Working papers

• The Effects of Political Risk on Exchange Rates: Evidence from Korea (with Jihyun Kim) [paper] 🆕
• Deciphering CIP Deviation: Who Moves It and Why It Matters? (with Jihyun Kim) [paper]
• What Makes the Recent KRW Depreciation Episode Different from the Past? (with Jihyun Kim) [paper]
• Conducting Unconventional Monetary Policy with Foreign Exchange Reserves [JMP version, World Bank Blogs] (Revised and Resubmitted to IJCB)
• Re-estimating Potential GDP: New Evidence on Output Hysteresis (with Diego Anzoategui) [paper, online appendix, slides, poster]

Publications

• A Note on Optimal Foreign Reserve Management without Commitment, Macroeconomic Dynamics, 2025 [paper, code]
• Exchange Rate Volatility and Spot FX Trading Behavior of Korean Firms (with Ju Hyun Pyun), Economic Analysis (경제분석) 2025 (in Korean) [paper, Media coverage]
• Fair international protocols for the abatement of GHG emissions (with Biung-Ghi Ju, Suyi Kim, and Juan D. Moreno-Ternero), Energy Economics, 2021 [paper]

Policy Work

• Financial Frictions, UIP Premium, and the Integrated Policy Framework: The Case of Korea, 2025, [link, Korean version]
  • Media coverage: 이데일리, 조선Biz, Asia Business Daily, and others
• South Korea and Stability in the Local-currency Government Bond Market Amid Global Shock Transmission, 2025 August [link]
  • Chapter 5 of Foreign Investor Trading and Spillovers to Local-currency Bond Markets in SEACEN Economies: A Case Study Approach (Editor: Atsuyoshi Morozumi)
• Covered Interest Parity Deviation (CIPD) in South Korea: Who Moves It and Why It Matters? 2025 [link, Korean version]
  • Media coverage: BOK Youtube, SBS Biz, and others
• 최근 엔캐리 트레이드 수익률 변화와 청산가능 규모 추정 (Recent changes in the Yen carry trade yield and the estimated size of unwindables), 2024 [link, related blog by department head]
  • Media coverage: Chosun Daily, 중앙일보, and others
• 원/달러 환율 움직임의 글로벌**・지역・**개별 요인 분해 (Decomposing USD/KRW exchange rate movements into global, regional, and local factors), 2024 [summary]
  • Media coverage: 인포맥스, 이데일리
• 우리나라 외환시장 유동성의 특징 (Foreign Exchange Market Liquidity in Korea), 2024 [blog version]
• 한국의 외환시장과 외환제도 (Foreign Exchange Market and Foreign Exchange System in Korea), 2023 ****[link]
• 알기 쉬운 경제지표 해설 (Economic Indicators: Concepts and Interpretation for beginners), 2023 [link]

Discussions