Geopolitical Risk and Foreign Portfolio Investment: A Tale of Advanced and Emerging Markets

Journal of International Money and Finance

with Sangyup Choi, Yonsei University

• U.S. portfolio investment decreases in response to heightened geopolitical risk in emerging markets

• This is not a case for geopolitical risk in advanced markets

• Poor institutional quality in emerging markets appears the primary driver for this heterogeneity

• Geographical contagion of geopolitical risk is detected but confined to emerging markets

The impact of the COVID-19 pandemic and policy support on productivity 

ECB Occasional Paper Series

with ECB and NCB co-authors

• Studying the short and long-term consequences of the COVID-19 pandemic for productivity in Europe

• Labour productivity temporarily increased, while productivity per employee declined across sectors

• The extensive margin of productivity growth was muted by the policy support granted to firms

• Government support muted the surge in unemployment and reduced permanent scarring effects

The effects of foreign bank entry on bank inflows in emerging economies

Economics Letters

with Kyu Bong Cho, Handong University

• Heterogeneous effects of first and subsequent foreign bank entries on bank inflows

• Subsequent foreign bank entries significantly increase bank inflows from the home countries

• Followers leverage the presence of incumbents to attract bank inflows more effectively