Jan 2018: My new IMF working paper 
"Uncertainty and cross-border banking flows" is now available.
Jan 2018: "
Oil prices and inflation dynamics: evidence from advanced and developing economies" is now forthcoming in Journal of International Money and Finance.
Jan 2018: The updated version of  "
Financial vs. policy uncertainty in emerging market economies" is now available.

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. 

Email: sangyupchoi@yonsei.ac.kr; sangyupchoi@gmail.com 
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

Working Papers

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

 [9] Uncertainty and cross-border banking flows (with Davide Furceri) (January 2018) New Draft! r&r at Journal of International Money and Finance
 [IMF Working Paper 18-4] 

 [8] International spillovers of fiscal shocks: evidence from a cross-border bank lending channel (with Davide Furceri and Chansik Yoon)
 [Draft coming soon]

 [7] 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]

 [6] Does transparency pay? Evidence from IMF data transparency policy reforms and emerging market sovereign bond spreads (with Yuko Hashimoto(March 2018) Updated Draft! r&r at Journal of International Money and Finance
 [Updated draft] [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]

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

 [4] 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]

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

 [2] Labor market dynamics of developing economies: the role of subsistence consumption (with Myungkyu Shim)
 [Draft coming soon]

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

Published Papers

 [7] Financial vs. policy uncertainty in emerging market economies (with Myungkyu Shim) Open Economies Review (accepted with minor revision)
 [Yonsei University Working Paper 2018-116] 

 [6] The effect of aggregate uncertainty on 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] [Graduate Institute of Geneva Working Paper 09-2017] [Featured in Unassuming economist] [Featured in Chosun Biz]

 [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, 81, 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]


 [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

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