• Professor
  • Faculty & Staff

Yang, Doo Yong

Contact Information

• Office: Room 311, International Studies Building
• Phone: 031-201-2320
• E-mail: yangdy@khu.ac.kr

Areas of Expertise

Research Interests
• Major Issues in International Finance, Such As Capital Flows, Exchange Rate Regime and Monetary Policy, Emerging Market Business Cycles, Capital Market Liberalization.

Courses Taught
• Introduction to Economics, International Finance, Monetary Economics, Macro Economics


• Ph.D. in Economics, University of Colorado at Boulder, 1994
• M.A. in Economics, University of Colorado at Boulder, 1989
• B.A. in Economics, University of Colorado at Boulder, 1987
• Linguistics Major, Seoul National University, 1982

Professional Experience

• Professor, Kyung Hee University, College of International Studies (2015-present)
• Visiting Professor, Osaka University (2015-present)
• Associate Professor, Kyung Hee University, College of International Studies (2010-2014)
• ADBI (Asian Development Bank Institute), Research Fellow (2008-2010)
• KIEP (Korea Institute for International Economic Policy), director Department of International Macroeconomics and Finance, Research Fellow (2000 – 2008)
• ADB consultant (2007. 4-2007.7)
• BIS senior research fellow (2007)
• Ministry of Planing and Budget, Advisor of Minister of Planing and Budget (2000- 2001)
• Hyundai Research Institute, Research Fellow, Director of Macro economic Division (1996-1999)
• Economics Institute, Boulder CO, Instructor and Researcher(1995-1996)
• Associate Editor, the Journal of the Korean Economy
• Member of International Financial Cooperation in Minister of Economy and Finance of Korea (2001- 2006)
• Member of Financial Forum in Minister of Foreign Affairs and Trade of Korea (2001- 2007)
• Member of Financial Development Steering Committee in MOFE (2004- 2007)

Selected Publications

Published Papers
• Optimal Macroprudential Policies and House Prices in Korea (with Yongseung Jung), Emerging Markets Finance and Trade, forthcoming
• Capital Control and Monetary Policy in Asian Emerging Market Economies, Asian Economic Paper, forthcoming
• Reexamination of Fiscal Policy in a Small Open Economy: The Case of Korea (with Yongseung Jung), Journal of Economic Theory and Econometrics, Vol. 28, No. 2, Jun. 2017, 29–54
• Carry Trade and Foreign Exchange Risk Premium, Analysis of Macro-economic Model, Research Center of DSGE.
• Trade, Trade Finance, and Global Liquidity in Asia; Markov-Switching FAVAR approach, East Asian Economic Review vol. 20, no. 3, 2016 pp. 339-363
• Impacts of Capital Control and Prudential Measures on capital Flows in Korea: Estimation of Capital Liberalization Index (with Soyoung Kim and Jubeom Oh), Panel Analysis in Korean Economy, 20-3, 2014, pp 57-101
• Impacts of external shocks on Asian Economies: Panel Vector Autoregressive Dynamic Factor Approach, Singapore Economic Review, December, 2013
• Are Asian Business Cycles Different?¡± (co-authored with Soyoung Kim, Yongseng Jung, and Tack Yun), Asian Economic Papers 12 (3), 94-113, 2013
• Business Cycles in an Emerging Economy with Financial Frictions: the Case of Korea (with Yongseung Jung), International Economic Journal, 2013
• Are Capital Controls effective? The case of the Republic of Korea (with Soyoung Kim), Asian Development Review, pp 96-133, 2012
• International Monetary Transmission in East Asia: Floaters, Non-floaters and Capital Control (with Soyoung Kim), Japan and the World Economy, 2012
• Complementarities between Bilateral Trade and Financial Integration (with Kwanho Shin), Korea and the World Economy, 2012. pp39-68
• Financial and Monetary Cooperation in Asia: Challenge after the Global Financial Crisis (with Soyoung Kim), International Economic Journal, Vol.25(4), 2011 ,pp. 573-588
• Institutional Quality, Capital Flight and Capital Flows, (with Seung-Kwan Baek), theKorean Economic Review, volume 26,Number1,pp.121-155,2010-10-26
• The Impact of Capital Inflows on Emerging Asian Economies: Is Too Much Money Chasing Too Little Good? (with Soyoung Kim), Open Economies Review,2010
• Do Capital Flows Matter to Asset Prices? (with Soyoung Kim), Asian Economic Journal,2010
• Why don¡¯t Asians Invest in Asia?The determinants of Cross-border Portfolio Holdings, (with Alicia Garcia-Herrero and Philip Wooldridge), Asian Economic Papers, MIT press, 2009
• Population Aging and International Capital Flows (with DaekeunParkand Young Mon Ju) KukJeKyungjeYunku,2009
• Dilemma of Exchange Rate Management in East Asia, with EijiOgawa, Japan and World Economy, 20, 2008
• Crisis, Adjustment, and Long-run Economic Growth in Korea(withNoh Sun Kwark, Changyong Rhee), Ten years after the Korean crisis, conference proceeding, 2007
• Consistent Estimates of World Trade Elasticities and an Application to the Effects of Chinese Yuan (RMB) Appreciation, with S.Y Kwack, Choong Y. Ahn , and Y. S.Lee, Journal of Asian Economics,2007.
• Optimal Monetary Policy in a Small Open Economy, with Jung Yong Seung, Journal of Asian Economics,2007
• Financial Market Integration in East Asia: Regional or global?,Asian Economic Paper, MIT press 2006
• E-finance Development in Korea, the Journal of the Korean Economy,2006
• Foreign Exchange Volatility and time-varying Risk Premium, working paper, forum on East Asian Financial and Monetary Cooperation, 2004.
• Corporate Restructuring in Korea:EmpiricalEvaluation,withAnn,ChoongYong,KIEPworkingpaper03-14,2003 • Economic Reform in Post Crisis Korea,The Journal of East Asian Affairs,2002
• International Financial Architecture: Korean Perspectives (in Korea),Quarterly Economic Analysis, Bank of Korea, Vol.7No.1,2001.1
• Seeking for Appropriate Exchange Rate Regime, Reforming the International Financial Architecture, Conference Proceeding, 2000,11
• Appropriate Exchange Regime in Emerging Markets: Case of Korea.KIEP,Workingpaper00-08,2000.10
• Is it a Peso Problem or a Risk Premium? The Journal of Korean Economy,1999
• The test of the foreign exchange market efficiency in Korea : Using NDF exchange rates, The Journal of the Korean Economy, 1999.12
• Time-varying Risk Premium in the Foreign Exchange Markets: ARCH-in- mean Approach¡±, The Korean Journal of International Economics, Preceding Paper, 1996
• Real Exchange Rates and the Terms of Trade: the Korean Capital Market Liberalization¡± AEA meeting preceding paper, 1994

Book Chapters
• Regional and Multilateral Efforts: Institution-building, with Yung Chul Park, Yunjong Wang, Macroeconomic Volatility, Institutions and Financial Architecture, the developing world experience, edited by Jose Maria Fanelli, Palgrave macmillan, 2008
• How to Mobilize the Asian Savings within the Region? ; Securitization and Credit Guarantee for the Development of Asia¡¯s Bond Market, A New financial Market Structure for East Asia: How to promote regional financial Market Integration, with Oh, Gyutaeg, Daekeun Park, and Changyong Rhee, Edward Elgar 2003
• Structural reform in Korea : its process and consequences, with Lee,JongWon and Hyun-HoonLee, The Asia Recovery : Issues and aspects of development, growth, trade and investment, edited by Tran Van Hoa, Edward Elgar, 2001

Book Publication
• Ten Years after the Korean Crisis; crisis, Adjustment and Long-term Economic Growth, coeditor with Meral Karasulu, KIEP and IMF, 2009
• Global Imbalance and its Implications on East Asian Economies, editor, Policy Analysis 06-02, KIEP, , 2007
• Emerging Financial Risks in East Asia, editor, KIEP, PRI, editor Conference Proceeding, 2006.
• Prospects for Regional Financial and Monetary Integration in East Asia, with Yung Chul Park, Policy References 06-06, KIEP, 2006
• RTA strategies for financial service industries between Korea,ChinaandJapan (in Korean), Policy Analysis 03-09, KIEP, 2003
• Financial Market Opening in China and Korea, KIEP and IQTE, edited by Young-Rok Cheong, Doo Yong Yang, and Wang Tongsan, 2003
• WTO Financial Service Negotiation: Korean Perspectives (in Korea),project report, 2002
• Capital Market Developments in Vietnam, (in Korean) Policy Analysis 02-10, KIEP, 2002.12
• Structure Monitoring of Korea (in Korean), KIEP, 2001.12
• The Study of High Yield Bond Market in Korea(in Korean), KFIRI, KIEP, research project, with Chang Ryung Lee and Gyutaeg Oh, 2001.8
• Foreign Exchange Liberalization: the Case of Korea,PolicyAnalysis00-10,KIEP,2000.12 • Efficient Cash Management in the Current Currency Crisis (in Korean), Research Project, Hyundai Research Institute, 1999.12
• Foreign Exchange Risk Management of Corporate (in Korean), Research Project, Hyundai Research Institute, 1999.5
• Introduction of Asset Back Securities and its Implication, Research Project, Hyundai Research Institute, 1998.11
• Global Management of Daewoo Group: Financial Aspects, Research Project, Hyundai Research Institute, 1997.12
• Project on Global Financial Approach by non financial institutions of Hyundai Group, Research Project, Hyundai Research Institute, 1996.10