Research Topics

Capital Flows: Patterns, Drivers, Impacts, Extreme Episodes, and Policy Measures

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.

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

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

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

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

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

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

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

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

10.  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.

Economic Growth and Development: Financial Inclusion, Income Inequality, and Economic Convergence

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

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. 

3.  "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)

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

5.  "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.

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

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

8.  "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, 2016) 61-92.

International Finance and Trade: Cross-Border Portfolio Allocation and Investments, Financial Markets, and Trade Invoicing

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

2.  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.  

3.  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. 

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

5.  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.

6.  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. 

7.  "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.

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

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

Monetary Economics: Hyperinflation

1. "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. 

2.  "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.