Split (1)

train · ~2.08B rows (showing the first 9.65M)

pair_id string	label int64	pair_type string	pair_subtype string	a_doc_id string	a_snippet_id int64	a_text_type string	a_text string	b_doc_id string	b_snippet_id int64	b_text_type string	b_text string	a_metadata unknown	b_metadata unknown
pos-2200	1	positive	sentence_chunk_internal	1008	0	sentence_chunk	TED 스프레드의 경우 평상시에는 내외금리차에, 글로벌 금융위기 기간에는 외환스왑시장에 더 큰 영향을 준	1008	1	sentence_chunk	것으로 나타났으며, 환율변동성은 두 기간 모두에서 재정거래차익에 유의한 영향을 미친 것으로 나타났다.	{}	{}
pos-2201	1	positive	sentence_translation	1008	null	sentence	TED 스프레드의 경우 평상시에는 내외금리차에, 글로벌 금융위기 기간에는 외환스왑시장에 더 큰 영향을 준 것으로 나타났으며, 환율변동성은 두 기간 모두에서 재정거래차익에 유의한 영향을 미친 것으로 나타났다.	1008	null	translation	Regarding the TED spread, it was observed that the disparity between domestic and international interest rates typically had a more pronounced impact on the foreign exchange swap market during the global financial crisis, and exchange rate volatility was found to have a notable influence on fiscal transaction gains in ...	{}	{}
pos-2202	1	positive	translation_chunk_internal	1008	0	translation_chunk	Regarding the TED spread, it was observed that the disparity between domestic and international interest rates	1008	1	translation_chunk	typically had a more pronounced impact on the foreign exchange swap market during the global financial crisis,	{}	{}
pos-2203	1	positive	translation_chunk_internal	1008	0	translation_chunk	Regarding the TED spread, it was observed that the disparity between domestic and international interest rates	1008	2	translation_chunk	and exchange rate volatility was found to have a notable influence on fiscal transaction gains in both periods.	{}	{}
pos-2204	1	positive	translation_chunk_internal	1008	1	translation_chunk	typically had a more pronounced impact on the foreign exchange swap market during the global financial crisis,	1008	2	translation_chunk	and exchange rate volatility was found to have a notable influence on fiscal transaction gains in both periods.	{}	{}
pos-2205	1	positive	sentence_chunk_internal	1009	0	sentence_chunk	추정 결과에 따르면 먼저 CDS 프리미엄은 평상시에는 재정거래차익에 유의한	1009	1	sentence_chunk	영향을 주었으나 글로벌 금융위기 기간에는 유의하지 않거나 유의성이 낮았다.	{}	{}
pos-2206	1	positive	sentence_translation	1009	null	sentence	추정 결과에 따르면 먼저 CDS 프리미엄은 평상시에는 재정거래차익에 유의한 영향을 주었으나 글로벌 금융위기 기간에는 유의하지 않거나 유의성이 낮았다.	1009	null	translation	According to the estimation results, the CDS premium had a significant impact on fiscal transaction gains during normal times, but during the global financial crisis, it was either not significant or had low significance.	{}	{}
pos-2207	1	positive	translation_chunk_internal	1009	0	translation_chunk	According to the estimation results, the CDS premium had a significant impact on fiscal transaction gains during	1009	1	translation_chunk	normal times, but during the global financial crisis, it was either not significant or had low significance.	{}	{}
pos-2208	1	positive	sentence_translation	1010	null	sentence	앞서 논의한 바와 같이, 기존의 가계소비에 대한 자산효과의 해외 실증연구들은 크게 거시적 접근과 미시적 접근으로 양분화 된다.	1010	null	translation	As discussed earlier, existing overseas empirical studies on the wealth effect on household consumption are largely divided into macro and micro approaches.	{}	{}
pos-2209	1	positive	sentence_chunk_internal	1011	0	sentence_chunk	최근 들어, 선진국을 중심으로 주택자산의 유동성이 높아지고 모기지와 같은 주택을 담보로 한	1011	1	sentence_chunk	다양한 대출제도가 도입되면서 주택가격의 소비에 대한 자산효과가 점차 확대 되고 있는 추세이다.	{}	{}
pos-2210	1	positive	sentence_translation	1011	null	sentence	최근 들어, 선진국을 중심으로 주택자산의 유동성이 높아지고 모기지와 같은 주택을 담보로 한 다양한 대출제도가 도입되면서 주택가격의 소비에 대한 자산효과가 점차 확대 되고 있는 추세이다.	1011	null	translation	Recently, as the liquidity of housing assets has increased, especially in developed countries, and various loan systems using housing as collateral, such as mortgages, have been introduced, the wealth effect of housing prices on consumption is gradually expanding.	{}	{}
pos-2211	1	positive	translation_chunk_internal	1011	0	translation_chunk	Recently, as the liquidity of housing assets has increased, especially in developed countries, and various loan systems using housing	1011	1	translation_chunk	as collateral, such as mortgages, have been introduced, the wealth effect of housing prices on consumption is gradually expanding.	{}	{}
pos-2212	1	positive	sentence_chunk_internal	1012	0	sentence_chunk	앞서 추정한 거시 시계열 자료와 달리 노동패 널조사 가구자료의 경우 금리 및 실업률과 같은 거시변수의 사용이	1012	1	sentence_chunk	불가능하므로, 이에 대한 대리변수로서 연간 가구부채 자연대수값과 가구주 근로유무 더미변수를 사용하였다.	{}	{}
pos-2213	1	positive	sentence_translation	1012	null	sentence	앞서 추정한 거시 시계열 자료와 달리 노동패 널조사 가구자료의 경우 금리 및 실업률과 같은 거시변수의 사용이 불가능하므로, 이에 대한 대리변수로서 연간 가구부채 자연대수값과 가구주 근로유무 더미변수를 사용하였다.	1012	null	translation	Unlike the macro-time series data estimated above, in the case of the labor plaque flat survey household data, it is impossible to use macro variables such as interest rates and unemployment rates, thereby as proxy variables for this, the natural logarithm of annual household debt and the dummy variable of whether or n...	{}	{}
pos-2214	1	positive	translation_chunk_internal	1012	0	translation_chunk	Unlike the macro-time series data estimated above, in the case of the labor plaque flat survey household data, it is	1012	1	translation_chunk	impossible to use macro variables such as interest rates and unemployment rates, thereby as proxy variables for this, the	{}	{}
pos-2215	1	positive	translation_chunk_internal	1012	0	translation_chunk	Unlike the macro-time series data estimated above, in the case of the labor plaque flat survey household data, it is	1012	2	translation_chunk	natural logarithm of annual household debt and the dummy variable of whether or not the household head worked were used.	{}	{}
pos-2216	1	positive	translation_chunk_internal	1012	1	translation_chunk	impossible to use macro variables such as interest rates and unemployment rates, thereby as proxy variables for this, the	1012	2	translation_chunk	natural logarithm of annual household debt and the dummy variable of whether or not the household head worked were used.	{}	{}
pos-2217	1	positive	sentence_translation	1013	null	sentence	패널 자료에 대한 추정모형에 종속변수의 과거 시차변수를 추가한 동태적 패널모형에 대한 분석 역시 수행하여 그 결과를 함께 제시하였다.	1013	null	translation	Analysis of a dynamic panel model that added past lag variables of the dependent variable to the estimation model for panel data was also performed and the results were presented together.	{}	{}
pos-2218	1	positive	translation_chunk_internal	1013	0	translation_chunk	Analysis of a dynamic panel model that added past lag variables of the dependent variable to	1013	1	translation_chunk	the estimation model for panel data was also performed and the results were presented together.	{}	{}
pos-2219	1	positive	sentence_chunk_internal	1014	0	sentence_chunk	패널자료의 일관성 유지하고 원가구인 동시에 2차～10차에 걸쳐 소비, 소득 및 자 산항목에 대해 최소 한	1014	1	sentence_chunk	개 이상 응답한 최종 패널분석에 사용된 총 자료 수는 28,902 개의 unbalanced panel이다.	{}	{}
pos-2220	1	positive	sentence_translation	1014	null	sentence	패널자료의 일관성 유지하고 원가구인 동시에 2차～10차에 걸쳐 소비, 소득 및 자 산항목에 대해 최소 한 개 이상 응답한 최종 패널분석에 사용된 총 자료 수는 28,902 개의 unbalanced panel이다.	1014	null	translation	The total dataset used for the final panel analysis, maintaining consistency in panel data and covering the same households as the original panel data, with responses for at least one or more consumption, income, and asset items spanning from the 2nd to the 10th wave, consists of an unbalanced panel of 28,902 entries.	{}	{}
pos-2221	1	positive	translation_chunk_internal	1014	0	translation_chunk	The total dataset used for the final panel analysis, maintaining consistency in panel data and covering the same households as the original panel data, with	1014	1	translation_chunk	responses for at least one or more consumption, income, and asset items spanning from the 2nd to the 10th wave, consists of an unbalanced panel of 28,902 entries.	{}	{}
pos-2222	1	positive	sentence_chunk_internal	1015	0	sentence_chunk	이러한 결과는 주식시장 등 금융시장이 발전하였고 개인의 금융투자가 높은 비중을 차지하고 있는 미국과 달리, 국내	1015	1	sentence_chunk	가계의 경우 가계소비에 대한 주택가격의 가격효과가 금융자산의 효과보다 상대적으로 더 높다는 사실을 보여주는 부분이다.	{}	{}
pos-2223	1	positive	sentence_translation	1015	null	sentence	이러한 결과는 주식시장 등 금융시장이 발전하였고 개인의 금융투자가 높은 비중을 차지하고 있는 미국과 달리, 국내 가계의 경우 가계소비에 대한 주택가격의 가격효과가 금융자산의 효과보다 상대적으로 더 높다는 사실을 보여주는 부분이다.	1015	null	translation	These results highlight the fact that while financial markets, including the stock market, have developed and individual financial investments play a significant role, unlike in the United States where household consumption has a higher proportion in terms of individual financial investment, in the case of domestic hou...	{}	{}
pos-2224	1	positive	translation_chunk_internal	1015	0	translation_chunk	These results highlight the fact that while financial markets, including the stock market, have developed and individual financial investments play a	1015	1	translation_chunk	significant role, unlike in the United States where household consumption has a higher proportion in terms of individual financial investment, in	{}	{}
pos-2225	1	positive	translation_chunk_internal	1015	0	translation_chunk	These results highlight the fact that while financial markets, including the stock market, have developed and individual financial investments play a	1015	2	translation_chunk	the case of domestic households, the price effect of housing prices on household consumption is relatively higher than the effect of financial assets.	{}	{}
pos-2226	1	positive	translation_chunk_internal	1015	1	translation_chunk	significant role, unlike in the United States where household consumption has a higher proportion in terms of individual financial investment, in	1015	2	translation_chunk	the case of domestic households, the price effect of housing prices on household consumption is relatively higher than the effect of financial assets.	{}	{}
pos-2227	1	positive	sentence_translation	1016	null	sentence	이를 위해 거시 시계열 자료와 한국노 동패널조사 2차～10차 패널자료를 이용하여 주가와 주택가격의 소비에 대한 자산효 과룰 분석하였다.	1016	null	translation	For this purpose, the wealth effect on consumption of stock prices and housing prices was analyzed using macro time series data and Korean Labor Panel Survey 2nd to 10th panel data.	{}	{}
pos-2228	1	positive	translation_chunk_internal	1016	0	translation_chunk	For this purpose, the wealth effect on consumption of stock prices and housing prices was	1016	1	translation_chunk	analyzed using macro time series data and Korean Labor Panel Survey 2nd to 10th panel data.	{}	{}
pos-2229	1	positive	sentence_translation	1017	null	sentence	이에 따라, 우리나라 가계는 거주주택의 가구소비에 대한 자산효과가 큰 것으로 나 타났다.	1017	null	translation	Consequently, it was found that Korean households have a great asset effect on the household consumption of residential housing.	{}	{}
pos-2230	1	positive	sentence_translation	1018	null	sentence	이는 자산매각을 통한 소비증가의 효과이며, 다 음으로 자산을 담보로 한 대출을 통한 소비증가의 효과이다.	1018	null	translation	This is the effect of increased consumption through asset sales and increased consumption through loans collateralized by assets.	{}	{}
pos-2231	1	positive	sentence_chunk_internal	1019	0	sentence_chunk	이에 따라 다수의 연구들이 이러한 추가적인 요 소들을 모형에 도입하여, 개인 또는 가구의	1019	1	sentence_chunk	소비, 소득 및 자산 간의 관계를 좀 더 현실적으로 설명하는 연구결과들을 제시한 바 있다.	{}	{}
pos-2232	1	positive	sentence_translation	1019	null	sentence	이에 따라 다수의 연구들이 이러한 추가적인 요 소들을 모형에 도입하여, 개인 또는 가구의 소비, 소득 및 자산 간의 관계를 좀 더 현실적으로 설명하는 연구결과들을 제시한 바 있다.	1019	null	translation	Consequently, a number of studies have introduced these additional factors into the model, suggesting research results that more realistically explain the relationship between consumption, income, and assets of individuals or households.	{}	{}
pos-2233	1	positive	translation_chunk_internal	1019	0	translation_chunk	Consequently, a number of studies have introduced these additional factors into the model, suggesting research results	1019	1	translation_chunk	that more realistically explain the relationship between consumption, income, and assets of individuals or households.	{}	{}
pos-2234	1	positive	sentence_chunk_internal	1020	0	sentence_chunk	전통적인 생애주기가설 또는 항상 소득가설에 따르면, 현재 소비는 현재 소득에	1020	1	sentence_chunk	기초하여 이루어지기 보다는 미래 소득흐름의 현재가치에 근거하여 이루어지게 된다.	{}	{}
pos-2235	1	positive	sentence_translation	1020	null	sentence	전통적인 생애주기가설 또는 항상 소득가설에 따르면, 현재 소비는 현재 소득에 기초하여 이루어지기 보다는 미래 소득흐름의 현재가치에 근거하여 이루어지게 된다.	1020	null	translation	According to the traditional life cycle hypothesis or constant income hypothesis, current consumption is made based on the present value of future income streams rather than based on current income.	{}	{}
pos-2236	1	positive	translation_chunk_internal	1020	0	translation_chunk	According to the traditional life cycle hypothesis or constant income hypothesis, current consumption	1020	1	translation_chunk	is made based on the present value of future income streams rather than based on current income.	{}	{}
pos-2237	1	positive	sentence_chunk_internal	1021	0	sentence_chunk	이러한 결과는 우리나라의 국가 CDS 프리미엄이 리먼브러더스 사태 직후에 급 상승한 이후	1021	1	sentence_chunk	비정상적으로 높은 수준을 유지하는 등 재정거래차익과 상이한 움직임을 보인데 기인한 것으로 판단된다.	{}	{}
pos-2238	1	positive	sentence_translation	1021	null	sentence	이러한 결과는 우리나라의 국가 CDS 프리미엄이 리먼브러더스 사태 직후에 급 상승한 이후 비정상적으로 높은 수준을 유지하는 등 재정거래차익과 상이한 움직임을 보인데 기인한 것으로 판단된다.	1021	null	translation	It is believed that these results are attributed to the abnormal and sustained high level of Korea's national CDS premium, which has shown different movements from fiscal transaction gains since it sharply increased shortly after the Lehman Brothers crisis.	{}	{}
pos-2239	1	positive	translation_chunk_internal	1021	0	translation_chunk	It is believed that these results are attributed to the abnormal and sustained high level of Korea's national CDS premium, which	1021	1	translation_chunk	has shown different movements from fiscal transaction gains since it sharply increased shortly after the Lehman Brothers crisis.	{}	{}
pos-2240	1	positive	sentence_translation	1022	null	sentence	실증분석 결과 및 함의 거시 시계열 자료를 이용하여 자산가격의 변화가 국내 가계소비에 미치는 영향 을 추정한 결과는 다음의 <표 3>과 같다.	1022	null	translation	The empirical analysis results and implications, using macroeconomic time series data, for estimating the impact of changes in asset prices on domestic household consumption are presented in <Table 3> as follows.	{}	{}
pos-2241	1	positive	translation_chunk_internal	1022	0	translation_chunk	The empirical analysis results and implications, using macroeconomic time series data, for estimating the	1022	1	translation_chunk	impact of changes in asset prices on domestic household consumption are presented in <Table 3> as follows.	{}	{}
pos-2242	1	positive	sentence_translation	1023	null	sentence	여기에서 자산효과는 자산가격의 변화에 대한 소비의 탄력성으로 정의하여 추정을 수행하였다.	1023	null	translation	Here, the asset effect was defined as the elasticity of consumption to changes in asset prices, and the estimation was performed.	{}	{}
pos-2243	1	positive	sentence_translation	1024	null	sentence	추정 결과, 전체기간에 걸쳐서 주택가격과 주가상승이 가계소비에 미치는 영향 이 유의적이었다.	1024	null	translation	As a result of the estimation, the impact of housing price and stock price increases on household consumption was significant over the entire period.	{}	{}
pos-2244	1	positive	sentence_chunk_internal	1025	0	sentence_chunk	시계열자료의 단위근 검정결과 거시자료에 대한 시계열 분석에 앞서 일반적으로	1025	1	sentence_chunk	해당 분석 자료들에 대한 안정 성 여부를 사전적으로 검정하는 것이 필요하다.	{}	{}
pos-2245	1	positive	sentence_translation	1025	null	sentence	시계열자료의 단위근 검정결과 거시자료에 대한 시계열 분석에 앞서 일반적으로 해당 분석 자료들에 대한 안정 성 여부를 사전적으로 검정하는 것이 필요하다.	1025	null	translation	The results of unit root tests for time series data suggest that, before conducting time series analysis on macroeconomic data or any other data for that matter, it is generally necessary to preliminarily test whether the data is stationary or not.	{}	{}
pos-2246	1	positive	translation_chunk_internal	1025	0	translation_chunk	The results of unit root tests for time series data suggest that, before conducting time series analysis on macroeconomic	1025	1	translation_chunk	data or any other data for that matter, it is generally necessary to preliminarily test whether the data is stationary or not.	{}	{}
pos-2247	1	positive	sentence_translation	1026	null	sentence	추정 전에 각 자료의 안정성 여부를 검 정하는 단위근 검정을 수행하는 것이 필수적이다.	1026	null	translation	Before estimation, it is essential to perform a unit root test to check the stability of each data.	{}	{}
pos-2248	1	positive	sentence_chunk_internal	1027	0	sentence_chunk	한국은행의 가계소비 및 국민총소득은 10억 단위 기준이며 실질, 계절조정된	1027	1	sentence_chunk	변수이며, CD금리 역시 물가상승률을 고려한 실질 CD금리로 전환하여 사용하였다.	{}	{}
pos-2249	1	positive	sentence_translation	1027	null	sentence	한국은행의 가계소비 및 국민총소득은 10억 단위 기준이며 실질, 계절조정된 변수이며, CD금리 역시 물가상승률을 고려한 실질 CD금리로 전환하여 사용하였다.	1027	null	translation	The Bank of Korea's household consumption and gross national income are based on 1 billion units and are real, seasonally adjusted variables, and the CD interest rate was also converted to a real CD interest rate considering the inflation rate.	{}	{}
pos-2250	1	positive	translation_chunk_internal	1027	0	translation_chunk	The Bank of Korea's household consumption and gross national income are based on 1 billion units and are real, seasonally	1027	1	translation_chunk	adjusted variables, and the CD interest rate was also converted to a real CD interest rate considering the inflation rate.	{}	{}
pos-2251	1	positive	sentence_chunk_internal	1028	0	sentence_chunk	이는 상당수의 국내 가구가 현금서비스 또는 신용결제 등과 같은 부채를 통해	1028	1	sentence_chunk	소 비를 충당하는 사례가 발생할 수 있는 개연성이 반영된 결과라고 보인다.	{}	{}
pos-2252	1	positive	sentence_translation	1028	null	sentence	이는 상당수의 국내 가구가 현금서비스 또는 신용결제 등과 같은 부채를 통해 소 비를 충당하는 사례가 발생할 수 있는 개연성이 반영된 결과라고 보인다.	1028	null	translation	This appears to be a result that reflects the possibility that a significant number of domestic households may cover consumption through debt such as cash advances or credit payments.	{}	{}
pos-2253	1	positive	translation_chunk_internal	1028	0	translation_chunk	This appears to be a result that reflects the possibility that a significant number of domestic	1028	1	translation_chunk	households may cover consumption through debt such as cash advances or credit payments.	{}	{}
pos-2254	1	positive	sentence_translation	1029	null	sentence	이러한 결과는 각 가계의 소비증감여부는 단순하게 가구주 근로유무만으로 전적으로 결정될 수 없음 을 보여주는 예라 여겨진다.	1029	null	translation	These results are considered to be an example showing that the increase or decrease in consumption of each household cannot be determined solely by whether or not the head of the household is working.	{}	{}
pos-2255	1	positive	translation_chunk_internal	1029	0	translation_chunk	These results are considered to be an example showing that the increase or decrease in consumption	1029	1	translation_chunk	of each household cannot be determined solely by whether or not the head of the household is working.	{}	{}
pos-2256	1	positive	sentence_translation	1030	null	sentence	정태적 패널모형 Hsiao에 따르면 일반적인 정태적 패널모형은 다음과 같이 정의된다.	1030	null	translation	According to the Hsiao's time-series cross-sectional panel model, a general static panel model is defined as follows.	{}	{}
pos-2257	1	positive	sentence_translation	1031	null	sentence	다음으로 국제금융시장의 신용 및 유동성 리스크의 대용변수로 TED 스프레드를 사용하였다.	1031	null	translation	Next, the TED spread was utilized as an alternative measure for credit and liquidity risks in the international financial market.	{}	{}
pos-2258	1	positive	sentence_translation	1032	null	sentence	다음으로 환율 변동성은 실제 통화옵션시장에서 거래되는 통화옵션 가격에 기초하여 도출된 내재 변동성을 사용하였다.	1032	null	translation	Next, the exchange rate volatility utilized the inherent volatility derived from the currency option price traded in the actual currency option market.	{}	{}
pos-2259	1	positive	sentence_chunk_internal	1033	0	sentence_chunk	특히 동 스프레드는 평상시에는 미미한 수준을 유지하다가 최근의 글로벌 금융위기처럼	1033	1	sentence_chunk	시장이 불안할 때는 수준자체가 크게 높아지면서 변동성도 확대되는 경향이 있다.	{}	{}
pos-2260	1	positive	sentence_translation	1033	null	sentence	특히 동 스프레드는 평상시에는 미미한 수준을 유지하다가 최근의 글로벌 금융위기처럼 시장이 불안할 때는 수준자체가 크게 높아지면서 변동성도 확대되는 경향이 있다.	1033	null	translation	Especially, the spread typically maintains a minimal level, but during times of market instability, such as the recent global financial crisis, the level itself significantly rises, leading to an expansion in volatility.	{}	{}
pos-2261	1	positive	translation_chunk_internal	1033	0	translation_chunk	Especially, the spread typically maintains a minimal level, but during times of market instability, such as the	1033	1	translation_chunk	recent global financial crisis, the level itself significantly rises, leading to an expansion in volatility.	{}	{}
pos-2262	1	positive	sentence_chunk_internal	1034	0	sentence_chunk	향후 환율변동성의 확대는 외환스왑거래 상대방의 파산 등으로 외환스왑계약을 새로 해야 할 필요성이 증가하거나	1034	1	sentence_chunk	계약당사자의 잠재적인 시가평가손익을 확대시킬 수 있으므로 스왑시장에서의 거래상대방 리스크의 증가로 간주되고 있다.	{}	{}
pos-2263	1	positive	sentence_translation	1034	null	sentence	향후 환율변동성의 확대는 외환스왑거래 상대방의 파산 등으로 외환스왑계약을 새로 해야 할 필요성이 증가하거나 계약당사자의 잠재적인 시가평가손익을 확대시킬 수 있으므로 스왑시장에서의 거래상대방 리스크의 증가로 간주되고 있다.	1034	null	translation	The increasing volatility of exchange rates in the future is seen as a rise in counterparty risk in the swap market, this is because there may be a need to renegotiate foreign exchange swap contracts due to the counterparty's bankruptcy or to amplify potential market valuation gains and losses for the contracting party...	{}	{}
pos-2264	1	positive	translation_chunk_internal	1034	0	translation_chunk	The increasing volatility of exchange rates in the future is seen as a rise in counterparty risk in the swap	1034	1	translation_chunk	market, this is because there may be a need to renegotiate foreign exchange swap contracts due to the	{}	{}
pos-2265	1	positive	translation_chunk_internal	1034	0	translation_chunk	The increasing volatility of exchange rates in the future is seen as a rise in counterparty risk in the swap	1034	2	translation_chunk	counterparty's bankruptcy or to amplify potential market valuation gains and losses for the contracting party.	{}	{}
pos-2266	1	positive	translation_chunk_internal	1034	1	translation_chunk	market, this is because there may be a need to renegotiate foreign exchange swap contracts due to the	1034	2	translation_chunk	counterparty's bankruptcy or to amplify potential market valuation gains and losses for the contracting party.	{}	{}
pos-2267	1	positive	sentence_chunk_internal	1035	0	sentence_chunk	내외금리차에서 스왑레이트를 차감한 재정거래차익은 이러한 내외금리차와 스왑레이트의 추이를 반영하여 2005∼2007년	1035	1	sentence_chunk	중반까지는 낮은 수준을 유지해 오다가 글로벌 금융위기 기간에는 양의 금리차가 크게 확대되면서 변동성도 커졌음을 알 수 있다.	{}	{}
pos-2268	1	positive	sentence_translation	1035	null	sentence	내외금리차에서 스왑레이트를 차감한 재정거래차익은 이러한 내외금리차와 스왑레이트의 추이를 반영하여 2005∼2007년 중반까지는 낮은 수준을 유지해 오다가 글로벌 금융위기 기간에는 양의 금리차가 크게 확대되면서 변동성도 커졌음을 알 수 있다.	1035	null	translation	It is evident that the fiscal transaction gains, obtained by deducting the swap rate from the difference between internal and external interest rates, have maintained a low level until mid-2007, reflecting the trends in the internal and external interest rate differences and swap rates, however, it should be noted that...	{}	{}
pos-2269	1	positive	translation_chunk_internal	1035	0	translation_chunk	It is evident that the fiscal transaction gains, obtained by deducting the swap rate from the difference between internal and external interest rates,	1035	1	translation_chunk	have maintained a low level until mid-2007, reflecting the trends in the internal and external interest rate differences and swap rates, however, it	{}	{}
pos-2270	1	positive	translation_chunk_internal	1035	0	translation_chunk	It is evident that the fiscal transaction gains, obtained by deducting the swap rate from the difference between internal and external interest rates,	1035	2	translation_chunk	should be noted that volatility has also increased as the positive interest rate differences significantly expanded during the global financial crisis.	{}	{}
pos-2271	1	positive	translation_chunk_internal	1035	1	translation_chunk	have maintained a low level until mid-2007, reflecting the trends in the internal and external interest rate differences and swap rates, however, it	1035	2	translation_chunk	should be noted that volatility has also increased as the positive interest rate differences significantly expanded during the global financial crisis.	{}	{}
pos-2272	1	positive	sentence_chunk_internal	1036	0	sentence_chunk	우선 내외금리차는 2005∼2007년 중반까지는 마이너스를 지속하다가 2007년 하반기에	1036	1	sentence_chunk	플러스로 전환한 이후 양의 금리차가 지속되는 가운데 내외금리차의 변동성이 확대되었다.	{}	{}
pos-2273	1	positive	sentence_translation	1036	null	sentence	우선 내외금리차는 2005∼2007년 중반까지는 마이너스를 지속하다가 2007년 하반기에 플러스로 전환한 이후 양의 금리차가 지속되는 가운데 내외금리차의 변동성이 확대되었다.	1036	null	translation	Initially, the gap between domestic and foreign interest rates remained negative until the mid-2005∼2007 period, however, after transitioning to positive in the second half of 2007, the volatility of the gap between domestic and foreign interest rates expanded as the positive gap persisted.	{}	{}
pos-2274	1	positive	translation_chunk_internal	1036	0	translation_chunk	Initially, the gap between domestic and foreign interest rates remained negative until the mid-2005∼2007 period, however, after transitioning to	1036	1	translation_chunk	positive in the second half of 2007, the volatility of the gap between domestic and foreign interest rates expanded as the positive gap persisted.	{}	{}
pos-2275	1	positive	sentence_translation	1037	null	sentence	재정거래차익의 추이 및 특징 <그림 3>은 2005∼2009년 중 내외금리차, 스왑레이트 및 재정거래차익 추이를 보여준다.	1037	null	translation	The trends and characteristics of fiscal transaction gains are shown in Figure 3, which displays the trends of internal and external interest rate differences, swap rates, and fiscal transaction gains from 2005 to 2009.	{}	{}
pos-2276	1	positive	translation_chunk_internal	1037	0	translation_chunk	The trends and characteristics of fiscal transaction gains are shown in Figure 3, which displays the trends of	1037	1	translation_chunk	internal and external interest rate differences, swap rates, and fiscal transaction gains from 2005 to 2009.	{}	{}
pos-2277	1	positive	sentence_chunk_internal	1038	0	sentence_chunk	외은지점을 포함한 외국인 투자자들이 달러화표시 외평채를 살 때나 보유시에 우 리나라의 외평채	1038	1	sentence_chunk	CDS를 매입함으로써 해당 채권의 만기도래 이전에 발생할 수 있 는 국가신용리스크를 헷지할 수 있다.	{}	{}
pos-2278	1	positive	sentence_translation	1038	null	sentence	외은지점을 포함한 외국인 투자자들이 달러화표시 외평채를 살 때나 보유시에 우 리나라의 외평채 CDS를 매입함으로써 해당 채권의 만기도래 이전에 발생할 수 있 는 국가신용리스크를 헷지할 수 있다.	1038	null	translation	Foreign investors, including offshore branches, can hedge the country credit risk that may occur before the maturity of the dollar-denominated foreign bonds when buying or holding such bonds by purchasing South Korea's foreign bond CDS.	{}	{}
pos-2279	1	positive	translation_chunk_internal	1038	0	translation_chunk	Foreign investors, including offshore branches, can hedge the country credit risk that may occur before the maturity	1038	1	translation_chunk	of the dollar-denominated foreign bonds when buying or holding such bonds by purchasing South Korea's foreign bond CDS.	{}	{}
pos-2280	1	positive	sentence_translation	1039	null	sentence	외평채를 보유하지 않은 경우에 도 헷지펀드 등 투자자들이 CDS 프리미엄 자체의 상승 또는 하락 예상에 따른 투 기 목적의 거래도 가능하다.	1039	null	translation	Even if you do not own foreign exchange bonds, investors such as hedge funds can trade for speculative purposes based on expectations of a rise or fall in the CDS premium itself.	{}	{}
pos-2281	1	positive	translation_chunk_internal	1039	0	translation_chunk	Even if you do not own foreign exchange bonds, investors such as hedge funds can trade for	1039	1	translation_chunk	speculative purposes based on expectations of a rise or fall in the CDS premium itself.	{}	{}
pos-2282	1	positive	sentence_chunk_internal	1040	0	sentence_chunk	한편 일반적으로 국제금융시장에서 개별 국가의 신용리스크 수준을 나타내는	1040	1	sentence_chunk	국 가 CDS 프리미엄은 재정거래차익을 설명하는 주요인으로 알려져 있다.	{}	{}
pos-2283	1	positive	sentence_translation	1040	null	sentence	한편 일반적으로 국제금융시장에서 개별 국가의 신용리스크 수준을 나타내는 국 가 CDS 프리미엄은 재정거래차익을 설명하는 주요인으로 알려져 있다.	1040	null	translation	Meanwhile, in general, the national CDS premium, which represents the level of credit risk of an individual country in the international financial market, is known to be a major factor explaining arbitrage profits.	{}	{}
pos-2284	1	positive	translation_chunk_internal	1040	0	translation_chunk	Meanwhile, in general, the national CDS premium, which represents the level of credit risk of an individual	1040	1	translation_chunk	country in the international financial market, is known to be a major factor explaining arbitrage profits.	{}	{}
pos-2285	1	positive	sentence_chunk_internal	1041	0	sentence_chunk	가계 주식 및 채권자산과 같은 금융자산의 경우 그 영향이 혼재되어 나타났으며 계수값 역시	1041	1	sentence_chunk	비유의적이어서, 가계 주식 및 채권자산의 가계소비에 대한 자산효과가 명확하게 나타나지 않았다.	{}	{}
pos-2286	1	positive	sentence_translation	1041	null	sentence	가계 주식 및 채권자산과 같은 금융자산의 경우 그 영향이 혼재되어 나타났으며 계수값 역시 비유의적이어서, 가계 주식 및 채권자산의 가계소비에 대한 자산효과가 명확하게 나타나지 않았다.	1041	null	translation	The impact of financial assets such as household stocks and bond assets was mixed, and the coefficient values were also metaphorical, so the asset effect on household consumption of household stocks and bond assets was not clearly demonstrated.	{}	{}
pos-2287	1	positive	translation_chunk_internal	1041	0	translation_chunk	The impact of financial assets such as household stocks and bond assets was mixed, and the coefficient values were also	1041	1	translation_chunk	metaphorical, so the asset effect on household consumption of household stocks and bond assets was not clearly demonstrated.	{}	{}
pos-2288	1	positive	sentence_chunk_internal	1042	0	sentence_chunk	결론적으로, 본고에서 중점적으로 관심을 두었던 외환위기 이후 국내 가계소비에 대한 주택가격의 가격효과는	1042	1	sentence_chunk	거시 시계열자료 및 미시 가구패널자료에 대한 분석결과에서 유사하게 나타남을 확인할 수 있었다.	{}	{}
pos-2289	1	positive	sentence_translation	1042	null	sentence	결론적으로, 본고에서 중점적으로 관심을 두었던 외환위기 이후 국내 가계소비에 대한 주택가격의 가격효과는 거시 시계열자료 및 미시 가구패널자료에 대한 분석결과에서 유사하게 나타남을 확인할 수 있었다.	1042	null	translation	In conclusion, it was found that the price effect of housing prices on domestic household consumption after the foreign exchange crisis, which was the main focus of this study, was similarly observed in the analysis results of macro-time series data and micro-household panel data.	{}	{}
pos-2290	1	positive	translation_chunk_internal	1042	0	translation_chunk	In conclusion, it was found that the price effect of housing prices on domestic household consumption after the foreign exchange crisis, which	1042	1	translation_chunk	was the main focus of this study, was similarly observed in the analysis results of macro-time series data and micro-household panel data.	{}	{}
pos-2291	1	positive	sentence_translation	1043	null	sentence	먼저 시계열 자료에 대한 분석결과, 전체기간에 걸쳐서 주택가격과 주가상승이 가계소비에 미치는 영향이 유의적이었다.	1043	null	translation	First, the analysis of time series data revealed that the impact of housing prices and stock market gains on household consumption was statistically significant throughout the entire period.	{}	{}
pos-2292	1	positive	translation_chunk_internal	1043	0	translation_chunk	First, the analysis of time series data revealed that the impact of housing prices and stock	1043	1	translation_chunk	market gains on household consumption was statistically significant throughout the entire period.	{}	{}
pos-2293	1	positive	sentence_chunk_internal	1044	0	sentence_chunk	이러한 결과는 앞서 제시한 기존연구들 중 미국의 사례를 제시하였던 Greenspan과	1044	1	sentence_chunk	Case, Quigley and Shiller 의 연구결과와 부합되는 부분이다.	{}	{}
pos-2294	1	positive	sentence_translation	1044	null	sentence	이러한 결과는 앞서 제시한 기존연구들 중 미국의 사례를 제시하였던 Greenspan과 Case, Quigley and Shiller 의 연구결과와 부합되는 부분이다.	1044	null	translation	These findings align with the research findings of Greenspan, Case, and Quigley and Shiller, who presented the US case among the previous studies mentioned.	{}	{}
pos-2295	1	positive	sentence_chunk_internal	1045	0	sentence_chunk	시에는 금리 및 환율이 급등 후 하락하는 유사한 추세를 보인 반면, 최근의 글로벌 금융위기시에는 환율상승이 지속된	1045	1	sentence_chunk	것과는 달리 금리 상승은 중앙은행의 적극적인 통화정책에 힘입어 단기간에 그친 데에 기인하는 것으로 보인다.	{}	{}
pos-2296	1	positive	sentence_translation	1045	null	sentence	시에는 금리 및 환율이 급등 후 하락하는 유사한 추세를 보인 반면, 최근의 글로벌 금융위기시에는 환율상승이 지속된 것과는 달리 금리 상승은 중앙은행의 적극적인 통화정책에 힘입어 단기간에 그친 데에 기인하는 것으로 보인다.	1045	null	translation	In contrast to the similar trend of falling interest rates and exchange rates after a surge in the past, the recent global financial crisis has seen a continued rise in exchange rates, while the increase in interest rates seems to be attributed to the short-term impact of the central bank's proactive monetary policy.	{}	{}
pos-2297	1	positive	translation_chunk_internal	1045	0	translation_chunk	In contrast to the similar trend of falling interest rates and exchange rates after a surge in the past, the recent global financial crisis has seen a continued	1045	1	translation_chunk	rise in exchange rates, while the increase in interest rates seems to be attributed to the short-term impact of the central bank's proactive monetary policy.	{}	{}
pos-2298	1	positive	sentence_translation	1046	null	sentence	운용자금의 회수가능성이 낮으면 자산이 원활하게 현금화되지 않음에 따라 자금부족이 발생할 수 있다.	1046	null	translation	If the possibility of recovering operating funds is low, a fund shortage may occur as assets are not smoothly converted into cash.	{}	{}
pos-2299	1	positive	sentence_translation	1047	null	sentence	이 중 자금조달 유동 성위험이 금융기관의 파산위험과 직접 관련이 있으므로 거시건전성 관리 차원에서 더 중요하다.	1047	null	translation	Among these, financing liquidity risk is more important from the perspective of macroprudential management because it is directly related to the bankruptcy risk of financial institutions.	{}	{}

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