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윤창현(YUN Chang-Hyun) 한국법학원 2008 저스티스 Vol.- No.104
금산분리는 사실 해묵은 주제이고 민감한 주제이다. 은행의 사금고화로 인한 동반부실론, 감독당국의 방조론, 은행의 주요 정보가 새어나간다는 정보유출론, 그리고 피감시인이 감시인이 된다는 지위망각론 등이 이 제도의 기본에 깔린 논리라고 볼 수 있다. 그러나 모든 제도는 상황이 변화하면 수정 보완 완화 되거나 폐지되는 운명을 거치는데 이 제도도 이제 세계 경제 상황의 변화와 함께 완화를 검토할 필요가 생겼다. 그동안 금융계열사 의결권 제한제도(공정거래법)나 대기업 집단 소속 금융회사의 제조업지분 보유 한도제도(금산법) 등도 모두 금산분리 정책의 산물인바 경제력 집중억제라는 부분까지 연결되어 세계에 유례가 없는 수준의 강력한 금산분리정책이 시행되어 온 것이 사실이다. 이제 금산분리의 완화가 필요하다는 주장을 “재벌에게 은행 주자”는 논리라고 폄하하는 식의 태도는 옳지 않다. 오히려 금산분리 정책이 유지되어 온 기간 동안 우리나라에서 획기적인 금융업 발전이 이루어지지 못했다. 이제 외환위기 이후 10년이 지난 지금 자본주의의 금융화 흐름이 나타나면서 금융업의 중요성이 커지고 우리 기업이 전 세계를 무대로 활동하는 현상황에서 우리도 금융분야를 집중적으로 육성하여 신성장 동력화 시켜야 한다. 그리고 이를 이해 우선 금산분리를 완화 내지는 폐지하여 새로운 경영방식과 새로운 자본이 이 분야로 유입되도록 유도해야 한다. The principle of the separation of banking and commerce(“the principle” hereafter) is an old but sensitive issue. “The principle” has been maintained since it is based on some propositions. Those propositions include “dual bankruptcy proposition”, “impotent financial supervision proposition”, “information leakage proposition”, and “amnesia of the position proposition” The basic assumption of “the priciple” is that the bank would become a private source of funding of the chaebol firms if “the priciple” is repealed. But the systems should be reformed since the economic and political climate changes. “The principle” has had many effects on various laws and systems in Korea which include the fair trade act and financial industry restructuring act. Now reprimanding the argument that “the principle” should be weakened or repealed since it is a means to give banks to chaebol firms is not a correct way of discussing the issues. During the past years when “the principle” was maintained, Korean financial industry was not developed much. It has been 10 years since Korea experience a foreign exchange crisis and the trend of financialization appears in the capitalism. Many funds are raised and managed and the size is dramatically increasing these days. Financial industry now becomes a new growth engine. “The principle” should be changed so that new money can flow into the industry and new management system can be adopted.
국채 및 달러선물시장의 일중변동성과 시장간 변동성 전이(spill-over) 효과
윤창현 ( Yun Chang Hyeon ),조태근 ( Jo Tae Geun ),한상일 ( Han Sang Il ) 한국파생상품학회 2002 선물연구 Vol.10 No.2
We analyze the dynamic behavior of th volatility of KTB futures price through GARCH models. In conducting this analysis we use two type data. Using dailly data we analyze the return and volatility spill-over effect between KTB spot and futures. Through 15-minute and 5-minute data we analyze return and volatility spill-over effect between KTB futures and won/dollar futures. We find that ARCH and GARCH effect exists in the volatility of KTB futures, but leverage effect does not exist in this data. Volatility spill-over effect was found only in 15-minute data. Lead and lag effect was found in 15-minute data of dollar and KTB futures where dollar return leads KTB futures and KTB volatility leads dollar volatility. In the daily data we found that KTB futures return lead KTB spot return while mutual spill-over existed between spot and futures in volatility data. Since conditional heteroscedasticity exists in KTB futures we need to consider the these effects in building up systems for arbitrage, valuation and risk management.
윤창현 ( Chang Hyun Yun ),송우준 ( Ou Jun Song ) 한국축산학회 1967 한국축산학회지 Vol.9 No.1
This experiment was carried out to study the influences of shearing of pig hair on the pig growth and the differences between individuals and in the various parts of the pig for the hair growth rate after shearing. The results obtained were as follows: 1. The difference for the hair growth rate after shearing was found significant (p.$lt;0.01) between individuals. Berkshire pigs had the highest hair growth rate and Landrace pigs had the lowest. 2. The highly significant differences (p.$lt;.0.01) for the hair growth rate after shearing was found between the parts of pig. The growth rate of hair: on the forequarters and back was higher than those on the bully and hindqueters. 3. No appreciable difference for body weight gain was found between control pigs and sheared pigs through the whole experimental period.