We investigate the impact of the universal stimulus payments (100-350 thousand KRW per person) distributed by the largest Korean province of Gyeonggi under the COVID-19 pandemic on household consumption using large-scale credit and debit card data from the Korea Credit Bureau. As the neighboring...

East Asians, especially South Koreans, appear to be preoccupied with their offspring's education---most children spend time in expensive private institutes and in cram schools in the evenings and on weekends. At the same time, South Korea currently has the lowest total fertility rate in the...

This paper argues that an economy becomes more resilient to nationwide shocks such as financial crises when the input-output network has high entropy. In networks, entropy increases as each node has widely and evenly distributed relationships with other nodes. I use a multisector general...