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).
"Mortgage Market Structure, Refinancing Costs, and Transmission of Monetary" (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).
Work in progress
"Old Age Poverty and Consumption Insurance in South Korea” (with Yunho Cho and Julie Kim).
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)
Other Articles
"Characteristics and Implications of Rising Household Debt: Pre- and Post-deregulation of Mortgage Loans" KDI Economic Outlook 2016-2nd Half (2016년 하반기 KDI 경제전망 - 현안분석), 2016. [Korean], [English], [Youtube link in Korean], [Youtube link in English]
(Title in Korean: 최근 가계부채 증가의 특징과 시사점: 부동산대출 규제완화 전후를 중심으로)
"Structural Weakness of Debt Held by Senior Householders" KDI Economic Outlook 2015-2nd Half (2015년 하반기 KDI 경제전망 - 현안분석), 2015. [Korean], [English]
(Title in Korean: 고령층 가계부채의 구조적 취약성)
"Structural Changes in Household Debt Distribution by Age Group: Comparison between Korea and the US" KDI Economic Outlook 2014-2nd Half (2014년 하반기 KDI 경제전망 - 현안분석), 2014. [Korean (HWP file)], [Korean (XPS file)], [English]
(Title in Korean: 가계부채의 연령별 구성변화: 미국과의 비교를 중심으로)