DONG BEOM CHOI
SNU Business School
Seoul National University
1 Gwanak-ro, Gwanak-gu, Seoul, Republic of Korea, 08826
email: dong.choi at snu.ac.kr
PRIMARY EMPLOYMENT
Associate Professor of Finance, Seoul National University, 2023 - present
Assistant Professor of Finance, Seoul National University, 2019 - 2023
Financial Economist, Research Group, Federal Reserve Bank of New York, 2012 - 2019
OTHER POSITIONS
Economic Advisory Panel, Economic Research Institute, Bank of Korea, February 2024 - present
Visiting Scholar, Economic Research Institute, Bank of Korea, July 2017
Visiting Lecturer, Department of Economics, Princeton University, Spring 2016, 2017
EDUCATION
Princeton University, Ph.D. in Economics, 2012
Principal Dissertation Adviser: Prof. Markus Brunnermeier
Princeton University, M.A. in Economics, 2009
Seoul National University, B.A. in Economics, 2005
PUBLICATION
"Debt-equity Conflicts and Efficiency of Distressed Firms: Evidence from Japanese Banker-directors" with Kentaro Asai
Journal of Financial and Quantitative Analysis, forthcoming.
"CSR Scores versus Actual Impacts: Banks’ Main Street Lending during the Great Recession" with Seongjun Jeong
Journal of Banking and Finance, 2025, 172, 107380.
"Whatever it Takes? Market Maker of Last Resort and its Fragility" with Tanju Yorulmazer
Journal of Financial Intermediation, 2024, 60, 101117.
"Clogged Intermediation: Were Home Buyers Crowded Out?" with Hyun-Soo Choi and Jung-Eun Kim
Journal of Money, Credit and Banking, 2022, 54(4), 1065-1098.
"Does Securitization Weaken Screening Incentives?" with Jung-Eun Kim
Journal of Financial and Quantitative Analysis, 2021, 56(8), 2934-2962.
"Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission" with Thomas Eisenbach and Tanju Yorulmazer
Journal of Financial Intermediation, 2021, 47, 100873.
"A Theory of Collateral for the Lender of Last Resort" with Joao Santos and Tanju Yorulmazer
Review of Finance, 2021, 25(4), 973-996.
"The Effect of Monetary Policy on Bank Wholesale Funding" with Hyun-Soo Choi
Management Science, 2021, 67(1), 388-416.
"Bank Leverage Limits and Regulatory Arbitrage: Old Question-New Evidence" with Michael Holcomb and Donald Morgan
Journal of Money, Credit and Banking, 2020, 52(S1), 241-266.
"Risk Sharing and Interbank Market Fragilities"
Seoul Journal of Business, 2019, 25(2), 35-66.
"Sooner or Later: Timing of Monetary Policy with Heterogeneous Risk Taking" with Thomas Eisenbach and Tanju Yorulmazer
American Economic Review: Papers and Proceedings, 2016, 106(5), 490-495.
"Contagious Runs: Who Initiates?"
Economics Bulletin, 2016, 36(1), 253-259.
"Heterogeneity and Stability: Bolster the Strong, Not the Weak"
Review of Financial Studies, 2014, 27(6), 1830-1867.
PUBLICATION (in Korean)
ESG 경영과 대리인 문제 (정성준 공저)
한국증권학회지, 2022, 51(4), 417-445.
금융감독권의 최적 형태에 관한 고찰 (김재영 공저)
경제논집, 2021, 60(2), 63-92.
WORKING PAPERS
"Are Environmental and Socially Responsible Firms More Resilient? Korean Firms During the Covid-19 Crash" with Chanyang Choo and Seongjun Jeong
"Are Collateral and Lender Screening Efforts Substitutes?" with Jung-Eun Kim
"Contagion Effects of the Silicon Valley Bank Run" with Paul Goldsmith-Pinkham and Tanju Yorulmazer
"Does Increased Shareholder Liability Always Reduce Bank Moral Hazard?" with Haelim Anderson and Daniel Barth
"Hidden Cost of Better Bank Services: Carefree Depositors in Riskier Banks?" with Ulysses Velasquez
REFEREE
American Economic Journal: Macoroeconomics, American Economic Review, Asia-Pacific Journal of Financial Studies, Economics Letters, Emerging Market Trade and Finance, Finance Research Letters, International Journal of Central Banking, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Financial Stability, Journal of Monetary Economics, Journal of Money, Credit and Banking, Management Science, Review of Economic Studies, Review of Finance, Review of Financial Studies
PRESENTATIONS
2025: ASSA-IBEFA, Bank of Korea
2024: Yonsei Univ, CICF, Kyoto Univ
2023: EFA, SKKU
2022: CEMFI, Seoul National Univ, Yonsei Univ, Korea Univ
2021: Seoul National Univ, Korea Univ, SWUFE IFS, KAIST, Yonsei Univ
2020: ASSA-AREUEA, Korea Development Institute, Sogang Univ
2019: WEAI International Conference, FIRS, Korea Univ, KAIST, Yonsei Univ, SKK GSB, Hanyang Univ, Bank of Korea
2018: The Effect of Post-Crisis Banking Reforms (New York Fed), EFA
2017: AFA, Chicago Financial Institutions Conference, 12th New York Fed/NYU Stern Conference on Financial Intermediation, SFS Cavalcade, Bank of Korea International Conference, FIRS, Office of Financial Research, EFA
2016: AEA, SFS Cavalcade, FRB Philadelphia-Wharton Conference on the Interplay of Financial Regulations, Resilience, and Growth, FDIC Annual Bank Research Conference, Bank of Canada Workshop on Advancements in Economic Modeling, Monetary Policy Implementation in the Long Run Conference at the Minneapolis Fed
2015: 10th New York Fed/NYU Stern Conference on Financial Intermediation, FIRS, IAES Mini Conference on the Future of Large Financial Institutions
2014: IFABS Lisbon Conference, Federal Reserve System Committee on Macroeconomics
2012: ASU W. P. Carey, Columbia Business School, Federal Reserve Board, Office of Financial Research, UNC Kenan-Flagler, Philadelphia Fed, Cleveland Fed, New York Fed, McGill Desautels, Bank of Korea, Korea Development Institute, Korea Institute of Finance
PAPER DISCUSSIONS
“The Welfare Benefits of Pay-As-You-Go Financing" by Paul Gertler, Brett Green, Renping Li, and David Sraer, 2025 Financial Intermediation Research Society Conference, May 2025
“The Limits of Coase: A Study of Financial Distress in the Shipping Industry" by Julian Franks, Gunjan Seth, Oren Sussman, and Vikrant Vig, 2025 American Finance Association Annual Meeting, January 2025
“Limitation of Firm Fixed Effects Models and the Missing R&D-Patent Relation: New Methods and Evidence" by Hui-Ching Chuang, Po-Hsuan Hsu, Chung-Ming Kuan, and Jui-Chung Yang, 2024 SFS Cavalcade Asia-Pacific, December 2024
“Strategic Default and Renegotiation: Evidence from Commercial Real Estate Loans" by Serdar Dinc and Erkan Yonder, 2024 Financial Intermediation Research Society Conference, May 2024
“Optimal Monetary Policy under Heterogeneous Consumption Baskets" by Seunghyeon Lee, 15th BIS Asian Research Network Workshop, May 2023
“Common Lender, Ex-Banker Director, and Corporate Investment" by Kentaro Asai, Thao Hoang, and Takeshi Yamada, 2021 Financial Intermediation Research Society Conference, June 2021
“Regulatory Arbitrage and Cross-Border Syndicated Loans" by Asli Demirguc-Kunt, Balint Horvath, and Harry Huizinga, 2020 Fixed Income and Financial Institutions Conference, October 2020
“Model Secrecy and Stress Tests" by Yaron Leitner and Basil Williams, 2018 Federal Reserve Stress Testing Research Conference, October 2018
“Financial Safety Nets'' by Julien Bengui, Javier Bianchi, and Louphou Coulibaly, 2018 Financial Intermediation Research Society Conference, June 2018
“Safe Collateral, Arm's-Length Credit: Evidence from the Commercial Real Estate Market'' by Lamont Black, John Krainer, and Joseph Nichols, 2nd Bristol Workshop on Banking and Financial Intermediation, May 2018
“Information Acquisition by Institutional Depositors during Bank Panic'' by Lucy Chernykh and Sergey Mityakov, 2018 Chicago Financial Institutions Conference, April 2018
“Fire-sale Spillovers in Debt Markets” by Antonio Falato, Ali Hortacsu, Dan Li, and Chaehee Shin, 2017 European Finance Association Annual Meeting, August 2017
“Shadow Banking, Monetary Policy and Financial Stability” by Kairong Xiao, 2017 Financial Intermediation Research Society Conference, June 2017
“Unconventional Monetary Policy and Bank Credit Supply” by Gee Hee Hong, 2nd Fordham Workshop on Macroeconomics and International Finance, April 2017
“Uncertainty and the Shadow Banking Crisis: A Structural Estimation” by Xu Tian, 2016 Financial Intermediation Research Society Conference, June 2016
“Monitoring Matters: Debt Seniority, Market Discipline and Bank Conduct” by Piotr Danisewicz, Danny McGowan, Enrico Onali, and Klaus Schaeck, 2015 SFS Cavalcade, May 2015
“Credit-Fuelled Bubbles” by Antonio Doblas-Madrid and Kevin Lansing, The Fifth Boston University/Boston Fed Conference on Macro-Finance Linkages, October 2014
“How Does Macroprudential Regulation Change Bank Credit Supply?” by Anil Kashyap, Dimitrios Tsomocos, and Alexandros Vardoulakis, Federal Reserve System Committee Meeting on Financial Structure and Regulation, October 2014