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수익률곡선 정보를 활용한 기대수익률 추정 및 금리정책 효과 분석
서상원 ( Sang Won Suh ),최재훈 ( Jae Hun Choi ),박충원 ( Choong Won Park ) 한국금융연구원 2014 금융연구 Vol.28 No.1
We propose a method to extract information about market expectations of future yields using market yield curve. In addition, we empirically analyze the effects of market participants` expectations on the interest rate channel To this end we first set up a theoretical term-structure model and then estimate it with Korean market yield data. After verifying the validity of the model with empirical results, we then use it to assess the effects on market yields of the demand on domestic bonds from foreign investors which have showed wide fluctuations since 2007. Next, we propose a method to extract information about market expectations of future policy rate as well as market yields using market yield curve. We then investigate into the accuracy of those market expectation- based forecasts. In addition to this theoretical term-structure model approach, we also use regression-based approaches to estimate market expectations implied with market yield curve. Using these estimates of market expectations about monetary policy, we then decompose actual policy rate changes into the expected portions and the unexpected ones. This decomposition enables us to analyze the relative importance of the two components in the interest rate channel of This paper contributes to the literature by providing an analysis of monetary policy shock with respect to the interest rate channel of monetary policy which has not been extensively studied yet. In addition, growing effects of foreign investors on bond yields have been rarely studied, which is another contribution of this paper. This paper also provides empirical results for the forecasting ability of market expectations extracted from market yield curve. Our empirical results show that market expectations extracted from yield curve turn out to be useful for yield forecasting. Secondly, after decomposing changes in policy rates into unexpected changes and expected ones, we found that the unexpected changes in policy rate exert impacts no less than the expected changes in policy rate. Lastly, by conducting counter-factual exercises, we found that market yields have been significantly affected by foreign investors` demand on Korean bonds, which has been suspected from the fact that foreign investors` Korean bond holdings has greatly increased since 2007 and then fluctuated widely during the recent global financial crisis period.
이남희 ( Nam Hee Yi ),박승운 ( Seung Woon Park ),박인성 ( In Seong Park ),박치환 ( Chi Hwan Park ),이충원 ( Choong Won Lee ) 대한류마티스학회 2015 대한류마티스학회지 Vol.22 No.1
Relapsing polychondritis is an uncommon disease associated with inflammation in cartilaginous tissues throughout the body, particularly affecting the cartilaginous structures of ears, nose, joints, and respiratory tract. Several autoimmune diseases, including vasculitis, are associated with the concurrent relapsing polychondritis. However, ankylosing spondylitis primarily affecting the sacroiliac joints and spine is rare in patients with relapsing polychondritis. We report on a 54-year-old man with concurrently relapsing polychondritis and ankylosing spondylitis. (J Rheum Dis 2015;22:56-60)
악성화및 간전이를 동반한 Peutz-Jeghers 증후군
서보정(Bo Jeong Seo),이복근(Bok Geun Lee),박양훈(Yang Hun Park),권기호(Ki Ho Kwon),김영묵(Young Mook Kim),이충원(Choong Won Lee),이동윤(dong Yoon Lee),이준상(Joon Sang Lee),백옥지(Ok Ji Paik) 대한소화기학회 1994 대한소화기학회지 Vol.26 No.2
The Peutz-Jeghers syndrome, characterized by pigmentation of the skin and mucous membranes and gastrointestinal polyposis of harmatomatous variety, has been well docu- mented, there have been conflicting view, however, as to frequency with which malignant change occurs in the polyp. There are insufficient data to establish this syndrome as a precancerous condition but documented cases of gastrointestinal cancer arising in this syndrome have been reported with an incidence of 2 3%. This report is concerned with our experience with a case of Peutz Jeghers syndrome with adenocarcinoma as arising in colonic polyps, which metastasized to omentum and regional lymph nodes and liver. Histologically the polyps were mostly harmatomatous and one was transformed into adenocarcinoma and liver showsed adenocarcinoma in the metastatic sites.(Korea J Gastro- enterol 1994;26:363-368)