Working Paper Series

Sangyup Choi (Yonsei University), Davide Furceri (IMF), Prakash Loungani (IMF) and Myungkyu Shim (Yonsei University)

Inflation Anchoring and Growth: The Role of Credit Constraints

• Published in Finance Research Letters

The Evolution of Offshore Renminbi Trading: 2016 to 2019

• Published in Journal of International Money and Finance

Reserve Accumulation and Firm Investment: Evidence from Matched Bank–Firm Data

International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending

• Published in Open Economies Review

Matthew E. Kahn (Johns Hopkins University), Jianfeng Wu (Fudan University), Weizeng Sun (Jinan University) and Siqi Zheng (Massachusetts Institute of Technology)

Timothy J. Riddiough (University of Wisconsin at Madison)

Pension Funds and Private Equity Real Estate: History, Performance, Pathologies, Risks

David Finck (Justus Liebig University Gießen), Peter Tillmann (Justus Liebig University Gießen)

Pandemic Shocks and Household Spending

Edward C. H. Tang (Hong Kong Shue Yan University)

Speculate a Lot

• Published in Pacific Economic Review

Sen Geng (Xiamen University), Menglong Guan (UC Santa Barbara)

Design Your Trustworthiness

Eric A. Hanushek (Stanford, UT Dallas, and NBER), Kuzey Yilmaz (Cleveland State University)

Residential Location and Education in the United States

Piyush Tiwari and Jyoti Rao (University of Melbourne)

The Housing Conundrum in India

Sangyup Choi (Yonsei University), Davide Furceri (IMF) and João Tovar Jalles (IMF)

Heterogenous Gains from Countercyclical Fiscal Policy: New Evidence from International Industry-level Data

From the Regional Economy to the Macroeconomy

Rasmus Fatum (Alberta), Takahiro Hattori (Hitotsubashi) and Yohei Yamamoto (Hitotsubashi)

Reserves and Risk: Evidence from China

G. Nathan Dong (Boston College)

Banking for the Public Good: Access to Credit and the Nonprofit Sector

Anil Ari (IMF), Sophia Chen (IMF) and Lev Ratnovski (ECB)

The Dynamics of Non-Performing Loans during Banking Crises: A New Database 

• Published in Journal of Banking & Finance

Mengheng Liu (Zhejiang University), Xingwang Qian (SUNY Buffalo)

Provincial interdependence and China’s “irrational” outward foreign direct investment

• Published in Open Economies Review

Jean Imbs (NYU Abu Dhabi, PSE/CNRS, CEPR) and Laurent L. Pauwels (Sydney)

High Order Openness

Christos Argyropoulos (Lancaster University, University of Essex), Bertrand Candelon (Université Catholique de Louvain), Jean-Baptiste Hasse (Aix-Marseille University) and Ekaterini Panopoulou (University of Essex)

Toward a Macroprudential Regulatory Framework for Mutual Funds

Policy Uncertainty and Foreign Direct Investment

• Published in Review of International Economics

Sangyup Choi (Yonsei)

Bank Lending Standards, Loan Demand, and the Macroeconomy: Evidence from the Korean Bank Loan Other Survey

Naijia Guo (Chinese University of Hong Kong) and Charles Ka Yui Leung (City University of Hong Kong)

Do Elite Colleges Matter? The Impact of Elite College Attendance on Entrepreneurship Decisions and Career Dynamics

Yin-Wong Cheung, Wenhao Wang (City University of Hong Kong)

Uncovered Interest Rate Parity Redux: Non-Uniform Effects

Takahiro Hattori (Hitotsubashi University), Jiro Yoshida (The Pennsylvania State University and the University of Tokyo)

The Bank of Japan as a Real Estate Tycoon: Large-Scale REIT Purchases

Sangyup Choi, Myungkyu Shim (Yonsei University)

Labor Market Dynamics under Technology Shocks: the Role of Subsistence Consumption

• Published in Macroeconomic Dynamics

Kazuo Ogawa (Kansai Gaidai University)

Real Estate Market and Consumption: Macro and Micro Evidence of Japan