Yang, Doo Yong

Contact Information
• Office: Room 311, International Studies Building
• Phone: 031-201-2320
• E-mail: yangdy@khu.ac.kr
• Curriculum Vitae: Download
• Homepage:
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
• Associate Professor, Kyung Hee University, College of International Studies (2010-present)
• 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 
• 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