• Journal of Hospice and Palliative Care
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• v.20 no.3
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• pp.177-187
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• 2017

Purpose: From August 2017, hospice-palliative care (HPC) will be provided to patients with acquired immunodeficiency syndrome (AIDS), chronic obstructive pulmonary disease (COPD), and liver cirrhosis in Korea. To contribute to building a non-cancer (NC) hospice-palliative care model, NC specialists were interviewed regarding the goals, details, and provision methods of the model. Methods: Four physicians specializing in HPC of cancer patients formulated a semi-structured interview with questions extracted from literature review of 85 articles on NC HPC. Eleven NC disease specialists were interviewed, and their answers were analyzed according to the qualitative content analysis process. Results: The interviewees said as follows: It is difficult to define end-stage NC patients. HPC for cancer patients and that for NC patients share similar goals and content. However, emphasis should be placed on alleviating other physical symptoms and emotional care rather than pain control. Timing of the care provision should be when patients are diagnosed as "end stage". Special issues should be considered for each NC disease (e.g., use of anti-retroviral drugs for AIDS patients, oxygen supply for COPD patients suffering from dyspnea, liver transplantation for patients with liver cirrhosis) and education should be provided to healthcare professionals. NC patients tend to negatively perceive HPC, and the government's financial assistance is insufficient. Conclusion: It is necessary to define end-stage NC patients through in-depth discussion to minimize issues that will likely accompany the expansion of care recipients. This requires cooperation between medical staff caring for NC patients and HPC givers for cancer patients.

• Journal of the Korean Society of School Health
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• v.1 no.2
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• pp.118-135
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• 1988

This study is designed to analyze the problems of health education in schools and explore the ways of enhancing health education from a historical perspective. It also shed light on the managerial aspect of health education (including medical-check-up for students disease management. school feeding and the health education law and its organization) as well as its educational aspect (including curriculum, teaching & learning, and wishes of teachers). At the same time it attempted to present the ways of resolving the problems in health education as identified her. Its major findings are as follows; I. Colculsion and Summary 1. Despite the importance of health education, the area remains relatively undeveloped. Students spend a greater part of their time in schools. Hence the government should develop a keener awareness of the importance of health education and invest more in it to ensure a healthy, comfortable life for students. 2. At the moment the outcomes of medical-check-up for students, which constitutes the mainstay of health education, are used only as statistical data to report to the relevant authorities. Needless to say they should be used to help improve the wellbeing of students. Specifically, nurse-teachers and home-room teachers should share the outcomes of medical-check-up to help the students wit shortcomings in growth or development or other physical handicaps more clearly recognize their problems and correct them if possible. 3. In the area of disease management, 62.6, 30.3 and 23.0 percent of primary, middle, and highschool students, respectively, were found to suffer from dental ailments. By contrast 2.2, 7.8, and 11.5 percent of primary, middle and highschool students suffered from visual disorders. The incidence of dental ailments decreases while that of visual impairments increases as students grow up. This signifies that students are under tremendous physical strain in their efforts to be admitted by schools of higher grade. Accordingly the relevant authorities should revise the current admission system as well as improve lighting system in classrooms. 4. Budget restraints have often been cited as a major bottleneck to the expansion of school feeding. Nevertheless it should be extended at least, to all primary schools even at the expense of parents to ensure the sound growth of children by improving their diet. 5. The existing health education law should be revised in such a way as to better meet the needs of schools. Also the manpower for health education should be strengthened. 6. Proper curriculum is essential to the effective implementation of health education. Hence it is necessary to remove those parts in the current health education curriculum that overlaps with other subjects. It is also necessary to make health education a compulsory course in teachers' college at the same time the teachers in charge of health education should be given an in-service training. 7. Currently health education is being taught as part of physical education, science, home economics or other courses. However these subjects tend to be overshadowed by English, mathematics, and other subjects which carry heavier weight in admission test. It is necessary among other things, to develop an educational plan specifying the course hours and teaching materials. 8. Health education is carried out by nurse-teachers or home-room teachers. In connection with health education, they expressed the hope that health education will be normalized with newly-developed teaching material, expanded opportunity for in-service training and increased budget, facilities and supply of manpower. These are the mainpoints that the decision-makers should take into account in the formation of future policy for health education. II. Recommendations for the Improvement of Health Education 1. Regular medical check-up for students, which now is the mainstay of health education, should be used as educational data in an appropriate manner. For instance the records of medical check-up could be transferred between schools. 2. School feeding should be expanded at least in primary schools at the expense of the government or even parents. It will help improve the physical wellbeing of youths and the diet for the people. 3. At the moment the health education law is only nominal. Hence the law should be revised in such a way as to ensure the physical wellbeing of students and faculty. 4. Health education should be made a compulsory course in teachers' college. Also the teachers in service should be offered training in health education. 5. The curriculum of health education should be revised. Also the course hours should be extended or readjusted to better meet the needs of students. 6. In the meantime the course hours should be strictly observed, while educational materials should be revised in no time. 7. The government should expand its investment in facilities, budget and personnel for health education in schools at all levels.

• Journal of the Korean Society for Marine Environment & Energy
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• v.11 no.4
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• pp.199-213
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• 2008

Saemangeum salt-water Lake has been created by the completion of the sea-dike in April 2006. To monitor the water qualities of the lake during the sea-dike construction, salinity, SS, nutrients(DIN, DIP, DISi), and chlorophyll-$\alpha$ was analyzed for the surface water from 1999 to 2007. Due to the dike construction, weaker tidal current and lesser resuspension of bottom sediment resulted in the marked decrease of the concentrations of SS in the lake water. Consequently the clearer lake water has provided better condition for primary production with deeper penetration of sunlight into the water column and sufficient nutrient content in the water. Finally the chlorophyll-$\alpha$ content became approximately double in the concentration after the dike construction. Highly stimulated algal production with the marked decrease of the concentrations of SS was decreased the concentration of DIP in the surface water. On the other hand the concentration of DIN and DISi in surface water was increased after dike construction due to the expansion of the freshwater and the supply from bottom layer. As a result, the lake revealed an extremely high NIP ratio and a DIP-limited ecosystem. The lake has been transformed from a typical coastal ecosystem to a brackish one. Since the dike completion, the lake has shown a similar change pattern to the Geum River estuary. Due to the salt-wedge intrusion of seawater, it is highly probable to expect the formation of low-oxygen zone at the bottom layer near the river-mouth area of the lake during the summer. Therefore we need a continuous sentinel monitoring of bottom water qualities in the near future.

• Journal of the Korean association of regional geographers
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• v.6 no.1
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• pp.1-28
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• 2000

The purpose of this study is to clarify the suburbanization of manufacturing, and location and linkages of decentralized manufacturing from Metropolitan Pusan by means of case study on manufacturing location and linkages in the suburb of Metropolitan Pusan. Kimhae city and Yangsan-Gun toward which heavy decentralization of manufacturing from the Metropolitan Pusan has been done. Both hard data and soft data were used as the basic data. Hard data are the statistical data in statistical yearbooks and firm list in directories. The former consists of the number of establishments and employees classified by product type, firm size and unit area. The latter consists of owner's names, addresses, employee number, products and headquarters of firms. Soft data are the results of the interviews with the 242 owners of firms in the four case study areas selected by Proportional Stratified Sampling Method. The major findings are as follows: 1. The spatial variations of manufacturing in the suburb was regularized in the latter half of 1970's. The primary processes to decentralize manufacturing from Metropolitan Pusan were the birth, relocation and establishment of branches of the firms. Among them the relocation of small outer-oriented single-location firms from Pusan was the most important. 2. The spatial variations undergoing spatial expansion of manufacturing distribution and increase of agglomeration degree of manufacturing, proceeded from the adjacents of Metropolitan Pusan to the outer areas along the main transportation route. 3. The main factors which caused manufacturing to decentralize from the Metropolitan Pusan were firm policy and land for this policy. The main locational factors which induced the decentralizing manufacturing into the suburb were land, market and transportation. 4. The strength of linkages with the outside of the study area is stronger than that of linkages with the inside. There is distance-decay-function in the strength of linkages with the outside, and linkages with short distant areas are stronger than those with long distant areas. 5. The ranges of spatial linkages in procurement of materials, in subcontraction and in marketing are wider than those in ordering. 6. The main factors which cause the formation of linkages are different by types of linkages: monopolistic and oligopolistic supply are important in procurement linkages; characteristics of products and the subsequent marketing difficulties, in subcontraction linkages; fluctuation, cost reduction, insufficient facility and characteristics of products, in ordering linkages; subcontract, characteristics of product and the subsequent marketing difficulties, in marketing linkages. 7. The changes of linkages owing to locational changes of firms were great, and were greater in long distant areas than in short distant areas. 8. The main factor influencing on the changes of linkages was the easiness in the transportation of goods, movement of labour and contacts with customers. In conclusion, some facts described above were proved to be consistent with the results of proceeding studies in the other areas: influence of relocation of decentralizing firms on the suburbanization; the factors of manufacturing decentralization; spatial characteristics of linkages; linkage changes owing to relocation of firms. Some were proved to be partly consistent: locational factors inducing decentralized manufacturing into the suburb were proved to be inconsistent. I think that the results of previous studies on the other areas can be applicable to the explanation on the decentralization of Metropolitan manufacturing from the viewpoint of the suburb. For the better explanation on the decentralization of Metropolitan manufacturing, more empirical case studies on the suburbanization of manufacturing are necessary.

• The Journal of Industrial Distribution & Business
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• v.3 no.1
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• pp.7-16
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• 2012

Despite the enforcement of SSM control laws such as 'the Law of Developing the Distribution Industry (LDDI)' and 'the Law of Promoting Mutual Cooperation between Large and Small/medium Enterprises (LPMC)' stipulating the business adjustment system, the number of super-supermarkets (SSMs) has ever been expanding in Korea. In France, however, Super Centers are being regulated most strongly and directly in the whole Europe viewing that there is not a single SSM in Paris, which is emphasized to be the outcome from French government's regulation exerted on the opening of large scale retail stores. In France, the authority to approve store opening is deeply centralized and the store opening regulation is a socio-economic regulation driven by economic laws whereas EU strongly regulates the distribution industry. To control the French distribution industry, such seven laws and regulations as Commission départementale d'urbanisme commercial guidelines (CDLIC) (1969), the Royer Law (1973), the Doubin Law (1990), the Sapin Law (1993), the Raffarin Law (1996), solidarite et renouvellement urbains (SRU) (2000), and Loi de modernisation de l'économie (LME) (2009) have been promulgated one by one since the amendment of the Fontanet guidelines, through which commercial adjustment laws and regulations have been complemented and reinforced while regulatory measures have been taken. Even in the course of forming such strong regulatory laws, InterMarche, the largest supermarket chain in France, has been in existence as a global enterprise specialized in retail distribution with over 4,000 stores in Europe. InterMarche's business can be divided largely into two segments of food and non-food. As a supermarket chain, InterMarche's food segment has 2,300 stores in Europe and as a hard-discounter store chain in France, Netto has 420 stores. Restaumarch is a chain of traditional family restaurants and the steak house restaurant chain of Poivre Rouge has 4 restaurants currently. In addition, there are others like Ecomarche which is a supermarket chain for small and medium cities. In the non-food segment, the DIY and gardening chain of Bricomarche has a total of 620 stores in Europe. And the car-related chain of Roady has a total of 158 stores in Europe. There is the clothing chain of Veti as well. In view of InterMarche's management strategies, since its distribution strategy is to sell goods at cheap prices, buying goods cheap only is not enough. In other words, in order to sell goods cheap, it is all important to buy goods cheap, manage them cheap, systemize them cheap, and transport them cheap. In quality assurance, InterMarche has guaranteed the purchase safety for consumers by providing its own private brand products. InterMarche has 90 private brands of its own, thus being the retailer with the largest number of distributor brands in France. In view of its IT service strategy, InterMarche is utilizing a high performance IT system so as to obtainas much of the market information as possible and also to find out the best locations for opening stores. In its global expansion strategy of international alliance, InterMarche has established the ALDIS group together with the distribution enterprises of both Spain and Germany in order to expand its food purchase, whereas in the non-food segment, it has established the ARENA group in alliance with 11 international distribution enterprises. Such strategies of InterMarche have been intended to find out the consumer needs for both price and quality of goods and to secure the purchase and supply networks which are closely localized. It is necessary to cope promptly with the constantly changing circumstances through being unified with relevant regions and by providing diversified customer services as well. In view of the InterMarche's positive policy for promoting local partnerships as well as the assistance for enhancing the local economic structure, implications are existing for those retail distributors of our country.

• Microbiology and Biotechnology Letters
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• v.48 no.3
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• pp.344-357
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• 2020

Strain improvement and bioprocess development were undertaken to enhance hyaluronic acid(HA) production by Streptococcus zooepidemicus cells. Using a high-yielding mutant strain, statistical medium optimization was carried out in shake flask cultures, resulting in 52% increase in HA production (5.38 g/l) at the optimal medium composition relative to the parallel control cultures. For sufficient supply of dissolved oxygen (DO), which turned out to be crucial for enhanced production of HA, agitation system and speed were intensively investigated in 5 L bioreactor cultures. Increase in oxygen mass transfer coefficient (k_La) through increment of agitation speed (rpm) and 35% expansion of diameter of the newly-designed impellers showed significantly positive effects on HA production. By installing an expanded Rushton-turbine impeller for efficient break-down of sparged air, and an extended marine impeller above the Rushton-turbine impeller for efficient mixing of the air-born viscous fermentation broth, maximum amount of HA (9.79 g/l) was obtained at 450 rpm, 1.8 times higher level than that of the corresponding flask culture. Subsequently, the possibility of bioprocess scale-up to a 50 L bioreactor was investigated. Despite almost identical maximum HA production (9.11 vs 9.25 g/l), the average HA volumetric productivity (r_p) of the 50 L culture turned out only 74% compared to the corresponding 5 L culture during the exponential phase, possibly caused by shear damages imposed on the producing cells at the high stirring in the 50 L culture. The scale-up process could be successfully achieved if a scale-up criterion of constant oxygen mass transfer coefficient (k_La) is applied to the 50 L pilot-scale bioreactor system.

• Journal of Korean Academy of Nursing
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• v.23 no.4
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• pp.569-584
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• 1993

This study was done to verify validity of nursing diagnoses related to difficulty in respiratory function. First, content validity was examined by an expert group considering the etiology and the signs / symptoms of three nursing diagnoses - ineffective airway clearance, ineffective breathing pattern, impaired gas exchange. Second, clinical validity was examined by comparing the frequencies of the etiologies and signs / symptoms of the three nursing diagnoses in clinical case studies with the results of the content validity. This study was a descriptive study. The sample consisted of 23 experts (professors, head nurses and clinical instructors) who had had a variety of experiences using nursing diagnoses in clinical practice, and 102 case reports done by senior student nurses of the college of nursing of Y-university. These reports were part of their clinical practice in the ICU. The instrument used for this study was a checklist for etiologies and signs and symptoms based on the literature, Doenges and Moorhouse (1988), Kim, McFarland, McLane (1991), Lee Won Hee et al. (1987), Kim Cho Ja et at. (1988). The data was collected over four month period from May 1992 to Aug. 1992. Data were analyzed using frequencies done with the SPSS / PC＋ package. The results of this study are summarized as follows : 1. General Characteristics of the Expert Group A bachelor degree was held by 43.5% and a master or doctoral degree by 56.5% of the expert group. The average age of the expert group was 35.3 years. Their average clinical experience was 9.3 years and their average experience in clinical practice was 5.9 years. The general characteristics of the patients showed that there were more women than men, that the age range was from 1 to over 80. Most of their medical diagnoses were diagnoses related to the respiratory. system, circulation or neurologic system, and 50% or more of them had a ventilator with intubation or a tracheostomy. The number of cases for each nursing diagnoses was : · Ineffective airway clearance, 92 cases. · Ineffective breathing pattern, 18 cases. · Impaired gas exchange, 22 cases. 2. The opinion of the expert group as to the classification of the etiology, and signs and symptoms of the three nursing diagnoses was as follows : · In 31.8% of the cases the classification of etiology was clear. · In 22.7%, the classification of signs and symptoms was clear. · In 17.4%, the classification of nursing interventions was clear. 3. In the expert group 80% or mere agreed to ‘dysp-nea’as a common sign and symptom of the three nursing diagnoses. The distinguishing signs and symptoms of (Ineffective airway clearance) were ‘sputum’, ‘cough’, ‘abnormal respiratory sounds : rales’. The distinguishing sings and symptoms of (Ineffective breathing pattern) were ‘tachypnea’, ‘use of accessory muscle of respiration’, ‘orthopnea’ and for (Impaired gas exchange) it was ‘abnormal arterial blood gas’, 4. The distribution of etiology, and signs and symptoms of the three nursing diagnoses was as follows : · There was a high frequency of ‘increased secretion from the bronchus and trachea’ in both the expert group and the case reports as the etiology of ineffective airway clearance. · For the etiologies for ineffective breathing pat-tern, ‘rain’, ‘anxiety’, ‘fear’, ‘obstructions of the tract, ca and bronchus’ had a high ratio in the ex-pert group and ‘decreased expansion of lung’ in the case reports. · For the etiologies for impaired gas exchanges, ‘altered oxygen -carrying capacity of the blood’ and ‘excess accumulation of interstitial fluid in lung’ had a high ratio in the expert group and ‘altered oxygen supply’ in the case reports. · For signs and symptoms for ineffective airway clearance, ‘dyspnea’, ‘altered amount and character of sputum’ were included by 100% of the expert group. ‘Abnormal respiratory. sound(rate, rhonchi)’ were included by a high ratio of the expert group. · For the signs and symptoms for ineffective breathing pattern. ‘dyspnea’, ‘shortness of breath’ were included by 100% of the expert group. In the case reports, ‘dyspnea’ and ‘tachypnea’ were reported as signs and symptoms. · For the sign and symptoms for impaired gas exchange, ‘hypoxia’ and ‘cyanosis’ had a high ratio in the expert group. In the case report, ‘hypercapnia’, ‘hypoxia’ and ‘inability to remove secretions’ were reported as signs and symptoms. In summary, the similarity of the etiologies and signs and symptoms of the three nursing diagnoses related to difficulty in respiratory function makes it difficult to distinguish among them But the clinical validity of three nursing diagnoses was established through this study, and at last one sign and symp-tom was defined for each diagnosis.

• Journal of Nutrition and Health
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• v.9 no.1
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• pp.43-50
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• 1976

This is the report of a food consumption survey of 193 members of 30 farm families in three rural villages of Korea. From a total of 188 households of the three villages, namely Wolgok in Kyunggi Do Province, Wachon in Kangwon Do Province, and Sobong in Cholla Namdo Province, 30 households were chosen for the survey. Four consecutive seasonal surveys, beginning in the autumn, November 1974 and finishing with the summer, August 1975, were made and each survey covered three consecutive days. The Precise Weighing Method was used in evaluating the kinds of food and nutrient intakes of the subjects. This method entails the accurate weighing of all foods by the investigator just prior to their consumption by the subjects under investigation. This survey was male to determine the actual food eaten by the members of these farm families at each season of the year, and to note any special differences in the foods consumed. The results obtained are summarized as follows: Food Intake The traditional ordinary diet of Korean farmers consists mainly of rice and other cereals as staple foods, and simple subsidary foods. The nutritional shortcomings of rice as a staple food are evident in the subclinical status of nutritional deficiencies. The mean consumption of cereals and their products was very high and it was more than half of the daily total food intake throughout all the seasons. The consumption of animal food, fruits, and fat by the farmers was very low. Fruit intake during winter and spring was almost nil. One of the special foods in the Korean dietary pattern is Kim-chi, a variety of pickled and fermented vegetables. The mean intake of Kim-chi during autumn and winter was very much higher than the other seasons. Korean farmers have difficulties in balanced year-round supply of food due to seasonality of food production and lack of food preservation. As nutrition problems of Korean farmers are highly influenced by seasonal variations, the expansion of an appropriate food preservation and storage programme should be encouraged. Special consideration should be given to new methods of preservation, the types of foods preserved, and production and consumption of nutritionally valuable foods for the improvement of the nutritional status in rural communities. Nutrient Intake Average adult rates for calorie and protein in the three study areas were 0.80 and 0.87 respectively, with little variations by villages. The adult caloric intake in averaged 2,928 kcal for autumn, 2,662 for winter, 2,673 for spring, and 2,760 for summer. Cereals contributed most of the total calories. In terms of the recommended daily dietary allowances for the Korean given by the Korea FAO Association, the diets in this survey were adequate except in the winter and spring. The protein intake averaged from 76.4 grams in autumn to 83.4 grams in summer and was near the recommended allowance, but a relatively large proportion of the total protein came from cereals and their products. The fat intake was unsatisfactory, ranging from 19.2 grams to 29.3 grams for the four seasons, and the consumption during farming season was higher than other seasons. It is apparent that the diet of the Korean farmers should be supplemented by calcium during autumn and winter. The highest calcium intake, with a mean of 583.5 milligrams, was recorded in summer. The mean intake of iron ranged from a low of 9.2 milligrams in the autumn to a high of 15.0 milligrams in the spring and it was satisfactory for all seasons. Among the vitamin group, the daily average intakes of vitamin A, thiamine, riboflavin, and ascorbic acid were lower than the desired intake throughout all the seasons. The mean vitamin A intake as ${\beta}-carotene$ ranged from a low of 2,807.8 IU to a high of 5,221.0 IU. The thiamine intake ranged from 0.98 milligrams to 1.19 milligrams, while mean riboflavin intake ranged from 0.92 milligrams to 1.13 milligrams. Ascorbic acid intake was 37.3 milligrams, the lowest, and the highest 47.8 milligrams. Niacin intake among Korean farmers was higher than the recommended allowance throughout all the seasons, and the mean intake ranged from 18.3 milligrams to 25.8 milligrams. The main character of the Korean farmers' diet has been found low in quality of protein and high in carbohydrate. Attention should be paid to the low intake of vitamin A, thiamine, riboflavin, and ascorbic acid among Korean farmers.

• Korean Journal of Ecology and Environment
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• v.43 no.1
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• pp.44-54
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• 2010

In this study, a comprehensive exploration and evaluation of washland candidate locations by means of field monitoring as well as spatial analysis in six major river system (Han, Nakdong, Nam, Geum, Youngsan, and Seomjin Rivers). Washland(in other words, river detention basin) is an artificial wetland system which is connected to streams or rivers likely to riverine wetlands. Major purpose of washland creation is to control floodings, water supply and purification, providence of eco-cultural space to human and natural populations. Characteristics and functions of riverine wetlands can be expected as well, thus it is believed to be an efficient multi-purpose water body that is artificially created, in terms of hydrology and ecology. Geographical information and field monitoring results for the washland candidate locations were evaluated in 2009, with respect to optimal location exploration, ecosystem connectivity and educational-cultural circumstances. A total of $269\;km^2$ washland candidate locations were found from spatial analysis (main channel of Rivers South Han, 71.5; Nakdong 54.1; Nam, 2.3; Geum, 79.0; Youngsan 46.4; Seomjin 15.7), and they tended to be distributed in mid- to lower part of the rivers to which tributaries are confluent. Field monitoring at 106 sites revealed that some sites located in the Rivers Nam and Geum is appropriate for restoration or artificial creation as riverine wetlands. Several sites in the Nakdong and Seomjin Rivers were close to riverine wetlands (e.g., Upo), habitats of endangered species (e.g., otters), or adjacent to educational facility (e.g., museums) or cultural heritages (e.g., temples). Those sites can be utilized in hydrological, ecological, educational, and cultural ways when evidence of detailed hydrological evaluation is provided. In conclusion, determination of washland locations in the major river basins has to consider habitat expansion as well as hydrological function (i.e. flood control) basically, and further utility (e.g. educational function) will increase the values of washland establishment.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.225-270
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• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.