Underwood International College

• Professor of International Economics and Finance
• Ph.D. Finance and Economics, Columbia University, 1993
• M.B.A in Finance, Columbia Business School, 1988
• B.A. English Literature, Seoul National University, 1986
• Assistant Professor, UC Santa Barbara 1994 - 1996

Profile

Professor Hahm earned his undergraduate degree from Seoul National University and his graduate and doctorate degrees from Columbia University. His extensive teaching experience includes Yonsei University, Columbia University, Korea Development Institute, and the University of Hawaii. He also sits as a board member of distinguished academic journals related to economic policy and analysis. Professor Hahm has a broad range of experience in both the public and private sectors with roles in the World Bank, Korean Ministry of Foreign Affairs and Trade,and financial institutions and corporations. His expertise lies in financial economics, international business, money and banking, and financial institutions and governance

Education

Ph.D. Finance and Economics, Graduate School of Business, Columbia University, 1993
M.Phil. Finance and Economics, Graduate School of Business, Columbia University, 1992
M.B.A. Finance, Graduate School of Business, Columbia University, 1988
B.A. English Literature(Minor in Business Administration), Seoul National University, 1986

Courses and Current Research Areas

Financial Markets, Financial Institutions and Macroeconomic Policies
Financial Markets and Institutions, Bank Governance, Exchange Rates and Interest Rates, Risk Management, Monetary Policy, Sovereign Debt Management, Consumption and Saving

Selected Publications

Journal Articles and Book Chapters (in English)

“Risks and Supervisory Challenges of Financial Conglomerates in Korea," Korea Development Review, Vol. 28, No. 1, pp.145-191, 2006. (joint with Joon-Kyung Kim)

“Turning a Crisis into an Opportunity: The Political Economy of Korea’s Financial Sector Reform,” a chapter in Jongryn Mo and Daniel Okimoto eds, From Crisis to Opportunity: Financial Globalization and East Asian Capitalism, Shorenstein APARC distributed by Brookings Institution Press, January 2006. (joint with Wonhyuk Lim)

“Credit Guarantee Reform under the New Basel Accord: Implications for SME Lending in Korea,” a paper presented at the 2006 KDI Conference on Adopting the New Basel Accord: Impact and Policy Responses of Asian-Pacific Developing Countries, Seoul, July 6-7, 2006. (joint with Joon-Kyung Kim and Dongsoo Kang)

“The Complementarity among International AsHoldings: Is There a Special Role of Banks?” Center for International Commerce and Finance working paper 22-06-06, Seoul National University. (joint with Kwanho Shin)

"Debt Management Analysis of Nepal’s Public Debt,” Economics and Research Department Technical Note Series No. 15, Asia Development Bank, December 2005. (joint with Sungsup Ra and Changyong Rhee)

“The Resurgence of Banking Institutions in Post-crisis Korea,” Journal of Contemporary Asia, Vol. 35, No. 3. pp. 386-403, 2005.

"The Korean Model of Corporate Governance: Issues and Lessons in Reform of Bank Governance,” HGCY Working Paper Series No. 05-01, Hills Governance Center Korea, April 2005.

“Macroeconomic Implications of Financial Market Reforms in Korea,” chapter 4 in L.-J. Cho, D. C. Cho and Y. H. Kim eds, Macroeconomic Implications of Postcrisis Structural Changes, KDI Press, Seoul, 2005. (presented at the 2002 EWC/KDI conference, Honolulu, Hawaii)

“Financial Globalization and Korea's Post-Crisis Reform: A Political Economy Perspective," KDI Working Paper 2004-01, November 2004. (joint with Wonhyuk Lim)

“Risk Management of Government Debt,” a paper presented at the World Bank - KDI Joint Conference on Managing Fiscal Risks and Realigning the Sectoral Resource Allocation, Seoul, November 15-17, 2004.

“Interest Rate and Exchange Rate Exposures of Banking Institutions in Pre-crisis Korea,” Applied Economics, Vol. 36, pp. 1409-1419, July 2004.

"Reforms in Credit Policy and Risk Management: The Case of Woori Bank,” Chapter 8 in Duck Hoon Lee and Gilgin Lim eds, Reforms and Innovations in Bank Management, pp. 315-349, Nanam Publishing, 2004.

“Financial Restructuring,” Chapter 8, Barry Eichengreen and Duckoo Chung eds, The Korean Economy Beyond the Crisis, pp. 172-193, Edward Elgar, 2004 (presented at the RCIF International Conference, Seoul, October 2002)

"Reconstruction and Reform of the Korean Financial System,” a paper presented at the RCIF International Conference, Seoul, October 2002, forthcoming, Barry Eichengreen and Duckoo Chung eds, The Korean Economy: Beyond the Crisis, Edward Elgar, 2003.

"Cost-at-Risk and Benchmark Government Debt portfolio in Korea," International Economic Journal, Vol. 17, Number 2, pp. 79-103, Summer 2003.

"The Government, The Chaebol and Financial Institutuions before the Economic Crisis," Chapter 4 in S. Haggard, W. Lim and E. Kim, eds, Economic Crisis and Corporate Restructuring in Korea, Cambridge University Press, January 2003.

“Macroeconomic Implications of Financial Market Reforms in Korea,” a paper presented at the 2002 EWC-KDI Conference on Macroeconomic Implications of Post-Crisis Structural Changes, Honolulu, Hawaii, July 2002.

"Durables Consumption under Time-varying Income Uncertainty: Evidence from Korea," Economic Papers, Bank of Korea, Vol. 5, No. 1, May 2002.

"The Korean Financial Crisis: Causes and Resolution," joint with Inseok Shin, in L. Cho, Y. H. Kim and I. Shin, eds. Restructuring the Korean Financial Market in a Global Economy, Seoul, KDI Press, distributed by University of Hawaii Press, January 2002.

“Interest Rate and Exchange Rate Exposures of Korean Financial Institutions: Implications for the Propagation of Financial Crisis,”Discussion Paper 2000-29, Korea Institute for International Economic Policy, November 2000, also presented at the 13th PACAP/FMA Conference, Seoul, Korea. July 2001.

“Financial Intermediation and Economic Performance: The Korean Experience," Proceedings of the 2001 APEC Economic Outlook Symposium, Hong Kong, China, June 2001.

"The Korean Financial Crisis: An Asymmetric Information Perspective," joint with Frederic S. Mishkin, Emerging Markets Review, Vol. 1, No. 1, May 2000, pp 21-52.

"Causes of the Korean Financial Crisis: Lessons for Policy," joint with Frederic S. Mishkin, in The Korean Crisis: Before and After,edited by Inseok Shin, July 2000, and NBER Working Paper No. 7483, January 2000.

"Consumption Growth, Income Growth and Earnings Uncertainty: Simple Cross-Country Evidence," International Economic Journal,Vol. 13, No. 2, Summer 1999, pp. 39-58.

"The Korean Crisis - Causes and Resolution," joint with Inseok Shin, KDI Working Paper, No. 9808, August 1998.

"Consumption Adjustment under Time-varying Income Uncertainty," Review of Economics and Statistics, Vol. 81, No. 1,February 1999, pp. 32-40, joint with Douglas Steigerwald. (presented at the 1996 North-American Summer Meetings of the Econometric Society)

"Financial System Restructuring in Korea: The Crisis and its Resolution," in East Asia’s Financial Systems - Evolution and Crisis,eds, Masuyama et. al, Nomura Research Institute, Tokyo, 1999, pp. 109-143.

"Consumption Adjustment to Real Interest Rates: Intertemporal Substitution Revisited," Journal of Economic Dynamics and Control,Vol. 22, January 1998, pp. 293-320.

"Deviations from the Real Interest Parity: The Case of Korea," KDI Working Paper Series, No. 9710, November 1997.

"Understanding Departures from Interest Parity: A Structural VAR Approach," Working Paper, University of California - Santa Barbara, July 1995.

"Time-Varying Uncertainty and Durables Consumption," Working Paper, Graduate School of Business, Columbia University, October 1993.

"Is It Myopia or Precautionary Saving? - An Empirical Study of Implications of Time-Varying Uncertainty on the Optimal Consumption Behavior," Working Paper, Graduate School of Business, Columbia University, October 1993. (presented at the Econometric Society Conference, Mexico City, September 1992)

"Essays on Uncertainty, Consumption and Precautionary Saving," Ph.D. Thesis, Columbia University, October 1993, awarded Ph.D. Dissertation with Distinction.

Journal Articles and Book Chapters (in Korean)

“SME Financing and Bank Lending: A Study on the Innovative SMEs,” joint with Jong-Ku Kang, Quarterly Economic Analysis, Vol. 11, No. 3, October 2005, pp. 87-119, Bank of Korea.

“Innovative SME Financing and the Role of Banks,” joint with Jong-Ku Kang, Chapter 2 in Financing of Innovative SMEs, pp. 49-90, Bank of Korea, June 2005.

“An Empirical Investigation of the Change in Financial Stability of Financial Conglomerates in Korea,” joint with Joon-Kyung Kim, Chapter 4 in A Study on the Financial Regulation and Supervision in the Era of Financial Globalization, pp. 183-266, Korea Development Institute, December 2004.

“Reforms in Credit Policy and Risk Management: The Case of Woori Bank,” Chapter 8 in Duck Hoon Lee and Gilgin Lim eds, Reforms and Innovations in Bank Management, pp. 315-349, Nanam Publishing Co, 2004.

"Financial Consolidation and Financial Stability," a paper presented at the Bank of Korea Policy Symposium, Financial Consolidations: Effects and Policy Implications, September 2003, Bank of Korea.

"Income Uncertainty and Durables Consumption in Korea,”Quarterly Economic Analysis, Vol. 7, No. 3, 3rd Quarter 2001, pp.104-133, Bank of Korea.

"Sovereign Debt Risk Management using Cost-at-Risk Concept,” joint with Jinho Kim, The Korean Journal of Finance, Vol. 13, No. 2, November 2000, pp. 277-309.

"Exchange Rate Exposure of Korean Foreign Exchange Banks in the 90s,” joint with Jaekyun Yoo, KDI Journal of Economic Policy, Vol. 21, No. 2, 1999, pp. 55-96.

"A Diagnosis on Corporate Distress and Financial Restructuring in Korea,” joint with Joon-Kyung Kim and Jeong-Sam Yang, KDI Working Paper Series, No. 99-12, June 1999.

"Cost and Risk Structure of Korean Sovereign External Debt: the Cost-at-Risk Approach,” joint with Jinho Kim, a paper presented at the Annual Congress of Korea Finance, Financial Management, Futures Academic Associations, May 1999.

"Macroeconomic Sustainability of Korean External Debt and Directions of Sovereign Debt Management in Korea," KDI Quarterly Economic Outlook, Vol. 16, No. 1, 1999, pp. 95-113.

"Issues on the Government Guaranteed Bonds for Financial Sector Restructuring," joint with Dongchul Cho and Seong-Hyun Hwang, KDI Quarterly Economic Outlook, Vol. 15, No. 2, 1998, pp. 59-67.

"Analytical Understanding of the Current Credit Crunch in Korea," joint with Dongchul Cho, Inseok Shin and Dongmin Na, KDI Quarterly Economic Outlook, Vol. 15, No. 2, 1998, pp. 59-67.

"Predictive Power of Market-micro Information in Korean Foreign Exchange Markets," joint with Young Seob Lee, Journal of Korean Economic Analysis, Vol. 4, No. 1, June 1998, pp. 1-39.

"The Asian Financial Crisis," National Economy, Korea Development Institute, March 1998.

"Implications of Southeast Asian Financial Crises," 1997 Policy Discussion Papers, Korea Development Institute, August 1998, pp.341-362.

"A Study on the Source of Interest Rate Differentials," joint with Duck Hoon Lee, KDI Journal of Economic Policy, Vol. 19, No. 1, March 1997, pp. 51-98.

"The Level of Equilibrium Interest Rates in Korea - A Panel Study of OECD Countries," KDI Quarterly Economic Outlook, Vol. 14, No.1, 1997, pp. 47-54.

Journal Article (in Chinese)

“Reconstruction of the Korean Financial System: Policy Lessons,” Comparative Studies, Vol. 6, April 2003, pp. 165-184.

Research Monographs and Policy Reports

Fair Trade and Competition 2010, Korea Industrial Organization Association, Fair Trade Commission, 2003. (in Korean)
"Contributions to Financial Stability," Chapter 4, International Investor Contribution Index, International Investment Research Program, Yonsei Center for Global Studies, March 2003.
Seminar on Exchanging Experience of Financial and Monetary Policy, Korean Development Institute and Korea International Cooperation Agency, April 2002.
Facilitating Non-performing AsResolution Function of Korean Financial Institutions, joint with Kang, D. S. et al., January 2002, Korea Development Institute and Korea AsManagement Corporation. (in Korean)
Strengthening of KAMCO Functions, joint with Kim, J. I. et al.,December 2000, Korea Development Institute. (in Korean)
Reform of the Financial Supervisory System in Korea, joint with Yoon, Lee, Lee, Chun and Jang, official task force report submitted to the Ministry of Planning and Budget, Korea, December 2000. (in Korean)
Strategic Sovereign Debt Management in Korea, joint with Shin, Koh and Kim, March 2000, Korea Development Institute.
Theory and Practice of Sovereign Debt Management, joint with Shin, Koh and Kim, March 2000, Korea Development Institute. (in Korean)
Long-term Vision of the Korean Economy, joint with Seol et. al, January 2000, Korea Development Institute. (in Korean)
The Objectives and Directions of Sovereign Debt Management in Korea, April 1999, Korea Development Institute. (in Korean)
Financial Restructuring in Thailand: Evaluations and Policy Implication for Korea, joint with Inseok Shin, September 1998, Korea Development Institute. (in Korean)
The Life Insurance Industries in the Era of 21st Century, joint with Duck-Hoon Lee, et. al., February 1998, Korea Development Institute. (in Korean)
Financial Reform in Korea - the 1st, 2nd and Final Reports, November 1997, Presidential Commission for Financial Reform, Korea

More Information

Academic and Professional Services

Assistant Professor, Department of Economics, University of California, Santa Barbara (July 1994-June 1997)
Fellow, Korea Development Institute (September 1996-February 2000)
Assistant Professor, Graduate School of International Studies, Yonsei University (March 2000-August 2004)
Director, Center for International Studies, Yonsei University (September 2004-February 2006)
Visiting Assistant Professor, Graduate School of Business, Columbia University (August 1993-May 1994)
Visiting Fellow, Korea Development Institute (March 2006-July 2006)
Visiting Associate Professor, Department of Economics, University of Hawaii at Manoa (August 2006-December 2006)
Editorial Board Member, Journal of Korea Economic Association (February 2001-January 2004)
Editorial Board Member, Journal of Economic Policy, Korea Development Institute (August 2001-present)
Editorial Board Member, Journal of International Economic Policy Studies, Korea Institute for International Economic Policy (February 2001-present)
Deputy Secretary General, Secretariat, Korea International Economic Association (January 2003-January 2004)
Editorial Board Member, Quarterly Economic Analysis, Bank of Korea (May 2006-present)
Specialist Commission Member, Presidential Commission for Financial Reform, Republic of Korea (January 1997-December 1997)
Task Force Economist, External Debt Management Office, Ministry of Finance and Economy (December 1997-December 1998)
Member of Official Delegations of the Republic of Korea, OECD/EDRC Annual Review Committees (August and December 1998)
Local Consultant, World Bank (December 1998-April 2004
Advisory Committee Member, Resolution and Finance Corporation, Korea Deposit Insurance Corporation (January 2000-present)
Advisory Committee Member on Trade Negotiations, Ministry of Foreign Affairs and Trade (August 2000-present)
utside Non-executive Director, Daehan Investment Trust Management (July 2000-July 2001)
Task Force Member on Financial Supervisory System Reform, Ministry of Planning and Budget (November 2000-January 2001)
Outside Non-executive Director, Woori Bank (former Hanvit Bank) (March 2001-March 2004)
Committee Member, Listing Committee, Korea Stock Exchange (February 2002-present)
Committee Member, Review Committee on Advanced Financial Supervision, Financial Supervisory Commission (February 2004-August 2004)
Committee Member, Deliberation Committee on Financial Development, Ministry of Finance and Economy (November 2004-present)
Outside Non-executive Director, Prudential AsManagement Co., Ltd. (June 2005-present)
Advisory Committee Member, Hana Bank (July 2005-present)
Research Advisory Committee Member, Korea Institute for International Economic Policy (KIEP) (October 2005-present)
Specialist Member, Macroeconomics Committee, National Economic Advisory Council (October 2005-present)
Ph.D. courses: Financial Economics, Seminar in Monetary Economics
M.B.A. courses: International Business, Money and Financial Markets, Investment, Macroeconomics
Master courses: Financial Markets and Institutions, Macroeconomics, Research Methodology, Introduction to Economic Analysis, International Money and Finance
Undergraduate: Macroeconomics, Money and Banking