Working papers
1) Macroeconomic Policy, International Reserves, and Capital controls
“Exchange rates and Structural Changes (peviously circulated by Capital Account Policy, Firm-Dynamics, and Export-led Growth)," [NBER Peru 2024], (w/ Paul Bergin, UC Davis, and Woo Jin Choi, Korea Univ.), 2022
“Output Concerns and Precautionary Savings in Emerging Markets' Debt and Reserve Accumulation (w/ Refet S. Gürkaynak, Bilkent Univ., Sang Seok Lee, Asia School of Business, and Paul Luk, HKIMR), 2021, CEPR discussion paper, DP16969, R&R at JIE
2) Equity Bias & Financial Integration
“Heterogenous Returns to Wealth, Endogenous Information Choice, and Wealth Inequality,” (w/ Ronnie Carpio and Meixin Guo), 2023
“Asymmetric Firm Entry, Financial Development and Equity Home Bias,” 2014, new draft coming soon
3) Exchange rates and Firm
“Exchange Rate Regimes and the Impact of Exchange Rate Volatility on Plant Productivity,” (w/ B. Choi, Kyungpook National Univ.)
Previous media coverage: “Through the Looking Glass: A WARPed View of Real Exchange Rate History,” (w/ Douglas Campbell, New Economic School) Media: The Economist, Equitablog, Naked Capitalism, KUBS news (in Korean)
Publications
What's new?
“Fear of Appreciation and Current Account Adjustment,” [pdf] (w/ Paul Bergin, UC Davis, and Kyunghun Kim, Hongik Univ.)
Journal of International Economics, 2025, 157, 104121.
[NBER working paper w30281] (previous version)
“Firm Investment and Bank Credit Reallocation Channel of International Reserves: Evidence from Matched Bank–Firm Data,” (w/ Woo Jin Choi, Korea Univ. and Youngjin Yun, Hanyang Univ.)
Journal of Economic Dynamics and Control, forthcoming
"Global Financial Cycles and Firm Leverage in Emerging Economies: Firm and Sector Level Heterogeneity," (w/ Woo Jin Choi, KU)
Finance Research Letters, forthcoming
International Macro-Finance
"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.
"FDI and import competition and domestic firm's capital structure: Evidence from Chinese firm-level data," (w/ Tongtong Hong)
Emerging Markets Review, 2024, 61, 101161.
“Catching Up by ‘Deglobalizing’: Capital Account Policy and Economic Growth," (w/ Paul Bergin, UC Davis, and W.-J. Choi, Korea Univ.)
Journal of International Money and Finance, 2023, 138, 102920.
[NBER working paper w30944], [NBER Digest]
“Does Debt Market Integration Amplify the International Transmission of Business Cycle During Financial Crisis?,” (w/ Jiyoun An, Kyung Hee Univ., and K. Kim, Hongik Univ.), [link]
Journal of International Money and Finance, 2021, 115, 102396.
“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), [pdf]
Journal of Banking & Finance, 2021, 126, 106100.
“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,” (w/ 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,” (w/ K. Kim, Hongik Univ.)
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,” [pdf]
Review of International Economics, 2018, 26(2), 357-377.
“International Portfolio Diversification and Multilateral Effects of Correlation,”(w/ 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,” (w/ Kuk Mo Jung, Sogang Univ.)
Journal of International Money and Finance, 2016, 68, 230-257.
“Capital and Credit Market Integration and Real Economic Contagion during the Global Financial Crisis,” (w/ Jiyoun An, Kyung Hee Univ.)
Journal of International Money and Finance, 2016, 67,172-193.
“Net Equity and Debt flows to Emerging Markets in the Post-Crisis Era,” Special issue: January 2015 KAIST/KIF/SSEM Conference, Seoul, Korea
Emerging Markets Finance and Trade, 2016, 52:11, 2473-2494
Macroeconomic Policy
“A Long-Run Approach to Money, Unemployment and Equity Prices,” (w/ Kuk Mo Jung, Sogang Univ.)
Economic Modelling, 2023, 125, 106337.
“Ricardian Equivalence, Foreign Debt and Sovereign Default Risk,” (w/ Stefan Eichler, Technische Universität Dresden and IWH), [pdf]
Journal of Economic Behavior & Organization, 2022, 197, 21-49.
"Measuring the Time-Varying Effect of Fiscal Policy on Private Savings in the Process of Financial Integration,” (w/ 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,” (w/ S. Chee, S. Kwon, Korea University Business School), Special issue: What Drives Financial Crises in Emerging Economies?
Emerging Markets Finance and Trade, 2017, 53, 321-338.
“Fiscal Multipliers during the Global Financial Crisis: Fiscal and Monetary Interaction Matters,” (w/ Dong-Eun Rhee, Korea University)
Contemporary Economic Policy, 2015, 33(1), 207-220.
International Trade, Exchange rates & Firm (mainly Korean firm level data)
“Does Home (Output) Import Tariff Reduction Increase Home Exports? Evidence from Korean Manufacturing Plant-Product Data,” (w/ Chin Hee Hahn)
Review of World Economics, forthcoming
"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.
"(Asymmetric) tariff driven foreign direct investment: evidence from Korean firm-level data,"
The Developing Economies, 2023, 61(4).
“Real Exchange Rate Shocks and New Product Margins in the Export Market,” (w/ Chin Hee Hahn, Gachon Univ.)
The World Economy, 2023, 46(1), 208-235.
“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,” (w/ B. Choi)
The World Economy, 2018, 41(2), 604-633.
“Industry FDI and the distribution of plant productivity: Analysis using Korean plant-level data,” (w/ B. Choi), Special issue: Globalization and heterogeneous responses of firms in East Asia (I)
The Developing Economies, 2017, 55(2), 105-129
“Does Trade Integration Contribute to Peace? (full version link),” (w/ Jong-Wha Lee, Korea University), [pdf]
Review of Development Economics, 2016, 20(1), 327-344.
International Development (cross-country perspectives)
“Markups and Income Inequality: Causal Links, 1975-2011,” (w/ Minsoo Han, HUFS), [pdf]
Journal of Comparative Economics, 2021, 49(2), 290-312.
“The Diffusion of Development: Along Genetic or Geographic Lines?,” (w/ 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] (w/ Sung Sik Park, Value of Space), KEA Research Award, 2020
Regional Science and Urban Economics, 2020, 85, 103578.
“North Korea's Economic Integration and Growth Potential,” (w/ Jong-Wha Lee, Korea University), [pdf]
Asian Economic Journal, 2018, 32(3), 301-325.
“Does Nuclear Uncertainty Threaten Financial Markets?: North Korea Risk and its Impact on South Korea Financial Market,” (w/ In Huh), [pdf]
Asian Economic Journal, 2018, 32(1), 55-82.