Working papers

1) Macroeconomic Policy, International Reserves, and Capital controls

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

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.), 2021

2) Equity Bias & Financial Integration

“Heterogenous Returns to Wealth, Endogenous Information Choice, and Wealth Inequality,” (w/ Ronnie Carpio and Meixin Guo), 2023

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

3) Exchange rates and Firm  

“Exchange Rate Regimes and the Impact of Exchange Rate Volatility on Plant Productivity,” (w/ B. Choi, Kyungpook National Univ.)

“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,” (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)


"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.


"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.


"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.


International Macro-Finance


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)


"(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.

[VoxEU Column], [CATO]


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.