Research

Debts and depth of recessions (co-authored with Donghyun Park and Shu Tian), International Review of Economics and Finance, Volume 87, September 2023, pp 468-485. 

Impact of Population Aging on Asia’s Future Economic Growth, 2021-2050 (co-authored with Donghyun Park), Asian Development Review, Vol. 40, No. 1, 2023, pp. 1–30.

Aging and labor share of income in Korea, (co-authored with Donghyun Park), Asian Economic Journal, volume 36, issue 4, December 2022, Pages 432-457.

Does Corruption Discourage Entrepreneurship?, (co-authored with Donghyun Park), Asian Economic Papers, volume 21, issue 3, 40-59. Fall 2022 

Can Lessons Learned from Past Economic Crises Help Predict Future Economic Crises? (co-authored with Chirok Han), Journal of Economic Theory and Econometrics, Vol.33, No.2, June 2022, 96-111.

Household Debt, Corporate Debt, and the Real Economy: Some Empirical Evidence (co-authored with Donghyun Park and Shu Tian), Emerging Markets Finance and Trade, 2022, 58:5, 1474-1490, DOI: 10.1080/1540496X.2021.1895114. 

Demographic Change, Technological Advance, and Growth: A Cross-country Analysis (co-authored with Cyn-Yong Park and Aiko Kikkawa), Economic Modelling, 2022, doi.org/10.1016/j.econmod.2021.105742. 

COVID-19, Nonperforming Loans, and Cross-Border Bank Lending (co-authored with Cyn-Young Park), Journal of Banking and Finance, Volume 133, December 2021, 106233. 

Decomposing Effects of Population Aging on Economic Growth in OECD Countries, (co-authored with Hyun-Hoon Lee), Asian Economic Papers, volume 20, issue 3, Fall 2021, https://10.1162/asep_a_00839.

The Shape of Recovery:  Implications of Past Experience for the Duration of the COVID-19 Recession (co-authored with Barry Eichengreen and Donghyun Park), Journal of Macroeconomics, Volume 69, September 2021, 103330: https://doi.org/10.1016/j.jmacro.2021.103330.

Does Bond Market Development Enhance the Banking Sector’s Efficiency in Resource Allocation? Industry-Level Evidence from Korea (co-authored with Donghyun Park and Shu Tian), North American Journal of Economics and Finance, Volume 57, July 2021, 101402.

Financial Stress in Lender Countries and Capital Outflows from Emerging Market Economies (co-authored with Ilhyock Shim),  Journal of International Money and Finance, Volume 113, 102356, May 2021.

Aging, Automation, and Productivity in Korea (co-authored with Cyn-Yong Park and Aiko Kikkawa), Journal of The Japanese and International Economies 59, March 2021, DOI: https://doi.org/10.1016/j.jjie.2020.101109.   

Do Local Currency Bond Markets Enhance Financial Stability? Some Empirical Evidence (co-authored with Donghyun Park and Shu Tian), Emerging Markets Finance and Trade, volume 57, issue 2, 562-590, 2021, DOI: 10.1080/1540496X.2019.1696190 

Exchange Rates and Insulation in Emerging Markets (co-authored with Barry Eichengreen, Donghyun Park and Arief Ramayandi), Open Economies Review, 31(3), 565-618, 19 June 2020, DOI: 10.1007/s11079-020-09587-2. 

Contagion through National and Regional Exposures to Foreign Banks during the Global Financial Crisis (co-authored with Cyn-Young Park), Journal of Financial Stability, Volume 46, Article 100721, February 2020.

Nonlinear effects of population aging on economic growth (co-authored with Hyun-Hoon Lee), Japan and the World Economy, Volume 51, 100963, September 2019.

Gender Inequality and Economic Growth in Korea (co-authored with Jinyoung Kim and Jong-Wha Lee), Pacific Economic Review, Volume 23, Issue 4, Pages: 545-682 October 2018. Cited in the keynote speech of Christine Lagarde, IMF managing director, "Together, Korea’s Women and Economy Can Soar."

What Explains Current Account Surplus in Korea? (co-authored with Chirok Han), Asian Economic Papers, Volume 17, Issue 2, pp.70-93, Summer 2018.

The Landscape of Economic Growth: Do Middle-Income Countries Differ?  (co-authored with Barry Eichengreen and Donghyun Park), Emerging Markets Finance and Trade, 54(4), 836-858, 2018. Featured in the Economist Magazine, "The middle-income trap has little evidence going for it". Also featured in the Financial Times, "Productivity and innovation stagnation, past and future: an epic compendium of recent views."

Economic Growth, Financial Development and Income Inequality (co-authored with Donghyun Park), Emerging Markets Finance and Trade, Volume 53, Issue 12, Pages 2794-2825, December 2017.

Population Aging and Its Impact on Economic Growth: Implications for Korea (co-authored with Hyun-Hoon Lee and Donghyun Park), The Economic Analysis, Issue 196, pp.159-179. December, 2017.

The Global Productivity Slump: Common and Country-Specific Factors (co-authored with Barry Eichengreen and Donghyun Park), Asian Economic Papers, Fall 2017, Vol. 16, No. 3, pp. 1–41.

Should the Dangers of Deflation be Dismissed? (co-authored with Barry Eichengreen and Donghyun Park), Journal of Macroeconomics, Volume 52, June 2017, Pages 287–307.

Effects of China’s Structural Change on the Exports of East Asian Economies (co-authored with Hyun-Hoon Lee and Donghyun Park), China and the World Economy, Vol. 25, No.3, Page 1-30, May 2017.

Capital Flow Reversals during the Taper Tantrum in 2013: Causes and Consequences, China Economic Journal, Vol.10, No.2, Pages 226-243, May 2017.

Financial Integration in Asset and Liability Holdings in East Asia (co-authored with Donghyun Park), Emerging Markets Finance and Trade, 52:539–556, 2016.

Capital Flows During Quantitative Easing: Experiences of Developing Countries (co-authored with Donghyun Park and Arief Ramayand), Emerging Markets Finance and Trade, 52:886–903, 2016.

Growth Slowdowns Redux: New Evidence on the Middle-Income Trap (co-authored with Barry Eichengreen and Donghyun Park), Japan and the World Economy, Volume 32, November 2014, Pages 65–84

Capital Market Openness and Output Volatility   (co-authored with Kwang-Myoung Hwang and Donghyun Park), Pacific Economic Review, Volume 18, Issue 3, 403-430, August 2013.

Noncore Bank Liabilities and Financial Vulnerability (co-authored with Joon-Ho Hahm and Hyun Song Shin) Journal of Money, Credit and Banking, 45 (s1), 3-36, August 2013.

Social Consequences of Economic Segregation (co-authored with Yoonseok Lee and Donggyun Shin), The Korean Economic Review, Volume 29, Issue 1, June 2013, 189-210.

Welfare Implications of International Financial Integration (co-authored with Jong-Wha Lee), Japan and the World Economy, Volume 24, Issue 4, December 2012, Pages 235–245.

When Fast Growing Economies Slow Down: International Evidence and Implications for China  (Co-authored with D. Park and B. Eichengreen) Asian Economic Papers, Vol. 11, No.1, Winter 2012, pp.42-87. Featured in the Economist Magazine as the Centerpiece of its "Economics focus".  Also featured in the Time Magazine, "Can China Escape the Middle-Income Trap?"

Complementarities between Bilateral Trade and Financial Integration   (Co-authored with Doo Yong Yang), Korea and the World Economy, Vol.13, No.1 (April 2012), 1-30.

Introduction (co-authored with Jong Wha Lee) International Economic Journal, vol. 25(4), pages 547-551, December 2011.

People's Republic of China as an Engine of Growth for Developing Asia? (co-authored with Donghyun Park), Asian Economic Papers Summer 2011, Vol. 10, No. 2: 120–163.

Understanding the Backus-Smith Puzzle: It's the (Nominal) Exchange Rate, Stupid   (co-authored with Gregory Hess), Journal of International Money & Finance, Volume 29, Issue 1, February 2010, Pages 169-180.

Exchange Rate Regimes and Economic Linkages  (co-authored with Jong-Wha Lee), International Economic Journal (March 2010), Vol. 24, No. 1, 1–23.

Can Trade with the People’s Republic of China Be an Engine of Growth for Developing Asia?   (co-authored with Donghyun Park) Asian Development Review, Volume 27, Number 1, 2010, pp.160-181.

A Semiparametric Cointegrating Regression: Investigating the Effects of Age Distributions on Consumption and Saving  (co-authored with Joon Y. Park and Yoon-Jae Whang, Journal of Econometrics, Volume 157, Issue 1, July 2010, Pages 165-178.

Are Initial Wage Losses of Inter-Sectoral Movers Compensated by Their Subsequent Wage Gains?  (co-authored with Donggyun Shin and Seonyoung Park), Macroeconomic Dynamics, Volume 14, Issue 04, Sep 2010, pp 501-526.

Complementarity among International Asset Holdings  (co-authored with Joon-Ho Hahm), Journal of the Japanese and International Economies, Vol.23, Issue 1, pp.37-55, March 2009.

Economic Integration and Changes in the Business Cycle in East Asia: Is the Region Decoupling from the Rest of the World?   (co-authored with Yung Chul Park), Asian Economic Papers, Vol. 8. pp.107-140, January 2009

Why Are The Wages of Job Stayers Procyclical?  (co-authored with Donggyun Shin), Macroeconomic Dynamics, vol.12 no.1, Feb.2008

Fluctuations of Unemployment and Inter- and Intra-sectoral Reallocation of Workers (co-authored with Donggyun Shin), International Economic Journal, vol. 22 no. 2, June 2008.

IMF Bailouts and Moral Hazard  (co-authored with Jong-Wha Lee), Journal of International Money & Finance, 27, 2008, pp.816-830.

Proliferating Regional Trade Arrangements: Why and Whither?   (co-authored with Jong-Wha Lee and Innwon Park), World Economy (December 2008) Volume 31, Issue 12, pp.1525 – 1557.

Trade and Financial Integration in East Asia: Effects on Co-movements   (co-authored with Chan-Hyun Sohn), World Economy, 2006, vol.29 (12), 1649-1669.

Does Regionalism Lead to More Global Trade Integration in East Asia?   (co-authored with Jong-Wha Lee), North American Journal of Economics and Finance, 2006, vol.27 (3), 283-301.

The Impact of Trade Integration on Business Cycle Co-movements in Europe, (co-authored with Yunjong Wang), Review of World Economics (Welrwirtschaft Arch.), 2005, Vol. 141, No.1, 104-123.

Trade Integration and Business Cycle Co-movements: the Case of Korea with Other Asian Countries, (co-authored with Yunjong Wang), Japan and the World Economy, 2004, v.12, 213-30.

Trade Integration and Business Cycle Synchronization in East Asia (co-authored with Yunjong Wang), Asian Economic Papers, 2003, vol.2, 1-20.

Risk Sharing of Disaggregate Macroeconomic and Idiosyncratic Shocks (co-authored with Gregory D. Hess), Journal of Economic Research, 2002, v7, p.1-40.

Risk Sharing by Households Within and Across Regions and Industries, (co-authored with Gregory D. Hess), Journal of Monetary Economics, 2000, v.45, pp. 533-560. 

The Role of Labor Input in the Relationship between Investment and Uncertainty, (co-authored with Jaewoo Lee), The American Economic Review, 2000, v90, p.667-80.

Fluctuating Uncertainty and Flexible Value, The Quarterly Review of Economics and Finance, 1999, v.39, 329-340.

Some Intranational Evidence on Output-Inflation Tradeoffs, (co-authored with Gregory D. Hess), Macroeconomic Dynamics, 1999, v.3, 187-203

Intranational Business Cycles in the U.S., (co-authored with Gregory D. Hess), Journal of International Economics, 1998, v.44, pp.289-314.

International and Intranational Business Cycles, (co-authored with Gregory D. Hess), Oxford Review of Economic Policy, 1997, v.13, pp.93-109.

Intra-Industry Wage Differences over the Business Cycle, (co-authored with Byung Sun Cho), Economics Letters, 1997, v.56, pp. 317-323.

Sectoral Shocks and Movement Costs: Effects on Employment and Welfare, Journal of Economic Dynamics and Control, 1997, v.21, pp. 449-471.

Inter- and Intra-Sectoral Shocks: Effects on the Unemployment rate, Journal of Labor Economics, 1997, v.15, pp. 376-401.

Korea’s Growth Experiences and Middle Income Trap, IER Pulbic Lecture, Seoul National University, April 26,2017

Korean Economy in the 21th Centrury, Opening Ceremony of Seoul Bankruptcy Court, April 7, 2017.

Economic and Financial Development, and Income Inequality, The 2nd CAG (Center on Asia and Globlisation) Conference on Evolving Finance, Trade and Investment in Asia, Financial Sector Development and Income Inequality”, Lee Kuan Yew School of Public Policy, October 20, 2016. 

Restructuring the Korean Economy, Plenary Session 1, Korea and the World Economy XV, August 5, 2016

CES Lectures, Risk sharing and business cycles, January 18, 23, and 25, 2007. 

From Miracle to Maturity: The Growth of the Korean Economy   (Co-authored with Barry Eichengreen and Dwight Perkins), Harvard University Asia Center and Harvard University Press, 2012.  Featured in the Economist Magazine "What do you do when you reach the top?" 

Lessons from Macro-Financial Policy in Korea  (co-authored with Hyun Song Shin),  Macro-financial Stability Policy in a Globalised World: Lessons from International Experience, Edited By: Claudio Borio (Bank for International Settlements, Switzerland), Edward S Robinson (Monetary Authority of Singapore, Singapore) and Hyun Song Shin (Bank for International Settlements, Switzerland), World Scientific, 2023.

Non-core Bank Liabilities and Vulnerability to Crisis: Implications for Asia (co-authored with Joon-Ho Hahm and Hyun Song Shin), Global Shock, Risks, and Asian Financial Reform, edited by Iwan Aziz and Hyun Song Shin, Edward Elgar, 2014.

Monetary Aggregates and Procyclicality of the Financial System: An Aisian Perspecitive (co-authored with Joon-Ho Hahm and Hyun Song Shin), Global Shock, Risks, and Asian Financial Reform, edited by Iwan Aziz and Hyun Song Shin, Edward Elgar, 2014.

Why Did Asian Countries Fare Better during the Global Financial Crisis than during the Asian Financial Crisis?   (Co-authored with Donghyun Park and Arief Ramayandi) Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now, edited by Changyong Rhee and Adam S. Posen, Peterson Institute for International Economics, October 2013.

Is the Service Sector in Asia an Engine of Growth?   (co-authored with D. Park), Developing the Service Sector as an Engine of Growth for Asia, edited by D. Park and M. Norland, Asian Development Bank, October 2013.

The Service Sector in the Republic of Korea   (co-authored with D. Park), Developing the Service Sector as an Engine of Growth for Asia, edited by D. Park and M. Norland, Asian Development Bank, October 2013.

Internationalisation of currency in East Asia: implications for regional monetary and financial cooperation   (co-authored with Yung Chul Park) BIS Papers chapters, in: Bank for International Settlements (ed.), Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific, 2012, volume 61, p.180-197.

Macroprudential Policies in Open Emerging Economies   (co-authored with Joon-Ho Hahm, Frederic Mishkin, and Hyun Song Shin), Asia's Role in the Post-Crisis Global Economy, edited by Glick and Spiegel, Asia Economic Policy Conference Volume Federal Reserve Bank of San Francisco, 2012.

Impact of population aging on Asia’s future growth   (co-authored with Donghyun Park), Aging, Economic Growth, and Old-Age Security in Asia, edited by Donghyun Park, Sang-Hyop Lee and Andrew Mason, Edward Elgar, October 2012.

Regional and Global Financial Integration in East Asia (co-authored with Kim, Soyoung, Lee, Jong-Wha), China, Asia and the New World Economy, edited by B. Eichengreen, C. Wyplosz and Y. Park, Oxford University Press, 2008.

The Linkage between Trade Agreements and Monetary Cooperation (co-authored with Yunjong Wang), Toward an East Asian Exchange Rate Regime, edited by Chung and Eichengreen, Brookings Institution Press, 2007.

Macroeconomic adjustments and the real economy in Korea and Malaysia since 1997, (co-authored with Zainal-Abidin Mahani and Yunjong Wang), Seeking Growth under Financial Volatility, edited by Ricardo Frenchdavis, Palgrave mcmillan, 2006

A Currency Union in East Asia, (co-authored with Jong-wha Lee and Yungchul Park), Monetary and Financial Integration in East Asia Vol. 2 edited by Asian Development Bank, Palgrave mcmillan, 2004.

Sequencing Monetary and Trade Integration, (co-authored with Yunjong Wang). Exchange Rate Regimes in East Asia, edited by Gordon de Brouwer and Masahiro Kawai, Routledge, 2004.

The Sources of Fluctuations within and across Countries    (co-authored with Todd E. Clark), Intranational Macroeconomics, edited by Gregory D. Hess and Eric van Wincoop, Cambridge University Press, 2000.

확률적 동학 일반균형모형을 이용한 한국경제의 최적 통화정책, (박형수 공저) 경제분석, 2000. II, 제 6권 제 2호, pp. 94-124.

한국의 자연실업률 측정과 외환위기 이후의 실업률 상승에 대한 이해, 한국경제의 분석, 2001, 제 7권 제 1호, pp1-47.

소득불확실성이 부의 축적과 소비에 미치는 영향, (주원 공저) 경제분석, 2002, 제8권 제1호, pp100-134.

법정근로시간단축의 경제적 효과, (신동균, 유경준 공저), 노동경제논집 25권 3호, 2002년 12월

동아시아 단일통화지역의 가능성과 금융협력의 방향, (이종화, 왕윤종 공저), 한국경제의 분석 8권 3호, 2002년 12월

인플레이션 구조변화에 관한 연구, (김창진 공저), 경제학연구 51권 4호, 2003년 12월

지역 무역협정의 경제적 효과와 동아시아 지역주의에의 시사점, (이종화, 박인원 공저), 한국경제의 분석, 10권, 1호,pp. 177-227, 2004년 4월.

한국의 산업별 정보통신기술(ICT) 투자의 생산성 파급효과분석, (이종화, 이영수 공저), 국제경제연구 10권 2호, 2004년 8월

소규모 개방경제 하에서의 통화정책, (김영식, 윤택 공저), 계량경제학보 15권 3호, 2004년 9월, pp. 1-33.

인구구조의 변화가 총노동생산성에 미치는 영향, (황윤재 공저), 경제분석 11권 2호, 2005년 7월, pp. 1-35.

국가간 위험분담의 결정요인, 금융학회지, 제11권 제1호, 2006년 3월

국민연금 기금운용 과정에서의 정부의 간섭 가능성   (나성린 공저) 공공경제 제11권 제2호, 2006년 12월, pp. 151-169.

소득분포 양극화의 특성과 경제․사회적 영향 (신동균 공저) 한국경제의 분석 제13권 제1호, 2007년 4월, pp. 63-119.

외환위기 이후 통화 및 환율정책의 평가, 경제학연구, 제55집 제4호, 2007년 12월, pp. 275-312

경기변동상의 산업간 충격과 생산의 공행성 및 총고용 (김영식 공저), 계량경제학보 제19권 제3호, 2008년 9월, pp. 148-173

금융안정을 위한 중앙은행의 역할 (정지만, 박창균 공저), 한국경제의 분석 15권 3호, 2009년 12월, pp. 1-77.

자본시장의 글로벌화와 한국통화정책의 독립성 (김소영 공저), 한국개발연구, 제32집 제2호, 2010년, pp. 1-26.

무역 및 금융연계성이 경기변동 동조성에 미치는 영향: 패널 연립방정식 접근, 금융학회지, 제26집 제3호, 2012년 9월, pp. 155-190.

소득불평등 결정요인 분석   (신동균 공저), 계량경제학보, 제 24집 제 2호, 2013 6월, 125–162

소득불평등이 경제성장에 미치는 효과   (신동균 공저) 한국경제의 분석 20권 1호, 2014년 4월 pp. 107-148.

고령화 및 소득변화가 소득구조에 미치는 영향 (한치록 공저) 사회과학연구 23권 1호, 2016년 3월 pp. 7-21.

한국은행의 역할과 정책수단: 금융안정정책을 중심으로 (김인준, 김성현, 김소영, 김진일 공저), 한국경제의 분석, 23권 1호, 2017년 4월 pp. 185-272.

교역을 통한 국가 간 부가가치 유출입 (주원 공저) 국제경제연구 22권 3호, 2016년 9월 pp.27-48.

금융발전이 소득불평등에 미치는 효과: 한국경제에 대한 시사점, 금융연구 32권 3호, 2018년 9월 pp.63-100