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    ๋ฐœ๊ฐ„์‚ฌ

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    ํ•œ๊ตญ์ธ ํŠธ์œ„ํ„ฐ ๋„คํŠธ์›Œํฌ์˜ ๊ตฌ์กฐ์™€ ๋™ํ•™

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    ์ด ์—ฐ๊ตฌ๋Š” ํ•œ๊ตญ์ธ ํŠธ์œ„ํ„ฐ์— ๋Œ€ํ•œ ์—ฐ๊ฒฐ๋ง ๋ถ„์„์„ ํ†ตํ•ด ํŠธ์œ„ํ„ฐ ๋„คํŠธ์›Œํฌ์˜ ๊ตฌ์กฐ์™€ ๋™ํ•™์„ ํŒŒ์•…ํ•˜๋Š” ๊ฒƒ์„ ๋ชฉ์ ์œผ๋กœ ํ•œ๋‹ค. ์šฐ๋ฆฌ๋Š” 2010๋…„ 8์›” 1์ผ๋ถ€ํ„ฐ 9์›” 30์ผ๊นŒ์ง€ 1,133,365๊ฐœ์˜ ํ•œ๊ตญ์ธ ํŠธ์œ„ํ„ฐ ๊ณ„์ •์„ ๋ชจ๋‘ ํฌ๋กค๋งํ•˜์—ฌ ๋„คํŠธ์›Œํฌ ๋ถ„์„์„ ์ˆ˜ํ–‰ํ•˜์˜€๋‹ค. ๋…ผ๋ฌธ์€ ํฌ๊ฒŒ ๋‘ ๋ถ€๋ถ„์œผ๋กœ ๋‚˜๋‰œ๋‹ค. ์ „๋ฐ˜๋ถ€์—์„œ๋Š” ํ•œ๊ตญ์ธ ํŠธ์œ„ํ„ฐ ๋„คํŠธ์›Œํฌ์˜ ์ผ๋ฐ˜์  ํŠน์„ฑ๊ณผ ๋”๋ถˆ์–ด ๋งŽ์ด RT ๋˜๋Š” ๊ธ€๋“ค์˜ ํŠน์„ฑ๊ณผ url ๋งํฌ ํ˜„ํ™ฉ์„ ๋ถ„์„ํ•˜์˜€๋‹ค. ํ›„๋ฐ˜๋ถ€์—์„œ๋Š” ํŠธ์œ„ํ„ฐ์—์„œ ์ด์Šˆ๊ฐ€ ๋˜์—ˆ๋˜ ์ถ”์„ ํญ์šฐ ์‚ฌํƒœ์™€ ์ด๋…์  ์†Œ๋น„ ๋ฐœ์–ธ ๊ด€๋ จ ํŠธ์œ—์˜ ์ „ํŒŒ๊ณผ์ •์„ ๋ถ„์„ํ•˜์˜€๋‹ค. ์•„์ง์€ ๋ฐœ๊ฒฌ์  ์—ฐ๊ตฌ์ž„์—๋„ ๋ถˆ๊ตฌํ•˜๊ณ  ๋ช‡ ๊ฐ€์ง€ ์ค‘์š”ํ•œ ์ด๋ก ์  ํ•จ์˜๋ฅผ ๋„์ถœํ•˜๋Š” ๊ฒƒ์ด ๊ฐ€๋Šฅํ•˜์˜€๋‹ค. ๊ธฐ๋ณธ์ ์œผ๋กœ ํŠธ์œ„ํ„ฐ๋Š” ์†Œํ†ต๊ณผ ๋‹ด๋ก ์˜ ๊ณต๊ฐ„์ด๋ฉฐ, ๋งŽ์ด ์•Œ๋ ค์ง„ ๋ฉฑํ•จ์ˆ˜๋ถ„ํฌ๋ฅผ ์‚ฌํšŒ๊ณผํ•™์ ์œผ๋กœ ํ•ด์„ํ•  ๋•Œ๋Š” ์ฃผ์˜๊ฐ€ ํ•„์š”ํ•˜๋‹ค. ๋˜ํ•œ ํŠธ์œ„ํ„ฐ๋Š” ์˜คํ”„๋ผ์ธ์˜ ์ „ํ†ต๋งค์ฒด์— ๋Œ€์‘ํ•˜๋Š” ๋Œ€์•ˆ๋งค์ฒด์  ์„ฑ๊ฒฉ์„ ๊ฐ•ํ•˜๊ฒŒ ๋“œ๋Ÿฌ๋‚ธ๋‹ค. RT๋Š” ์˜๊ฒฌ๊ณผ ์ •๋ณด๋ฅผ ์ „ํŒŒํ•˜๋Š” ์ˆ˜๋‹จ์ธ๋ฐ, ์žฌ๋‚œ ์ƒํ™ฉ์—์„œ์˜ RT์™€ ์ •์น˜์‚ฌํšŒ์  ์‚ฌ๊ฑด์— ๋Œ€ํ•œ RT๋Š” ์ƒ๋‹นํžˆ ๋‹ค๋ฅธ ๋ฐฉ์‹์œผ๋กœ ์‚ฌ์šฉ๋˜๊ณ  ์žˆ์—ˆ๋‹ค. ํŠธ์œ„ํ„ฐ์—์„œ์˜ ๋…ผ์Ÿ์€ ๊ฐ™์€ ๋ฒ”์ฃผ์—์„œ์˜ ๋ฐ˜๋Œ€ ๊ฐœ๋…์„ ์‚ฌ์šฉํ•˜๋Š” ๋ฐฉ์‹๊ณผ ์ƒˆ๋กœ์šด ๋ฒ”์ฃผ๋ฅผ ๋„์ž…ํ•˜๋Š” ๋ฐฉ์‹์ด ํ•จ๊ป˜ ์‚ฌ์šฉ๋˜๊ณ  ์žˆ์—ˆ๋‹ค

    ํŠธ์œ„ํ„ฐ ๊ณต๊ฐ„์˜ ํ•œ๊ตญ ์ •์น˜ - ์ •์น˜์ธ ๋„คํŠธ์›Œํฌ์™€ ์œ ๊ถŒ์ž ๋„คํŠธ์›Œํฌ

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    ํŠธ์œ„ํ„ฐ๊ฐ€ ์ •์น˜์ ์œผ๋กœ ์ปค๋‹ค๋ž€ ์˜ํ–ฅ๋ ฅ์„ ๊ฐ€์ง„๋‹ค๋Š” ์‚ฌ์‹ค์— ๋Œ€ํ•œ ์ธ์‹์ด ๋ณดํŽธํ™”๋˜๋ฉด์„œ ์ •์น˜์ธ๋“ค์˜ ํŠธ์œ„ํ„ฐ ๊ฐ€์ž…๊ณผ ํ™œ๋™์ด ๋‘๋“œ๋Ÿฌ์ง€๊ฒŒ ๋Š˜๊ณ  ์žˆ๋‹ค. ๋˜ํ•œ 2010๋…„ 6ยท2 ์ง€๋ฐฉ์„ ๊ฑฐ์™€ 2011๋…„ 4ยท27 ์žฌ๋ณด์„ ์„ ๊ฑฐ์น˜๋ฉด์„œ ํŠธ์œ„ํ„ฐ์˜ ์ •์น˜์  ์˜ํ–ฅ๋ ฅ์ด ์ง๊ฐ„์ ‘์ ์œผ๋กœ ํ™•์ธ๋œ ๊ฒƒ๋„ ํŠธ์œ„ํ„ฐ ์ •์น˜์— ๋Œ€ํ•œ ๊ด€์‹ฌ์„ ๋†’์ด๋Š” ๋ฐ ํฐ ์—ญํ• ์„ ํ•˜๊ณ  ์žˆ๋‹ค. ์ด ๊ธ€์€ 2010๋…„ 9์›” 30์ผ ๊ธฐ์ค€์œผ๋กœ ํŠธ์œ„ํ„ฐ ๊ณ„์ •์„ ๊ฐ€์ง€๊ณ  ์žˆ๋Š” 145๋ช…์˜ ์ •์น˜์ธ ๊ณ„์ •๊ณผ ๊ฐ™์€ ํ•ด 8์›” 1์ผ๋ถ€ํ„ฐ 9์›” 30์ผ๊นŒ์ง€ ์ˆ˜์ง‘๋œ 1,113,365๊ฐœ์˜ ํ•œ๊ตญ์ธ ๊ณ„์ • ๋ฐ ๋™ ๊ณ„์ •์—์„œ ์ž‘์„ฑ๋œ 77,452,090๊ฐœ์˜ ํŠธ์œ—์„ ๋ถ„์„ํ•จ์œผ๋กœ์จ ํŠธ์œ„ํ„ฐ ๊ณต๊ฐ„์—์„œ ๋ฒŒ์–ด์ง€๊ณ  ์žˆ๋Š” ์ •์น˜ํ–‰์œ„์™€ ์œ ๊ถŒ์ž์˜ ์„ ํƒ์„ ์ดํ•ดํ•˜๋Š” ๊ฒƒ์„ ๋ชฉ์ ์œผ๋กœ ํ•œ๋‹ค. ๋ถ„์„๊ฒฐ๊ณผ๋Š” ํŠธ์œ„ํ„ฐ๋ฅผ ํ†ตํ•ด ์ •์น˜์  ์ด๋“์„ ์–ป์œผ๋ ค๋Š” ์ •์น˜์ธ๋“ค์˜ ๋…ธ๋ ฅ์ด ๋‹ค์–‘ํ•œ ๋„คํŠธ์›Œํฌ ๋งฅ๋ฝ์—์„œ ์„œ๋กœ ๋‹ค๋ฅธ ์„ฑ๊ณผ๋ฅผ ๊ฐ€์ ธ๋‹ค์ฃผ๊ณ  ์žˆ์Œ์„ ์•Œ๋ ค์ค€๋‹ค. ์ •์น˜์ธ๋“ค์˜ ํŠธ์œ„ํ„ฐ ํ™œ๋™์€ ํŠธ์œ—์ด๋‚˜ ํŒ”๋กœ์ž‰๊ณผ ๊ฐ™์€ ๊ทธ๋“ค์˜ ๋…ธ๋ ฅ๋ฟ ์•„๋‹ˆ๋ผ ๊ทธ๋“ค์— ๋Œ€ํ•œ ์œ ๊ถŒ์ž๋“ค์˜ ํŒ”๋กœ์šฐ, reply, RT ๋“ฑ๊ณผ ๊ฐ™์€ ๋ฐ˜์‘์— ์˜ํ•ด ์˜ํ–ฅ ๋ฐ›๊ณ  ์žˆ๋‹ค. ๋˜ํ•œ ํŠธ์œ„ํ„ฐ์—์„œ์˜ ์ •์น˜์  ์„ฑ๊ณผ๋ฅผ ์˜ฌ๋ฆฌ๋Š” ๋ฐ์—๋Š” ํ•˜๋‚˜์˜ ์ •๋‹ต๋งŒ ์กด์žฌํ•˜๋Š” ๊ฒƒ์ด ์•„๋‹ˆ๋ผ ๋ช‡ ๊ฐ€์ง€์˜ ์„œ๋กœ ๋‹ค๋ฅธ ๊ธธ์ด ์žˆ์Œ๋„ ์•Œ ์ˆ˜ ์žˆ์—ˆ๋‹ค. ์œ ๊ถŒ์ž๋“ค์˜ ๋ณต์ˆ˜์˜ ์ •์น˜์ธ๋“ค์„ ๋™์‹œ ์— ํŒ”๋กœ์šฐ(co-follow)ํ•˜๋ฉด์„œ ๋ณด์—ฌ์ฃผ๋Š” ๊ทธ๋“ค์˜ ์ •์น˜์  ์„ ํƒ์€ ์ •๋‹น๋ณ„๋กœ ํŒ์ดํ•˜๊ฒŒ ๋‹ค๋ฅธ ์–‘์ƒ์„ ๋ณด์ด๋ฉฐ, ์ด๊ฒƒ์€ ๊ฐ ์ •๋‹น์˜ ์ „๋žต๊ณผ ๊ด€๋ จํ•ด์„œ๋„ ์ค‘์š”ํ•œ ์‹œ์‚ฌ์ ์„ ๊ฐ€์ง„๋‹ค. 113๋งŒ ๋ช…์— ๋‹ฌํ•˜๋Š” ์œ ๊ถŒ์ž ๋„คํŠธ์›Œํฌ์™€ ๊ทธ๋“ค์˜ ์ •์น˜์  ์„ ํƒ์„ ๋ถ„์„ํ•ด ๋ณด๋ฉด, ํŠธ์œ„ํ„ฐ ์ด์šฉ์ž ์ง‘๋‹จ๊ณผ ๋น„์ด์šฉ์ž ์ง‘๋‹จ์—์„œ ์ค‘์š”ํ•œ ์ฐจ์ด์ ๋“ค์ด ๋ฐœ๊ฒฌ๋˜์—ˆ๋‹ค. ๋˜ํ•œ ์ •์น˜์ธ์ด ์•„๋‹Œ ์ผ๋ฐ˜์ธ๋“ค์˜ ๊ฒฝ์šฐ์—๋„ ๊ทธ๋“ค์˜ ์ •์น˜์  ์„ ํƒ๊ณผ ํŠธ์œ„ํ„ฐ ๋„คํŠธ์›Œํฌ์—์„œ์˜ ๊ตฌ์กฐ์  ์œ„์น˜ ์‚ฌ์ด์—๋Š” ๋†€๋ผ์šธ ์ •๋„์˜ ์ฒด๊ณ„์ ์ธ ๊ด€๋ จ์ด ์žˆ๋‹ค๋Š” ์‚ฌ์‹ค์ด ๋ฐœ๊ฒฌ๋˜์—ˆ๋‹ค. ๋ถ„์„๊ฒฐ๊ณผ์˜ ์ •์น˜์  ํ•จ์˜๋Š” ํŠธ์œ„ํ„ฐ ๊ณต๊ฐ„์—์„œ์˜ ์ •์น˜์—์„œ ์„ฑ๊ณผ๋ฅผ ๋‚ด๊ธฐ ์œ„ํ•ด์„œ๋Š” ์„ธ ๊ฐ€์ง€ ๋งฅ๋ฝ, ์ฆ‰ ์˜คํ”„๋ผ์ธ ์ •์น˜์˜ ์ง„์ •์„ฑ, ์ผ๊ด€์„ฑ, ํˆฌ๋ช…์„ฑ, ํŠธ์œ„ํ„ฐ ์ •์น˜์ธ ๋„คํŠธ์›Œํฌ์—์„œ์˜ ์„ฑ์‹คํ•œ ํ™œ๋™๊ณผ ์†Œํ†ต, ๊ทธ๋ฆฌ๊ณ  ๋ฐฉ๋Œ€ํ•œ ์œ ๊ถŒ์ž ๋„คํŠธ์›Œํฌ๊ฐ€ ๋ฌด์—‡์„ ์š”์ฒญํ•˜๋Š”์ง€๋ฅผ ํŒŒ์•…ํ•˜๋Š” ๊ฒƒ์ด ๋ชจ๋‘ ํ•„์š”ํ•˜๋‹ค๋Š” ๊ฒƒ์ด๋‹ค.์ด ๋…ผ๋ฌธ์€ 2010๋…„ ์ •๋ถ€(๊ต์œก๊ณผํ•™๊ธฐ์ˆ ๋ถ€)์˜ ์žฌ์›์œผ๋กœ ํ•œ๊ตญ์—ฐ๊ตฌ์žฌ๋‹จ์˜ ์ง€์›์„ ๋ฐ›์•„ ์—ฐ๊ตฌ๋˜์—ˆ๋‹ค(NRF-2010-411-J01601). ๋˜ํ•œ ์ด ์—ฐ๊ตฌ๋ฅผ ์œ„ํ•œ ์ดˆ๊ธฐ ๋ถ„์„์€ (์ฃผ)SBS์™€ ๋‹์Šจ์ปดํผ๋‹ˆ์ฝ”๋ฆฌ์•„์˜ ์ง€์›์„ ๋ฐ›์•„ ์ด๋ฃจ์–ด์กŒ

    Empirical analysis of affine term structure model using Korean macroeconomic variables

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    ํ•™์œ„๋…ผ๋ฌธ (์„์‚ฌ)-- ์„œ์šธ๋Œ€ํ•™๊ต ๋Œ€ํ•™์› : ๊ฒฝ์ œํ•™๋ถ€, 2011.8. ์œคํƒ.Maste

    ๊ตฐ์†Œ์˜ octopamine ์ˆ˜์šฉ์ฒด๋ฅผ ์ด์šฉํ•œ ๋‹จ๊ธฐ ๊ธฐ์–ต์˜ ์—ฐ๊ตฌ

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    Thesis (doctoral)--์„œ์šธ๋Œ€ํ•™๊ต ๋Œ€ํ•™์› :์ƒ๋ช…๊ณผํ•™๋ถ€,2002.Docto

    Social Construction of Eurozone Economic Crisis: A Comparison of Greece, Italy, Germany, Turkey, and South Korea

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    ์ด ๊ธ€์€ ์ด๋ฒˆ ํŠน์ง‘ํ˜ธ์™€ ์ง€๋‚œ ํ˜ธ( 22๊ถŒ 2ํ˜ธ)์— ๋‚˜๋ˆ„์–ด ์‹ค๋ฆฐ ์—ฌ์„ฏ ํŽธ์˜ ๋…ผ๋ฌธ์„ ๋” ์ž˜ ์ดํ•ดํ•  ์ˆ˜ ์žˆ๋„๋ก ์ „๋ฐ˜์  ๋งฅ๋ฝ๊ณผ ํ•จ์˜๋ฅผ ์ œ์‹œํ•˜๋Š” ๊ฒƒ์„ ๋ชฉ์ ์œผ๋กœ ํ•œ๋‹ค. ์—ฌ์„ฏ ํŽธ์˜ ๋…ผ๋ฌธ๋“ค์€ ๊ฐ๊ฐ ๊ทธ๋ฆฌ์Šค, ์ดํƒˆ๋ฆฌ์•„, ๋…์ผ, ํ„ฐํ‚ค, ํ•œ๊ตญ์„ ๋น„๊ตํ•˜๋ฉด์„œ ๊ฒฝ์ œ์œ„๊ธฐ๋ฅผ ๊ฐ€์ ธ์˜ค๋Š” ์‚ฌํšŒ์  ์›์ฒœ ํ˜น์€ ๊ฒฝ์ œ์œ„๊ธฐ๊ฐ€ ์‚ฌํšŒ์œ„๊ธฐ๋กœ ์ „ํ™˜๋˜๋Š” ๊ณผ์ •์„ ํƒ๊ตฌํ•˜๊ณ  ์žˆ๋‹ค. OECD 34๊ฐœ ๊ตญ๊ฐ€ ์ค‘ 24๊ฐœ๊ตญ์„ ๋Œ€์ƒ์œผ๋กœ ํ•˜์—ฌ 13๊ฐœ ์ง€ํ‘œ๋ฅผ ํˆฌ์ž…ํ•œ ๋‹ค์ฐจ์›์ถ•์ ๋„ ๋ถ„์„๊ฒฐ๊ณผ ๊ตญ๊ฐ€์˜ ์šด๋ช…์„ ๊ฐ€๋ฅด๋Š” ๋‘ ๊ฐœ์˜ ์ถ•์ด ๋ฐœ๊ฒฌ๋˜์—ˆ๋‹ค. ํ•˜๋‚˜๋Š” ๋ณต์ง€์ง€์ถœ, ์žฌ์ •๊ฑด์ „์„ฑ, ํ•ฉ์˜๋ฏผ์ฃผ์ฃผ์˜์ „ํ†ต์œผ๋กœ ๊ตฌ์„ฑ๋œ ์ถ•์ด๊ณ , ๋‹ค๋ฅธ ํ•˜๋‚˜๋Š” ๊ฑฐ๋ฒ„๋„Œ์Šค, ์‹ ๋ขฐ, ํˆฌ๋ช…์„ฑ์œผ๋กœ ๊ตฌ์„ฑ๋œ ์ถ•์ด๋‹ค. ๋ณต์ง€์ง€์ถœ์˜ ๊ทœ๋ชจ๊ฐ€ ํฐ ๊ฒƒ์€ ๊ฒฝ์ œ์œ„๊ธฐ์™€ ๋ฌด๊ด€ํ•˜์ง€๋งŒ, ๊ฑฐ๋ฒ„๋„Œ์Šค ์ˆ˜์ค€์ด ๋‚ฎ์€ ์ƒํƒœ์—์„œ ๋ณต์ง€์ง€์ถœ ๊ทœ๋ชจ๊ฐ€ ์ปค์ง€๋Š” ๊ฒƒ์€ ์œ„๊ธฐ์™€ ๋ฐ€์ ‘ํžˆ ๊ด€๋ จ๋˜๋Š” ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚ฌ๋‹ค. ์ด๋Ÿฌํ•œ ๊ฒฐ๊ณผ๋Š” ๋‘๊ฐœ์˜ ์ถ•์—์„œ ๋ชจ๋‘ ๋‚ฎ์€ ๊ฐ’์„ ๋ณด์ด๋Š” ํ•œ๊ตญ์ด ์žฌ์ •๊ฑด์ „์„ฑ์„ ์ง€ํ‚ค๋ฉด์„œ ๋ณต์ง€์ง€์ถœ์„ ํ™•๋Œ€ํ•ด๊ฐ€๊ธฐ ์œ„ํ•ด์„œ๋Š” ๊ฑฐ๋ฒ„๋„Œ์Šค ๊ฐœ์„ ์ด ๋ฐ˜๋“œ์‹œ ํ•จ๊ป˜ ์ด๋ฃจ์–ด์ ธ์•ผ ํ•œ๋‹ค๋Š” ์ ์„ ์•Œ๋ ค์ค€๋‹ค. This paper aims to provide a broad context in which the seven articles in this special issue can be richly understood. By comparing Greece, Italy, Germany, Turkey, and Korea, these seven articles provide either country reports or comparative analyses to explore the social origins of an economic crisis or the transformation of an economic crisis to a social crisis. In this paper, multidimensional scaling of 24 OECD countries using 13 indicators identified two axes that determine the destinies of countries. One such dimension is composed of public social expenditure, fiscal balance, and democracy, while the other dimension of governance, trust, and transparency. This result suggests that increased expenditure on welfare per se does not necessarily invite an economic crisis, while it can if combined with low level of governance. The implication for Korea is the following. Currently scoring very low on both dimensions, it has to improve the overall level of governance if it wants to achieve higher expenditure on welfare while at the same time maintaining fiscal balance

    ๊ตฐ์†Œ ๋ฐ ์ดˆํŒŒ๋ฆฌ octopamine ์ˆ˜์šฉ์ฒด์— ์˜ํ•ด ํ™œ์„ฑํ™”๋˜๋Š” ์‹ ํ˜ธ ์ „๋‹ฌ ๋ฉ”์นด๋‹ˆ์ฆ˜์— ๋Œ€ํ•œ ์—ฐ๊ตฌ

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    ํ•™์œ„๋…ผ๋ฌธ(์„์‚ฌ)--์„œ์šธๅคงๅญธๆ ก ๅคงๅญธ้™ข :็”Ÿ็‰ฉๅญธ็ง‘,1997.Maste

    An Empirical Analysis of Affine Term Structure Model Using Korean Macroeconomic Variables

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    ๋ณธ ์—ฐ๊ตฌ๋Š” ํ•œ๊ตญ์˜ ๊ตญ๊ณ ์ฑ„ ์ˆ˜์ต๋ฅ ๊ณผ ์ธํ”Œ๋ ˆ์ด์…˜, ์‚ฐ์—…์ƒ์‚ฐ์ง€์ˆ˜ ๋“ฑ๊ณผ ๊ฐ™์€ ๊ฑฐ์‹œ ๊ฒฝ ์ œ ๋ณ€์ˆ˜๋กœ ๊ตฌ์„ฑ๋œ ์–ดํŒŒ์ธ ์ด์ž์œจ๊ธฐ๊ฐ„๊ตฌ์กฐ๋ชจํ˜•(Affine term structure model)์— ์˜๊ฑฐ ํ•˜์—ฌ ์ฑ„๊ถŒ์ˆ˜์ต๋ฅ ๊ณผ ๊ฑฐ์‹œ ๊ฒฝ์ œ ๋ณ€์ˆ˜์˜ ๋‹จ๊ธฐ ๋ณ€๋™์˜ ๊ด€๊ณ„๋ฅผ ๋ถ„์„ํ•˜์˜€๋‹ค. ๋ถ„์„ ๊ฒฐ๊ณผ์— ์˜ํ•˜๋ฉด, ํ•œ๊ตญ ๋ฐ์ดํ„ฐ๋ฅผ ์ ์šฉํ•œ ์–ดํŒŒ์ธ ์ด์ž์œจ๊ธฐ๊ฐ„๊ตฌ์กฐ๋ชจํ˜•์€ ์ตœ์†Œ์นด์ด์ œ๊ณฑ์ถ”์ •๋ฒ• ์œผ๋กœ ๊ฐ„ํŽธํ•˜๊ฒŒ ์ถ”์ •๋  ์ˆ˜ ์žˆ๋‹ค. ์ฒซ์งธ, ๋ฏธ๊ตญ์ด ์ˆ˜์š” ์ถฉ๊ฒฉ์— ์ˆ˜์ต๋ฅ ์ด ๊ฐ•ํ•˜๊ฒŒ ๋ฐ˜์‘ํ•˜ ๋Š” ๊ฒƒ๊ณผ ๋‹ฌ๋ฆฌ ํ•œ๊ตญ์€ ๊ณต๊ธ‰ ์ถฉ๊ฒฉ์˜ ์ˆ˜์ต๋ฅ  ํšจ๊ณผ๊ฐ€ ๋” ํฌ๊ฒŒ ๋‚˜ํƒ€๋‚ฌ๋‹ค. ์ถฉ๊ฒฉ ๋ฐ˜์‘ ๋ถ„์„ ์˜ ๊ฒฐ๊ณผ ์ธํ”Œ๋ ˆ์ด์…˜์˜ 1% ์ƒ์Šน์— ๋Œ€ํ•ด์„œ ์ˆ˜์ต๋ฅ ์ด ์Œ์˜ ๋ฐ˜์‘์„ ๋ณด์˜€๊ณ  ์žฅ๊ธฐ ์ˆ˜์ต ๋ฅ ๋ณด๋‹ค ๋‹จ๊ธฐ ์ˆ˜์ต๋ฅ ์˜ ๋ฐ˜์‘์ด ๋” ์˜ค๋ž˜ ์ง€์†๋˜์—ˆ๋‹ค. ๊ทธ๋ฆฌ๊ณ  ์‚ฐ์—…์ƒ์‚ฐ์ง€์ˆ˜ ๋ณ€ํ™”์œจ์˜ 1% ์ƒ์Šน์— ๋Œ€ํ•ด์„œ ์ˆ˜์ต๋ฅ ์ด ์–‘์˜ ๋ฐ˜์‘์„ ๋ณด์˜€๊ณ  ์ธํ”Œ๋ ˆ์ด์…˜ ์ƒ์Šน์˜ ๊ฒฝ์šฐ ๋ณด๋‹ค ๋” ํฌ๊ณ  ์ฆ‰๊ฐ์ ์œผ๋กœ ๋ฐ˜์‘ํ–ˆ๋‹ค. ๋˜ํ•œ ๋‹จ๊ธฐ ์ˆ˜์ต๋ฅ ์˜ ์ตœ๋Œ€ ๋ฐ˜์‘์น˜๋Š” ์ค‘์žฅ๊ธฐ ์ˆ˜์ต๋ฅ ์˜ ๋‘ ๋ฐฐ์˜€๋‹ค. ๋‘˜์งธ, ๋ถ„์‚ฐ ๋ถ„ํ•ด ๋ถ„์„์˜ ๊ฒฐ๊ณผ์— ๋”ฐ๋ฅด๋ฉด ๊ฑฐ์‹œ ๊ฒฝ์ œ ๋ณ€์ˆ˜๋Š” ์ˆ˜์ต๋ฅ ์˜ ๋ถ„์‚ฐ์„ 77~96% ์„ค๋ช…ํ•  ์ˆ˜ ์žˆ๋‹ค. ๋˜ํ•œ ๋ฏธ๊ตญ์˜ ์„ ํ–‰ ์—ฐ๊ตฌ์™€ ์œ ์‚ฌํ•˜๊ฒŒ ๋งŒ๊ธฐ๊ฐ€ ์งง์„์ˆ˜๋ก, ์„ค๋ช… ํ•ด์•ผ ํ•˜๋Š” ๊ธฐ๊ฐ„์ด ๊ธธ์–ด์งˆ์ˆ˜๋ก ์„ค๋ช…๋ ฅ์€ ๋†’์•„์กŒ๋‹ค. This paper analyzed short-term relationships between Korean macro-economy and financial market using Affine Term structure model. In this model I used nine yields of Korean Treasury Bonds as financial variables, and adopted Consumption Price Index and Industry Production as macro variables. Data set was collected from June 1999 to March 2011. I estimated models by Minimum-chi-square estimation which was proposed by Hamilton and Wu (2012). Affine Term structure models using Korean data set also can be estimated easily by Minimum-chi-square estimation. The estimation results showed that: First, American yields response stronger when the shock is from demand side (Ang and Piazzesi, 2003). But Korean yields strongly response when the shock is from supply side. Korean yields show negative responses from CPI shock and positive responses from IP shock. Yields responses from IP shock are quicker and stronger than those from CPI shock. Short-term yields response is twice as large as long-term yields.; Second, CPI and IP explain 77~96% variance of yields. Their explanatory power is improved by shorter maturity yield and longer response period. This result is similar to Ang and Piazzesi (2003)s result of Variance decomposition analysis
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