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Guangdong Yu,Jingwen Niu ASCONS 2021 INTERNATIONAL JOURNAL OF EMERGING MULTIDISCIPLINAR Vol.5 No.3
Background/Objective: The purpose of this paper is to reveal the effect of real exchange rate changes on export-import proportion and industries’ export or import proportion under the average wage ratio change using ARMA. Methods/Statistical analysis: Using ARMA and Panel data Model, after inferring a new formula according to the firms’ heterogeneity model and rural-led real exchange rate appreciation (RERA) model. Findings: Given the average changes of wage ratio, the real exchange rate appreciation can lead to the decrease of proportion of export industries, lead to the increase of proportion of import industries, vice versa. Improvement/Application: To further verify these effects, the robust estimations in ARMA and Panel data model using monthly industry-data from manufacturing industry-data (1996-2019, inedible raw material, chemical products and machinery-transportation equipment) and the whole export industry-data (1994-2019) between the U.S. and China suggest the similar results.
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Comparative Study of Young Consumers' Luxury Brand Attachments in Metropolises of Korea and China
Guangdong Yu,Chang Liu,Jingwen Niu ASCONS 2019 INTERNATIONAL JOURNAL OF EMERGING MULTIDISCIPLINAR Vol.3 No.2
In this paper, a new insight is provided into analysis of Chinese and Korean luxury consumption by reflecting the difference between Chinese and Korean customers by using Structural Equation Model (SEM) and fsQCA models. The findings support the function theory of customers’ beliefs showing that Self-monitoring and Mianzi have positive impacts on the Self-presentation attitude. Self-presentation attitude have a positive impact on the luxury brand attachments. This study also compares estimated results between Korean and Chinese consumers. The findings show that the sense of Mianzi has a stronger impact of sense of Mianzi than Korea customers with respect to self-presentation attitude. Self-monitoring has stronger impacts on Korean customers than Chinese with respect to Self-presentation attitude. Mianzi has stronger impacts on Chinese customers than Korean customers with respect to luxury brand attachments. Self-presentation attitude has stronger impacts on Korean customers than Chinese customers with respect to luxury brand attachments. The different results can be found from the analysis of fsQCA. The lower self-monitoring can lead to higher self-presentation attitude in China. The impact of Self-presentation attitude with respect to luxury brand attachments in Korean customers is weaker than Chinese customers.
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Testing the Relationship between Domestic Factors and Real Exchange Rate in China
Guangdong Yu 한국무역연구원 2017 무역연구 Vol.13 No.3
In this study, we mainly investigate how the domestic factors of China (trade openness, Kaopen, real interest rate, real government consumption and real GDP) affect the real exchange rate using Ridge regression and the VAR model from 1970-2015. The empirical results show, in the short run, that positive real government consumption, real interest rate and trade openness lead to a real exchange rate depreciation in both models, while the real GDP and Kaopen lead to a real exchange rate appreciation in Ridge regression. After ten-year lags are used in the VAR, we find that the negative effects of real government consumption and real interest rate shocks are small on impact in the long run, but the Trade Openness shocks and Kaopen shocks have strong negative effects on the real exchange rate in the long run. The real GDP shocks keep a strong positive effect on the real exchange rate in the long run.
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The Relationship of Economic Fundamentals and Real Exchange Rate between Korea and China
Guangdong Yu,Jingwen Ni 한국무역연구원 2019 무역연구 Vol.15 No.2
This paper examines the real exchange rate’s(REER) response to the real GDP, FDI, M2, trade openness(OPEM), foreign reserves (FER)and government expenditure(GE) for Korea and China. The analyses are based on the VECM and NATREX models. In short run for China, we find that RGDP, FER and GE have positive impacts on REER; M2 has negative impact on REER; REER has positive impact on RGDP. For Korea, we find that OPEN and GE have positive impacts on REER; RGDP and M2 have negative impacts on REER. REER does not have significant impact on RGDP. In long run for China, we find RGDP, FER and GE have positive impacts on REER; OPEN and M2 have negative impacts on REER. For Korea, we find that OPEN, FER and GE have positive impacts on REER; RGDP and M2 have negative impacts on REER. The results of Half-life show that the speed of equilibrium movement of Korean real exchange rate is faster by comparing with the Chinese real exchange rate, And comparing with Chinese RGDP, the speed of equilibrium movement of Korean RGDP is slower. With the implementation of one belt and road initiative, we think that the exchange rate regime of China may be transferred to the flexible exchange rate like Korea.
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Hengyun Sun,Yu Liu,Ting Jiang,Xia Liu,Aijuan He,Jie Li,Wenjie Zhang,Wei Liu,Yilin Cao,Guangdong Zhou 한국조직공학과 재생의학회 2014 조직공학과 재생의학 Vol.11 No.1
Due to lack of optimal inductive protocols, how to effectively improve chondrogenesis of adipose-derived stem cells (ASCs) is still a great challenge. Our previous studies demonstrated that the culture media derived from chondrocyte-scaffold constructs (conditional media) contained various soluble chondrogenic factors and were effective for directing chondrogenic differentiation of bone marrow stem cells. Nevertheless, it remains unclear whether the conditional media can induce ASCs towards chondrogenic differentiation, especially for three-dimensional (3D) cartilage formation in a preshaped scaffold. In this study, it demonstrated that the conditional media derived from chondrocyte-scaffold constructs could promote ASCs to differentiate into chondrocyte-like cells, with similar expression of type II collagen to those induced by chondrogenic growth factors. Moreover, the expression level of chondrocyte-specific genes, such as SOX9, type II collagen, and COMP, was even higher in conditional medium group (CM) than that in optimized chondrogenic growth factor group (GF), indicating that the conditional media can serve as an effective inducer for chondrogenic differentiation of ASCs. Most importantly, the conditional media could also induce ASC-scaffold constructs to form 3D cartilage-like tissue with typical lacunae structures and positive expression of cartilage specific matrices, even higher contents of GAG and type II collagen were achieved in CM group compared to GF group. The current study establishes a simple, but stable, efficient, and economical method for directing 3D cartilage formation of ASCs, a strategy that may be more closely applicable for repairing cartilage defects.
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