Economics Research

Journal Publications:

1.  Taming the "Capital Flows-Credit Nexus": A Sectoral Approach, (with Daniel Carvalho and Etienne Lepers). 2024. Open Economies Review (Accepted).

2.  Which Financial Inclusion Indicators and Dimensions Matter for Income Inequality? A Bayesian Model Averaging Approach, (with Victor Pontines). 2024. Empirical Economics (Forthcoming).

3.  Concentration in Asian Cross-border Banking: Determinants and Impacts, (with Ana Kristel Lapid and Peter Rosenkranz). 2023. Pacific Economic Review, 28(2), 267-292.

4.  Bilateral Capital Flows: Gravity, Push and Pull. 2023. International Finance, 26(1): 36-63.

5.  Bilateral Capital Flows: Transaction Patterns and Gravity. 2023. International Review of Economics and Finance, 84(C): 39-54.

6.  Sectoral Capital Flows: Covariates, Co-movements, and Controls, (with Etienne Lepers). 2021. Journal of International Financial Markets, Institutions, and Money, 75(C), 101413.

7.  Financial Flows Centrality: Empirical Evidence using Bilateral Capital Flows, (with Shanty Noviantie). 2020. Journal of International Financial Markets, Institutions, and Money, 69(C), 101255.

8.  Are Capital Inflows Expansionary or Contractionary in the Philippines? 2020. Journal of Asian Economics, 67(C), 101176.

9.  The Currency Composition of International Portfolio Assets, (with Vahagn Galstyan and Caroline Mehigan). 2020. Journal of International Money and Finance, 103(C), 102132.

10.  Economic Convergence, Capital Accumulation, and Income Traps: Empirical Evidence, (with Cyn-Young Park). 2020. Review of Income and Wealth, 66(1): 26-58.

11.  Capital Flow Transitions: Domestic Factors and Episodes of Gross Capital Inflows. 2019. Emerging Markets Review, 38(C): 251-264.

12.  Financial Inclusion, Poverty, and Income Inequality, (with Cyn-Young Park). 2018. Singapore Economic Review, 36(1): 185-206.

13.  Not All Surges of Gross Capital Inflows Are Alike. 2018. Journal of Economic Studies, 45(2): 326-347.

14.  Price Discovery and Foreign Participation in Korean Government Bond Futures and Cash Markets, (with Cyn-Young Park, Jaehun Choi, and Hosung Lim). 2017.  Journal of Futures Markets, 37(1): 23-51.

15.  The Holders and Issuers of International Portfolio Securities, (with Vahagn Galstyan, Philip R. Lane, and Caroline Mehigan). 2016. Journal of the Japanese and International Economies, 42(C): 100-108.

16.  Determinants of Financial Stress in Emerging Market Economies, (with Cyn-Young Park). 2014. Journal of Banking and Finance, 45(C):199-224.

17.  Emerging Asia Equity Home Bias and Financial Integration. 2013. International Economic Journal, 27(4): 497-524.

18.  What Drives Different Types of Capital Flows and Their Volatilities in Developing Asia? (with Cyn-Young Park). 2011. International Economic Journal, 25(4): 655-680.

Book Chapters:

1.  "FinTech and Financial Inclusion: A Vital Space for ASEAN-Republic of Korea Cooperation", (with Ryan Jacildo and Cyn-Young Park). In The New Southern Policy Plus: Progress and Way Forward, Edited by K.H. Lee and Y. J. Roo, (Korea: Korea Institute for International Economic Policy, 2021)

2. "Financial Inclusion: New Measurement and Cross-Country Impact Assessment", (with Cyn-Young Park). In Financial Inclusion in Asia and Beyond: Measurement, Development Gaps, and Economic Consequences, Edited By Tony Cavoli, Rashesh Shrestha, (London: Routledge, 2021) 98-128.

3. "Economics of Hyperinflation" In Hyperinflation in Zimbabwe: Background, Impact, and Policy, Edited by Tara McIndoe-Calder, Tara Bedi, and Rogelio Mercado. (UK: Palgrave Macmillan, 2019) 43-57.

4.  "Historic Episodes of Hyperinflation" In Hyperinflation in Zimbabwe: Background, Impact, and Policy. Edited by Tara McIndoe-Calder, Tara Bedi, and Rogelio Mercado, (UK: Palgrave Macmillan) 27-42.

5.  "Does Financial Inclusion Reduce Poverty and Income Inequality in Developing Asia?", (with Cyn-Young Park). In Financial Inclusion in Asia: Issues and Policy Concerns, Edited by Sasidaran Gopalan and Tomoo Kikuchi. (UK: Palgrave Macmillan) 61-92.

6.  "Equity Home Bias, Financial Integration, and Regulatory Reforms: Implications for Emerging Asia", (with Cyn-Young Park). 2014. In Global Shock, Risks, and Asian Financial Reform. Edited by Iwan Azis and Hyun Song Shin. (UK: Edward Elgar Publishing) 347–376.

Working Papers:

1. Multi-Sector Bond Funds: New Evidence on Global and Domestic Drivers and Effectiveness of Capital Account Measures, (with Luca Sanfilippo). 2024. SEACEN Working Paper No. 02/2024. The SEACEN Centre. (Submitted) 

2. Trends and Drivers of Income Inequality in the Philippines, Thailand, and Viet Nam: A Decomposition Analysis, (with Cyn-Young Park and Juzhong Zhuang). 2023. ADB Economics Working Paper Series No. 692. Asian Development Bank. (Revised and Resubmitted)

3. The Currency Composition of Asia’s International Investments, (with Paulo Rodelio Halili). 2023. CAMA Working Paper No. 06/2023. Center for Applied Macroeconomic Analysis. Australian National University.  (Submitted)

4. US Dollar Dominance in Asia's Trade Invoicing, (with Sanchita Basu Das and Ryan Jacildo). 2023. CAMA Working Paper No. 05/2023. Center for Applied Macroeconomic Analysis. Australian National University.  (Submitted)

5. Understanding Financial Inclusion: What Matters and How It Matters, (with Cyn-Young Park). 2021. ADBI Working Paper Series No. 1287. Asian Development Bank Institute.