Working papers
1) Macroeconomic Policy, International Reserves, and Capital controls
“Capital Account Policy, Firm-Dynamics, and Export-led Growth," (w/ Paul Bergin, UC Davis, and Woo Jin Choi, Univ. of Seoul), 2022, new
“Output Concerns and Precautionary Savings in Emerging Markets' Debt and Reserve Accumulation (w/ Refet S. Gürkaynak, Sang Seok Lee, Bilkent Univ., and Paul Luk, HKIMR), 2021, CEPR discussion paper, DP16969, new
“Firm Investment and Bank Credit Reallocation Channel of International Reserves: Evidence from Matched Bank–Firm Data,” (w/ Woo Jin Choi, Univ. of Seoul and Youngjin Yun, Inha Univ.), 2021, new
“Fear of Appreciation and Current Account Adjustment,” (w/ Paul Bergin, UC Davis, and K. Kim, Hongik Univ.), 2023, NBER working paper, w30281, new
2) Equity Bias & Financial Integration
“Heterogenous Returns to Wealth, Endogenous Information Choice, and Wealth Inequality,” (w/ Ronnie Carpio and Meixin Guo), 2023
“Financial Development and Equity Home Bias: Divergence between Developed and Developing Economies,” 2014
3) Exchange rate and Firm
“Exchange Rate Regimes and the Impact of Exchange Rate Volatility on Plant Productivity,” (with B. Choi, Kyungpook National Univ.)
“Exchange rate movements and extensive and intensive margin of foreign direct investment: analysis using Korean firm-level data,” 2017
Previous media coverage: “Through the Looking Glass: A WARPed View of Real Exchange Rate History,” (with Douglas Campbell, New Economic School) Media: The Economist, Equitablog, Naked Capitalism, KUBS news (in Korean)
Publications
What's new?
"FDI and import competition and domestic firm's capital structure: Evidence from Chinese firm-level data," (w/ Tongtong Hong), Emerging Markets Review, forthcoming
"International Business Cycle Synchronization: A Synthetic Assessment," (w/ Hyun-Hoon Lee, Kangwon National Univ. and Cyn-Young Park, ADB), Japan and the World Economy, 2024, 69, 101239.
"Ripple Effects in Global Value Chains: Evidence from an Episode of the US–China Trade War," (w/ Kazunobu Hayakawa, Nobuaki Yamashita, and Chih-hai Yang), The World Economy, 2024, 47(3), 880-897.
“Catching Up by ‘Deglobalizing’: Capital Account Policy and Economic Growth," (w/ Paul Bergin, UC Davis, and W.-J. Choi, Univ. of Seoul), NBER working paper, w30944, [NBER Digest], Journal of International Money and Finance, 2023, 138, 102920.
"(Asymmetric) tariff driven foreign direct investment: evidence from Korean firm-level data," The Developing Economies, 2023, 61(4).
“A Long-Run Approach to Money, Unemployment and Equity Prices,” (with Kuk Mo Jung, Sogang Univ.), Economic Modelling, 2023, 125, 106337.
“Real Exchange Rate Shocks and New Product Margins in the Export Market,” (with Chin Hee Hahn, Gachon Univ.), The World Economy, 2023, 46(1), 208-235.
International Macro-Finance
“Does Debt Market Integration Amplify the International Transmission of Business Cycle During Financial Crisis?,” (with Jiyoun An, Kyung Hee Univ., and K. Kim, Hongik Univ.), Journal of International Money and Finance, 2021, 115, 102396, [link]
“Wealth Heterogeneity, Information Acquisition and Equity Home Bias: Evidence from U.S. Household Surveys of Consumer Finance,” (w/ Ronnie Carpio, Meixin Guo, and Yuan Liu), Journal of Banking & Finance, 2021, 126, 106100. [pdf]
“The Effectiveness of Foreign Debt in Hedging Exchange Rate Exposure: Multinational Enterprises vs. Exporting Firms,” (w/ S.Kim, J. Chung, and, J. Hwang, Korea Univ.), Pacific-Basin Finance Journal, 2020, 64, 101455.
“Out-of-Sample Analysis of International Reserves for Emerging Economies with a Dynamic Panel Model,” (with Kuk Mo Jung, Sogang Univ.), Panoeconomicus, 2020, 67(5), 675-695 .
“Exchange Rate Regimes and the International Transmission of Business Cycles: Capital Account Openness Matters,” (with K. Kim), Journal of International Money and Finance, 2018, 87, 44-61.
“(Asymmetric) Trade Costs, Real Exchange-rate Hedging and Equity Bias in a Multi-country Model,” Review of International Economics, 2018, 26(2), 357-377. [pdf]
“International Portfolio Diversification and Multilateral Effects of Correlation,”(with Paul Bergin, UC Davis), [Appendix], Journal of International Money and Finance, 2016, 62, 52-71.
→ Previous version: “Multilateral Resistance to International Portfolio Diversification,” NBER working paper, w17907, 2012.
“International Reserves for Emerging Economies: A Liquidity Approach,” (with Kuk Mo Jung, Sogang University), Journal of International Money and Finance, 2016, 68, 230-257.
“Capital and Credit Market Integration and Real Economic Contagion during the Global Financial Crisis,” (with Jiyoun An, Kyung Hee University), Journal of International Money and Finance, 2016, 67,172-193.
“Net Equity and Debt flows to Emerging Markets in the Post-Crisis Era,” Emerging Markets Finance and Trade, 2016, 52:11, 2473-2494 (Special issue: January 2015 KAIST/KIF/SSEM Conference, Seoul, Korea)
Macroeconomic Policy
“Ricardian Equivalence, Foreign Debt and Sovereign Default Risk,” (with Stefan Eichler, Technische Universität Dresden and IWH), Journal of Economic Behavior & Organization, 2022, 197, 21-49. [pdf]
"Measuring the Time-Varying Effect of Fiscal Policy on Private Savings in the Process of Financial Integration,” (with Dooyeon Cho, Sungkyunkwan University), Review of International Economics, 2020, 28(1), 82-104.
“Investment decisions in anticipation of recession and outperformance of pre-acting firms,” (with, S. Chee, S. Kwon, Korea University Business School), Emerging Markets Finance and Trade, 2017, 53, 321-338 (Special issue: What Drives Financial Crises in Emerging Economies?)
“Fiscal Multipliers during the Global Financial Crisis: Fiscal and Monetary Interaction Matters,” (with Dong-Eun Rhee, Korea University), Contemporary Economic Policy, 2015, 33(1), 207-220.
International Trade, Exchange rate & Firm (mainly Korean firm level data)
"Determinants of Regional Trade Agreement Utilization: Evidence from Multiple Import Countries in Asia," (w/ K-I Chang, Kazunobu Hayakawa, N. Laksanapanyakul, D. Narjoko, F. Quimba), The World Economy, 2022, 45(6), 1713-1736.
“Does Real Exchange Rate Depreciation Increase Productivity?: Analysis using Korean Firm-Level Data,” (with B. Choi), The World Economy, 2018, 41(2), 604-633.
“Industry FDI and the distribution of plant productivity: Analysis using Korean plant-level data,” (with B. Choi), The Developing Economies, 2017, 55(2), 105-129 (Special issue: GLOBALIZATION AND HETEROGENEOUS RESPONSES OF FIRMS IN EAST ASIA (I))
“Does Trade Integration Contribute to Peace? (full version link),” (with Jong-Wha Lee, Korea University), [pdf], [VoxEU Column], Review of Development Economics, 2016, 20(1), 327-344.
International Development (cross-country perspectives)
“Markups and Income Inequality: Causal Links, 1975-2011,” (with Minsoo Han, KIEP), Journal of Comparative Economics, 2021, 49(2), 290-312, [pdf]
“The Diffusion of Development: Along Genetic or Geographic Lines?,” (with Douglas Campbell, New Economic School), Journal of International Development, 2017, 29(2), 198-210.
“The Relationship among Tourism Competitiveness, Poverty and Economic Growth in Developing Countries: A Panel Data Regression Analysis,” (with N. Kim and H.-J. Song), A winner of "Best Paper Award" at 5th Conference for the International Association for Tourism Economics (IATE), Tourism Economics, 2016, 22,1174-1190.
Korean Economy & Financial Market
“Between two extreme practices of rent-only and deposit-only leases in Korea: default risk vs. cost of capital,” [pdf] (with Sung Sik Park, Value of Space), Regional Science and Urban Economics, 2020, 85, 103578.
“North Korea's Economic Integration and Growth Potential,” (with Jong-Wha Lee, Korea University), Asian Economic Journal, 2018, 32(3), 301-325. [pdf]
“Does Nuclear Uncertainty Threaten Financial Markets?: North Korea Risk and its Impact on South Korea Financial Market,” (with In Huh), Asian Economic Journal, 2018, 32(1), 55-82. [pdf]