http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Demographic Structure and Financial Markets in Korea
박철범,김동헌 한국경제연구학회 2012 Korea and the World Economy Vol.13 No.2
This paper examines the relationship between the demographic structure and asset prices in Korea based on the standard life-cycle model. To this end, this paper employs a non-parametric model which has an advantage of no functional form for the relationship a priori. We find that the estimated relation between the real interest rate and population density function is consistent with the implication from life-cycle models, whereas the relation between the normalized stock price and population density function is not. The projection based on the projected population estimates indicates that the real interest rate is going to rise until the 2020 due to the increase trend of old consumers and their dissaving behavior after the retirement.
Election Cycles and Stock Market Reaction: International Evidence
박철범,안지연 서울대학교행정대학원 2015 Journal of Policy Studies Vol.30 No.3
This study investigates movements of stock market volatility during election periods (the six months before and after an election) using data from 16 countries. The main findings of this study are (1) volatility declines over time as elections approach, (2) the level of volatility during election periods is lower than that during nonelection periods, and (3) volatility rises quickly during election months and immediately after the elections. The first and second findings confirm assertions made in previous studies, such as Pantzalis, Stangeland, and Turtle (2000) and Wisniewski (2009), regarding the dynamic pattern of stock market volatility during election years.
Genotoxicity Studies on Geranti Bio-Ge Yeast,an Organic Germanium Synthesized in Yeasts
박철범,김윤배 한국실험동물학회 2004 Laboratory Animal Research Vol.20 No.1
The objective of this study was to determine genotoxic potential of Geranti Bio-Ge YeastⓇ, an organic germanium naturally synthesized in yeasts. For the in vitro reverse mutation test, we set the treatment levels of Geranti Bio-Ge YeastⓇ at 312.5, 625, 1,250, 2,500 and 5,000 ㎍/plate using Salmonella typhimurium strains (TA1535, TA1537, TA98 and TA100) and Escherichia coli WP2uvrA (pKM101). No significant mutagenic activity was observed both in the presence and absence of S9 mix with all Salmonella and Escherichia strains used. For the in vitro chromosomal aberration test using Chinese hamster lung fibroblasts, we set the treatment levels of Geranti Bio-Ge Yeast® at 1,250, 2,500 and 5,000 ㎍/㎖, No significant increase in the structural and numerical chromosome aberration was observed in both the presence and absence of S9 mix. In the micronucleus test, mice were orally administered with 125, 250, 500, 1,000, 2,000 or 5,000 ㎎/㎏ of Geranti Bio-Ge Yeast®, or intraperitoneally with mitomycin C as a positive control. The mice were sacrificed 24 hours later, and bone marrow was collected and stained with Giemsa solution. There was no evidence that Geranti Bio-Ge Yeast® significantly induced micronucleated polychromatic erythrocytes. In conclusion, it is suggested that Geranti Bio-Ge Yeast® do not have a genotoxic potential under the conditions of this study. 목차
Asset Prices, Heterogeneous Expectations, and Limited Short Sales
박철범 고려대학교 미래성장연구원 2016 미래성장연구 Vol.2 No.1
This paper extends the Harrison-Kreps model by allowing limited short sales and finite wealth. The main results of this paper are: (1) investors always pursue short-term gains (or participate in single-period speculation) when perceiving heterogeneous expectations; (2) important properties of the equilibrium price in the Harrison-Kreps model still hold even when limited short sales and finite wealth are allowed; (3) an increase in short-sale costs raises the risky asset price; and (4) an increase in the dispersion of expectations about future dividends also raises the risky asset price when the risky asset is held by a minority of investors.
ISSUES WITH A CHAINED-TYPE PRICE INDEX: AN ANALYSIS WITH THE PRODUCER PRICE INDEX
박철범,류덕현 중앙대학교 경제연구소 2011 Journal of Economic Development Vol.36 No.3
Regarding the recent switch from the fixed base price index to the chained-type price index in many countries, we examine important issues including the selection of the weight to produce more accurate chained-type price indices and to maintain statistical consistency in the time series of a price index in this study. We determine that the actual weight from year t-3 data better produces a more correct chained-type producer price index at t between two available methods of selecting the weights. This weighting method also provides generally better statistical consistency and stability for the chained-type producer price index. We also compare the MAE and RMSE of the price equations of the fixed base and chain indices. Both the unit root test and comparison of the model performance evaluation reveal no critical difference, thus confirming a stability over the two indices. In particular, the substitutability of the chain index for the fixed base index is highly obtained, regardless of the time horizon. Overall, we can confidently assert that the chain index provides a statistical consistency and stability over a fixed base index.