Dr. Lee is currently a Senior Research Fellow of the Digital Finance Research Division at the Korea Institute of Finance. The Institute is the most prominent institution in Korea that specializes in financial research. It provides policy reports to, but not limited to, the Office of the President, Ministry of Strategy and Finance, Financial Services Commission, Financial Supervisory Service, Korea Financial Intelligence Unit and various other financial authorities.
He has contributed to various columns in the media and has published in refereed journals such as the Seoul Journal of Economics, Korean Journal of Industrial Organization, Journal of Economic Theory and Econometrics and the Korean Economic Forum. He is a distinguished expert in the area of international finance, global expansion of the financial industry and financial hub strategy, cryptocurrency finance, North Korea finance, anti-money laundering and countering of terrorist financing (AML-CFT).
Dr. Lee began his career at the Bank of Korea, where he worked as a portfolio manager in the Reserves Management Office from 1995 to 1999. During the summer of 1997, Dr. Lee worked as a summer associate at Goldman Sachs, NY. He also worked for the NBER as a research assistant during 2004 and 2005. Currently, he is also serving as one of the outside directors of NH Financial Group and is also a lecturer of Graduate School of International Studies at Sogang University.
He has numerous experiences in serving as a member of various committees. He was a member of the Active Global Fixed Income Search Committee at the Korea Investment Corporation (KIC) in 2007. He also served as a committee member of the Investment Policy Experts Committee of the NPS (National Pension Service) during 2018~2020. He is currently a member of the Financial Hub Promotion Committee at the FSC (Financial Services Commission), AML-CFT Policy Advisory Committee at the FIU (Financial Intelligence Unit) and a non-permanent member of the Exchange Rate Risk Management Committee at the Korea Land and Housing Corporation. He was also a visiting scholar to the School of Advanced International Studies at Johns Hopkins University during Jan 2012~ Jan 2013.
Dr. Lee has also received several public awards.
First, he was awarded The Civil Merit Medal on Nov. 2021 by the President of the Republic of Korea for his outstanding contribution and achievements in the area of formulating the AML-CFT policy framework. He was awarded the Minister’s Commendation by the Ministry of Strategy and Finance on Dec. 2020 for his numerous contributions to research on North Korea economy and finance. Lastly, the Commissioner’s Commendation was awarded by the Financial Services Commission for his excellent academic contributions to AML-CFT policies on Nov. 2015.
Dr. Lee earned his B.A. in Economics from Seoul National University and his M.A. and Ph.D. in Economics from the University of Illinois at Urbana-Champaign.
Jan. 2021 ~Operating Committee Member, Seoul International Financial Office
Jan. 2020 ~Feb. 2022Director, Center for International Financial Cooperation, Korea Institute of Finance
Sep. 2019 ~Operating Committee Member, Korean Peninsula Development Cooperation Research Institute
Aug. 2019 ~Committee Member, Jeonbuk Financial Industry Development Committee
Mar. 2019 ~ Feb. 2023Committee Member, Risk Management Committee, Korea Electric Power Corporation
2018 ~ 2021Editorial Board, Korean Economic Forum
Mar. 2019 ~Aug. 2020Committee Member, Business Performance Evaluation Committee, Korea Export-Import Bank
Apr. 2018 ~Apr. 2020Committee Member, Committee on Investment Policy, National Pension Service
Feb. 2015 ~Aug. 2018Consultant, Deposit Services Dept, Korea Post
Feb.2015 ~Committee Member, Committee for Anti-Money Laundering Policy, Korea Financial Intelligence Unit
Mar.2014 ~ Dec.2014Committee Member, Development Committee, National Competency Standard
Jan.2012 ~ Jan.2013Visiting Scholar, Johns Hopkins University (SAIS), USA
Feb.2010 ~Nonpermanent Committee Member, Foreign Exchange Risk Management Committee, Korea Land and Housing Corporation
2010 ~ 2011Committee Member, Government Evaluation Committee, Office of the Prime Minister
Sep.2009 ~ Aug.2011Committee Member, Regulation Review Committee, Ministry of Economy and Finance
Feb.2009 ~ Dec.2009.Committee Member, Committee for Client Sales Management, Korea Financial Investment Association
2007Committee Member, Selection Committee for Fixed Income Management, Korea Investment Corporation
Jul.2005 ~Research Fellow, Korea Institute of Finance
Summer 2004, 2005NBER Research Assistant,
Mar. 2010 - Feb. 2012Teaching Assistant, University of Illinois
Jan.1995 ~ Jul.1999Reserves Management Office, Bank of Korea
Research
- Academic papers
“The Development of Japan's Internet-Only Banks and Its Implications”, KIF Analysis Report (2022~2024), Mar.2024
“The Concept and Blueprint for Global Digital Finance Hub in Korea”, (Co-Authored with Byungyoon Lee) KIF Analysis Report, Dec.2022
“New Payment Methods and Settlement Systems: Impacts to the International Financial System”, (Co-Authored with Chung-Han Kim) KIF Financial Research Report(2019~2021), Mar.2021
“Examples of Financial Reform in Major Transition Countries and Implications for Inter-Korean Financial Cooperation”, (Co-Authored with Choi E-Sub) Korea Economic Forum, 2020
“Legal and Institutional Issues related to Finance and Improvements in Re-engaging Inter-Korean Economic Cooperation”, (Co-Authored with Nam Oh-yeon) KIF Working Paper, Jan.2020
“The Role of Finance for Economic Development in North Korea”, (Co-Authored with Haesik Park) KIF VIP Report, Sep.2018
“Tasks of the Korean Financial Sector in Response to the Change in Global Infrastructure Investment Environment”, (Co-Authored with Mansoo Jee) KIF Financial Report, Jul.2017
“Financial Globalization and Financial Effective Exchange Rates”, (Co-Authored with Soyoung Kim) Bulletin by Korean Econometric Society, Vol.28 No.2, Jun.2017
“Analysis of Financial Effective Exchange Rates, External Position, and Capital Flows”, Co-Author, (Co-Authored with Soyoung Kim) KIF Research Paper, Apr.2017
“Analysis of Foreign Online-Only Banks and Its Implications”, (Co-Authored with Christopher Byungho Suh & Soo Jin Lee), KIF Financial Report, Oct.2016
“Branches of Korean Banks : Changes and its Determinants”, KIF Financial Analysis Report, Oct.2015
“The Effect of Cross-holding Shares on Corporate Value in Korea”, (Co-Authored with Eunjung Yeo), Industrial Organization Research, Vol.21 No.2, Jun.2013, pp 1-33
“Overseas Funding and Foreign Liquidity Risk in Korea : Does the Choice of Funding matter?”, (Co-Authored with Byungyoon Lee), KIF Research Paper, Dec.2011
“Explaining Credit Default Swap Premium of Large Banks through the Global Financial Crisis”, (Co-Authored with Christopher Byungho Suh) Seoul Journal of Economics (forthcoming) vol 24(4), 2011
“Policy Tasks for Enhancing Korea’s Foreign Exchange Market”, (Co-Authored with Chung-Han Kim, Hyungjoon Lim), KIF Policy Investigation Report, Jun.2010
“The Economic Effects of Cross Share-Holding and Stock Repurchases on Firm Value”, (Co-Authored with Eunjung Yeo) KIF Financial Research Papers 2009-03, Mar.2009
“Foreign Exchange Risk of Financial Institutions under Increased Exchange Rate Volatility”, (Co-Authored with Haesik Park) KDIC Financial Risk Review, Jun.2007.
“A Study on the Predictability of the Won/Dollar Exchange Rate”, KIF Financial Research Papers 2007-02, Mar.2007
“Coping with Increased Capital Mobility : Lessons from the Korean experience”, (Co-Authored with Haesik Park) KOPEC Conference Paper, 2006
“Testing the forward expectation bias hypothesis using different time horizons“(work in progress ; Co-Authored with Haesik Park)
“Estimating monetary policy rules in Korea using expectations data” (work in progress)
“Performance of monetary policy rules in the presence of a cost push shock”, 2005
“A New-Keynesian model with a new output gap”, 2004 (Co-Authored with Soyoung Kim)
“Monetary policy under output gap uncertainty”, 2004 (Co-Authored with Soyoung Kim)
“Rao's Score Test and its Application, Manuscript”, 2002
- Research Projects
“Analysis of Overseas Cases for Improving Anti-Money Laundering Management and Supervision Systems for Virtual Asset Service Providers”, (Co-Authored with Jeong Doo Lee) Financial Services Commission Research Project, Nov.2023
“Preliminary Research for the 6th Basic Plan for the Financial Hub”, (Co-Authored with Byungyoon Lee) Financial Services Commission Research Project, May.2023
“Domestic and International Case Studies on Types of Money Laundering Using Virtual Assets and the Establishment of Prevention Systems”, (Co-Authored with Hyuntae Kim) Financial Supervisory Service Research Project, KIF, Jun.2022
“Characteristics and Regulatory Approaches for Non-Fungible Tokens (NFTs)”, Financial Services Commission Research Project, Dec.2021
“Key Issues in the OECD Liberalization Convention and Capital Movement Control Measures”, (Co-Authored with Namjong Kim & Hyuntae Kim) Ministry of Economic and Finance Research Project, Dec.2020
“International Cooperation Strategies for Infrastructure Development in Northeast Asia in the Event of Peace on the Korean Peninsula”, (Multiple Co-Authors) National Research Council for Economics, Humanities and Social Sciences Research Project, Jan.2020
“Establishment Plan for Local Economic and Financial Cooperation Centers Related to the New Southern Policy”, (Co-Authored with Christopher Byungho Suh) National Research Council for Economics, Humanities and Social Sciences Research Project, Dec.2019
“Research on Financial Hub Promotion Strategy and Feasibility of Additional Designation”, (Co-Authored with Byungyoon Lee & Jeong Ho Suh) Ministry of Economic and Finance Research Project, Jan.2019
“A Study on How to Promote Infrastructure Investment through Private Sector Resource”, Ministry of Economic and Finance, KIF Research Project, Dec.2018
“A Study on the Improvement of Foreign Currency Liquidity Management”, (Co-Authored with Haesik Park & Namjong Kim) Korea Development Bank Research Project, Sep.2017
“A Reform Plan for Foreign Currency Liquidity Regulation”, (Co-Authored with Haesik Park) Financial Services Commission Research Project, Jun.2016
“Analysis of Fourth Round Mutual Evaluation among Six Founding Member Countries and Outlook for the Policy Direction of FATF Chairperson”, (Co-Author with Park Jong Sang, Kim Jabonn, Lim Hyoung-seok) Financial Services Commission Research Project, Dec.2015
“Support for the Establishment of System Consulting Business and Moldova Settlement Institution in 2014”, (Co-Authored with Kim Donghwan) Ministry of Economy and Finance Research Project, Dec.2014
“Review of Financial Service-Related Articles in Trade in Services Agreement (TISA)”, (Co-Authored with Lee Sangche) Institute for International Economic Policy Research Project, Dec.2014
“A Feasibility Study of Establishment of Busan Financial Graduate School”, (Co-Authored with Byung-Duck Kim & Soo Jin Lee) KAIST Research Project, KIF, May.2014
“Measures to Increase Support for Shipping Finance”, (Co-Authored with Byung-Duck Kim) Financial Services Commission Research Project, KIF, Dec.2013
“Plans for D-SIB Regulation in Korea”, (Co-Authored with Si-Yeon Lee) Financial Services Commission Research Project, KIF, Dec.2013
“Evaluation for Money Laundering and Terrorism Financing Risk on a National Level and Protection Measures”, (Co-Authored with Park Jong Sang, Kim Jabonn) Financial Services Commission Research Project, KIF, Dec.2013
“Key Improvement Plans of Regulatory System for Korea Exchange Bank”, (Co-Authored with Christopher Byungho Suh) Financial Services Commission Research Project, Mar.2012
“Analysis of Designated Non-Financial Business Professionals’ Money Laundering Risk”, (Co-Authored with Kang Im-ho) Financial Services Commission Research Project, Dec.2011
“The Issue of Change in Currency Composition of SDR Basket and the Policy Implication Regarding the Expansion of SDR’s Role”, (Co-Authored with Haesik Park) Ministry of Economy and Finance Research Project, KIF, Aug.2011
“The Role of Export Credit Agencies in Korea in a New Era”, (Co-Authored with Jeong Ho Suh) Ministry of Finance and Strategy Research Project, Dec.2010
“Implementing Anti-Money Laundering Measures for Designated Non-Financial Professionals and Businesses”, (Co-Authored with Sangche Lee) Korea Financial Intelligence Unit(KoFIU) Research Project, Nov.2010
“Follow up Measures for FATF Mutual Evaluation of Korea” (Co-Authored with Sangche Lee), Korea Financial Intelligence Unit(KoFIU) Research Project”, Nov.2009
“The Effects of Money Market Institutional Reform to Financial Markets”, (Co-Authored with Kyoobok Lee) Financial Services Commission Research Project, Oct.2008
“The Privatization of Industrial Bank of Korea and It's Future Prospects”, (Co-Authored with Bon-Sung Gu, Kunbeom Lee, Eunjung Yeo, Jung-Han Koo) Industrial Bank of Korea Research Project, Mar.2008
“Study on Evaluation Methodology of FATF 40+9 Recommendations and Implementation”, (Co-Authored with Byungyoon Lee) KoFIU Research Project, Dec.2007
“Suggested Reforms on the Foreign Exchange Stabilization Fund”, (Co-Authored with Haesik Park and Kyoobok Lee) Ministry of Planning and Budget Research Project, Dec.2007
“The Effects of Exchange Rate Movements on the Economy”, (Co-Authored with Haesik Park) Ministry of Finance and Economy Research Project, Jul.2007
- Others
“The Effect of Global Financial Risk and Response Measures”, (Co-Author) KIF Issue Analysis, KIF, Aug.2011.
“The Analysis of Sub-prime Mortgage Problem and Its Effects on the Korean Economy”, (Co-Authored with Yong-Sang Shyn, Bon-Sung Gu, Joonkyung Ha, Kyoobok Lee, Jae Eun Song) KIF Financial Report, Sep.2007
Articles and Contributions
“The Changing Dynamics in the Korean Peninsula and the Role of Finance”, Asian economy, 31.Aug.2018
“The Possibility of China Financial Crisis and ‘하로동선’”, Financial Economy Newspaper, 18.Sep.2017
“The Backdrop for Weakening Korean Won and Outlook”, Monthly finance, May.2008
“Depreciation of Korean Won Is Expected as Export to China Decreases”, Maekyung Konomi, May.2008.
“Changes and challenges in asset management”, Korea Herald, 21.Apr.2008
“[Herald Forum] How to Respond to China Risk …”, The Herald Business, 07.Nov.2007
“The Current Status and Outlook for Global Liquidity”, IR Council, Sep.2007
“What Is the Problem of Korean Won Exchange Rate and Where Is It Going to?”, The Hankyung Business Weekly, Sep.2007
“Why CEO of SMEs Do Not Accept Interviews”, The Korea Economic Daily, 04.Jul.2007
“Lost-Cost Competition Is No Longer the Answer”, The Korea Economic Daily, 01.Dec.2006.
“Why is Export Doing Good with Stronger Won?”, Maekyung Konomi, Dec.2006
“Won to Be Back on Gaining Mode”, Korea Times, 30.Aug.2006.
“[Analysis] (2) How Is It Going to Affect the Korean Economy”, Maekyung Konomi, Aug.2006
“The Recent Change in Exchange Rate and Policy Implication”, Monthly finance, Aug.2006
“It Is Time to Lessen Yen Debt”, The Korea Economic Daily, 14.jul.2006
“Exchange Rate and Oil Price: When Will It Stop”, The Hankyoreh Economy21, 30.May.2006
“The Continuing Rise of Korean Won and ‘하로동선’”, Maeil Business Newspaper, 10.May.2006
“What We Should Learn from the Dynamics of Exchange Rate”, The Financial News, 03.Mar.2006
“The US-Korea Interest Rate Turn Around and the Likelihood of Capital Outflow”, Seoul Finance Newspaper, 05.Dec.2005
Programming Languages and Statistical Packages
MATLAB, STATA, E-VIEWS
Contact Information
Please complete the security check below to proceed.