Sangyup Choi
Yonsei University · 経済学
研究室紹介
Professor Sangyup Choi's research lab specializes in international macroeconomics and monetary economics, with a focus on the transmission mechanisms of uncertainty, monetary policy, and commodity price shocks across countries and industries. The lab investigates how financial conditions, inflation expectations, and policy uncertainty affect international capital flows, investment, and economic growth, particularly in advanced and emerging market economies. Using rich micro- and macro-level data, the lab emphasizes rigorous causal identification through innovative empirical strategies such as difference-in-differences and instrumental variable approaches. Current research also explores the role of financial frictions and balance sheet channels in amplifying macroeconomic fluctuations.
Research Overview
Research Output Trend
Figures are computed from collected data and may differ slightly.
Selected Papers
15Abstract While foreign direct investment (FDI) is known to be the most stable type of international capital flows, it may be particularly susceptible to heightened uncertainty because of its high fixed costs. We investigate the effect of domestic policy uncertainty on FDI inflows into 16 host countries using the OECD bilateral FDI panel data set and the economic policy uncertainty index from 1985 to 2013. The bilateral structure of the data enables us to disentangle pull factors of FDI from its
Can inflation anchoring foster growth? To answer this question, we use panel data on sectoral growth for 22 manufacturing industries from 39 advanced and emerging market economies over 1990–2014 and employ a difference-in-differences strategy based on the theoretical prediction that higher inflation uncertainty particularly depresses investment in industries that are more credit constrained. Industries characterized by high external financial dependence, liquidity needs, and R&D intensity, a
We combine industry-level data on output and prices with monetary policy shock estimates for 105 countries to analyze how the effects of monetary policy vary with industry characteristics. Next to being interesting in their own right, our findings are informative on the importance of various transmission mechanisms (as they are thought to vary systematically with the included characteristics). Results suggest that monetary contractions reduce output by more in industries featuring assets that ar