Essays on Household Debt, Macroprudential Policy and Monetary Policy in South Korea

Household debt in South Korea is high and still rising. Household debt to GDP ratio had risen at the similar pace with that in the US until 2007 but it has still been rising whereas it has been falling since 2017 in the US. As a result, it is now higher in South Korea than in the US. There was a dramatic growth in household debt in the US preceding the recent Great Recession and high level of household debt was viewed to amplify the severity of economic recession in the US constraining consumer spending. In this context, high and continuously rising household debt could be a potential risk factor for the South Korean economy. Macroprudential policy, which indicates policy aims to reduce financial systemic risk pre-emptively, is a crucial measure to slow down the pace of household debt growth in South Korea. However, there is no established tool to analyse or evaluate its effects and relationship to monetary policy. The second chapter presents the trend and distribution of household debt in South Korea, and brief history of policy responses to continuously increasing household debt. The third chapter shows how macroprudential policy works by using a simple heterogeneous DSGE model with collateral constraint. The model is based on so-called borrower-saver model. Despite of its simplicity, the model can clearly explain how macroprudential policy affects household debt and related variables in South Korea. In addition, dynamics of this model imply increasing amortisation rate is superior measure to decreasing LTV ratio because it induces less volatility in economy. The collateral constraint in this thesis is designed to distinguish household debt (stock) and borrowing (flow). As a result, it is more realistic than the one mostly used in literature. This collateral constraint setting contributes to the better results especially when we analyse the phase of tightening household credit conditions. Furthermore, it enables us to see how amortization rate affects the South Korean economy. The fourth chapter extends the model mainly to see how credit tightening and monetary policy work differently and how they interact. Habit formation in non-durable good consumption, price rigidity in non-durable good producers, fixed cost in intermediate good production and monetary policy are added in the model. Not only the newly added elements themselves but also inflation make model's responses different from those in the previous chapter. Nominal and real rigidities make dynamics last longer and more realistic. Due to the structure of collateral constraint, a rise in inflation can reduce the level of real household debt whereas there is no inflation effect on real household debt with the common type of collateral constraint. This also influences responses to monetary policy shock. The results demonstrate credit tightening is better than monetary policy in slowing down the growth rate of household debt. Among all policy measures considered, decreasing amortization rate is the most effective and increasing LTV ratio is the second. These implies that ongoing policy efforts to slow down the growth rate of household debt in South Korea is on the right track. The fifth chapter shows welfare effects of macroprudential policy. The results illustrate it is impossible to get social welfare gains in a situation given in South Korea when discretionary macroprudential policy comes into effect. If government adopts countercyclical macroprudential rule, it is possible to improve social welfare but it requires welfare loss either of borrower or saver

Mehanizam akutne neurotoksičnosti u Sprague-Dawley štakora izazvane trovanjem endosulfanom

The purpose of this study was to investigate the molecular mechanism underlying oxidative and inflammatory neuronal cell death induced by endosulfan, a pesticide belonging to the chemical family of organochlorines. The cortical and hippocampal tissues derived from Sprague-Dawley (SD) rats treated with endosulfan exhibited increased intracellular accumulation of reactive oxygen species and oxidative damages to cellular macromolecules such as depletion of glutathione, lipid peroxidation, and protein carbonylation. Conversely, the expression of antioxidant enzymes including γ-glutamylcysteine ligase (GCL), superoxide dismutase (SOD), and heme oxygenase-1 (HO-1) was markedly reduced in the brain tissues exposed to endosulfan. Moreover, during endosulfan-induced neuronal cell death, mRNA expression of pro-inflammatory cytokines such as tumour necrosis factor-α (TNF-α) and interleukin-1β (IL-1β) was elevated, which seemed to be mediated by the activation of nuclear factor-kappa B (NF-κB) by phosphorylation of p65 subunit. These results suggest a new molecular mechanism underlying the endosulfan-induced acute neurotoxicity via induction of oxidative stress and pro-inflammatory responses.Istražen je molekularni mehanizam koji dovodi do smrti neurona potaknute oksidativnim i upalnim procesima uzrokovanim organoklornim pesticidom endosulfanom. U tkivima korteksa i hipokampusa Sprague-Dawley (SD) štakora tretiranih endosulfanom uočena su oksidativna oštećenja staničnih makromolekula, poput smanjene razine glutationa, lipidne peroksidacije i karbonilacije proteina, te povećane unutarstanične akumulacije reaktivnih kisikovih spojeva. Isto tako, u moždanom tkivu nakon izlaganja endosulfanu značajno je smanjena ekspresija enzimskih antioksidansa, uključujući i γ-glutamilcistein ligazu (GCL), superoksidnu dismutazu (SOD) i hem oksigenazu-1 (HO-1). Tijekom endosulfanom izazvane smrti neurona povećala se i ekspresija mRNA pro-upalnih citokina poput čimbenika nekroze tumora-α (TNF-α) i interleukina-1β (IL-1β), što je čini se bilo posredovano aktivacijom nuklearnoga faktora kapa B (NF-κB) putem fosforilacije podjedinice p65. Navedeni rezultati upućuju na novi molekularni mehanizam koji stoji iza akutne neurotoksičnosti izazvane endosulfanom putem indukcije oksidativnoga stresa i pro-upalnih odgovora

Transplantation of Adipose Derived Stromal Cells into the Developing Mouse Eye

Adipose derived stromal cells (ADSCs) were transplanted into a developing mouse eye to investigate the influence of a developing host micro environment on integration and differentiation. Green fluorescent protein-expressing ADSCs were transplanted by intraocular injections. The age of the mouse was in the range of 1 to 10 days postnatal (PN). Survival dates ranged from 7 to 28 post transplantation (DPT), at which time immunohistochemistry was performed. The transplanted ADSCs displayed some morphological differentiations in the host eye. Some cells expressed microtubule associated protein 2 (marker for mature neuron), or glial fibrillary acid protein (marker for glial cell). In addition, some cells integrated into the ganglion cell layer. The integration and differentiation of the transplanted ADSCs in the 5 and 10 PN 7 DPT were better than in the host eye the other age ranges. This study was aimed at demonstrating how the age of host micro environment would influence the differentiation and integration of the transplanted ADSCs. However, it was found that the integration and differentiation into the developing retina were very limited when compared with other stem cells, such as murine brain progenitor cell

Room-temperature polariton lasing in quantum heterostructure nanocavities

Controlling light-matter interactions in solid-state systems has motivated intense research to produce bosonic quasi-particles known as exciton-polaritons, which requires strong coupling between excitons and cavity photons. Ultra-low threshold coherent light emitters can be achieved through lasing from exciton-polariton condensates, but this generally requires sophisticated device structures and cryogenic temperatures. Polaritonic nanolasers operating at room temperature lie on the crucial path of related research, not only for the exploration of polariton physics at the nanoscale but also for potential applications in quantum information systems, all-optical logic gates, and ultra-low threshold lasers. However, at present, progress toward room-temperature polariton nanolasers has been limited by the thermal instability of excitons and the inherently low quality factors of nanocavities. Here, we demonstrate room-temperature polaritonic nanolasers by designing wide-gap semiconductor heterostructure nanocavities to produce thermally stable excitons coupled with nanocavity photons. The resulting mixed states of exciton-polaritons with Rabi frequencies of approximately 370 meV enable persistent polariton lasing up to room temperature, facilitating the realization of miniaturized and integrated polariton systems

Out-of-Plane Strengthening of Unreinforced Masonry Walls by Glass Fiber-Reinforced Polyurea

Fiber-reinforced polymer reinforcement or polyurea reinforcement techniques are applied to strengthen unreinforced masonry walls (UMWs). The purpose of this experimental study is to verify the out-of-plane reinforcing effect of sprayed glass fiber-reinforced polyurea (GFRPU), which is a composite elastomer made of polyurea and milled glass fibers on UMW. The out-of-plane strengths and ductile behaviors based on various coating shapes are compared in this study. An empirical formula to describe the degree of reinforcement on the out-of-plane strength of the UMW is derived based on the experimental results. It is observed that the peak load-carrying capacity, ductility, and energy absorption capacity gradually improve with an increase in the strengthening degree or area. Compared with the existing masonry wall reinforcement method, the GFRPU technique is a construction method that can help improve the safety performance along with ease of construction and economic efficiency. Doi: 10.28991/CEJ-2022-08-01-011 Full Text: PD

In-Plane Strengthening of Unreinforced Masonry Walls by Glass Fiber-Reinforced Polyurea

Strengthening techniques have been employed in Korea to unreinforced masonry walls (UMWs) for several years to protect them from damage caused by the intermittent occurrence of earthquakes. Polyurea, which has a high tensile strength and elongation rate, can be utilized as a strengthening material to enhance the in-plane strength and ductility of UMWs. Glass fiber-reinforced polyurea (GFRPU) is a composite elastomer manufactured by progressively adding milled glass fiber to polyurea. The purpose of this study is to investigate the enhancement of the in-plane strength and ductility of UMWs using GFRPU, depending on the shape of the GFRPU coating on the wall. Four masonry wall specimens are tested with test variables of the number of strengthening sides and coating shapes. It is illustrated that the GFRPU reinforcement of masonry wall leads to enhanced load-carrying capacity, ductility, and energy absorption. An empirical formula to represent the degree of strengthening effected by GFRPU is proposed in this study. Doi: 10.28991/cej-2021-03091782 Full Text: PD

A Feasibility Study on the Application of TVDI on Accessing Wildfire Danger in the Korean Peninsula

Wildfire is a major natural disaster affecting socioeconomics and ecology. Remote sensing data have been widely used to estimate the wildfire danger with an advantage of higher spatial resolution. Among the several wildfire related indices using remote sensing data, Temperature Vegetation Dryness Index (TVDI) assesses wildfire danger based on both Normalized Difference Vegetation Index (NDVI) and Land Surface Temperature (LST). Although TVDI has physical advantages by considering both weather and vegetation condition, previous studies have shown TVDI does not performed well compare to other wildfire related indices over the Korean Peninsula. In this study we have attempted multiple modification to improve TVDI performance over the study region. In-situ measured air temperature was employed to increase accuracy, regression line was generated using monthly data to include seasonal effect, and TVDI was calculated at each province level to consider vegetation type and local climate. The modified TVDI calculation method was evaluated in wildfire cases and showed significant improvement in wildfire danger estimation