Current Position

2014 Associate Professor, Victoria University of Wellington

Former Positions

2010 - 2014 Reader, University of London, School of Oriental and African Studies
2004 - 2010 Assistant Professor, Nanyang Technological University

Term Positions

2010 - 2017 Consultant, Asian Development Bank
2016 Visiting Fellow, Bank of Thailand
2013 - 2014 Research Fellow, ADB Institute
2008 - 2009 Consultant, ASEAN Secretariat
2006 - 2007 Consultant, South East Asian Central Banks Centre
2004 - 2005 Consultant, World Bank
2003 Teaching Fellow, University of California, Santa Cruz
2002 Summer Intern, International Monetary Fund


2004 Ph.D. International Economics, University of California, Santa Cruz
2000 M.S. Applied Economics and Finance, University of California, Santa Cruz
1998 B.A. Economics, Thammasat University, Bangkok, Thailand


Measuring fiscal space from public debt and tax base:

2015 Tax revenue trends in Asia and Latin America: A comparative analysis.NBER.No.21755. [w/ J. Aizenman, J. Kim, D. Park].PDF
2013 What is the risk of European sovereign debt defaults?JIMF.34,37-59 [w/ J. Aizenman & M. Hutchison].VOX FT PDF
2013 Sovereign default risk: theory and evidence from outstanding credit default swaps.J.Fin.Stabil.9:3,330-36 [w/ T. Janus, M. Uruyos].PDF
2013 Economic integration and government revenue from financial repression.Econ.Sys.37:2,271-83.PDF
2012 Income inequality, tax base and sovereign spreads.FinanzArchiv.68:4,431-44 [w/ J. Aizenman].VOX PDF
2012 The fiscal stimulus in 2009-10.NBER Int.Sem.Macro.2011,301-342 [w/ J. Aizenman].Econbrowser PDF
2009 Globalisation and developing countries:a shrinking tax base?J.Dev.Stud.45:5,653-671 [w/ J. Aizenman].NBER PDF
2008 The collection efficiency of the value added tax.J.Int.Trade&Econ.Dev.17:3,391-410
 [w/ J. Aizenman].NBER PDF 

Tracing feedback between real estate and capital flows:

2016 Housing valuations and economic growth: Some international evidence.NBER.No.22699. [w/ J. Aizenman, H. Zheng].weforum PDF
2014 Real estate valuation, current account and credit growth patterns, before and after the 2008-9 crisis.JIMF.48,249-270 [w/ J. Aizenman].PDF
2011 Causality, real estate prices, and the current account.J.Macro.33:2,233-246 [w/ S. Sheffrin].PDF
2009 Current account patterns and national real estate markets.J.UrbanEcon.66:2,75-89 [w/ J. Aizenman].NBER PDF

Evaluating adjustment to international trade and investment:

2017 Vocational education, manufacturing, and income distribution. [w/ J. Aizenman, N. Nam, I. Noy].
2016 Export - financial constraint relationship: How different are SMEs?World.Dev.79,152-163 [w/ G. Wignaraja].PDF
2015 Chinese outwards mercantilism - the art and practice of bundling.NBER.No.21089. [w/ J. Aizenman, H. Zheng].PDF
2015 Supply chains, global financial shocks, and firm behavior towards liquidity needs.World.Econ.38:3,425-444.PDF
2014 Connecting Central Asia with Economic Centers, ADB Institute [w/ G. Wignaraja].PDF
2013 The effect of World Bank trade adjustment assistance on trade and growth: 1987-2004.Econ.Sys.37,415-30 [w/ Y. Tsikata, G. Salinas].PDF
2013 Competition, labor intensity and specialization (w/ K. Naknoi), in Trade and Employment in Asia, N. Khor and D. Mitra (eds.),72-92, Routledge.PDF
2009 Trade variety and political conflict: some international evidence.Econ.Lett.103:1,26-28.PDF 
2007 On the causality between trade credits and imports.Int.Econ.J.21:3,317-333.PDF 
2007 Foreign direct investment and macroeconomic risk.J.Compar.Econ.35:3,509-519.PDF

Detecting systemic risks in cross-border equity and bond investment:

2014 Granular institutional investors and global market interdependence.JIMF.46,61-81 [w/ H. Zheng].PDF
2014 Equity prices and financial globalization.Int.Rev.Finan.Anal.33,49-57.PDF
2013 Capital controls in Brazil: stemming a tide with a signal?.J.BankingFin.38:7,2938-52 [w/ I. Noy, H. Zheng].PDF
2011 International fund investment and local market returns.J.BankingFin.35:2,572-587  [w/ J. Wongswan, H. Zheng].PDF
2010 Financial panic and emerging market funds.Appl.Fin.Econ.20:23,1793-1805 [w/ H. Zheng].PDF

Comparing international monetary systems before and after the crisis of 2008:

2017 Flexibility of Adjustment to Shocks.NBER.No.23467 [w/ J. Aizenman, G. Estrada, S. Tian].PDF
2016 Developing countries’ financial vulnerability to the eurozone crisis.J.Econ.Policy.Reform.19,1-19 [w/ J. Aizenman, M. Lee & D. Park].PDF
2016 Fundamentals and sovereign risk of emerging markets.Pacific.Econ.Rev.21,151-177 [w/ J. Aizenman, D. Park].PDF
2015 Financial Development and Output Growth in Developing Asia and Latin America.NBER.No.20917. [w/ J. Aizenman, J. Kim, D. Park].PDF
2014 Net foreign assets and macroeconomic volatility.J.Asian.Econ.34,42-53 [w/ W.M. Chia, P. Rana, T. Xie].PDF
2014 China’s growth, stability, and use of international reserves.Open.Econ.Rev.25:3,407-428.2014 [w/ J. Aizenman, N. Marion].PDF
2013 Capital flows and economic growth in the era of financial integration and crisis.Open.Econ.Rev.24:3,371-96 [w/ J. Aizenman, D. Park].VOX PDF
2012 Development threshold, capital flows, and financial turbulence.N.Amer.J.Econ.Fin.23:3,365-85 [w/ D. Ding].PDF
2012 Monetary integration in ASEAN+3: A perception survey of opinion leaders.J.Asian.Econ.23:1,1-12 [w/ P. Rana, W.M. Chia].PDF
2011 New evidence on asset location from the survey of consumer finances.PublicFin.Rev.39:4,594-615 [w/ J. Zhou].PDF 
2011 International reserves and swap lines.Int.Rev.Econ.Fin.20:1,5-18 [w/ J. Aizenman, D. Park].NBER VOX PDF
2009 USA as the `demander of last resort’ and China’s current account.Pacific.Econ.Rev.14:3,426-442 [w/ J. Aizenman].NBER PDF 
2007 Adjustments of the financial and corporate sector to exchange rate volatility and their policy implications.SEACEN [w/ Dagva Boldbaatar].