Working Papers

Individualism, Political Polarization and Institutional Instability   (w/ Wongi Kim),   Revision Requested,   Public Choice

Debt Crisis, Altruism and Multiple Equilibria in Fiscal Sustainability   (w/ Chul-In Lee)

Development Accounting with Endogenous TFP: the Roles of Human Capital and Financial Frictions   (w/ Chul-In Lee)

Taxation of Human Capital and the Welfare Cost   (w/ Euiyoung Jung and Chul-In Lee)

Work in Progress

Conformity, Democracy and Growth

Morality, Rent-Seeking and Growth   (w/ Nam Seok Kim)

Birth Policy and Growth: the Role of Culture   (w/ Nam Seok Kim and Wongi Kim) 

On the Growth Effects of Informal Sector   (w/ Dongkyu Yang and Yeojoon Yoon)

Deficit Bias in a Heterogeneous-Agent Overlapping Generations Model   (w/ Woon Back and Chul-In Lee)

Optimal Taxation of Durable Goods under Uncertainty   (w/ Chul-In Lee) 

Exiled Scholars and Knowledge Spillovers: Evidence from a Historical Natural Experiment  (w/ Wongi Kim and Yeojoon Yoon)

Explaining the East Asian Growth Miracle Through Culture: When Confucius Meets Adam Smith 

Explaining Asian Growth Miracles through Culture: when Confucius meets Adam Smith

Publications

Culture, Institutions and Growth,  2026,  European Economic Review,   WP Ver.,   Supplementary Material

Declining Fertility Rates in Korea: Exploring Further Mechanisms and Policy Implications   (w/ Chul-In Lee),   Seoul Journal of Economics,   2026

Endogenous Financial Friction and Growth,   B.E. Journal of Macroeconomics,   2024,   WP Ver.,   Supplementary Material

On the Comovement of Labor Supply and Human Capital Investment in Policy Analysis   (w/ Euiyoung Jung and Chul-In Lee),   Economics Letters,    2024

Optimal Policy in an Economy with Human Capital Where Money is Essential,   Economics Letters,   2015,   WP Ver.