JABONN KIM Korea Institute of Finance 11 Gil 19 KFB bldg. Myeong-Dong Jung-Gu Korea 04538 (Office call) +822-3705-6277; (cell) +8210-6330-5245 [email protected] https://kif.re.kr

UCLA School of Law 385 Charles E. Young Dr. East, Los Angeles, CA 90095 [email protected] https://law.ucla.edu/

Positions:

Korea Institute of Finance (KIF) Senior Research Fellow Research division: Consumer Finance and Protection Division (Previous: capital market division, financial policy division, financial industry division, financial market division, macro and international economy division) Research Area: Law, Banking, Econometrics; Financial Education Korea University School of Law Lecturer, Financial Law, 2015-16 Fellow, Financial Law Center, Korea University, 2016-current OECD INFE Research Committee, 2015-current Stanford University Visiting Scholar, Economics Department, 2010-2011 Seoul National University Lecturer, Economics Department, 2005 Korea University Lecturer, Economics Department, Graduate School, 2004

Education:

Law UCLA School of Law, LLM. 2017-2018 Korea University School of Law, Master of Law, 2015 Economics State University of New York at Albany, Ph.D. in Economics, 1999-2004 Seoul National University, M.A. in Economics, 1997 Seoul National University, B.A. in Economics, 1994 Philosophy Seoul National University, B.A. in Philosophy, 1987

Awards: 2016 KIF President’s Award 2013 FSC Chairman’s Award (Financial Services Commission, a government ministry organization for financial policy and regulation) 2004 Travel grant for Far Eastern Meeting of the Econometric Society, Seoul, July 1 2003 Outstanding Conference Paper Award, 56th New York State Economics Association Annual Meeting, Federal Reserve Bank of New York, October

Professional Activities: 2017 Juror as a representative, Criminal Court 1

2015-current Member, “Shadow” Financial Services Commission (FSC), MK News group 2013-current Advisory member, National Financial Education Council, FSC 2013-2015 Director, KIF Financial Education Center 2014-current Member, OECD INFE (international network on financial education) Research Committee (as a representative for Korea. Globally 13 members from 12 countries). 2014-current Board member of Korean Financial Law Association 2013-2014 Member, FSC Self-Evaluation Committee (Chair of Balancing Act Subcommittee) 2011-current Advisory member, Financial Intelligence Unit of FSC 2010 Member, Macro-Prudential Risk Analysis Committee, Financial Supervisory Services (FSS) 2010 Advisory member, Knowledge Sharing Program (KSP), Ministry of Finance and Planning (MOFP) 2010 Member, Task force for Systemically Important Financial Institutions (SIFI), FSC 2009 Consultant, Payment and Settlement System Supervision, FSS 2009 Consultant, SMEs Financing, Korean Credit Guarantee Corporation (KODIT, government sponsored enterprises) 2009 Member, Selection Committee of Korea Investment Corporation (KIC) Board members 2008-2009 Director and board member, Korean Money and Finance Association 2008-2010 Director, Financial Policy Research Group, KIF 2008 Member, Selection Committee of KIC Board members 2007-2008 Chief, the Blue House Task Force for gov’t policy evaluation: Review of Economic and Financial Policy 2007 Member, Selection committee for block sale manager (securities firms) for Korean Deposit Insurance Corporation 2007-current Board member, Korea Banking and Financial Law Association 2007-2008 Member, Asset Management Forum, Korea Asset Management Association 2007 Member, SME Financing Research Group, Presidential Commission on Small and Medium Enterprises (PCSME) 2007-2008 Board member and co-editor, Korea Payment and Settlement Association 2007-2007 Member, Preparation Unit for Rental Housing Construction, Mistry of Construction (MOC) & Ministry of Finance and Planning (MOFP) 2007-2008 Member, Government Policy Evaluation Committee, Office of Prime Minister (OPM) 2007 Member, Task Force for Commercial Paper Mechanism Reform, MOFP 2007 Columnist for financial policy, Government Information Agency, the Office of the President 2007 Member, Task Force for Collective Investment, Trust and Advisory Wrap Services, FSC 2006-2007 Columnist for KTB Investment Corporation (Private Equity Fund) 2006-2011 Director, Payment and settlement research group, KIF 2004-2006 Member, Task force for Electronic Banking Act, MOFP 2005 Member, Task Force for SME Financing and Policy, MOFP

Granted Research for law and governmental policy: 2016 FSC, “Review of global trends of Anti-Money Laundering Act and Real Name Financial Transaction Act, and policy suggestions” 2016 FSC, “Research on national strategy of financial education” 2015 FSC FIU, “Analysis of FATF 4th round mutual evaluation results” 2015 FSC, “Study on the needs-based financial education and survey” 2014 FSC Capital Market Investigation Unit (FSC CMIU), “Policy research on capital market unfair and abusive trading: focusing the U.S. and U.K. cases and implications for Korea Capital Market Act” 2014 FSC FIU, “Research on strategy for FATF 4th round mutual evaluation preparation” 2012 FSC and KDIC (Korean Deposit Insurance Corp.), “Analysis of financial education performance and policy directions: focusing on consumer protection against fraudulent scams and incidents such as Voice phishing

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and incomplete sales” 2012 MOFP, “Research on Social Cooperatives Banking and Cooperatives Act for small loan and mutual help” 2012 FSC FIU, “Study on FATF new recommendation and strategy” 2012 Seoul Guarantee Insurance Corporation (SGIC-government sponsored enterprise), “Optimal dividend and ownership structure” 2009 KODIT, “Study on the credit insurance policy: effects and policy suggestions” 2009 FSS, “Research on payment and settlement supervisory structure and methodology” 2008 MOFP, “Strategy for development of SMEs credit guarantee system” 2007-2008, Korea Development Bank (KDB), “Strategy for development of policy financing” 2007 PCSME, “Development strategy for SMEs financing under crisis-driven economic environments” 2007 MOFP, “Policy study to enhance the function of Commercial Paper for SMEs support” 2006 MOFP, “Policy study for promoting the lower income household and family financing” 2006 MOFP, “Policy study for the soundness in the management of lower income household and family financing” 2006 MOFP, “Evaluation of the governmental SME financing policy: July 2004 to June 2005” 2006 MOFP, “Study on the effect of asset management development in the East Asia on the investment in-and- out flow and foreign exchange market of Korea” 2005 World Bank, “Asset Management Industry in East Asian Countries”

National Assembly (conference presentation, committee testimony, sub-meeting presentation): 2013 Bipartisan 20th anniversary conference on Real Name Financial Transaction Act: “Suggestion of new regulatory framework on beneficial owner account” 2013 Banking Committee sub-meeting, “Anti-Money Laundering Act. Cooperation between FIU and National Tax Service” 2009 Banking Committee sub-meeting, “Insurance Act. Incidental business of insurance company” 2007 Banking Committee, Expert testimony, “Effect of mixing bank and securities companies in their core businesses on the soundness of financial system” 2006 National Assembly digital economy group, “Capital Market Act and involvement of securities firms in payment system” 2005 Banking Committee sub-meeting for SME finance, “SME financing problem and relationship banking” 2005 Banking Committee, Expert testimony, “Electronic Banking Act: consumer protection and liability rule”

Conference Participation/Trip to International Supervisory Authorities: 2016 Presenter, “Brexit and Conflict of Legal Strategy: Common Law v. Civil Law,” Financial Law Center and Legal Research Institute, Korea University (Scheduled: October 28 and November 18, respectively) 2016 Presenter & Session Moderator, Asian Law and Economics Association (Seoul National University law school); Korea Law and Economics Association (Seoul National University economics dep.), “Over- Shooting or Right-Shooting? Assessment of Regulatory Aftermath of Global Financial Crisis in terms of Proportionality Principle” 2016 Presenter, Korea Finance and Money Association, “Forward-looking asset-liability management and debt structure of banks.” (Co-author: Y.S. Park and T. Cho) and “Principle-based regulation and incentive compatible penalty scheme.” 2016 Discussant, Korean Financial Law Association annual meeting, “Separation of banking and commerce in Korea” 2015 Session Chair, Korea Finance and Money Association (session 2: Legal Issues on Internet Only Bank) 2015 Presenter, Korea Banking and Financial Law Association, “Fintech, an innovator of delegated banking and regulation?” (Co-author: Hyoung-Goo Kang) 2015 Presenter, Korea Financial Information Association, “Forward-looking asset-liability management and debt structure of banks.” (Co-author: Y.S. Park and T. Cho) 2015 Presenter, Panel on Korean Economy, “Incentive structure and regulatory mechanism for beneficial owner

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of bank accounts: screening requirement vs. signaling requirement” 2015 Visiting: CFTC, Bank of America Merrill Lynch, Citigroup, Barclays, Financial Industry Regulation Authority (FINRA), Federal Reserve Bank of New York, Global Financial Literacy Excellence Center at George Washington University (Director: Annamaria Lusardi, OECD INFE Research Committee chairperson) 2014 Presenter, Korea Financial Law Association annual meeting, “Corporate governance of financial holding companies” 2014 Presenter, Korea-U.S. Finance Association annual meeting, “Credit guarantee vs. credit insurance: moral hazard problem” 2014 Visit: U.S. SEC, CFTC, and U.K. FCA, Research on the regulatory framework for market abusive behaviors 2013 Visit: New York State Financial Services. California State Financial Services office in San Francisco 2012 Presenter, Panel on Korean Economy, “Structural reform of securities companies: analysis and policy suggestions” 2012 Visit: field research on cooperative banking in Europe. European Association of Co-operative Bank (Brussels), Global Alliance for Banking on Values (Amsterdam), Merkur Bank (Copenhagen Denmark), Rabobank (Netherlands), Desjardins Bank (Paris), Bologna University (Professor Stefano Zamagni) 2012 Participant, Conference on Euro crisis, Bruegel Institute (Brussels) 2012 Presenter, Conference on financial regulatory framework reform, Bank of Korea, “Optimal supervisory framework.” 2011 Presenter, Panel on Korean Economy, “Macro-prudential measures and counter-cyclical dynamic capital and reserves” 2011 Presenter, Stanford University, Economics Department, “Asymptotically Feasible Generalized Least Squares of Triangular Simultaneous Equation Model with Weak Instruments” 2011 Presenter, Seoul International Derivatives Conferences, “Payment system and financial stability” 2010 Discussant, Korean Banking and Financial Law Association, Korean Econometric Society, Korea Economy Research Association, Korean Economics Association meetings 2010 Discussant, KDI conference on systemic risk (Viral Acharya et al, 2010, “Measuring system risk”) 2009 Presenter, Seoul Financial Forum (“SME financing policy”), Financial Policy Research Group 2009 Presenter, Korean Deposit Insurance Panel meeting, “Failure of adjustment mechanism and Euro crisis” 2009 Presenter, Korean Trade Association lecture, “Global financial crisis: causes and effects on Korean economy” 2009 Presenter, Far Eastern Econometric Society meeting, University of , “Econometrics of triangular simultaneity” 2009 Presenter, Korean Economic Association annual meeting, “Some asymptotic properties of HH statistics” and “Evaluation of capital injection programs during the global financial crisis: U.S. vs. U.K.” 2008 Presenter, Korean Payment and Settlement Association, “Supervisory framework of payment system.” 2008 Presenter, Korean Finance and Money Association meeting, “Analysis of competition structure of financial industry” 2008 Presenter, Korean Finance and Money Association annual meeting, “Prudential policies for counter- cyclicality.” 2008 Presenter, Korean Economic Association annual meeting, “Financial convergence in Korea” 2007 Presenter, Korean Payment and Settlement Association annual meeting, “Payment Act in Canada.” 2007 Presenter, Korean Economic Association annual meeting, “Estimating Best Response Functions with Strategic Substitutability” 2006 Presenter, Bank of Korea, “Development and policy issues of electronic banking in Korea” 2006 Presenter, Korean Econometric Society Meeting, “Orthogonality condition of instruments in the first- and second approximations,” Proceedings of Korean Econometric Society: KAMP 2005 Discussant, “Looking for evidence on relationship lending in Korea: competitiveness of local banks in SME loan market,” by Hyeon-Wook Kim and Chang-Gyun Park, 2005 KDI-KAEA Conference on Korea’s Corporate Environment and Sustainable Development Strategy

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2005 Presenter, Korean Econometrics Society annual meeting, “Optimal Robust Bound Analysis with Weak Instruments,” Proceedings of the KES, Jeju 2005 Presenter, Korean Economics Association annual meeting, “Disclosure manipulation and elasticity of intertemporal substitution” 2005 Presenter, Korean Economic Association annual meeting, “N-asymptotic estimation in short dynamic panel” 2004 Presenter, Korean Economic Association annual meeting, “Robust estimation in short dynamic panel model” 2004 Presenter, Korean International Economic Association, “Orthogonality conditions of instruments in the first- and second-order approximations” 2004 Presenter, Far Eastern Meeting of the Econometric Society, “Bayesian Reduced Rank Regression” (with Kajal Lahiri) (Travel Grant awarded) 2004 Discussant, American Economic Association annual meeting (Econometric Society), Discussant on “Optimal Invariant Similar Tests for Instrumental Variables Regressions” by D.W.K Andrews (Yale), M.J. Moreira (Harvard), and J.H. Stock (Harvard), San Diego, 2004 2003 Presenter, New York State Economics Association (NYSEA) 56th meeting, “Intertemporal Asset Pricing with Law of Small Numbers,” Federal Reserve Bank of New York, New York, October 2003 Presenter, New York State Economics Association (NYSEA) 56th meeting, “N-asymptotic Estimation in Short Dynamic Panel” (Outstanding Conference Paper Award)

Research & Publications:

2018

“How to resolve North Korea Nuclear Crisis? ‘Nixon-Meets-Re-Nixon’ Strategy,” February 7, 2018 “가상화폐에 대한 적정규제” (How to regulate cryptocurrency market? – consumer protection and market integrity), January 16, 2018

“Over-Shooting or Right-Shooting? An Assessment of Regulatory Shift in terms of Proportionality Principle in the Aftermath of Global Financial Crisis,” Korean Law and Economics Association (February 2016), Asian Law and Economics Association (June 2016). (Work in progress) “Principle-based regulation and incentive compatible penalty scheme” (2018. Work in progress)

2017 국내 금융소비자의 금융이해력에 대한 실증분석과 금융교육 정책과제 (Empirical analysis on the financial literacy of Korean consumers and suggestions for financial literacy policy), KIF, December 2017 금융지주회사의 비예금부채가 시스템위험에 미치는 영향분석 및 시사점 (Systemic risk effect analysis of non-depository liability of financial holding company), KIF, June 2017 “원칙중심 사후규제로의 규제체계 전환 필요성과 방안 (Principle-based ex post regulatory framework),” KIF, July 2017 “금융의 역할, 비전과 금융법제의 주요 정책과제(금융민주주의와 금융법제 Financial democracy and legal framework),” Korea Finance and Money Association, June 2017 “금융소비자보호 법제의 주요 현안과 정책과제 (Legal issues and policies for financial consumer protection),” KIF, April 2017 “국내 금융범죄 현황과 제재 제도의 개선과제 (Sanctions of the financial law against the financial crimes),” KIF, March 2017

2016 “Brexit and conflict of legal strategy: common law v. civil law,” (2016. Work in progress)

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“Fintech, an innovator of delegated banking and regulation?” (2015. Work in progress. Co-work) “Macro-prudential policies in the aftermath of global financial crisis” (2014. Work in progress) “Financial education programs in preparation for two problems: aging and low economic growth” (2016. Work in progress. Co-work) “Financial holding company: business vehicle vs. policy vehicle” (2016, work in progress) “Financial literacy in Korea: survey and policy suggestions” (Draft 2015. Work in progress. Co-work) “Analysis of the failure of wall-street’s consolidated supervised entities program: legal and economic studies on causes, effects and policy implications” (draft 2015. KIF seminar. Work in progress) “Forward-looking asset & liability management and debt structure of banks,” Submitted for publication “Incentive structure and regulatory mechanism for beneficial owner of bank account: screening requirement vs. signaling requirement,” Submitted for publication

Non-depository liability and systemic risks, (Co-work), KIF Research Paper 2017-02 A study on the evaluation of 20-year performances of Real Name Financial Transaction Act, KIF Policy Paper, 2016-02. Financial Life and Mathematical Skills, financial literacy text book (for high school students, non-economics major college students, young adults) editor and author (total 23 authors with Ph.D. degrees in Economics or Mathematics), Korea Institute of Finance http://m.kif.re.kr/publication/pub_detail.aspx?def=lst&nid=489&vid=4203&cn=195929 “Stronger ex post measures toward balanced financial regulation in Korea,” KIF Weekly Financial Brief 10-08 “Proportionality principle in the financial regulation,” KIF Weekly Financial Brief, 08-27 “Incentive for pre-emptive corporate restructuring and creditor’s role,” KIF Weekly Financial Brief, 06-11 “Significance of the Act on Corporate Governance of Financial Institutions,” KIF Weekly Financial Brief, 05-14

2015 Comparative analysis of the performance of cooperative banks and commercial banks, KIF Policy Paper, 2015- 01 “P2P financing as a vehicle to improve market failure problem in retail loan market,” KIF Weekly Financial Brief, VOL. 24-43. “Key tasks to provide tailored financial education in Korea to enhance consumers’ financial literacy”, KIF Weekly Financial Brief, VOL. 24-39, 2015.10 “Macro-prudential policy for household debt in Korea”, KIF Weekly Financial Brief, VOL. 24-32, 2015.08 “Fintech and financial regulatory reform”, KIF Weekly Financial Brief, VOL. 24-17, 2015.05 “Principle-based regulation in the aftermath of global financial crisis”, KIF Weekly Financial Brief, VOL. 24-05, 2015.01 “New challenges for financial development in 2015” KIF Weekly Financial Brief (New Year Issue), VOL. 24-01, 2015.01

2014 “Do larger brokerage firms enjoy larger economies of scale and scope?” Seoul Journal of Economics, (co-work with Lee and Kang), Vol. 27 (4), 2014 “Bitcoin as crypto-currency: will it survive?” KIF Weekly Financial Brief, March 2014 “Analysis of transaction mechanism of Bitcoin and its implications”, KIF VIP Report, 2014.09 “Market abuse regulation after the global financial crisis in the U.S. and U.K.”, KIF Weekly Financial Brief, VOL. 23-36, 2014.10 “Implications of public and private placement system in the advanced countries to Korean capital market,” KIF Weekly Financial Brief, VOL. 23-23, 2014.06 “Key considerations in introducing Covered Bonds Act in Korea”, KIF Weekly Financial Brief, VOL. 23-18, 2014.05

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“Cryptocurrency: current status and challenges,” KIF Weekly Bulletin, VOL. 23-08, 2014.03 “Ex ante registration system for beneficial owner account,” Points at Issue in Korea, Donga Daily, 2014

2013 “Optimal financial regulatory and supervisory schemes,” KIF Weekly Financial Brief, January 2013 “Anti-money laundering policy against underground economy,” KIF Weekly Financial Brief, February 2013 “Policy-financing of growth ladder for small medium enterprises,” KIF Weekly Financial Brief, May 2013 “20 years performance of financial transaction identity act,” KIF Weekly Financial Brief, August 2013 “Shadow banking for real economic activities,” KIF Weekly Financial Brief, August 2013 “Financial education proposal in Korea,” KIF Weekly Financial Brief, November 2013 “Financial transaction security and underground economy” KIF Weekly Financial Brief, March 9, 2013. “Policy for underground economy,” National Assembly News Magazine, pp.86-87, 2013-04. “Korea’s real name financial system in the past two decades and tasks ahead,” KIF KEFR 18-4, 2013

2012 “Optimality of Counter-cyclical Credit Guarantee,” (co-work with Noh), Journal of SME Finance, vol.326, 2012.3 “M&A incentives of securities industry in Korea: No M&A puzzle,” Journal of Korean Economic Analysis, (co- work with Lee), Vol. 18 (3), 2012 “Fundamental reason of Euro crisis and prospects,” KIF Weekly Financial Brief, January 2012 “Vickers rule and its implication to Korea,” KIF Weekly Financial Brief, February 2012 “Voice Phishing,” KIF Weekly Financial Brief, May 2012 “Basel III coordination issues,” KIF Weekly Financial Brief, June 2012 “Restructuring issues of securities companies,” KIF Weekly Financial Brief, September 2012 “Supervisory schemes for systemic risk and consumer protection,” KIF Weekly Financial Brief, November 2012

2011 “New principles on the financial market infrastructures and implication to Korea,” KIF Weekly Financial Brief, October 2011 “Failure of adjustment mechanism and Euro crisis”, KIF Weekly Financial Brief, VOL. 20-45, 2011.11 “Implications of ‘principles for financial market infrastructures”, KIF Weekly Financial Brief, VOL. 20-39, 2011.10

2010 “The applicability of Volcker Rule in Korea,” KIF Weekly Financial Brief, March 2010 “Banking tax,” KIF Weekly Financial Brief, April 2010 “Policy instruments for systemic risk in Korea,” KIF Weekly Financial Brief, May 2010 “Regulatory framework and measures for systemic risk”, KIF Weekly Financial Brief, VOL. 19-22, 2010.05 “Issues for banking levy”, KIF Weekly Financial Brief, VOL. 19-16, 2010.04 “Global regulatory trends for financial institution after global financial crisis”, KIF Weekly Financial Brief, VOL. 19-11, 2010.03 “Assessment of securities industry reform after capital market act”, KIF Weekly Financial Brief, VOL. 19-07, 2010.02 A study on the matrix organizations of financial conglomerates, KIF Research Paper, 2010.12 Estimating capital surcharge for systemically important financial institutions: case of Korea, KIF Research Paper, 2010.12 Payment systems and stability of financial system, KIF Research Paper, 2010.12

2009 “The Estimation of the Optimal Business Structures of Universal Banking in Korea,” Journal of Money and Finance, Vol.23 (1), 2009

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“Competition Structures of the Banking and Securities Industries in Korea,” Korea Social Science Journal, (co- work with Lee), Vol. 36(2), 111-138, 2009 “Counter-cyclical Policy Measures in Financial Market,” Journal of Korean Economic Analysis, (co-work with Lee), Vol. 15(3), 147-198, 2009 “Capital Infusions by Foreign Banks during the Global Financial Crisis,” KIF Weekly Financial Brief, February 2009 “Recent International Issues on Macro-prudential Supervision Initiated by the , G30, Oversight Panel, BIS, UN Commission, CRMPG, and Academicians”, KIF Weekly Financial Brief, March 2009 “The determinants of the difference between policy rate (BOK base rate) and market ,” KIF Weekly Financial Brief, April 2009 “Implications of global regulatory reform issues on Korean financial system,” KIF Weekly Financial Brief, May 2009 “U.S. Treasury white paper,” KIF Weekly Financial Brief, July 2009 “U.S. Payment Clearing and Settlement Supervision Bill,” KIF Weekly Financial Brief, September 2009 “The need to introduce new scheme of capital regulation,” KIF Weekly Financial Brief, October 2009 “Policy effect simulation of dynamic provision vs. capital buffer,” KIF Weekly Financial Brief, November 2009 “The comparison of policy environments between recent crisis and Asian crisis,” KIF Weekly Financial Brief, December 2009

2008

“Estimating Best Response Functions with Strategic Substitutability," Seoul Journal of Economics, vol.21 (4), 579-606, winter 2008. “Performance Comparisons of two types of Universal Banking: a survey,” Korean Journal of Economics, vol.15 (2), 2008 “Policies for the Improvement of the Korean Payment and Settlement System,” (co-work with Hong), Journal of Payment and Settlement, vol. 1 (1), 2008. “The Role of Public Credit Guarantee System during Financial Crisis in Korea,” Korea Credit Guarantee Fund, December 2008 “Performance Comparisons of Two Types of Universal Banking: Subsidiary form versus integrated form,” Korean Journal of Economics, vol.15 (2), 2008 “The Effects of Basel II on SME financing,” KIF Weekly Financial Brief, January 2008 “International Comparison of Payment and Settlement Systems,” KIF Weekly Financial Brief, February 2008 “The Effects of Basel II on Securitization and Policy Implications,” KIF Weekly Financial Brief, March 2008 “Estimation of Economies of Scale Effects of Banks and Securities firms in Korea,” KIF Weekly Financial Brief, May 2008 “Optimal Financial Convergence Structure in Korea,” KIF Weekly Financial Brief, June 2008 “Credit Rating-Based Incentive Structures for the Credit Guarantee System,” KIF Weekly Financial Brief, July 2008 “M&As by Foreign Financial Institutions during the Financial Crisis,” KIF Weekly Financial Brief, September 2008 “Strength of Financial Holding Companies during the Financial Crisis,” KIF Weekly Financial Brief, November 2008 “Enforcing the Role of the Public Credit Guarantee System for Financial Support of SMEs,” KIF Weekly Financial Brief, December 2008

2007

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“Recent oversight and regulatory reform in payment system,” (co-author: J-H Hong), Journal of Payment and Settlement, 2007. FTA and the competitiveness of financial industry in Korea, Korea Institute of Finance, KIF Policy Paper, February 2007 FTAs and the Competitiveness of the Financial Industry in Korea, KIF Policy Paper, February 2007 “Silicon Valley Bank,” KTB PEF report, No.1314, September 2007 “Investment strategy of PEF and risk management,” KTB PEF report, No.1294. July 2007 “The importance of information set for PEF investment,” KTB PEF report, No.1227. February 2007 “Silicon Valley Bank,” KTB PEF report, No.1314, September 2007 “Investment Strategy of PEFs and Risk Management,” KTB PEF report, No.1294. July 2007 “The Importance of the Information Set for PEF investment,” KTB PEF report, No.1227. February 2007 “The Effectiveness of Reserve Requirements as Policy Instruments for Controlling Market Liquidity,” KIF Weekly Bulletin, February 2007 “Some Issues regarding the Capital Market Consolidation Act: Permitting Payment Service Provision by Securities Firms,” KIF Weekly Financial Brief, March 2007 “The Inferiority Problem of the Deal-Sourcing Capabilities of PEFs in Korea,” KIF Weekly Financial Brief, April 2007 “The Need to Know the Differences between Mutual Funds, Wrap Accounts and Fiduciary Trusts,” KIF Weekly Bulletin, May 2007 “Proposals regarding the Development of Investment Banking in Korea,” KIF Weekly Financial Brief, July 2007 “How to Promote Underwriting Services in Korea,” KIF Weekly Financial Brief, September 2007 “The Development of Universal Banking in Korea,” KIF Weekly Financial Brief, September 2007 “The Big Bang in the UK and the Small Bang in Korea,” KIF Weekly Financial Brief, December 2007

2006

The Development of Private Equity Fund in Korea, KIF Policy Paper, April 2006 Recent Development of Electronic Banking in Korea, KIF Policy Paper, 2006 Non-banking institutions in Payment System in Foreign Countries: U.S., U.K., Germany, Canada, Japan, KIF Policy Paper, September 2006 Understanding on the framework of payment and settlement system, editor and author, Korea Institute of Finance, October 2006 A Study on the Stability of the Payment and Settlement System in Korea, KIF Policy Paper, December 2006 “Securities Firms as Direct Clearers in the Retail Payment and Settlement System,” KIF Weekly Financial Brief, January 2006 “Payment System Development in Major Countries,” KIF Weekly Financial Brief, February 2006 “Financial Conglomeration in the US and Germany and Implications for Korea,” KIF Weekly Financial Brief, March 2006 “The Significance of the Passing of the Electronic Financial Trade Bill,” KIF Weekly Financial Brief, May 2006 “Are Payment Services Pivotal for the Development of Investment Banking?’’ KIF Weekly Financial Brief, June 2006 “Differences in the Roles of Commercial and Investment Banks for SME Financing,” KIF Weekly Financial Brief, July 2006 “Development of and Main Issues Surrounding Private Equity Funds in Korea,” KIF Weekly Financial Brief, August 2006 “The Payment and Settlement System in Canada,” KIF Weekly Financial Brief, September 2006 “The Contributions of Nobel Prize Winner Edmund Phelps and Implications for Korean Policy Makers,” KIF Weekly Financial Brief, October 2006

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“International Financial Reporting Standards,” KIF Weekly Financial Brief, November 2006 “Some Policy Issues on Credit Unions and Savings Banks as Issuers of Checks,” KIF Weekly Financial Brief, March 2006 “Recent Controversy on the Bubble and Determinants of Housing Prices,” KIF Weekly Financial Brief, December 2006 “Determinants of Consistency in the Instrument Variable Estimation,” previously titled on “Orthogonality Condition of Instruments in the First- and Second Approximations,” KIF Working Paper 2005-01; Proceedings of Korean International Economics Association annual meeting, 2004. 12; Proceedings of Korean Association Econometrics Society, 2006.11 "Robust N-asymptotic estimation in short dynamic panel, “KIF Working Paper 2004-08, Proceedings of Korean International Economics Association annual meeting, 2004. 12; 2006 Proceedings of Korean Economics Association annual meeting. “Disclosure Manipulation and Elasticity of Intertemporal Substitution,” KIF Working Paper 2005-09; 2006 Proceedings of Korean Economics Association annual meeting. “Retail Payment Services by Securities Companies?” KIF Korea Economic and Financial Review (KEFR), April 2006 “The Development of SMEs Finance and the Issues for Further Development,” KEFR, Korea Institute of Finance, October 2006 “Buyout funds and venture capital fund,” KTB PEF report, No.1208. December 2006 “Importance of PEF investment specialization rather than funding capability,” KTB PEF report, No.1187. November 2006 “Main issues in fund raising of PEF,” KTB PEF report, No.1174. September 2006 “The Development of Digital Finance and the Future of the Payment System,” Bank of Korea, May 2006

2005

“Optimal Robust Bound Analysis with Weak Instruments,” (with K. Lahiri), Proceedings of Korea Econometric Society Meeting, May 2005 Financial Conglomeration in Korea, (co-author), KIF Policy Paper 2005-01 “Asymptotic Relationship between OLS and 2SLS with Weak Instruments,” Korean Economic Journal, vol. 44 (3&4), Institute of Economic Research, Seoul National University, 587-605, December 2005 “Sustainability of the US Current Deficit,” KIF Weekly Financial Brief, March 2005. “The Effects of US Interest Rate Increases on the Global Economy,” KIF Weekly Financial Brief, April 2005. “Potential for appreciation of the Chinese Yuan and the Expectations Trap,” KIF Weekly Financial Brief, May 2005 “Information Asymmetry Problems in SME’s Financing Mechanisms and Potential Policy Alternatives,” KIF Weekly Financial Brief, June 2005 “Foreign Currency Management and the Optimal Yuan/Dollar Rate under the Fixed Exchange Rate System in China,” KIF Weekly Financial Brief, June 2005 “The Necessity of Enacting the Electronic Financial Trade Act,” KIF Weekly Financial Brief, July 2005 “The Risk Transfer Problem in the Retail Payment and Settlement System,” KIF Weekly Financial Brief, November 2005

2004

“Bayesian Reduced Rank Regression," (with K. Lahiri), Proceedings of 2004 Far Eastern Meeting of the Econometric Society, Seoul, Korea, July 2004 Essays on Identification and Inference in Simultaneous Equations Model with Weak Instruments, Ph.D Dissertation, State University of New York at Albany, 2004.6.

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Media (manuscript/quote/interview):

2016: “Interest rate polarization and ‘middle’ interest rate for retail loan,” Seoul Economy Daily, August 28 “Financial literacy and incomplete sales of financial products,” Kookmin Daily, July 8 “Corporate governance and excessive corporate management premium,” Herald Economy, June 15 “Pre-conditions for success of Act on Corporate Governance of Financial Institutions,” MK Economy Daily, May 16 “Sanctions on market abusive activities,” Naeil Daily, April 28

2015 “Life cycle planning and financial literacy,” Sege Daily, November 8 “Financial literacy survey on financial consumers,” Kookmin Daily, October 19 “Lower financial literacy level than OECD average,” Seoul Daily, October 19 “Low level of financial literacy and life planning,” Sege Daily, October 18 “Financial regulatory reform and development of Fintech,” Asia Today, 2015-05-19 “Need stronger sanction on the beneficial owner of bank account,” Seoul Economy Daily, October 4 “School financial education,” MK Economy Daily, June 17 “Financial illiteracy in Korea,” MK Economy Daily, June 10 “Public financial education program for life planning,” Naeil Daily, May 28 “Faceless identification on bank account and high possibility of frauds,” Moonwha Daily, May 20 “Fintech and outdated regulation,” Moonwha Daily, May 18 “Household debt transition concerns over moral hazard problem,” MK Economy Daily, April 1 “Financial education for school students,” Hankyoreh Daily, March 31 “Need financial education program for regular class in schools,” MK Economy Daily, February 25 “Household debt and high financial illiteracy,” Sege Daily, February 25 “School program for financial education,” Herald Economy Daily, February 25 “Financial holding company as a business vehicle,” Hankyong Daily, January 5

2014 “Bitcoin,” Hankyoreh Daily, December 21 “Anti-money laundering and risk of beneficial owner account,” Hankyoreh Daily, November 16 “Beneficial owner account for slush fund will be severely penalized,” Hankyoreh Daily, November 16 “Nobel Prize Laureate Jean Tirole’s theory disproves smartphone price regulation,” Hankyoreh daily, October 15 “More financial education in school program,” MK Economy Daily, September 1 “Credit insurance could be a growth ladder for SMEs,” Financial News Daily, July 10 “Ex ante registration mechanism for beneficial owner account,” Herald Economy Daily, June 6 “Amendment of ‘New Real Name Financial Transaction Act’,” Money Today, May 1 “Financial consumer forum,” MK Economy Daily, January 6

2013 “Tax evasion of outbound investors,” Sege Daily, November 29 “Ex ante registration mechanism as alternative scheme for beneficial owner account regulation,” Sege Daily, August 25 “M&A as a securities industry reform,” Financial News, August 25 “Ex ante registration for beneficial owner of financial account,” Financial News, August 25 “Need to change ecosystem of capital markets,” Financial News, August 22 “Bureaucratic financial policy hurts financial market,” Financial News, August 22 “M&A is a growth vehicles of global financial conglomerates,” Financial News, August 21

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“Overall ban on beneficial owner account is unrealistic,” MK Economy Daily, August 20 “Why doesn’t M&A market expand in Korea?” Financial News, August 19 “National Assembly: 20th Anniversary Conference of Real Name Financial Transaction Act,” Hakyoreh Daily; Hankook Daily, Hankyong Economy Daily, MK Economy Daily, Kookmin Daily, Moonwha Daily, Sege Daily, Seoul Economy Daily, Herald Economy Daily, Financial News, August 12-13 “Taxing underground economy,” Sege Daily, April 18 “Tax mining in the underground economy: no side effect?” Hankyong Economy Daily, April 18 “Tax evasion in MMF?” Hankyong Economy Daily, April 14 “Underground economy and Anti-Money Laundering Act,” Choongang daily; Herald Economy Daily; Hankyong Economy Daily, March 9-15 TV news channel: KBS, MBC, MBN (Real Name Financial Transaction Act, Anti-Money Laundering Act) “Financial transaction information sharing between FIU and NTS,” Sege Daily; Financial News Daily, February 10 “Control tower organization for systemic financial regulation and supervision,” Financial News Daily; Seoul Daily, January 13

2012

“Control tower organization for systemic financial regulation and supervision,” Hankyong Economy Daily, August 9; Seoul Economy Daily, November 12 “Voice phishing,” Hankook Daily, June 3; Kookmin Daily, May 6; Herald Economy Daily, January 28 “Voice Phishing and consumer loss,” MK Economy Daily, January 27; Financial News Daily, January 27 “Bail-in bond for long term loss,” MK Economy Daily, May 5

2011 “Matrix organization of financial conglomerates,” Hankook Daily, November 14; MK Economy Daily, November 10 “Payment system and financial stability (Seoul International Derivatives Conferences),” Hankyong Economy Daily, August 18

2010 “Revenue structure of securities firms,” Financial News, July 25-26 “Privatization of Wooribank,” Seoul Daily, June 8 “Bank Levy,” MK Economy Daily, April 23-24 “Bank’s real interest rate,” Seoul Daily, March 10

2009 “Bank’s business structure after the global financial crisis,” Hankook Daily, November 22 “Bank’s soundness next year,” Hankyoreh Daily, October 28 “Risk management of foreign reserve in the global financial crisis,” Asia Economy, 2009-09-10 “Payment services and financial stability”, Seoul Economy Daily, 2009-06-05 “Restructuring financial industry in the U.S.,” Hankyong Economy Daily, January 22

2008 “IB, CB and UB,” Herald Economy Daily, December 31 “Amendment of Capital Market Act,” MK Economy Daily, December 17 “M&A spiral of KEB bank,” Sege Daily, September 20 “Lehman shock,” Seoul Daily, September 13 “KB holdings and financial big bang,” Seoul Daily, September 10

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“IB and niche market,” Seoul Economy Daily, September 10 “Lehman bankruptcy and chance for M&A” Sege Daily, September 8; HanKook Daily, Bloomberg, September 8 “[FINANCIAL INDUSTRY at a CROSSROADS (29)] Electronic finance enhances service efficiency”, Korea Herald, 2008-06-11 “[FINANCIAL INDUSTRY at a CROSSROADS (18)] Improving transparency in financial market”, Korea Herald, 2008-05-09 “Chinese money in Korean stock market,” Kookmin Daily, Juen 13 “Financial big bang and financial hub,” MK Economy Daily, May 17 “Bayesian reduced rank regression in SEMs with weak identification” (co-work K. Lahiri), KIF Working Paper 2008-02 “Optimal robust bound analysis with weak instruments,” (co-work K. Lahiri) KIF Working Paper 2008-03

2007 “Need more competition in IB business,” Seoul Economy Daily, December 2 “IB business and banks,” Financial News Daily, July 18 “Separation of IB division and advisory division,” Hankyong Economy Daily, July 15 “Market liquidity control,” Hankook Daily, June 21 “Competition between financial conglomerates in Korea,” MK Economy Daily, May 4 “Capital market act and IB business,” Sege Daily, April 24; Kyonghyang Daily, April 13; Financial News, April 13; Hankyong Economy Daily, MK Economy Daily, Financial News Daily, April 12; Hankyong Economy Daily, April 11, Seoul Daily, March 19, Hankyong Economy Daily, March 18 “FTA between the U.S. and Korea,” Seoul Economy Daily, April 2 “PEF investment under information asymmetry”, KTB N-Daily, 2007-02-07 “Housing market bubble,” Seoul Daily, January 15

2006 “Housing market bubble,” Kookje Daily, December 26; Seoul Daily, December 25; Hankook Daily, December 24 “Lone Star and international investors,” Kookmin Daily, December 24 “Payment services by securities firms,” Seoul Daily, December 4 “SME loan,” Moonwha Daily, October 12 “Capital market act and capital market development,” Hankyong Economy Daily, September 12; Kookmin Daily, September 6; MK Economy Daily, August 2 “Electronic banking,” Financial News Daily, July 23 “Will mix bank and securities firms contribute to capital market development?” Seoul Economy Daily, March 12; January 22 “Buyout Funds and Venture Capital Funds,” KTB N-Daily, December 2006 “Field profession of PEF investment,” KTB N-Daily, November 2006 “Main Issues in PEF Fundraising,” KTB N-Daily, September 2006 “Securities Firms Undertaking Retail Payment Services,” Korea Times, April 2006.

2005 “e-banking and IT technology,” Seoul Economy Daily, July 20 “Unstable moving short-term funds,” Seoul Daily, July 18 “Yuan will appreciate?” Seoul Daily, May 9; Seoul Economy Daily, May 9 “Won/dollar exchange rate appreciation,” Kookmin Daily, April 26; Jeonnam Daily, March 15; MK Economy Daily, Seoul Economy Daily, Financial News Daily, March 14; Kookmin Daily, February 24 “Sustainability of current deficit and interest rate policy in the U.S.,” Seoul Economy Daily, April 18

Referee services:

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Journal of Econometrics, International Economic Journal, Seoul Journal of Economics, Journal of Economic Theory and Econometrics, Review of Financial Studies, Journal of Money and Finance, Journal of SNU Institute of Economic Research, Journal of International Economic Studies, Journal of Payment and Settlement, Korean Journal of Banking and Financial Law

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