• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.63-72
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• 2020

Shadow banking in China has been growing rapidly; banks use wealth management products aggressively to evade regulatory constraints. The loan-to-deposit ratio or LDR targets both sides of the balance sheet; loans in terms of asset-side, and deposits in terms of liabilities-side; banks needed to control and maintain both sides. Regulators restricted Chinese banks to maintain a 75% limit for their loan-depositratio. Banks' needed to either lower their loans or increase the deposits; WMPs helped banks to evade this limit. Banks issue more WMPs to control and manage a 75% statutory ceiling LDR. This WMPs-LDR positive association disappeared post-2015 period. This study empirically examined how Chinese banks use WMPs issuance to avoid regulatory constraints. Quarterly panel data for 30 top Chinese banks were used by analyzing pre-2015 (during the 75% LDR limit) and post-2015 (after removal of the LDR limit). This study also performed fixed-effects model as recommended by the Hausman specification test, with feasible generalized least squares FGLS estimation technique. The results of this study show that for the pre-2015 period, Chinese banks use issuance of WMPs aggressively to manage their LDR limit; this WMPs-LDR relationship disappeared post-2015 period. Moreover, SMBs use WMPs more eagerly as compare to Big4 banks.

• Journal of the Korean housing association
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• v.26 no.1
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• pp.109-118
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• 2015

The purpose of this research is to examine generational distinctions of housing investment and household wealth for two different age cohorts - 'baby-boomers' and 'eco-boomers'. In so doing, national survey data of two different periods were analyzed and the primary results are summarized as follows; aggregate assets of both generations have risen, and the rising household debt for baby-boomers was related to loans for living expenses while eco-boomer's debt was ascribed to home-buying loans. In the midst of economic slowdown, the age cohorts had conservative asset allocation in preference for risk-averting investment like savings. The main purpose of saving and investment was distinctive across the groups? retirement for baby-boomers and home purchase for eco-boomers. Both groups prioritized reduction of household liabilities and also were cautious on investing in real estate. Still home-buying was considered to be an important driver for asset accumulation. While baby-boomers were unwilling to dispose any form of owned real estate, eco-boomers found it challenging to take on a long-term investment like home-buying, especially in economic uncertainties. Rather the young generation would diversify asset allocation with better-returning investment commodities like stocks, bonds and derivatives.

• Journal of the Korea Fashion and Costume Design Association
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• v.5 no.3
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• pp.37-48
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• 2003

'Pattern' is of very unique nature in each and every country around the world, and its aesthetic feeling of 'pattern' has been handed down according to its nationality and cultural development process. That is, 'pattern' is ornament to symbolize each country's aesthetic standard or choice through some shape, reflecting social consciousness or religion philosophy. Mostly based upon literature survey and case study, this survey paper analytically compares oriental botanical pattern with occidental botanical figure, which has been influenced by Buddhism-Confucianism and Christian religion respectively. The results show that some patterns are commonly used in both area, while meaning differently in some cases: lotus (life), pomegranate (wealth and prosperity in orient, resurrection in occident), grape (fecundity in orient, wealth in occident), dangcho (fecundity in orient, victory in occident). And the other patterns look uniquely used either just in orient or only in occident. For instance, oriental area had its own patterns such as peony (meaning wealth and honour), peach (longevity), ume flower (happiness), orchid (fecundity); while occidental area used lily (purity), olive (peace), palm (victory), and so on. Interestingly, the botanical patterns were used as main patterns in orient whereas as minor in occident.

• Journal of applied mathematics & informatics
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• v.15 no.1_2
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• pp.109-126
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• 2004

This paper deals with two problems of optimal portfolio strategies in continuous time. The first one studies the optimal behavior of a firm who is forced to withdraw funds continuously at a fixed rate per unit time. The second one considers a firm that is faced with an uncontrollable stochastic cash flow, or random risk process. We assume the firm's income can be obtained only from the investment in two assets: a risky asset (e.g., stock) and a riskless asset (e.g., bond). Therefore, the firm's wealth follows a stochastic process. When the wealth is lower than certain legal level, the firm goes bankrupt. Thus how to invest is the fundamental problem of the firm in order to avoid bankruptcy. Under the case of different lending and borrowing rates, we obtain the optimal portfolio strategies for some reasonable objective functions that are the piecewise linear functions of the firm's current wealth and present some interesting proofs for the conclusions. The optimal policies are easy to be operated for any relevant investor.

• Journal of the Korean Society of Costume
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• v.45
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• pp.179-199
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• 1999

Indeterminancy is one of the thought systems which explains all things with not 'either-or' but 'both-and' the conditions and qualities of human identities and inner state. A view of the world of Dionisos of Nietzsche's and the character of Manneristic trend which has resolved the sense of alienation of men by paradoxic expression has succeeded to romanticism surrealism and postmodernism. 1. Cross-dressing has increased under contemporary conditions. There also have been various cross-dressing phenomena in the past but it appears strongly now that it would destroy the cultural stereotypes and give rise to the cultural insecurities in contemporary conditions. 2. The indeterminancy of status that is wealth versus poverty impacts on variations of contemporary dress. This has been represented by neglecting traditional code which is related to wealth in costume by conversion of the symbols of wealth and poverty as disguise with moderation simplicity and additionally poverty image instead of ostentation. 3. In the cultural aspect that is mother culture/ subculture the author has investigated black street fashion which has newly become visible. The black street fashion is wide spread in black popular music such as jazz Rhythm & Blues Reggae and Rap which is subculture against white. The external values of indeterminancy in fashion are n대-manneristic tendencies as deformation eclectic friction and irrational structure and graffiti method. The inner values by indeterminant expression in fashion are irony and paradox grotesque satire and amusement.

• The Korean Journal of Community Living Science
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• v.23 no.2
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• pp.145-162
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• 2012

The purpose of the study was to explore what factors influenced the elderly's prospective inheritance types such as traditional, equal, practical, and non-inheriting type. The role of older parents' socio-demographic and intergenerational characteristics affecting a decision on each pattern was paid special attention to. I used the nationally representative data from 10,469 older parents living independently in the '2008 Korean National Survey of Welfare Need in the Elderly'. Results showed that prospective inheritance types among the elderly were diverse. The type which pursues equal distribution of wealth to all the children emerges predominantly from them. Findings also suggested that inheritance types were associated with factors such as both individual and intergenerational variables. Furthermore, different factors had different impact on each type. Individual variables contributed more to equal types while intergenerational variables contributed to practical types. More interestingly, both individual and intergenerational factors affected non-inheriting types. Further research is necessary to investigate what mechanisms will be operating through the process of inheritance, which social policies will be substituted for the inheritance, and what other variables will account for the intergenerational transmission of wealth.

• Journal of Fashion Business
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• v.9 no.6
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• pp.56-70
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• 2005

This study investigates historically difference by age of wig banishments that symbolize social-economic status from West Egypt era baroque age as qualitative study that use secondary bibliographic data, there is purpose. Conclusion of this study is as following. Because wig putting on that symbolize among several usages of wig putting on, socio-economic status until 17th century baroque age from ancient Egypt is been in fashion through privilege class lower classes as well as upper class wig putting on attain. Ancient wig putting on became measure that divide class because differ material of wig or one dimension, shape (style) and length became linear measure that it can aim wealth's emblem that putting on of long wave wig and whole wig that differ lust has many wig though was in fashion though whole wig and were in fashion arriving to Renaissance. That it becomes France clean fingernails' necessaries as Louis the 14th that ready crux of absolute authority establishment of France Court put wig from depilation to count 17 was clear socio-economic status etc. symbol measure inclination. Go without question status or position, wealth and churchman puts wig so that can know special sex of weapon of where the soldiers are belonged as well as put wig and wig putting on was parted according to job and lower classes participated in fashion of wig putting on. Wig putting on that become measure that symbolize job or status in this baroque age, position, wealth etc. gave absolute influence in wig fashion in 18th century.

• Journal of the Economic Geographical Society of Korea
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• v.15 no.4
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• pp.534-549
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• 2012

This study analyzed the effects of housing wealth on the balance accounts of elderly households with an age of over 60 facing the asset decumulation period, capitalizing upon an ordered logit model for the 2011 household finance survey data. Out of some variables representing personal and social characteristics, the age and waged worker variables had a positive effect, but the number of household, low education level, living in the apartment and capital region variables negatively affected the balance accounts of elderly households. Some variables reflecting economic wealth and financial strategies such as the attitude of risk-taking, ordinary income and the ratio of financial assets had a positive impact, but other variables such as DSR did a negative one on the balance accounts of the elderly households. The ownership of housing wealth variable positively, but the ratio of housing assets variable negatively affected the balance accounts of the elderly households, which could be derived from the duality of housing as both consumption goods and assets. However, the ownership of other real estates and the ratio of them in the total assets variables had a negative impact on the balance accounts of the elderly households. Furthermore, since the financial asset-debt ratio worsened the balance accounts of the elderly households with both housing and other real estates, it is implied that the purchase of real estates with excessive bank loans could make them dangerous.

• Strategy21
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• s.41
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• pp.174-207
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• 2017

Human history shows diverse strategies for survival and prosperity. This study introduces the concept of the expansion of wealth as a key to explain choice and behavior of political entities. American scholar, -Bruce Bueno de Mesquita-, offers theoretical grounds for this concept in that the cores of selectorate theory is settled. The political entity consists of two groups, -the winning coalition that has power to replace leader and non-winning coalition that has not. Leaders implement policies serving for the welfare of winning coalition in return for their loyalty. Both internal problems caused by demographic changes and external ones of climate changes, epidemic disease, or invasion compel leader and winning coalition to adopt policies of expansion that they believe may lead to the acquisition of wealth needed to counter those problems. The process starts by occupying one spot where other entities reside and then connecting it to its own. The line between spots functions as a foothold to form a new line to other spots. By repeating this process, a space is created in which new laws and orders are instated. In the early stage of expansion, war is hardly avoidable. Once finished successfully, the political circumstance tilts to encourage economic activities in order to generate national revenues to strengthen political power of winning coalition. However, as scale of economic activities grows, so does political power of civic classes in production and trade. To gain financial support required to run the political entity, delegation of power or bestowing autonomy to non-winning coalition is inevitable. Thus, expansion is not the ultimate solution, only to prolong the political survival if succeed. Maritime power came to attractive option when overland expansion had become obstructed. It offered much greater advantages in terms of political risks and financial burdens in exploring new regions of precious commodities than overland expansion. Each political entity around world have been, for the first time in human history, connected by maritime means since 15th century. It is worthy of noting that land conditions propelled people out to sea. Political and economic situations created opportunities to exploit geographical position in pursuit of wealth. In the 21st century, we witness the operation of international winning coalition that presides over the rules of expansion. Competing for market is synonymous to the expansion in this era, the cause and aim of it has not been changed though. Energy and dollars are key factors of expansion since the end of the 2nd world war. No matter what the forms and conditions change, naval power is still the most relevant means for expansion as it retains unique characters of maneuver, flexibility, continuity, display and projection of power. The strategy for using naval power should be in line with two different approaches for expansion: Approaches to the international winning coalition by making contribution to world order, and approaches to the non-international winning coalition by enhancing military diplomatic activities. The former will serve our share of winning coalition while the latter will open chances to acquire further prosperity.

• International Commerce and Information Review
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• v.3 no.2
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• pp.1-16
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• 2001

This study discusses some theoretical implications for efficient utilization of the global E-commerce in a world of uncertainty by beginning with measures of risk and return for the global E-commerce, and by moving to risk and return for a efficient transaction portfolio of many risky methods of transaction. Decision rules are developed to show how individuals choose optimal transaction portfolios that maximize their expected utility of wealth. First, the individuals will generally want to allocate positive amount to the global E-commerce, which requires that the expected marginal utility of wealth equals zero. Secondly, the optimal transaction portfolio will be determined by finding the point of tangency between the efficient trading line and the hightest indifference curve in the mean-variance plane. Thirdly, if the global E-commerce is positively correlated with wealth, it must have an expected return that is higher than the risk-free transaction methods in order to compensate for its risk. Fourthly, on the other hand, if the global E-commerce is negatively correlated with wealth, it will have an expected return that is less than the risk-free transaction methods. Finally, the valuation of global E-commerce depends on the degree of individual's risk aversion and the covariance between the expected return of total wealth and the return of global E-commerce.