Working papers

International Macro-Finance & Trade
  1) Equity bias/ 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) Exchange rate  

 “Hysteresis? Plant and Product Export Extensive and Intensive Margins and Exchange Rate in Korean Manufacturing Industry” (with Chin Hee Hahn, Gachon Univ.)


  “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)

  3) International Reserves

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

Macroeconomic Policy in an Open Economy
  “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 


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
“Measuring the Time-Varying Effect of Fiscal Policy on Private Savings in the Process of Financial Integration,” (with Dooyeon Cho, Sungkyunkwan University), Review of International Economics, forthcoming.

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.