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... as summarized in Table 4.8, Kim (1999) also found that during 1995-97 financial institutions affiliated with chaebol recorded systematically lower profitability as well as lower capital ade-Profitability (ROA ... 90 Joon-Ho Hahm quacy... more
... as summarized in Table 4.8, Kim (1999) also found that during 1995-97 financial institutions affiliated with chaebol recorded systematically lower profitability as well as lower capital ade-Profitability (ROA ... 90 Joon-Ho Hahm quacy compared with independent financial institutions ...
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Research Interests: Economics, Credit Scoring, Applied Economics, Adverse Selection, Credit Risk, and 11 moreInformation Sharing, Loan, Profitability, Public health systems and services research, Decision Models, Credit Market, Credit Crunch, Profit Maximization, Loan Pricing, Credit History, and Finance and Investment Banking
... loss due to the increase in non-performing assets would have had a negative impact on the financial performance of the banking institution resulting ... ratio at the end of 1998 turned out to be a significantly distorted measure of... more
... loss due to the increase in non-performing assets would have had a negative impact on the financial performance of the banking institution resulting ... ratio at the end of 1998 turned out to be a significantly distorted measure of the true financial performance in the post-crisis period ...
Research Interests: Economics, Financial Liberalization, Risk Management, Applied Economics, Financial Crisis, and 13 moreFinancial System, Profitability, Exchange rate, Exchange Rate Exposure, Interest Rate Risk Modeling, Public health systems and services research, Interest Rate, Commercial Banks, Capital Adequacy, Stock Returns, Finance and Investment Banking, Profitability Index, and Exchange rate risk
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The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance and the resultant higher frequency of financial crises, all eyes have shifted toward the... more
The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation. This book expertly examines what this episode means for Asia’s financial sector and its stability, and what the implications will be for the region’s financial regulation. By focusing on legal and institutional frameworks the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.
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Kim, Joon-Kyung.2006.Regulatory Reforms in the Age of Financial Consolidation,Report,Seoul,South KoreaKorea Development Institute,529
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Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This... more
Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have often weathered the storm best despite the supposed burden of ‘weak institutions’. It demonstrates that a better policy framework requires reliable indicators of vulnerability to financial instability, as well as improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises.
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This paper examines the linkage between monetary policy and economic inequalities in the open economy of the Republic of Korea. The coronavirus disease pandemic has raised renewed concerns about economic and social inequality. This paper... more
This paper examines the linkage between monetary policy and economic inequalities in the open economy of the Republic of Korea. The coronavirus disease pandemic has raised renewed concerns about economic and social inequality. This paper constructs measures of income and wealth inequality in the Republic of Korea. Empirical results show that both domestic and external monetary policy shocks exert significant countercyclical effects on income inequality. However, for wealth inequality, the effects are very different. External policy shocks proxied by fluctuations in net capital flows seem to have significant effects on net wealth inequality.
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행사명 : Management of Market Economy and Korea''s Development Experience: The Eighth Cours
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Jo, Dongho; Hur, Seok-kyun; Hahm, Joon-Ho; Choi, Yong-Seok.2009.Mid-term economic development strategies for Ukraine,Reports,[Seoul]Korea Development Institute,Knowledge Sharing Program,213
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Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This... more
Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have often weathered the storm best despite the supposed burden of ‘weak institutions’. It demonstrates that a better policy framework requires reliable indicators of vulnerability to financial instability, as well as improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises.
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The consumption growth/income growth parallel found in the low frequency cross- country aggregate data has been interpreted as evidence against the certainty equivalence life-cycle/permanent income hypothesis. This paper analyzes... more
The consumption growth/income growth parallel found in the low frequency cross- country aggregate data has been interpreted as evidence against the certainty equivalence life-cycle/permanent income hypothesis. This paper analyzes existence of precautionary premia in consumption growth as a potential source of the parallel, and tests the hypothesis that countries with inherently larger earnings uncertainty show systematically steeper consumption growth paths and higher saving rates. Empirical results indicate a potentially important role of precautionary saving motives in explaining the cross-country differentials in consumption growth and saving rate. However, the presence of precautionary premia is not enough to account for the high correlation between average consumption growth and average income growth across countries. I conclude that the consumption growth/income growth parallel remains as a robust long-run empirical relationship challenging the life-cycle/permanent income hypothesis.
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ABSTRACT The Consumption growth/income growth parallel found in the low frequency cross Country aggregate data has been interpreted as evidence against the certainty equivalence life-cycle/permanent income hypothesis. This paper analyzes... more
ABSTRACT The Consumption growth/income growth parallel found in the low frequency cross Country aggregate data has been interpreted as evidence against the certainty equivalence life-cycle/permanent income hypothesis. This paper analyzes existence of precautionary premia in consumption growth as a potential source of the parallel, and tests the hypothesis that countries with inherently larger earning uncertainty show systematically steeper consumption growth paths and higher saving rates. Empirical results indicate a potentially important role of precautionary saving motives in explaining the cross-country differentials in consumption growth and saving rate. However, the presence of precautionary premia is not enough to account for the high correlation between average consumption growth and average income growth across countries. I conclude that the consumption growth/income growth parallel remains as a robust long-run empirical relationship challenging the life-cycle/permanent income hypothesis.
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... loss due to the increase in non-performing assets would have had a negative impact on the financial performance of the banking institution resulting ... ratio at the end of 1998 turned out to be a significantly distorted measure of... more
... loss due to the increase in non-performing assets would have had a negative impact on the financial performance of the banking institution resulting ... ratio at the end of 1998 turned out to be a significantly distorted measure of the true financial performance in the post-crisis period ...
Research Interests: Economics, Financial Liberalization, Risk Management, Applied Economics, Financial Crisis, and 13 moreFinancial System, Profitability, Exchange rate, Exchange Rate Exposure, Interest Rate Risk Modeling, Public health systems and services research, Interest Rate, Commercial Banks, Capital Adequacy, Stock Returns, Finance and Investment Banking, Profitability Index, and Exchange rate risk
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ABSTRACT Using bank-level data in Korea, we examine empirical properties of foreign currency noncore bank liabilities and assess policy effectiveness of the macroprudential levy introduced in postcrisis Korea. Our panel regression and VAR... more
ABSTRACT Using bank-level data in Korea, we examine empirical properties of foreign currency noncore bank liabilities and assess policy effectiveness of the macroprudential levy introduced in postcrisis Korea. Our panel regression and VAR analyses indicate that the foreign currency noncore bank liability ratio yields significant information on the vulnerability of banks, and the macroprudential levy has exerted nontrivial effects on the noncore funding of banks, leading to the mitigation of foreign currency liquidity risks of Korea’s banks. Our findings strengthen the rationale for using appropriate macroprudential policies as a guard against financial vulnerability in open emerging economies.
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This paper studies the pattern and structure of cross-border bilateral financial asset holdings. By utilizing an extended dataset and employing a variant of gravity models, we find strong evidence for the presence of complementarities... more
This paper studies the pattern and structure of cross-border bilateral financial asset holdings. By utilizing an extended dataset and employing a variant of gravity models, we find strong evidence for the presence of complementarities among bank loans, shortand long-term debts, and portfolio equity holdings. The complementarities can be explained by common factors of standard gravity models such as economy size, state of development, and information cost proxies, as well as bilateral trade in goods and services. However, we also find the presence of a direct channel of complementarities among financial asset holdings that cannot be explained by these gravity factors. We proceed to investigate whether the complementarities can be characterized by the models that predict a special role of banks in alleviating information asymmetry. We find supporting evidence for this hypothesis in that international bank lending tends to increase the volume of portfolio asset holdings. This accelerat...