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European Real Exchange Rates after Bretton Woods: A Re-examination
( Serge Rey ),( Pascal Varachaud ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2002 Journal of Economic Integration Vol.17 No.1
This paper examines the hypothesis of Purchasing Power Parity (PPP), i.e. the proposition that the equilibrium real exchange rate is a constant in the long run, in the case of Europe of the 15. For that purpose, we study the statistical properties of 14 European bilateral real exchange rates against the Deutschmark, over the period 1973-1998. These rates are constructed using consumer prices (CPI), wholesale prices (WPI) and unit labor costs (ULC). The results of various unit-root tests show that globally there is little evidence to support PPP, i. e. the stationarity hypothesis of real exchange rates is rejected. At the most, some meanreverting process are verified; in two cases with CPI, seven cases with WPI and three cases with ULC. Furthermore, general PPP with consumer prices is verified in only one case, namely between France and Germany. Finally, the evidence on bilateral real exchange rates suggests that inference on PPP is not sensitive to whether the country is a member of an European exchange system (snake and/or EMS). There is no systematic influence of exchange rate regimes.
Serge Rey,Sophie Nivoix 세종대학교 경제통합연구소 2018 Journal of Economic Integration Vol.33 No.1
From an asset portfolio management perspective, analyses of the correlations between returns are of great importance. This article investigates the correlations between the rates of return of Tokyo Electric Power Company stock and the Japanese Nikkei index over the lengthy period of 1985 to 2016. Using Markov-switching models, we seek to determine the effects of the Fukushima earthquake disaster compared with those of other shocks on the Japanese financial market. Although the Fukushima catastrophe resulted in more volatile stock prices, it had not changed the correlation structure among asset returns. In addition, both low- and high- volatility regimes, the Nikkei causes Tokyo Electric Power Company, but Tokyo Electric Power Company does not cause the Nikkei.
Physicochemical and Antioxidant Properties of Extruded Cornmeal with Natural Cocoa Powder
Serge Edou Ondo,류기형 한국식품과학회 2013 Food Science and Biotechnology Vol.22 No.suppl1
The mixtures of natural cocoa powder (NCP)(0-20%) and corn meal (CM) were processed in a twinscrew extruder at melting temperature ranging from 130 to 150oC to produce expanded extrudates. The specific mechanical energy (SME) input, expansion indexes, piece density, water absorption index (WAI), water solubility index (WSI), mechanical properties, microstructure, and antioxidant properties of extrudates were investigated. SME input and piece density were significantly affected by the melting temperature, while increasing the NCP increased the SME input and reduced piece density. An inverse relationship between sectional and longitudinal expansion indexes was confirmed. When NCP was added, numerous air cells, smaller pore size, apparent elastic modulus,breaking strength, WSI, protein, fat, and ash contents significantly increased whereas the WAI, moisture and carbohydrate contents were reduced. The influence of added NCP was attributed to the formation of lipidamylose complexes. The use of NCP on the extruded corn meal is an alternative to improve nutritional values and good texture characteristics.