Hyun Woong Park
I am currently an associate professor in Economics at Denison University. I joined Denison in 2017. I teach finance courses for the financial economics concentration within the department of economics.
Ph.D. University of Massachusetts Amherst, USA. M.A. Yonsei University, South Korea. B.A. Handong Global University, South Korea
Learning & Teaching
- Econ 302 Intermediate Microeconomics
- Econ 429 Financial Economics I
- Econ 430 Financial Economics II
- Econ 440 Economics of Banking
Financial Economics, Theory of Banking, Marxian Economics
My research agenda has been developing in two areas. First is finance and banking theory with a focus on financial fragility and contemporary financial intermediation. The second is Marxian Economics, specific topics including labor theory of value, technical change & the rate of profit, and the circuit of capital model.
- Estimating the rate of surplus-value at the industry level: A case study of the South Korea using the inverse transformation method, El Trimestre Económico, 2022 (coauthored with Dong-Min Rieu; forthcoming; in Spanish)
- Shadow Banks and the Collateral Multiplier, University of Massachusetts Amherst Economics Working Paper, 2021-12, 2021 (coauthored with Thomas Michl).
- How Dark is the Dark Side of the Diversification? Journal of Risk Finance, 2021 (coauthored with Henryk Gzyl and Pedro Cadenas).
- A Division of the Capitalist Class and the Market for Money Capital, Metroeconomica, 72(1), pp.2-21, 2021. [WP]
- A Mathematical Formulation of the Dual Nature of Unproductive Labor, Review of Radical Political Economics, 2020 (coauthored with Dong-Min Rieu).
- Unproductive Activities and the Rate of Surplus Value at the Industry Level in Korea, 1995-2015, Journal of Contemporary Asia, 50(2), pp.284-307, 2020 (coauthored with Dong-Min Rieu). [WP]
- An Input-Output Reconstruction of the Macro-Monetary Interpretation of Marxian Theory, Marxism 21, 16(3), 2019. [WP]
- A Review of the Macro-Monetary Interpretation of Marxian Labor Theory of Value, Marxism 21, 16(1), 2019.
- Securitized Banking, Procyclical Bank Leverage, and Financial Instability, Structural Change and Economic Dynamics, 49, 2019. [WP]
- Some Notes on the Temporal Single-System Interpretation of Marxian Value Theory, The Review of Social and Economic Studies (사회경제평론), 56, 2018. [WP]
- Liquidity, Bank Runs, and Fire Sales under Local Thinking, North American Journal of Economics and Finance, Vol.46, pp.89-102, 2018 (coauthored with Tom Bernardin). [WP]
- The Monetary Expression of Labor Time in a Dynamic Leontief Model, Marxism 21, Vol.13, No.2, 2016.
- Overdetermination: Althusser versus Resnick and Wolff, Rethinking Marxism, 25(3), 2013.
- The Concept of Value in Cognitive Capitalism Theory: A Critical Review of Recent Developments, Marxism 21, 9(1), 2012. (in Korean)
- Market Discipline and Bank Diversification (under review at Journal of Financial Intermediation)
- A Marxian Model of Market for Money Capital: Profit Rate, Interest Rate, and Leverage Ratio, University of Massachusetts Amherst Economics Working Paper 2020-02, 2020 (revise & resubmit at Metroeconomica)
- A Puzzle about the Monetary Expression of Labor Time: An Equilibrating Mechanism or Just a Coincidence?, University of Massachusetts Amherst Economics Working Paper 2018-15, 2018 (coauthored with Dong-Min Rieu)
Work in progress:
- Liquidity Crisis in a Market for Loanable Capital
- A Marxian Model of Financial Intermediation
- Leveraged-led Growth in the Circuit of Capital Model with a Banking Sector
- Turnover Time and its Relation to the Rate of Profit (with Zhun Xu)
- Endogeneity of Money and the State in Marx’s Theory of Non-commodity Money
- Editorial Board, Korean Journal of Political Economy, 2015-present
- Board member, Korean Association For Political Economy, 2015-present