중국 화폐수요에 대한 주가 영향력의 새로운 증거

Shengliang Zhao,박정일 한국아시아학회 2023 아시아연구 Vol.26 No.4

Our study re-examines if including stock prices in China’s money demand function (MDF) yields a stable MDF. Unlike prior research, we used nonlinear autoregressive distributed lag model, which permitted exploring asymmetric effects of stock prices on money demand. The empirical results show that the wealth effects of stock prices on money demand are asymmetric in the short run. The long-run effect is only discernible in negative changes in stock prices. The stability of the long-run equilibrium of MDF highlights the role of the negative changes in stock prices. The asymmetric effects will help authorities design policies to stabilize Chinese financial markets.

Adaptive Algorithms for Bayesian Spectrum Sensing Based on Markov Model

( Shengliang Peng ),( Renyang Gao ),( Weibin Zheng ),( Kejun Lei ) 한국인터넷정보학회 2018 KSII Transactions on Internet and Information Syst Vol.12 No.7

Spectrum sensing (SS) is one of the fundamental tasks for cognitive radio. In SS, decisions can be made via comparing the test statistics with a threshold. Conventional adaptive algorithms for SS usually adjust their thresholds according to the radio environment. This paper concentrates on the issue of adaptive SS whose threshold is adjusted based on the Markovian behavior of primary user (PU). Moreover, Bayesian cost is adopted as the performance metric to achieve a trade-off between false alarm and missed detection probabilities. Two novel adaptive algorithms, including Markov Bayesian energy detection (MBED) algorithm and IMBED (improved MBED) algorithm, are proposed. Both algorithms model the behavior of PU as a two-state Markov process, with which their thresholds are adaptively adjusted according to the detection results at previous slots. Compared with the existing Bayesian energy detection (BED) algorithm, MBED algorithm can achieve lower Bayesian cost, especially in high signal-to-noise ratio (SNR) regime. Furthermore, it has the advantage of low computational complexity. IMBED algorithm is proposed to alleviate the side effects of detection errors at previous slots. It can reduce Bayesian cost more significantly and in a wider SNR region. Simulation results are provided to illustrate the effectiveness and efficiencies of both algorithms.

중국 화폐수요에 대한 부동산 및 주식시장의 영향력

조생량(Shengliang Zhao),박정일(Jung Il Park),장병기(Byoung Ky Chang) 한국아시아학회 2015 아시아연구 Vol.18 No.3

본 연구는 중국의 화폐수요에 대한 부동산 가격 및 주식 가격의 변동으로 인한 자산효과를 분석하였다. 자료의 한계를 극복하기 위해 ARDL 한계검정법을 적용하여 분석한 결과, 화폐수요에 대한 장기균형관계에 있어서 자산시장(특히 부동산시장)의 중요성을 확인할 수 있었다. 한계검정법을 적용한 결과 자산가격을 포함하는 경우에만 공적분관계(장기균형관계)가 존재하며 자산가격을 포함하지 않을 경우에는 공적분관계가 존재하지 않는 것으로 나타났다. 보다 정확한 장기 영향력을 확인하기 위해 DOLS와 FMOLS를 이용하여 공적분 벡터를 추정한 결과, 부동산가격은 모든 모형에서 유의한 정(+)의 영향력을 보이는 것으로 나타나 화폐수요에 대한 부동산 시장의 소득효과를 다시 한번 확인할 수 있었다. 한편 주식시장의 경우 화폐수요에 대한 효과가 부동산시장보다 미약한 것으로 나타났다. M1에 대해서는 하나의 모형에서만 유의한 정(+)의 영향력이 확인되었고 M2에 대해서는 두 개의 모형에서 유의한 부(-)의 영향력이 확인되었다. 본 연구의 결과는 통화정책 수립 시 자산시장(특히 부동산시장)의 영향을 고려하여야 함을 암시한다. This research aims to analyze the effect of stock and real estate prices on the demand for money in China. We assessed the demand for money1 (M1) and money2 (M2) units in China through using Johansen``s cointegration and ARDL-bounds test. In addition, not only Stock and Watson``s DOLS but Phillips and Hansen``s FMOLS methods were applied to estimate long-run cointegration vectors. The result of ARDL-bounds test shows that asset markets, especially the real estate market, are critical in the long-run equilibrium relationship. There are no cointergration relationships among money demand, real GDP, interest rate and exchange rate in both M1 and M2 models. By adding asset prices in the tested models, we could find strong cointegration relationships on the other hand. Additionally, the results of DOLS and FMOLS confirmed that both real estate and stock price are a valuable factor influencing upon the demand for money. Particularly, the coefficient of real estate price is statistically significant in all the models. These research results imply that the monetary policy should take into account asset price changes.

중국 주택가격의 장･단기 영향요인 분석

조생량(Zhao Shengliang),박정일(Park Jungil) 부경대학교 인문사회과학연구소 2018 인문사회과학연구 Vol.19 No.1

본 연구는 중국 주택가격에 대한 장단기 영향요인을 확인하기 위한 실증분석을 수행 한다. 장기관계의 존재를 확인하기 위해 기존의 요한센 공적분 외에 ARDL bound test를 추가하고, 장기벡터 확인을 위해 DOLS 및 FMOLS 분석을 수행한다. 단기영향력은 변수 나열순서와 무관하게 일관적 결과를 도출하는 일반화 충격반응 및 일반화 예측오차 분산분해를 수행한다. 장기분석결과, 모든 도시규모에서 장기관계가 확인되었다. 장기벡터의 경우 소득과 대출량의 정(+)의 영향력과 주가가 부(-)의 영향력이 대부분 모형에서 확인되었다. 하지만 이자율과 주택재고의 경우 유의미한 결과가 많지 않아 장기에 있어서 주택가격에 대한 영향력이 크지 않은 것으로 판단된다. 단기분석결과, 일반화 충격반응함수의 경우 일선도시는 주가의 영향이 확인되었다. 이선도시와 삼선도시의 경우 일차 상급도시 및 대출량이 유의미한 영향력을 나타내었다. 모든 규모에서 충격은 20개월까지 이어짐이 확인되었다. 일반화 예측오차분산분해의 결과는 충격반응함수의 결과를 뒷받침하고 있다. 연구결과 장기와 단기에 주택가격 결정에 대한 영향요인에 차이가 있음을 확인하였다. 장기의 경우 이론적 요인이 제한적으로 부합하고 있지만 단기에는 주요요인이 차상위 도시의 변동으로 나타났다. 이 결과는 정책수립 시 단기와 장기에 구분되는 방법을 준비하는 것이 중요함을 의미한다. This paper conducts an empirical study on China s housing markets, attempting t analyze the short and long-run influence factors of housing price. In order to analyze the existence a long-run relationship of the theoretical model, we perform Johansen cointegration, and ARDL Bounds test. Additionally, DOLS and FMOLS analysis performs to determine long term vectors. To analyze the short-run influential factors, generalized impulse response and generalized variance decomposition techniques are employed. Long-run relationships have been identified on all models. For the long-run vectors, the positive influence of income and household loans and the negative influence of stock prices are mostly identified in the model. However, interest rates and housing stocks show little significant results. We found that in the short-run, the generalized impulse response effect of stock prices is confirmed in the first-tier cities. Upward-tire cities and household loans is significant results in second- and third-tier cities Shock levels at all sizes have been confirmed for up to 20 months. The results of the generalized variance decomposition support the generalized impulse response.. In our finding, long and short run influence on housing Price are different. In the long-run, the theoretical influences are identified, but in the short-run , the major factor is upward-tire cities. The results emphasizes that to establish short and long-run different policy is important.

중국주택가격의 지역 간 전이효과 분석

조생량(Zhao Shengliang),박정일(Park Jungil) 부경대학교 인문사회과학연구소 2017 인문사회과학연구 Vol.18 No.3

본 연구는 중국 주택 시장의 주택가격 전이효과 및 전이효과의 시간가변성을 확인하기 위해 실증분석을 수행한다. 전이효과 분석결과, 총전이는 모든 모형에서 40%이상으로 나타났다. 유입전이의 경우 도시발전수준과 부(-)의 관계, 유출전이의 경우 도시발전수준과 정(+)의 관계가 일반적이었으나, 베이징의 경우 예외적으로 유입전이가 높게 확인되었다. 시간가변성 분석결과, 일선도시의 영향력은 지속적인 하락추세로 나타났다. 이선도시 및 삼선도시의 영향력은 전반적인 상승추세를 보였다. 이선도시의 영향력 상승은 이선중급도시가 선도하는 것으로 확인되었다. 일선도시 내에서는 광저우의 독립성 약화 및 선전의 독립성 강화가 확인되었다. 상하이의 경우 타 지역에 대한 영향력 확대가 확인되었다. 연구결과를 바탕으로 본 연구는 중국 정부의 부동산 시장 규제에 대한 보다 구체적인 정책권고안을 제공할 수 있다. This paper conducts an empirical study on China’s housing markets, attempting to analyze housing price spillover and time-varying properties of housing price spillover. In the static analyses, total spillover indexes exceed over 40% in all three models. The spillover from others has significant negative relationship on the urban development level, while the spillover to others has significant positive relationship on the urban development level. In Beijing, the spillover from others is exceptionally high. In the time-varying dynamic analyses, the empirical results show that the influence of the first-tier cities reveal a steady decline. The influence of second- and third-tier cities display an overall upward trend. The rise of second-tier cities influence is confirmed to lead by second-intermediate-tier cities. Within the first-tier cities, the independence of Guangzhou has weakened and the independence of Shenzhen has strengthened. In Shanghai, expansion of influence on the other regions has been confirmed. From these findings, this paper can provide the Chinese Government with more targeted policy recommendations for the regulation of the real estate market in China.

A Comparative Study on Return Spillovers in the Stock Markets of Korea, China and Japan

Zishuai Yang(양자수),Shengliang Zhao(조생량),Jin Soo Lee(이진수),Tae-Yeong Choi(최태영) 동북아시아문화학회 2015 동북아시아문화학회 국제학술대회 발표자료집 Vol.2015 No.11

Using generalized spillover definition and measurements developed by Diebold and Yilmaz (2012, 2009), we aim to compare the characteristics of daily return spillovers in the stock markets of Korea, China and Japan. From a static full-sample analysis, we find that only 11.5% of forecast error variance comes from return spillovers under time-invariant assumption. From a dynamic rolling-sample analysis, we find that total return spillovers were relatively small until the outbreak of Asian Financial Crisis (1998-1999). However, they became more volatile during the U.S. Credit Crisis (2008-2009), and ongoing European Debt Crisis (2012-present). These findings might help both individual and institutional investors construct well-diversified global portfolios to considerably increase their diversification benefit.

Vagal Transient Receptor Potential Ankyrin 1 Mediates Stress-exacerbated Visceral Mechanonociception After Antral Cold Exposure

Xin Chen,Qingqing Luo,Xiujuan Yan,Wenting Li,Shengliang Chen 대한소화기 기능성질환∙운동학회 2019 Journal of Neurogastroenterology and Motility (JNM Vol.25 No.3

Background/AimsAbdominal pain can be evoked or exacerbated after gastrointestinal cold stimulation in some patients with diarrhea-predominantirritable bowel syndrome (IBS-D), indicating a low temperature-induced sensitization of visceral perception. We investigated the roleof vagal transient receptor potential ankyrin 1 (TRPA1, a cold-sensing ion channel) in cold-aggravated visceral mechanonociception ina stress-induced IBS animal model. MethodsTRPA1 expression was examined in antral biopsies of healthy controls and IBS-D patients. Abdominal symptoms were assessed beforeand after warm or cold water intake. The visceromotor response (VMR) to colorectal distention (CRD) following intra-antral infusionof cold saline was measured in animals undergoing sham or chronic water avoidance stress. TRPA1 expression, extracellular signalregulatedprotein kinase 1/2 (ERK1/2) phosphorylation, and neuronal calcium influx in vagal afferents were assessed. ResultsCompared to healthy controls, IBS-D patients displayed elevated antral TRPA1 expression, which was associated with symptom scoresafter cold (4°C) water intake. Intra-antral infusion of cold saline increased VMR to CRD in naive rats, an effect dependent on vagalafferents. In stressed rats, this effect was greatly enhanced. Functional blockade and gene deletion of TRPA1 abolished the cold effecton visceral nociception. TRPA1 expression in vagal (but not spinal) afferents increased after stress. Moreover, the cold-induced, TRPA1-dependent ERK1/2 activation and calcium influx in nodose neurons were more robust in stressed rats. ConclusionsStress-exaggerated visceral mechanonociception after antral cold exposure may involve up-regulation of TRPA1 expression andfunction on vagal afferents. Our findings reveal a novel mechanism for abnormal gastrointestinal cold sensing in IBS.

Analysis of common and characteristic actions of Panax ginseng and Panax notoginseng in wound healing based on network pharmacology and meta-analysis

Zhen Wang,Xueheng Xie,Mengchen Wang,Meng Ding,Shengliang Gu,Xiaoyan Xing,Xiaobo Sun 고려인삼학회 2023 Journal of Ginseng Research Vol.47 No.4

Higher Serum C Reactive Protein Determined C Reactive Protein Single-Nucleotide Polymorphisms Are Involved in Inherited Depression

Shiliang Wang,Hua Zhong,Meijuan Lu,Guohua Song,Xiaomei Zhang,Min Lin,Shengliang Yang,Mincai Qian 대한신경정신의학회 2018 PSYCHIATRY INVESTIGATION Vol.15 No.8

Objective_The pathogenesis of depression is not fully understood yet, but studies have suggested higher circulating C reactive protein (CRP) level might relate to depression occurrence. However, due to high variability of patients’ individual condition, the results to date are inconsistent. Considering CRP single-nucleotide polymorphisms (SNPs) could also regulate plasma CRP levels, in the present study, we hypothesized that inherited CRP allelic variations may co-vary with depressive symptomatology. Methods_We recruited 60 depression patients with family depression history and 60 healthy control volunteers into this project. We detected circulation CRP level as well as genome CRP SNPs from participants of this project. Results_We have found a significantly higher circulating CRP level in patients with a positive family history. Furthermore, we also identified some certain inherited CRP SNPs (A allele in rs1417938 and C allele in rs1205) could up regulate serum CRP level and distributed more in depression patients with family history. Conclusion_Our finding may raise new evidence that genetically increased serum CRP level through SNPs variation is likely to induce family inherited depression.