Research

Working papers

International Macro-Finance & Trade
“Financial Development and Equity Home Bias: Divergence between Developed and Developing Economies,” 2014

“Trade Costs, Real Exchange-rate Hedging and Equity Bias in a Multi-country Model,” 2014, R&R 


“Extensive and Intensive Margins of Equity Home Bias: Theory and Evidence,” (with Ronnie Carpio, Meixin Guo, and Yuan Liu), 2016


“Equity Home Bias and Wealth Inequality Across Countries: Theory and Evidence,” (with Yuan Liu, Nascent Objects, and Meixin Guo, Tsinghua University), 2013

Does Debt Market Integration Amplify the International Transmission of Business Cycle During Financial Crisis?,” (with Jiyoun An, Kyung Hee University, and K. Kim, KIEP), SED 2017 meeting paper


Exchange Rate Regime and International Transmission of Business Cycles: Capital Account Openness Matters,” (with K. Kim) 

Previous media coverage: “Through the Looking Glass: A WARPed View of Real Exchange Rate History,” (with Douglas Campbell, New Economic School) Media: The Economist, EquitablogNaked Capitalism, KUBS news (in Korean)

Macroeconomic Policy in an Open Economy
Ricardian Equivalence and Sovereign Default Risk,” (with Stefan Eichler, Technische Universität Dresden and IWH), 2016

“Measuring the Time-Varying Effect of Fiscal Policy on Private Saving with Financial Integration,” (with Dooyeon Cho, Sungkyunkwan University), 2014

“Income Inequality and Fiscal Policy Effectiveness: International Evidence,” (with D.-E. Rhee, Korea University), 2015

Korean Economy & Financial Market

North Korea's Economic Integration and Growth Potential,” (with Jong-Wha Lee, Korea University), 2016


“Between two extreme practices rent-only and deposit-only leases in Korea: default risk vs. cost of capital,” (with Sungsik Park, DTZ)


Publications

International Macro-Finance
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, Hanyang 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


Does Real Exchange Rate Depreciation Increase Productivity?: Analysis using Korean Firm-Level Data,” (with B. Choi), The World Economy, forthcoming


International Trade & Development
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.

The Diffusion of Development: Along Genetic or Geographic Lines?,” (with Douglas Campbell, New Economic School), Journal of International Development, 2017, 29(2), 198-210.

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.

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

Macroeconomic Policy
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.

Investment decisions in anticipation of recession and outperformance of pre-acting firms,” (with, S. Chee, S. Kwon, Korea University Business School), US firm level data research, Emerging Markets Finance and Trade, 2017, 53, 321-338.


Publications (in Korean)

Books
“Gradual Economic Integration between South and North Korea and Economic Cooperation in Northeast Asia," (with Kang Moonsung, Kim Hyung Joo, Lee Manjong, Lee Young Hoon, Lee Jong-Wha, Lee Hongshik, Park Soon-chan), KIEP, 14-06, 2014.(점진적 통일과정에서의 동북아 경제협력과 남북한 경제통합 방안)

“Cross-border fund flow after 2008 financial crisis," (with Tae-Hoon Lim and Dong-Eun Rhee), Korea Institute for International Economic Policy, 14-03, 2014.(글로벌 금융위기 이후 국가간 자금흐름 분석과 시사점)

“The Benefits of South-North Korean Economic Integration and the Role of the Unified Korean Peninsula,” (with Jong-Wha Lee and Moonsung Kang, Korea University), Asiatic Research Institute, Korea University, 2014. (남북한 경제통합의 혜택과 한반도 통일 국가의 역할)

“Effects of Financial Integration on the Transmission of the Global Financial Crisis,” (with Dong-Eun Rhee, Jiyoun An and Eun-Jeong Kang), Korea Institute for International Economic Policy, 13-07, 2013.(금융통합이 금융위기에 미치는 영향

“Macroeconomic Policies during the Global Financial Crisis: Lessons and Policy Implications,” (with Dong-Eun Rhee and Da-Young Yang), Korea Institute for International Economic Policy, 12-09, 2012. (글로벌 금융위기 이후 주요국 거시금융 정책의 평가와 시사점)

Articles
“환율변화에 따른 마크업(markup) 및 수출량 변화 분석,” (공저), 지역연구, 2016, 32(4), 19-38.

“실질환율 충격이 대구·경북지역 제조업체 생산성 및 고용에 미치는 파급효과 분석,” (공저), 지역연구, 2016, 32(1), 27~49. [pdf]

“북한의 핵 관련 리스크가 우리 금융시장에 미친 영향,” (공저, 허인, 카톨릭대학교), 동북아경제연구, 2014, 26(4), 175~196. [pdf]


“War and Trade: The Determination of the War-provoking Probability,” International Economic Studies (국제경제연구), Vol. 13, No 2, 2007  (전쟁과 무역: 전쟁확률의 내생적 결정)