• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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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.

• 한국주거학회논문집
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• 제26권1호
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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.

• 한국의상디자인학회지
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• 제5권3호
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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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• 제15권1_2호
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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.

• 복식
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• 제45권
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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.

• 한국지역사회생활과학회지
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• 제23권2호
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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.

• 패션비즈니스
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• 제9권6호
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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.

• 한국경제지리학회지
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• 제15권4호
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• pp.534-549
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• 2012

본 연구는 2011년 가계금융조사 자료를 이용하여 주택자산이 자산 감축기에 진입한 60세 이상 고령자가구의 재정수지에 미치는 영향을 순서화된 로짓모형으로 분석하였다. 인적 사회적 특성 변수들 중에 연령, 임금근로자, 고졸이상의 학력, 수익성을 선호하는 금융투자성향 등의 변수들은 가구의 재정수지에 정(+)의 효과를 미치지만 가구원수, 미은퇴가구의 은퇴준비가 부족한 경우 등은 부정적인 영향을 미쳤다. 주거특성 변수에서는 아파트와 수도권 거주가 부정적인 영향을 미치는 한편, 주택자산을 소유하는 것은 긍정적인 영향을 미쳐 주거비용이 가계수지에 영향을 미치고 있음을 보여주고 있다. 경제적 능력과 재무특성 변수들 중에 경상소득, 금융자산의 비중은 긍정적인 영향을 미치지만, 금융부채와 소득과의 관계를 나타내는 DSR은 가구의 재정수지를 악화시키고 있는 것으로 나타났다. 총자산에서 주택자산이 차지하는 비중은 부정적인 영향을 미치는 것으로 나타나 주택소유와 상반된 결과를 보여주고 있다. 이는 주택이 가지는 소비재와 투자재의 양면성에서 비롯되는 것으로 보인다. 주택이외 기타 부동산의 경우 총자산에서 차지하는 비중은 물론 소유자체도 가계수지에 부정적인 영향을 미치고 있다. 주택자산 소유가구와 기타부동산자산 소유가구 모두 자산대비 금융부채비율이 가계수지를 악화시키는 것으로 나타나 대출을 이용한 부동산구입은 가계를 위험에 빠뜨릴 수 있다는 것을 시사하고 있다.

• Strategy21
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• 통권41호
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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.

• 통상정보연구
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• 제3권2호
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• pp.1-16
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• 2001

본 연구는 국제 간의 무역거래에 있어 전자상거래 방식이 거래의 주체들이 선택하는 거래방식 포트폴리오 내에서 어떻게 조화되고 결정되는지, 그리고 이를 전략적으로 운용하기 위한 일반화 가능한 논리는 무엇인지를 다음과 같이 분석하고 있다. 첫째, 기대효용극대화 모형에 입각한 비교정태 분석을 통해 위험회피자로서의 효용을 갖는 거래 주체들은 총 거래 자산에 대한 한계기대효용이 영(零)이 될 때까지의 금액을 전자상거래 방식에 배분하는 거래 포트폴리오를 구성한다. 둘째, 거래 주체의 기대 효용을 극대화할 수 있는 최적 거래 포트폴리오는 본 연구가 준용하고 있는 평균-분산 모형에 의한 효율적 거래선과 자신의 위험 회피도를 반영하는 평균-분산 무차별 곡선이 접하는 점에서 결정된다. 셋째, 국제간 전자 상거래 방식의 가치는 Rf거래방식의 수익률과 리스크 프레미엄의 두 요소에 의해서 결정되어 질 수 있는 바, 거래하고자 하는 총 부와 전자상거래 방식의 수익률이 정(正)의 상관관계가 있을 때에는 전자상거래 방식이 선택되기 위해서는 자신의 리스크를 상쇄하고도 남을 만큼의 매력도, 즉 Rf거래방식보다 더 높은 기대 수익률이 보장되어야한다. 넷째, 반면에 거래하고자 하는 총 부와 부(負)의 상관관계가 있을 때에는 수익률의 포기가 전제가 되므로 전자상거래 방식이 국제 무역거래방식에서 주된 거래조건으로 자리매김하기 위해서는 필연적으로 안정적 거래보증의 기능이 거래 주체들에게 수긍되어야 한다. 끝으로, 국제간 전자상거래 방식의 리스크 분석과 그 규모 결정 여부에 대한 궁극적 해답은 선택된 거래 포트폴리오내에서 거래되는 총 부의 수익률에 전자상거래 방식이 어느 정도 영향을 주느냐는 척도, 즉 공분산 리스크로 평가되어야 한다.