From Spring 2019, Myungkyu Shim and I are co-organizers of Yonsei University Macro/Finance Seminar Series. Please contact us if you want to present your paper. 

[NEWS]
April 2019: Academic placement of my graduate students is now available.
February 2019: My paper 
"Uncertainty and cross-border banking flows" is now forthcoming in Journal of International Money and Finance.
January 2019: My new working paper 
"
Changes in the effects of bank lending shocks and the development of public debt markets" is now available.
August 2018: My paper 
"
Does transparency Pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads" is now forthcoming in Journal of International Money and Finance.
August 2018: My new working paper 
"
Labor market dynamics under technology shocks: the role of subsistence consumption" is now available.
July 2018: My new working paper 
"
Bank lending standards, loan demand, and the macroeconomy: evidence from the Korean bank loan officer survey
" is now available.

Sangyup (Sam) Choi is an Assistant Professor at School of Economics and Underwood Division of Yonsei University since 2017. Prior to joining Yonsei University, he was an economist (Economist Program) at the Middle East and Central Asia Department of International Monetary Fund. Previously, he has 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, 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: Financial Markets, Macroeconomics, Banking, Applied Econometrics

Working Papers

 [11] International bank lending channel of monetary policy (with Silvia AlbrizioDavide Furceri, and Chansik Yoon
 [Draft coming soon] 

 [10] Wait-and-see channel of uncertainty shocks and labor market dynamics (with Davide Furceri)
 [Draft coming soon] 

 [9] Economic policy uncertainty, financial markets, and zero lower bound over the last century (with Chansik Yoon
 [Draft coming soon] 

 [8] International fiscal-financial spillovers: the effect of fiscal shocks on cross-border bank lending (with Davide Furceri and Chansik Yoon
 [Draft coming soon] 

 [7] Changes in the effects of bank lending shocks and the development of public debt markets (January 2019) New draft! R&R at Finance Research Letters
 [Yonsei University Working Paper 2019-140] 

 [6] Heterogenous gains from countercyclical fiscal policy: new evidence from international industry-level data (with Davide Furceri and João Tovar Jalles) (January 2019) Updated draft! Under review
 [Updated Draft] [IMF Working Paper 17-198] [Featured in Central banking]

 [5] Bank lending standards, loan demand, and the macroeconomy: evidence from the Korean bank loan officer survey (January 2019) Updated draft! Under review
 [Updated Draft] [Yonsei University Working Paper 2018-126] 

 [4] Labor market dynamics under technology shocks: the role of subsistence consumption (with Myungkyu Shim) (January 2019) Updated draft! Under review
 [Updated Draft] [Yonsei University Working Paper 2018-127] 

 [3] Inflation anchoring and growth: evidence from sectoral data (with Davide Furceri and Prakash Loungani) (March 2018) Under revision
 [New draft coming soon] [IMF Working Paper 18-36] [Featured in Central banking] 

 [2] 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]

 [1] Forecasting the S&P 500 from VIX term structure (with Aaron Tornell)

Published Papers

 [9] Choi, Sangyup and Davide Furceri. Uncertainty and cross-border banking flows Journal of International Money and Finance May 2019, 93, pp 260-274.

 [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 LounganiThe effect of aggregate uncertainty on sectoral productivity growth: the role of credit constraints Journal of International Money and Finance November 2018, 88, pp 314-330.
 [Journal Article] [IMF Working Paper 16-174] [Graduate Institute of Geneva Working Paper 09-2017] [Featured in Unassuming economist] [Featured in Chosun Biz] [Featured in 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] [IMF Working Paper 17-196] [Featured in Unassuming economist] 

 [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] [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]

 [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

 [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]

Discussions

 [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]