Wins the 53rd Maekyung Economist Award
- Analyzed the capital inflow and outflow patterns of private and government sectors in developed and developing countries according to business fluctuations -
Professor Kim Yun-jung of the Department of Economics won the Maekyung Economist Award, the most prestigious economic and business administration paper award in Korea. The Maekyung Economist Award is an academic award annually given out to the most outstanding economics and business scholars, with the award now in its 53rd year, established in 1971. An award ceremony was held on Monday, April 10, at the Maekyung Media Center in Jung-gu, Seoul.
Professor Kim Yun-jung was recognized for her paper, 'International Capital Flows: Private versus Public Flows in Developed and Developing Countries,' published in the International Economic Review, a top-tier journal in the field of economics. The paper analyzed the capital inflow and outflow patterns of private and government sectors in developed and developing countries according to business fluctuations, providing implications for the utilization of foreign exchange reserves in developing countries while proving the excellence of the paper.
While excessive borrowing by the private sector increases the possibility of a crisis due to rapid capital outflows in a recession, Professor Kim showed that the government’s accumulation of external assets reduces the possibility of a crisis, and even if a crisis does occur, it mitigates the effects of the decline in GDP and consumption and the depreciation of the currency. This means that the resilient operation of foreign exchange reserves can reduce the potential risks from private sector borrowing.
“It is very rewarding to be recognized for the results of the research that I’ve been working on for so long,” said Professor Kim Yun-jung. “I’d like to thank the professors and students of Sogang University for their support.”
▲ Photo of the 53rd Maekyung Economist Award ceremony
Prof. Kim Yun-jung (front row, third from left) (Source: Maeil Business News Korea)
