Research

Working papers (Drafts are available upon request)

"Macroeconomic impacts of mortgage finances"
“One Monetary Policy and Two Bank Lending Standards: A Tale of Two Europes” (with Sangyup Choi and Kimoon Jeong).
"Asymmetric Mortgage Channel of Monetary Policy: Refinancing as a Call Option" (with Sangyup Choi and Kimoon Jeong).
"The Release of Sex Offenders and Mobility: A Case of Seoul” (with Youngsok Bang, Julie Kim, and Sungjin Kim).
"Why Old-Age Poverty Matters: Evidence from Consumption Responses to Income Shocks” (with Yunho Cho and Julie Kim) R&R.

Published Papers (Peer-reviewed International Journals)

"Risk-return relationship and individualism" (with Sung Won Seo and Jun Sik Kim) Applied Economics Letters, 2022, 29(8), pp. 760-766.
"Changes in Demographic, Social, and Economic Structure in North Korea and Policy Direction for Improving Residential Environment " (with Minji Kwak) Global Economic Review, 2021, 50(2), pp. 93-125.
"Cost-effective Mortgage Modification Program to Reduce Mortgage Defaults" (with Taejun Lim) Economic Modelling, 2021, 96, pp. 220-241.
"Macroeconomic Effects of the Mortgage Refinance and the Home Equity Lines of Credit" Journal of Economic Dynamics and Control , 2020, 120, 104021.
"How Unsecured Credit Policies Influence Mortgage and Unsecured Loan Defaults" Journal of Money, Credit and Banking, 2020, 52(5), pp. 1271-1304.
"How Foreclosure Delays Impact Mortgage Defaults and Mortgage Modifications" Journal of Macroeconomics, 2019, 59, pp. 18-37.
"Macroeconomic and Distributional Effects of Mortgage Guarantee Programs for the Poor" (with Yicheng Wang) Journal of Economic Dynamics and Control, 2018, 87, pp. 124-151
"Explaining Changes in the US Credit Card Market: Lenders Are Using More Information" (with Andrew Davis) Economic Modelling, 2017, 61, pp. 76-92.
"How Loan Modifications Influence the Prevalence of Mortgage Defaults" Macroeconomic Dynamics, 2017, 21(1), pp. 55-105.
"Why Household Debt Held by Korean Seniors is Problematic: An International Comparison" Economics Bulletin, 2016, 36(4), pp. 2080-2093
"Household’s Optimal Mortgage and Unsecured Loan Default Decision" Journal of Macroeconomics, 2015, 45, pp. 222–244.

Published Papers (Peer-reviewed Korean Journals)

"Analysis of Household Debt Vulnerability by Age Groups: South Korea vs. Europe" (with Julie Kim and Yunho Cho) The Korean Economic Forum (한국경제포럼), 17(1), 2024, pp. 73–113.

(Title in Korean: 연령별 가계부채 상환 취약성 분석: 유럽 8개국과의 비교를 중심으로)

"Macroeconomic Effects of Housing Finance Policies: General Equilibrium Analysis" The Korean Journal of Economics (한국경제학보), 26(1), 2019, pp. 63-104.

(Title in Korean: 주택금융정책의 거시 경제적 효과: 일반균형모형 분석을 중심으로)

"How Changes in Population Structure Impact Vulnerability of Household Debt" East and West Studies (동서연구), 30(4), 2018, pp. 99-126.

(Title in Korean: 인구구조의 변화가 가계부채 상황취약성에 미치는 효과)

"Impacts of an Increase in Life Expectancy on Household Debt and Asset" Journal of Korean Economic Studies (한국경제연구), 36(3), 2018, pp. 41-64.

(Title in Korean: 기대여명의 증가가 가계부채와 자산에 미치는 효과)

"How Debt Contract Structure Affects Household Borrowing and Repayment Vulnerability" Review of International Money and Finance (국제금융연구), 5(2), 2015, pp. 45-74.

(Title in Korean: 대출계약구조가 가계부채 차입 및 상환 취약성에 미치는 효과)

"Analysis of the Structural Changes in Household Debt Distributions by Householder Age in Korea and in the US" KDI Journal of Economic Policy, 2015, 37(4), pp. 21-54

Books

"Korea's Population Aging and Household Debt: Focusing on Long-term Micro Data" (with Yoonhae Oh) KDI Research Monograph (KDI 연구보고서), 2016.

(Title in Korean: 고령화와 가계부채: 장기간 미시 자료 분석을 중심으로)

"How Changes in Housing Finance Environment Affect Household Decisions and Market Equilibrium" KDI Policy Study (KDI 정책연구시리즈), 2015.

(Title in Korean: 주택금융환경의 변화가 가계부문 의사결정 및 시장균형에 미치는 효과)

"Causes of the Household Debt Build-up and Deleveraging Strategies: How Optimistic Belief Affects the Household Debt" KDI Policy Study (KDI 정책연구시리즈), 2014.

(Title in Korean: 가계부채 증가원인과 감축방안: 낙관적 기대가 미치는 영향을 중심으로)