Sangyup (Sam) Choi is an Assistant Professor at the School of Economics and Underwood Division of Yonsei University since 2017. He is also a Research Affiliate at the Global Research Unit of the City University of Hong KongPrior to joining Yonsei University, he was an economist (Economist Program) at the Middle East and Central Asia Department of International Monetary Fund. Previously, he also worked in the IMF’s Statistics Department and the Research Department. He received a Ph.D. in Economics from UCLA in 2015, B.A. in Economics from Yonsei University in 2009, and also studied at UC Berkeley from 2007 to 2008. His primary field of research is international finance. His research, thus far, has focused on credit market imperfections, fluctuations in uncertainty, credit channel of monetary policy, and international spillovers with a focus on emerging market economies. 

Address: School of Economics, Yonsei University, 50 Yonsei-ro, Sinchon-dong, Seodaemun-gu, Seoul, Korea    

Research and Teaching Interests
Primary: International Finance
Secondary: Macroeconomics, Financial Markets, Banking

Working Papers

 [11] Inflation anchoring, real borrowing costs, and growth: evidence from sectoral data (with Davide Furceri and Prakash Loungani) (June 2019) R&R at International Journal of Central Banking
 [Yonsei University Working Paper 2019-143] [IMF Working Paper 18-36] [Featured in Central Banking] [Bloomberg] [BOK Global Economy Focus] [Brookings]    

 [10] Labor market dynamics under technology shocks: the role of subsistence consumption (with Myungkyu Shim) (January 2020) R&R at Macroeconomic Dynamics
 [GRU Working Paper 2020-002] [Yonsei University Working Paper 2018-127] 

 [9] Heterogenous gains from countercyclical fiscal policy: new evidence from international industry-level data (with Davide Furceri and João Tovar Jalles) (July 2020) R&R at Oxford Economic Papers
 [GRU Working Paper 2020-015] [Yonsei University Working Paper 2020-176] [IMF Working Paper 17-198] [Featured in Central Banking]

 [8] Uncertainty, financial markets, and monetary policy over the last century (with Chansik Yoon) (April 2019) R&R at B.E. Journal of Macroeconomics 
 [GRU Working Paper 2019-020] [Yonsei University Working Paper 2019-142]  

 [7] International fiscal-financial spillovers: the effect of fiscal shocks on cross-border bank lending (with Davide Furceri and Chansik Yoon(October 2020) R&R at Open Economies Review
 [GRU Working Paper 2020-025] [Yonsei University Working Paper 2020-179] [IMF Working Paper 19-150] [Featured in BOK Global Economy Focus] 

 [6] Household indebtedness and the macroeconomic effects of tax changes (with Junhyeok Shin) (October 2020) Under review 
 [Yonsei University Working Paper 2020-178]

 [5] Uncertainty and foreign capital inflows: examining heterogeneity across types of flows and countries (with Gabriele Ciminelli and Davide Furceri) (January 2020)
 [Working Paper]                   

 [4] Brave new world? Bitcoin is not the new gold: understanding cryptocurrency price dynamics (with Junhyeok Shin) (February 2020) Under revision  
 [Yonsei University Working Paper 2020-167]                   

 [3] Bitcoin: an inflation hedge but not a safe haven (with Junhyeok Shin) (August 2020) Under revision
 [New draft coming soon] 

 [2] Uncertainty, irreversibility, and labor market dynamics: extensive vs. intensive margins of adjustment (with Davide Furceri and Seung Yong Yoo) Under revision
 [New draft coming soon] 

 [1] New normal in the second phase of global liquidity: sovereign debt and corporate borrowing costs in emerging markets (with Jongho Park) Under revision
 [New draft coming soon]

Selected Work in Progress 

 [4] Analyzing the monetary transmission mechanism via industry-level responses to large contractions in 100 countries (with Tim Willems and Seung Yong Yoo)  

 [3] Asset redeployability and the effect of technology shocks on employment: a firm-level analysis (with Yongjun Kim and Myungkyu Shim)  

 [2] Spread, haircut, and collateral quality: evidence from the universe of Korean repo transactions (with Kee-Youn Kang) 

 [1] Monetary policy countercyclicality: what shapes it and what shakes it?  (with Davide Furceri, Guillermo Vuletin, and Carlos Vegh) 

Published Papers

 [13] Choi, Sangyup. Bank lending standards, loan demand, and the macroeconomy: evidence from the Korean bank loan officer survey International Journal of Central Banking accepted
 [12] Choi, Sangyup, Davide Furceri, and Chansik Yoon. Policy uncertainty and foreign direct investment Review of International Economics forthcoming

 [11] Silvia Albrizio, Sangyup Choi, Davide Furceri, and Chansik Yoon. International bank lending channel of monetary policy Journal of International Money and Finance April 2020, 102, 102124 
 [Journal Article] [Banco de España Working Paper 1938] [IMF Working Paper 19-234] [GRU Working Paper 2019-017] [Yonsei University Working Paper 2019-145] [Non-technical Summary] [Featured in Chosun Biz] [BOK Global Focus] [Central Banking] [Capital Ebbs and Flows]

 [10] Choi, Sangyup. Changes in the effects of bank lending shocks and development of public debt markets Finance Research Letters March 2020, 33, 101225
 [Journal Article] [Yonsei University Working Paper 2019-140] 

 [9] Choi, Sangyup and Davide Furceri. Uncertainty and cross-border banking flows Journal of International Money and Finance May 2019, 93, pp 260-274.
 [Journal Article] [Yonsei University Working Paper 2018-125] [IMF Working Paper 18-4]  

 [8] Choi, Sangyup and Myungkyu Shim. Financial vs. policy uncertainty in emerging market economies Open Economies Review April 2019, 30(2), pp 297-318. 
 [Journal Article] [Yonsei University Working Paper 2018-116] 

 [7] Choi, Sangyup, Davide Furceri, Yi Huang, and Prakash LounganiAggregate uncertainty and sectoral productivity growth: the role of credit constraints Journal of International Money and Finance November 2018, 88, pp 314-330.
 [Journal Article] [Yonsei University Working Paper 2017-109] [IMF Working Paper 16-174] [Graduate Institute of Geneva Working Paper 09-2017] [Featured in Unassuming Economist] [Chosun Biz] [Yonsei University Research Blog]  

 [6] Choi, Sangyup and Yuko Hashimoto. Does transparency pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads Journal of International Money and Finance November 2018, 88, pp 171-190.

 [5] Choi, Sangyup, Davide Furceri, Prakash LounganiSaurabh Mishra, and Marcos Poplawski-RibeiroOil prices and inflation dynamics: evidence from advanced and developing economies Journal of International Money and Finance April 2018, 82, pp 71-96.
 [Journal Article] [Yonsei University Working Paper 2017-111] [IMF Working Paper 17-196] [Featured in Unassuming Economist] [Mint] [10 most cited articles in JIMF since 2017] 

 [4] Choi, Sangyup. The impact of US financial uncertainty shocks on emerging market economies: an international credit channel Open Economies Review February 2018, 29(1), pp 89–118. 
 [Journal Article] [Yonsei University Working Paper 2017-113] 
[Online Appendix] 

 [3] Choi, Sangyup. Variability in the effects of uncertainty shocks: new stylized facts from OECD countries Journal of Macroeconomics September 2017, 53, pp 127-144. 
 [Journal Article]
 [Online Appendix] [Chosun Biz] [10 most cited articles in JMacro since 2017] 

 [2] Choi, Sangyup and Prakash Loungani. Uncertainty and unemployment: the effects of aggregate and sectoral channels Journal of Macroeconomics December 2015, 46, pp 344-358. 

 [1] Choi, Sangyup. Are the effects of Bloom’s uncertainty shocks robust? Economics Letters May 2013, 119-2 pp 216-220.
 [Journal Article] [Data]

Book Chapters and Policy Publications

 [5] Macroeconomic and financial linkage: analysis and implications, Bank of Korea 2018 BOK-Knowledge Partnership Program (Cambodia)

 [4] Caucasus and Central Asia: no room for complacency, International Monetary Fund 2017 Regional Economic Outlook [Chapter 3]

 [3] Global disinflation in an era of constrained monetary policy, International Monetary Fund 2016 World Economic Outlook (IMF Flagship Publication) [Chapter 3] [Slides]

 [2] The Federal Democratic Republic of Ethiopia, International Monetary Fund 2016 Article IV Consultation [Report] 

 [1] Impacts of the 2014 oil price decline, International Monetary Fund 2015 Spillover Report (IMF Flagship Publication) [Report]


 [6] Uncertainty and macroeconomic policies (Kang and Park, 2019), Seoul, Korea (October 2019) [Slides]

 [5] Identifying uncertainty shocks by geopolitical swings in Korea (Ha et al., 2018), Seoul, Korea (June 2018) [Slides]

 [4] Market power and risk-taking of banks: empirical evidence from emerging economies (Jeon et al., 2018), Seoul, Korea (June 2018) [Slides]

 [3] Quasi ex-ante inflation forecast uncertainty (Charemza et al., 2017), Washington, D.C. (April 2017) [Slides] 

 [2] The measurement and transmission of macroeconomic uncertainty: evidence from the U.S. and BRIC countries (Liu and Sheng, 2017), Washington, D.C. (April 2017) [Slides]

 [1] Financial heterogeneity and monetary union (Gilchrist et al., 2015), Washington, D.C. (February 2016) [Slides]

Op-eds and blogs

 [2] Productivity during uncertain times: Investment behavior of credit-constrained industries (December 2018) [Yonsei University Research Blog] 

 [1] Transparency pays: emerging markets share more data (July 2017) [IMF Blog]