요가 있다. 본 연구는 우리보다 앞서 인구감소, 인구구조 변화 문제를 겪고 있는 일본과의 비교분석을 통해 정책적 시사점을 찾아보았다. 특히 선행연구에서 많이 시도되지 않았던 인구와 경제성장 간 비선형 관계를 분석하고 경제성장을 극대화하는 최적 인구증가율을 추정해 보았으며 고령화ㆍ저출산 등 인구구조 변화와 관련한 정책적 시사점을 제시해 보았다는 점에서 선행연구와 차별화된다.

금융시스템 특성과 소비위험 측정:비선형적 접근의 응용

송정석 한국무역보험학회 2023 무역금융보험연구 Vol.24 No.4

Purpose : This study purposes to evaluate consumption risk by applying regression analysis with nonlinearly transformed GDP growth rates. Research design, data, methodology : This paper considers data for 116 countries from 1970 to 2019 and includes square root of GDP growth rates as a regressor for the regression analysis. The estimate for the square root of GDP growth rate is to be used for evaluating the partial derivative of per capita consumption growth rate with respect to per capita GDP growth rate. In this study, those calculated derivatives are used as a measure of consumption risk. Results : The results show that the square root of GDP growth rate has significant effects on the consumption growth rate for 30 advanced countries while it has no significant impacts for 87 developing countries. For those advanced economies, this study calculates the partial derivatives using the estimates for the square root of GDP growth rates. According to the results for the partial derivative, consumption risk for advanced countries decrease with their GDP growth rates and, in addition, decrease at slower speed for the larger GDP growth rates. In contrast, consumption risk is found to be independent of GDP growth rates for the developing countries. Conclusions : The results suggest that business cycles affect consumption risk for the advanced countries while they have no relationship with consumption risk for the developing countries. A possible implication for such difference is that different county-level of financial system can lead to contrast in consumption risk between advanced and developing countries.

Cuticle as a predictor of the thumbnail growth rate

( Kihyuk Shin ),( Jun-oh Shin ),( Woo-il Kim ),( Min-young Yang ),( Won-ku Lee ),( Hoon-soo Kim ),( Hyun-chang Ko ),( Byung-soo Kim ),( Moon-bum Kim ) 대한피부과학회 2019 대한피부과학회 학술발표대회집 Vol.71 No.2

Background: Growth rate of nails is affected by various conditions. However, little is known about the anatomic factor which can predict the nail growth rate. Objectives: To investigate the anatomic factors that could predict the growth rate of thumbnails. Methods: Twenty-four healthy young adults were enrolled in the study. We marked a line with ultrapulse CO₂ laser on thumbnails at the baseline. Thumbnails were photographed with ruler at the baseline and six weeks after marking. The distance from the mark to the proximal nailfold, and the length of lunula and cuticle was measured by analyzing magnified photos with ImageJ. Results: The female to male ratio was 1.4:1 and the mean age was 30.3 years (24-39 years). Growth rate of dominant hand thumbnails was faster than that of non-dominant hand thumbnails (3.85 vs. 3.28 mm/ month, P < 0.0001). Cuticle length was positively correlated with thumbnail growth rate (r=0.3946 and P=0.0055), and cuticle length of dominant hand thumbnails was longer than that of non-dominant hand thumbnails (P=0.0002). Age, sex, height, weight, body mass index (BMI), length of lunula were not significantly associated with thumbnail growth rate. Conclusion: This study highlights the role of cuticle in predicting thumbnail growth rate. These results could be helpful in the treatment of nail disorders as well as for investigation on medication affecting nail growth rate.