Address	Department of Economics, Seoul National University San 56-1, Shinlim-dong, Gwanak-gu Seoul, Korea 151-742
	Tel	(82-2) 880-6365
	Fax	(82-2) 886-4231
	E-Mail	rhee5@plaza.snu.ac.kr
	Homepage	http://plaza.snu.ac.kr/~rhee5

Present Position

Professor, Department of Economics, Seoul National University Advisor, Global Financial Research Institute & Korea Fixed Income Research Institute

Education

Ph.D.      Economics, Harvard University (June 1989) B.A.        Economics, Seoul National University, Summa Cum Laude (Febrary 1984)

Academic Employment

Research Interests

Macroeconomics, Korean Economy, Financial Economics

Other Professional Experience

I. Public Sector Oct 2006 - Present Non-Executive Director Korea Development Bank Aug 2006 - Present Member, Insurance Subcommittee of the Financial Development Review Committee, Ministry of Finance and Economy Dec 2005 - Present Non-Executive Director Korea Cadastral Survey Corporation Mar 2005 - Present Member, Housing Finance Operation Committee, Korea Housing Finance Corporation Jan 2005 - Present Advisory Professor Korea Securities Depository Mar 2004 - Mar 2006 Member, National Economic Advisory Council Blue House Office of the President Mar 2004 - Mar 2006 Member, Securities Subcommittee of the Financial Development Review Committee, Ministry of Finance and Econom Mar 2004 - Mar 2007 Member, Sales Subcommittee of the Public Fund Oversight Committee, Ministry of Finance and Economy Jan 2004 - Mar 2007 Member & Advisor, Public Debt Management Committee, Treasury Department, Ministry of Finance and Economy Aug 2003 - Oct 2006 Member, Committee for Fund Management, Korea Technology Credit Guarantee Fund Jan 2003 - Mar 2004 Member, Operation Committee for Public Fund Retirement, Ministry of Finance and Economy Aug 2002 - Mar 2004 Member, Policy Subcommittee of the Financial Development Review Committee, Ministry of Finance and Economy Aug 2002 - Aug 2005 Advisor, Research Division of the Bank of Korea May 2002 - Present Member, Committee for Fund Management Korea Deposit Insurance Corporation

II. Private Sector Mar 2006 - Present Advisor, Woori Investment and Securities Corporation Oct 2004 - Present Advisor, Shinhan Bank Jun 2002 - Present Advisor, Korea Fund Research Sep 2000 - May 2007 Director, Korea Fixed Income Research Institute & Global Financial Research Institute May 2002 - Present Advisor, KIS Pricing Inc. Oct 2001 - Aug 2006 Member, Committee for Fund Management, Korea Teachers' Pension Fund Columnist The JoongAng Ilbo, The Donga Ilbo, The Korea Economic Daily, The Maeil Economic Daily, and other major newspapers

III. International Consulting Mar 2005 - Present Member, Bangkok-Expert Group Meeting (Asian Bellagio Meeting) Jun 2006 - Jul 2007 International Consultant, Asian Development Bank (TA 6333-REG: Minimizing Foreign Exchange Settlement Risks in the ASEAN+3 Region) Asian Development Bank Dec 2004 - May 2005 International Consultant, Asian Development Bank (TA 4017-NEP: Strengthening Institutional Capacity for Public Debt Management in Nepal) Public Borrowing Policy Specialist Mar 2004 - Present International Consultant, Asian Development Bank Technical Assistant to the Government of Cambodia (TA 3634-Cambodia: Strengthening Public Financial Management) Macroeconomic and Model Building Consultant Aug 2003 - Jan 2004 International Consultant, Asian Development Bank (TA 4017-NEP: Strengthening Institutional Capacity for Public Debt Management in Nepal) Macroeconomic Modeling Specialist Jun 2003 - Dec 2003 International Consultant, Asian Development Bank (ADB TA: TAR:NEP 36056 - Strengthening Institutional Capacity for Public Debt Management) Macroeconometric Modeling Specialist for Nepal

Award and Fellowships

Publications in English

I. Journal Articles

II. Book Chapters

[1]	" Social Impacts of Asian Crisis: Policy Challenges and Lessons", Occasional Papers #33, Human Development Office, UNDP (also printed in Background Papers, Human Development Report 1999), January 1998 (with J. Lee)
[2]	"Macroeconomic Views of the East Asian Crisis: A Comparison", Chapter 3 in Asian Corporate Recovery: Findings from Firm-Level Surveys in Five Countries, edited by D. Dwor-Frecaut, F. Colaco, and M. Hallward-Driemeier, The World Bank, Washington, D.C., 1999
[3]	"The Role of Corporate Bond Markets in the Korean Financial Restructuring Process", Chapter 7 in Korean Crisis and Recovery, edited by David T. Coe and Se-Jik Kim, International Monetary Fund Korea Institute For International Economic Policy, 2002 (with G. Oh)
[4]	"Recurrence of Financial Crisis: Cross-Country Patterns and Implications for Korea", Chapter 13 in The Korean Economy Beyond the Crisis, edited by Chung and Eichengreen, Edward Elgar Publishing Ltd., 2004 (with J. Lee and K. Hong)
[5]	"Building a Settlement Infrastructure for the Asian Bond Markets: Asiasettle", Chapter 10 in Asia's Debt Capital Markets: Prospects and Strategies for Development, edited by D. Arner,J. Park, P. Lejot, and Q. Liu, The Milken Institute Series on Financial Innovation and Economic Growth, Springer, Milken Institute, 2006
[6]	" Building Infrastructure for Asian Bond Markets: Settlement and Credit Rating ", in Asian Bond Markets: Issues and Prospects, BIS papers, No.30, Monetary and Economic Department, Bank for International Settlements, November 2006
[7]	" Foreign Exchange Reserve Management in Korea: Before and After the Financial Crisis", Forthcoming in Sovereign Wealth Management, Central Banking Publications Ltd., 2006

III. Other Publications and International Consulting Papers

[1]	" Debt Management Analysis of Nepal's Public Debt", paper prepared for ADB TA: TAR:NEP 36056 ? Strengthening Institutional Capacity for Effective Public Debt Management, Nepal, January 2004
[2]	"Macroeconometric Model for Nepal", paper presented at ADB conference, paper presented at The Asian Development Outlook Economic Modeling Conference, ADB Auditorium, 19-20 February 2004
[3]	"Proposal for Real-Name Policy Initiatives: Commentaries", Korea Focus, Vol. 12, No. 3, May-June 2004
[4]	"Developing the Government Bond Market in Nepal ", Final Report for the ADB TA 4017-NEP: Institutional Strengthening for Public Debt Management, May 2005
[5]	"Public Debt Management Policy in Nepal ", final report for the ADB TA 4017-NEP: Institutional Strengthening for Public Debt Management, May 2005
[6]	"Nepal Macroeconometric Model ", Working Paper Series No. 1, Asian Development Bank, June 2005 (with Sungsup Ra)
[7]	"Managing the Debt: An Assessment of Nepal's Public Debt Sustainability ", Working Paper Series No. 6, Asian Development Bank, November 2005 (with Sungsup Ra)
[8]	"Minimizing Foreign Exchange Settlement Risks in the ASEAN+3 Region ", TA-6333 (REG), Asian Development Bank 2007

Publications in Korean

I. Books

[1]	Principles of Economics, Bummun-Sa, Seoul, Korea, 3rd edition 2005 (with Joon Koo Lee)
[2]	Introduction to Economics, Bummun-Sa, Seoul, Korea, 2nd edition 2007 (with Joon Koo Lee)
[3]	Changes in the College Entry System: Who Enters Seoul National University?, Korean Social Science Journal Monograph 15, The Institute of Social Sciences, Seoul National University, 2004 (with G. Kim et al.)

II. Journal Articles

[1]	"A Study on the Seasonality of Korean Macro Data", Korean Economy Analysis, Korea Institute of Finance, April 1995 (with J. Park and H. Lee)
[2]	"A Job Search Model of an Efficiency Wage Theory", Journal of the Korean Econometric Society, Vol. 6, December 1995 (with D. Park)
[3]	"Trend in the Curb Market Interest Rates in Korea", Social Science and Policy Research, Vol. 18, number 2, The Institute of Social Sciences, Seoul National University, October, 1996
[4]	"Cultural Effect and Saving Behavior: Evidence from the Population Survey Data", Journal of the Korean Econometric Society, Vol. 7, December 1996
[5]	"Trend in the Unemployment Rate in Korea", Korean Economic Review, Vol. 46-2, Korean Economic Association, June 1998 (with J. Nam)
[6]	"Interest Regulation and the Curb Market Interest Rates in Korea", Korean Economy Analysis, Korea Institute of Finance, Vol. 2, 1998 (with S. Hahn and S. Oh)
[7]	"Understanding IMF Policy in Korea", Korean Economic Journal, Institute of Economic Research, Seoul National University, December 1998
[8]	"Currency Crisis in Korea: Unfolding Processes and Lessons", " Korean Economic Review, Korean Economic Association, December 1998 (with D. Park)
[9]	"Capital Market Opening and Currency Crisis: A New Measure of Currency Misalignment", Korean Economic Review, Korean Economic Association, December 2000 (with K. Kim and D. Park)
[10]	"Macroeconomic Adjustment after the Crisis: Cross-country comparison", Korean Economic Review, Korean Economic Association, June 2001 (with K. Hong and J. Lee)
[11]	"Changes in the Flow of Funds after the Korean Currency Crisis", Finance, Korean Finance Association, August 2001 (with G. Oh)
[12]	"Understanding Interest Rates in Korea: A Diffusion Model", Economic Analysis, Bank of Korea, December 2001 (with J. Park and G. Oh)
[13]	"Efficient Buy-back Plan for Korea Deposit Insurance Cooperation's Bond", Finance, Korean Finance Association, August 2002 (with B. Cha)
[14]	"Corporation Restructuring Corporations (CRC) in Korea", Korean Economy Analysis, Korea Institute of Finance, August 2003 (with B. Lee)
[15]	"Who Enters Seoul National University?: An Empirical Study of Student Profiles", Korean Social Science Journal, 2003 (with D. Kim et al.)
[16]	"How to improve the Liquidity of the Government Bond Market in Korea", Finance, Vol. 9-2, Korean Finance Association, December 2004 (with N. Kwark)
[17]	"Settlement and Credit Rating System for Asian Bond Markets", forthcoming in Korean Economic Analysis, Korea Institute of Finance, 2005 (with D. Park)
[18]	"Aging and Financial Market in Korea", Finance Studies, Korea Institute of Finance, August 2005 (with G.Choi, D.Park, and J.Nam)
[19]	"Macroeconomic Impacts of the Asset Management of National Pension Fund", Applied Economics, Korea Applied Economics Association, September 2005 (with E.Kwon and E.Kim)
[20]	" Commercial Paper Market in Korea: How to Improve its Issuance Registration System", Korean Economic Journal, Institute of Economic Research, Seoul National University, December 2006 (with S.Shin and T.Kim)
[21]	" Re-organizing Corporate Restructuring Vehicles in Korea", Korean Economic Journal, Institute of Economic Research, Seoul National University, December 2006 (with I.Kim and B.Rhee)
[22]	" Developing Corporate Restructuring Market in Korea", Journal of Korean Economic Studies, Vol.17, Korean Economic Studies Association, December 2006 (with B.Rhee)
[23]	" Performance of Electronic Trading System (ETS) for Government Bonds in Korea: Evidence from Micro Trading Data ", Finance, Korean Finance Association, March 2007 (with S.Shin and D.Park)

III. Book Chapters and Research Reports

[1]	"Portfolio Diversification Effect in Capital Market Opening", Policy Research Report 95-01, Korea Institute of Finance, February 1995 (with J. Park)
[2]	"Portfolio Diversification Effect of Foreign Stock Investment", Chapter 6,Capital Market Liberalization, edited by I. Kim and J. Park, Bummun-Sa, Seoul, Korea, July 1995
[3]	"A Study on the Budget Deficit Policy and Measurement in Korea", Policy Research Report 95-06, Korea Tax Institute. December 1995 (with Y. Cho)
[4]	"Budget Deficit in Koreat", Chapter 7 in Government and Economy: Essays in honor of Seung Soo Han, edited by Choi, Kwang, SiSa-Eungo-Sa, December 1996 (with Y. Cho)
[5]	"Trend in Saving Rates in Korea: A Synthetic Cohort Approach", Policy Research Report 97-06, Korea Tax Institute. May 1997 (with D. Park)
[6]	"Financial Asset Holdings and Consumption", Analysis Report on 1996 Survey of Household Consumption, (5-2), Bureau of Statistics, October 1998 (with D. Park)
[7]	"Currency Crisis in Korea", Research Report 64, International Trade and Business Institute, July 1999
[8]	"Evaluation", Chapter 7 in Three Years of IMF Adjustment Program in Korea, Research Report, the Korea Institute for International Economic Policy, December 2000 (with J. Lee)
[9]	"Bond Market Investment Policy for National Pension Funds", Research Report, National Pension Funds, January 2001 (with S. Ra, M. Kim, and G. Oh)
[10]	" How to re-vitalize Corporate Bond Markets in Korea?: Need for introducing a Specialized Investment Fund for Corporate Bonds with BBB ratings ", Investment, Korea Investment Trust Association, January 2001 (with G. Oh)
[11]	" Changes in the Korean Bond Market: Survey ", ITBI Review, International Trade and Business Institute, July 2001 (with G. Oh)
[12]	"Junk Bond Market in Korea", Research Report, Korea Fixed Income Research Institute and the Korea Institute for International Economic Policy, August 2001 (with G. Oh and D. Yang)
[13]	"The Importance of Activating the Junk Bond Market", Listing, Korea Listed Companies Association, September 2001
[14]	"Financial Sector Recovery After the Currency Crisis and the Lessons Learned", Monograph 76-01-3, International Trade and Business Institute, December 2001
[15]	"Korea Deposit Insurance Cooperation's Bond Market", Research Report 2002-2, Korea Deposit Insurance Cooperation, April 2002 (with N. Kwark et al.)
[16]	"Corporate Restructuring Market in Korea and KAMCO (Korean Asset Management Corporation)", Research Report, Economic Research Center, Seoul National University, December 2002 (with Cha et al.)
[17]	"Developing Infrastructure for Short-term Financial Market in Korea", Research Report, Korea Fixed Income Research Institute, April 2003 (with Shin et al.)
[18]	"How to improve the Liquidity of the Government Bond Market in Korea", Research Report, Seoul National University and Korea Fixed Income Research Institute, September 2003 (with 4 other authors)
[19]	"The Market for Non Performing Loans and the CRC", Monograph 81-03-2, International Trade and Business Institute, November 2003
[20]	"How to build a Korean Sallie Mae: Securitization of Student Loans", Research Report, Finance and Economy Committee, National Assembly, December 2003
[21]	"Building an Asian Financial Hub in Korea: Roadmap", Policy Research Report, Korea Security Depository, March 2004 (with Park et al.)
[22]	"Building an Infrastructure for OTC Derivatives Market in Korea", Policy Research Report, Korea Security Depository, September 2004 (with D. Park)
[23]	"Introducing STRIPS in the Korean Government Bond Market", policy research report, Korea Stock Exchange, October 2004 (with G. Oh)
[24]	"A Study on the Role of Counter-cyclical Fiscal Policy in Korea", Research Report, Treasury Department, Ministry of Finance and Economy, November 2004 (with Y. Goh et al.)
[25]	"Portfolio Investment of National Pension Fund and its Impact on Macro-economy and Financial Market", Report for the National Pension Medium-Term Planning Committee, National Pension Fund and Ministry of Health and Welfare, December 2004
[26]	"CRC and PEF: Need for the Amendment of the Industry Development Act", Research Report, Korea Fixed Income Research Institute and the Korea CRC Association, February 2005 (with S. Shin)
[27]	" Government Bond Market in Korea: Development and Future Prospect ", Securities and Futures, Korea Stock and Futures Exchange, July 2005
[28]	" Estimating Optimal Rate of Return for BTL projects ", Research Report, Public and Private Infrastructure Investment Management Center, Korea Development Institute, Korea Fixed Income Research Institute, July 2005 (with S. Shin and G. Oh)
[29]	" Changes in SME Supporting Policies in EU: Implications for Korea ", Research Report, Ministry of Commerce, Industry and Energy, Korea Fixed Income Research, September 2005 (with G. Oh)
[30]	" How to Improve the Liquidity of Electronic Trading System for the Government Bonds in Korea ", Research Report, Korea Stock and Futures Exchange, September 2005 (D. Park and S. Shin)
[31]	" Minimizing Fiscal Costs from the Minimum Revenue Guarantees for Public Private Infrastructure Investment ", Research Report, Public and Private Infrastructure Investment Management Center, Korea Development Institute, Korea Fixed Income Research Institute, September 2005 (with S. Shin and G. Oh)
[32]	" Aging and Finance ", Capital Market Forum, Vol.2, Korea Securities Research Institute, Winter 2005 (D. Park)
[33]	" Introducing Inflation Index Government Bonds in Korea ", Research Report presented to the Ministry of Finance and Economy, Korea Fixed Income Research, September 2006 (with D. Park)
[34]	" How to Improve Early Termination Options for PPP/PPI projects ", Research Report, Public and Private Infrastructure Investment Management Center, Korea Development Institute, Korea Fixed Income Research Institute, October 2006 (with S. Shin)
[35]	" Macroeconomic Impacts of PPP/PPI Projects ", Research Report, Public and Private Infrastructure Investment Management Center, Korea Development Institute, Korea Fixed Income Research Institute, October 2006 (with H. Lee)
[36]	" Improving and Internationalizing the ETS market for Government Bonds in Korea ", Monograph 90-06-3, International Trade and Business Institute, December 2006
[37]	" On the Interest Rate Determination of Student Loan Backed Securities ", Research Report presented to the Ministry of Education, Economic Research Institute of Seoul National University, Korea Fixed Income Research, December 2006 (with S. Shin and S. Oh)
[38]	" Building a Regional Settlement Infrastructure in Korea ", Research Review, Vol.19, Financial Supervisory Service, March 2007 (with S. Oh)