Sangyup (Sam) Choi
 is an
Assistant Professor at School of Economics of Yonsei University. 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 has done an internship in the IMF’s Research Department. He received a Ph.D. in Economics from UCLA in 2015 and B.A. in Economics from Yonsei University in 2009. 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, Applied Econometrics

Published Papers

 Aggregate uncertainty and sectoral productivity growth: the role of credit constraints (with Davide Furceri, Yi Huang, and Prakash LounganiJournal of International Money and Finance, forthcoming
 [Journal Article] [IMF Working Paper 16-174] [Featured in Unassuming economist] 

 The impact of US financial uncertainty shocks on emerging market economies: an international credit channel Open Economies Review, forthcoming
 [Journal Article] [Online Appendix] 

 Variability in the effects of uncertainty shocks: new stylized facts from OECD countries Journal of Macroeconomics September 2017
 [Journal Article] [Online Appendix]

 Uncertainty and unemployment: the effects of aggregate and sectoral channels (with Prakash Loungani) Journal of Macroeconomics December 2015

 Are the effects of Bloom's uncertainty shocks robust? Economics Letters May 2013
 [Journal Article] [Data]

Working Papers

 Fiscal stabilization and growth: evidence from industry-level data for advanced and developing economies (with Davide Furceri and João Tovar Jalles) (November 2017) Under review
 [IMF Working Paper 17-198]  [Featured in Central banking]

 Oil prices and inflation dynamics: evidence from advanced and developing economies (with Davide Furceri, Prakash LounganiSaurabh Mishra, and Marcos Poplawski-Ribeiro) (September 2017) R&R at Journal of International Money and Finance 
 [IMF Working Paper 17-196]  [Featured in Unassuming economist]

 Financial vs. policy uncertainty in emerging economies: evidence from Korea and the BRICs (with Myungkyu Shim) (April 2017) R&R at Open Economies Review
 [Working Paper]

 The effects of data transparency policy reforms on emerging market sovereign bond spreads (with Yuko Hashimoto(March 2017) Under review
 [IMF Working Paper 17-74] [Featured in IMF-World Bank 2017 Spring Meeting] [Reuters] [Managing Director's speech in Atlantic Council] [Managing Director's speech in Dubai]

 Identifying the effect of bank lending shocks under credit rationing:  evidence from bank loan officer survey Under revision
 [New draft coming soon]

 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]

 Uncertainty and cross-border banking flows (with Davide Furceri)
 [Draft coming soon]

 Inflation anchoring and growth: evidence from sectoral data (with Davide Furceri and Prakash Loungani)
 [Draft coming soon]

 Emerging and developing economy business cycles: the role of subsistence consumption (with Myungkyu Shim)
 [Draft coming soon]

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

Book Chapters and Policy Publications

 Caucasus and Central Asia: No Room for Complacency, International Monetary Fund 2017 Regional Economic Outlook [Chapter 3]

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

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

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


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

 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]

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

Op-eds and blogs

 Transparency Pays: Emerging Markets Share More Data (July 2017) [IMF Blog]