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 (December 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 (April 2026) R&R (2nd round) at the Journal of Economic Dynamics and Control.

Media coverages: [The Economist]

[PDF]

Stablecoin as a Novel Channel of International Capital Flows, with Jaewon Choi, Soyoung Kim, Haerang Park (March 2026) draft available upon request

When Shadow Banks Come Out of the Shadow: Unsecured Retail Funding and Financial Intermediation in Securities Firms (March 2026) submitted

[PDF]

How the Cryptocurrency Market is Connected to the Financial Market (July 2026, first version May 2022) Revised and resubmitted (2nd round) at the Journal of International Financial Markets, Institutions & Money.

Media coverages: [Bloomberg], [MarketWatch]

[PDF]

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

[PDF]