KEA International Conference
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Welcoming Remarks

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On behalf of the Korean Economic Association (KEA), I welcome you all for participating in the 2021 Korean Economic Review (KER) International Conference.  The KER International Conference began in 1984 as a biennial international conference of the KEA.  It has been annually held since 2016, and now we have the 22nd conference this year.  We are grateful to the Korea-America Economic Association (KAEA) for its enduring support and cooperation on this conference from the very beginning.

This year, we have 107 papers presented in 7 invited sessions and 36 contributed sessions for two days.  Considering the harsh impact of COVID-19, this is quite an extraordinary and encouraging turnout.  It is great to see our colleagues fight back the pandemic and keep up on their research.  I do believe the academic communication should continue in any circumstances.  The KEA promises to give the best effort in assisting the papers presented and discussed well in this virtual convention.

This conference would not have been possible without the endeavor of our devoted colleagues.  I convey my sincere gratitude to the President of KAEA, Professor Chi-Young Choi, for co-hosting this conference.  I would also like to express my earnest appreciation to the editor of KER, Professor Yongsung Chang, and the Chairperson of the International Academic Conference Committee of KEA, Professor Sun-Bin Kim along with the members of the Committee. 
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I wish you all to enjoy the conference and to meet many new colleagues. Thank you again.


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Jinook Jeong
President, The Korean Economic Association
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Dear Colleagues, on behalf of the Korea-America Economic Association (KAEA, www.kaea.org), it is my great honor and pleasure to welcome you to the 2021 KER International Conference, jointly organized by the Korean Economic Review (KER), Korean Economic Association (KEA), and the KAEA.

I first would like to express my sincere appreciation to the KEA President, Professor Jinook Jeong, and many other local organizers for organizing this important International Conference in the midst of the global pandemic crisis. 

My special thanks also go to the Conference Program Committee, particularly Professors Yongsung Chang and Sun-Bin Kim as co-chairs, for the excellent work on putting an exciting program with stimulating research by bringing together renowned speakers and presenters across the globe.
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Although the conference is held virtually due to the ongoing COVID-19 pandemic, I believe it will facilitate knowledge exchange, networking and collaboration among professional around the world. The conference, composed of 43 sessions at a wide spectrum of themes, will also provide a good opportunity to learn about cutting edge quality research through fruitful and enriching discussions at the numerous program sessions.

I hope that you will find the conference valuable, meaningful, and enjoyable. I look forward to meeting you virtually during the conference.

My best wishes to you and your loved ones for health and safety in these difficult times.
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Chi-Young Choi
President, KAEA
International Academic Conference Committee

Co-Chair
Sun-Bin Kim (Yonsei University)
Yongsung Chang (Seoul National University)



Committee Members
Chamna Yoon (Korea Advanced Institute of Science and Technology)
Cheolsung Park (Hanyang University)
​Hyeongwoo Kim (Auburn University)

Jae Bin Ahn (Seoul National University)
Myung Hwan Seo (Seoul National University)
Sung-Ha Hwang (Korea Advanced Institute of Science and Technology)
Yoon Soo Lee (Sogang University)
Youjin Hahn (Yonsei University​)
The Korean Economic Review Board of Editors
Editor
Yongsung Chang​ (Seoul National University)
Co-Editors
Changhui Kang (Chung-Ang University)
Jung Hur (Sogang University)
Sokbae Lee (Columbia University)
Sung-Ha Hwang (Korea Advanced Institute of Science and Technology)
Yoonsoo Lee (Sogang University)

Board of Editors
Biung-Ghi Ju (Seoul National University)
Byung-Cheol Kim (University of Alabama)
Chamna Yoon (Korea Advanced Institute of Science and Technology)
Dukpa Kim (Korea University)
Heejoon Han (Sungkyunkwan University)
Hee-Seung Yang (Yonsei University)
Heonjae Song (University of Seoul)
Hyemi You (Hanyang University)
Hyunchul Kim (Hong Kong University of Science and Technology)
Jae Won Lee (University of Virginia)
Jae Bin Ahn (Seoul National University)
Jay H. Hong (Seoul National University)
Jihong Lee (Seoul National University)
Jin Seo Cho (Yonsei University)
Jin-Hyuk Kim (University of Colorado at Boulder)
Jinwoo Kim (Seoul National University)
Ju Hyun Pyun (Korea University)
​Jung-Wook Kim (Seoul National University)


Kyoo Il Kim (Michigan State University)
Kyoungwon Seo (Seoul National University)
Moonsung Kang (Korea University)
Myung Hwan Seo (Seoul National University)
Myungkyu Shim (Yonsei University)
Namhoon Kwon (Konkuk University)
Seik Kim (Korea University)
Semin Kim (Yonsei University)
Seokju Cho (Kyung Hee University)
Sokchul Hong (Seoul National University)
Soohyung Lee (Seoul National University)
Soyoung Kim (Seoul National University)
Syngjoo Choi (Seoul National University)
Taehyun Ahn (Sogang University)
Taeyoon Sung (Yonsei University)
Wonki Jo Cho (Korea University)
Wooyoung Lim (Hong Kong University of Science and Technology)
Young-Jun Cho (Seoul National University)
Youngse Kim (Sungkyunkwan University)
Youngwoo Koh (Korea University)​
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