Research

🎞️ Video overviews are available for all papers (generated using Google NotebookLM).

Publications

[3] Che, Yeon-Koo, Chongwoo Choe, and Keeyoung Rhee. 2024. "Bailout Stigma." Journal of Finance 79(5): 2993–3039. 🎞️

• • Online Appendix

  • An earlier version of this paper is available here at SSRN.

  • Winner of the 2024 Joon Y. Park Distinguished Paper Award

[2] Rhee, Keeyoung and Keshav Dogra. 2024. "Stress Tests and Model Monoculture." Journal of Financial Economics 152, 103760. 🎞️

[1] Rhee, Keeyoung. 2021. "Optimal Contracts under Moral Hazard and Costly Lying."   Korean Economic Review 37(1): 115–140. 🎞️

Working Papers

• • "From the Fringe to the Core: Stablecoins and the Future of Banking Stability" (with Kyoung Jin Choi) 🎞️

    • Previously circulated as "What Doesn't Kill You Makes You Riskier: The Impacts of CBDC on Banking Stability"

  • "Financial Market Structure for ESG Integration" (with Dongkyu Chang and Aaron Yoon) 🎞️

    • Reject and resubmit at the Journal of Accounting Research

    • Featured on The CLS Blue Sky Blog

    • Previously circulated as "Environmental, Social, and Governance (ESG) Integration under Asymmetric Information."

  • "Capital Structure and ESG Integration: A Security-Design Approach" (with Dongkyu Chang and Aaron Yoon) 🎞️

    • Reject and resubmit at the Management Science

    • Previously circulated as "Capital Structure and ESG Integration."

  • "(In-)Visible Risks of Blockchain-Based Financing for Capital Allocation Efficiency" (with Dongkyu Chang and Kyoung Jin Choi) 🎞️

Work in Progress

• • Managing Dynamic Financing (with Dongkyu Chang, Yeon-Koo Che, and Andy Bongjun Choi) 

  • Communication and Security Design (with Dongkyu Chang and Teddy Kyungmin Kim)

  • Dynamic Crisis Management (with Bomi Ahn and Jangwoo Lee)

  • AI Outsourcing (with Byung-Cheol Kim) 

  • Industrial Policies (with Myungkyu Shim and Ji Zhang)

Books and Publications in Korean

• • 국내 금융회사 그룹 리스크 평가와 관련 제도 개선 방향 (KDI 정책연구시리즈 2016-10)

  • 한국 금융감독체계에 대한 정치경제학적 연구 (KDI 연구보고서 2017-09)

  • 보험업 시스템 리스크 가능성 및 부실 보험회사 정리제도 연구 (KDI 연구보고서 2018-05)

  • 국민연금 연기금의 대체투자 위탁운용 성과평가체계 연구 (KDI 정책연구시리즈 2019-11)

  • 기업 자금조달 비용에 영향을 미치는 비재무적 요인 및 국내 금융시장 내 시장규율 분석: 기업규모와 신용평가 간 상관관계를 중심으로 (KDI 정책연구시리즈 2020-08)

  • 부실 보험회사 정리회생제도의 합리적 개선방향 (KDI 연구보고서 2021-03)

  • 그룹 리스크 반영을 위한 금융회사 자기자본 규제 개선 방향 (KDI 정책포럼 제266호)

  • 금융당국 출신 인사의 금융회사 재취업에 따른 경제적 효과 (KDI FOCUS 제94호)

  • SVB 사태의 교훈: 금융감독 제도의 개선 방향(금융안정연구 제26권 제1호, 2025)