Research 

Publications:

Bank Opacity and Safe Asset Moneyness (March 2024)

Forthcoming at the Journal of Money, Credit and Banking

[JMCB Website Early View] [PDF]

What Happens When Stablecoins Are Introduced? Evidence from Short-Term Funding Market (November 2025)

Finance Research Letters

[PDF] [Online Appendix]

Financial Crisis as a Run on Profitable Banks (May 2024)

Annals of Economics and Finance

Working Papers:

Macro-Financial Impact of Stablecoin’s Demand for Treasuries (November 2025) submitted

Media coverages: [The Economist]

[PDF]

When Shadow Banks Come Out of the Shadow: Unsecured Retail Funding and Financial Intermediation in Securities Firms (December 2025) submitted

[PDF]

How the Cryptocurrency Market is Connected to the Financial Market (December 2025, first version May 2022) Reject and resubmit

Media coverages: [Bloomberg], [MarketWatch]

[PDF]

Macroeconomic Model of Market Power in the Global Semiconductor Industry (January 2025) submitted

[PDF]

Works in Progress

• Stablecoin: A New Channel of Capital Flow (with Soyoung Kim, Haerang Park)

• Asset Pricing Using Reddit: A Machine Learning Approach (with Eojin Cho and Hyun Kyu Lee)

• Bank’s Solvency-Liquidity Nexus (with Andrew Metrick)

• Bitcoin-Stablecoin Nexus (with Gary Gorton)

• Moneyness Cycles