Essays on Financial Globalization, Financial Exchange Rates, and Valuation Effects

학위논문 (박사)-- 서울대학교 대학원 : 사회과학대학 경제학부, 2019. 2. 김소영.The recent financial globalization addresses important global issues on external accounts, such as stocks of foreign assets and foreign liabilities, capital transactions, and their influence on a countrys economy. This study focuses on valuation effects in foreign assets and liabilities due to variations in exchange rates and asset prices. In addition, this study highlights Korea in light of its need for an appropriate exchange rate index to precisely investigate relations among financial variables. Chapter I constructs a monthly financial effective exchange rate index for Korea and investigates the relationship between a financial effective exchange rate and an external position and that between a financial effective exchange rate and capital flows. Results show that the exchange rate index and the traditional BIS trade-weighted index move in opposite directions. Moreover, empirical results indicate that an increase in the rate of change of the financial effective exchange rate significantly leads to capital outflows, especially in portfolio investment and bond investment. The use of the financial effective exchange rate may be better than the traditional trade-weighted exchange rate in explaining and estimating the wealth effects of the changes in net external positions and, furthermore, exchange rate effects in overall financial sector. Chapter II identifies the determinants of valuation changes, focusing on a long-term perspective. The size of foreign assets and liabilities and their compositions are important in determining the direction and extent of valuation effects. In addition, financial exchange rates show a more significant relationship than other exchange rate measures do. Other variables related to a countrys macro economy and financial environment, such as GDP growth, GDP per capita, real interest rates, financial development, and age-dependency ratio, are also considered.Abstract ⅰ Ⅰ. 금융글로벌화와 금융실효환율 1 1. 서론 1 2. 금융실효환율의 구축과 총외환노출 4 3. 실증분석 18 3.1. 데이터 및 변수 설명 19 3.2. 분석 모형 및 결과 21 4. 결론 및 시사점 31 Ⅱ. Long-term determinants of valuation effects 33 1. Introduction 33 2. Empirical Method and Data 39 2.1. Expected results 41 2.2. Extended analysis 46 2.3. Model structures 50 3. Long-term (cross section) anlaysis 52 4. Panel analysis 59 5. Annual analysis 63 6. Conclusions 66 Appendix 70 References 98 국문초록 103Docto

The impact of International Aids sub-categories on quality of life and economic development in recipient countries

Thesis(masters) --서울대학교 대학원 :경제학부,2010.8.Maste

Histological evaluation of dermal tissue remodeling with the 1444 nm Nd:YAG laser in in vivo model

학위논문 (박사)-- 서울대학교 대학원 : 의학과 성형외과학 전공, 2013. 8. 백롱민.Introduction: Laser lipolysis has the skin tightening effect by heating the deep dermis, in addition to the removal of fat tissues. The 1444 nm Nd:YAG (neodymium:yttrium-aluminum-garnet) lasers have been expected to be more effective and safe for laser lipolysis, due to higher affinity to fat and water, than 1064 nm and 1320 nm wavelength. The purpose of this study was to evaluate the skin tightening effect of 1444 nm Nd:YAG laser through in vivo guinea pig models. Methods: The 1444 nm Nd:YAG laser was irradiated on shaved dorsal skin of the guinea pigs as the planned setting including the control (no power, only tunneling). Immediate, 1 week, 1 month and 3 months after laser administration, full thickness skins were harvested and evaluated the dermal thickness, collagen organization, fibroblast proliferation, and intensity of elastic fibers and mucopolysaccharides, using Hematoxylin and Eosin stain, Massons trichrome stain, Alcian blue stain and Verhoeffs stain. Results: The dermal thickness showed an increase with time in all the groups. In collagen organization, fibroblast proliferation, and intensity of elastic fibers and mucopolysaccharides, the treatment groups were higher than that of the control group, overall. Conclusions: This study showed that 1444 nm Nd:YAG laser appeared to be effective for the skin tightening effect of in vivo guinea pig models. The 1444 nm Nd:YAG laser can be used for skin tightening, as well as reduction of fat tissues.Abstract i Contents iii List of tables and figures iv Introduction 1 Material and Methods 3 1. Animal study 3 2. Histological analysis 8 3. Statistical analysis 12 Results 13 1. Dermal thickness 13 2. Collagen organization 15 3. Fibroblast proliferation 17 4. Intensity of elastic fibers 20 5. Intensity of mucopolysaccharides 22 Discussion 24 References 31 Abstract in Korean 34Docto