Working papers

International Macro-Finance & Trade
1) Equity bias and financial integration

“Financial Development and Equity Home Bias: Divergence between Developed and Developing Economies,” 2014

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), 2018, [Online Appendix]

“Equity Home Bias and Wealth Inequality Across Countries: Theory and Evidence,” (w/ Ronnie Carpio, Meixin Guo, and Yuan Liu), 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

2) International Reserves

Catching Up with Deglobalization: Capital Account Policy and the Economic Growth,” (w/ Woo Jin Choi, KDI), 2017 

3) Exchange rate

Exchange Rate Regimes and the Impact of Exchange Rate Volatility on Plant Productivity,” (with B. Choi, KIEP)

Exchange rate movements and extensive and intensive margin of foreign direct investment: analysis using Korean firm level data,” 2017

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

Macroeconomic Policy in an Open Economy
“Measuring the Time-Varying Effect of Fiscal Policy on Private Savings in the Process of Financial Integration,” (with Dooyeon Cho, Sungkyunkwan University), R&R

Sovereign Solvency, Fiscal Policy and Private Savings,” (with Stefan Eichler, Technische Universität Dresden and IWH), 2018

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

Korean Economy & Financial Market

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


International Macro-Finance
Exchange Rate Regimes and the International Transmission of Business Cycles: Capital Account Openness Matters,” (with K. Kim), Journal of International Money and Finance, 2018, 87, 44-61.

Out-of-Sample Analysis of International Reserves for Emerging Economies with a Dynamic Panel Model,” (with Kuk Mo Jung, Hanyang Univ.), Panoeconomicus, forthcoming.

(Asymmetric) Trade Costs, Real Exchange-rate Hedging and Equity Bias in a Multi-country Model,” Review of International Economics, 2018, 26(2), 357-377. 

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 (Special issue: January 2015 KAIST/KIF/SSEM Conference, Seoul, Korea)

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 (Special issue: GLOBALIZATION AND HETEROGENEOUS RESPONSES OF FIRMS IN EAST ASIA (I))

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
Investment decisions in anticipation of recession and outperformance of pre-acting firms,” (with, S. Chee, S. Kwon, Korea University Business School), Emerging Markets Finance and Trade, 2017, 53, 321-338 (Special issue: What Drives Financial Crises in Emerging Economies?)

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.

Korean Economy & Financial Market
North Korea's Economic Integration and Growth Potential,” (with Jong-Wha Lee, Korea University), Asian Economic Journal, 2018, 32(3), 301-325.

Publications (in Korean)

“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)

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)