Jeong, Hyeok

Full-Time Professor

Jeong, Hyeok / 정혁

Professor of Economic Growth and Development

Office : Room 309, Bldg. 140-2

Tel. (82-2) 880-2921 Fax. (82-2) 879-1496

E-mail :

Assistant Contact :


Hyeok Jeong, Ph.D. from University of Chicago, worked at the Economics Departments of University of Southern California and Vanderbilt University in the United States, at the National Graduate Institute for Policy Studies (GRIPS) in Japan, and also at the KDI School of Public Policy and Management in Korea, before he joined the faculty of Graduate School of International Studies at the Seoul National University in 2015, where he works now. Professor Jeong was a visiting scholar at the University of Chicago, at UCLA, and at the Institute of Empirical Macroeconomics of the Federal Reserve Bank of Minneapolis. He also worked at World Bank as a Consultant Economist and served as the Director of Development Research Division of Center for International Development at KDI. Professor Jeong's main research interests are various areas of growth and inequality with particular focus on finance and human capital. His recent research agenda include Korean development experience, North Korean economy, demographic transition, science and technology innovations, smart city urban development, macroeconomic dynamics of land and housing, firm dynamics and international trade, higher education reform, and international development cooperation issues such as knowledge sharing and development finance to facilitate the global development. He also serves public domains by consulting Korean government and public agencies (Blue House, Office of Prime Minister, Ministry of Economy and Finance, Ministry of Land, Infrastructure, and Transport, Ministry of Unification, Bank of Korea, Export-Import Bank of Korea, and Korean Chamber of Commerce and Industry) as well as the US public agencies (National Committee on American Foreign Policy) and international agencies (World Bank, UNDP, UNFPA, OECD DAC).

 * Personal Homepage:

Academic Articles

  1.  “A Conditional Gini: Measure, Estimation, and Application,” with Chris Ahlin, Journal of Economic Inequality, Vol. 19: 363-384, January 2021.
  2. “Quantitative Analysis of North Korea-China Trade on North Korean Welfare and Denuclearization Strategy of Korean Peninsula,” with Chang-yong Choi, Review of International and Area Studies, Vol. 29 No. 3, pp. 169-201, Fall 2020.
  3. “Productivity Growth and Efficiency Dynamics of Korean Structural Transformation,” World Bank Policy Research Working Paper, No. 9285, June 2020.
  4.  “Quantitative Analysis of North Korea’s Openness and Gains from Trade,” with Chang-yong Choi and Ji-young Choi, Journal of Korean Economic Analysis, Vol. 25 No. 3, pp. 63-130, December 2019.
  5. “Demographic Change in the Republic of Korea: Policy Lessons for Other Asia-Pacific Countries,” Social Development Working Papers No. 2019-08, United Nations ESCAP, 2019.
  6.  “Analysis of Korea’s Long-Term Growth Process and Lessons for Sustainable Development,” Korean Economic Review, Vol. 34 No. 2, July 2018.
  7.  “Finance, Growth, and Inequality: New Evidence from Panel VAR Perspective,” Seoul Journal of Economics, Vol. 31 No. 2, May 2018.
  8. "Employment, Earnings, and Human Capital Formation of the North Korean Refugees," Chapter 6 of Exploration of North Korean Refugees’ Adaptation in South Korea and Its Policy Implications, KDI Research Monograph, April, 2018.
  9. “Comparative Analysis of Development Effectiveness ODA Grants and ODA Loans,” with Hongkee Kim, Journal of Economic Studies, V. 36 (1): 1-27, February, 2018.
  10. “Triangular Cooperation and Korea’s Strategy for International Development Cooperation,” Review of International and Regional Studies, V. 26 No. 4: 213-236, December, 2017.
  11. “Korea’s Growth Experience and Long-term Growth Model,” World Bank Policy Research Working Paper Series #8240, November, 2017.
  12. "Empirical Understanding of the Structure of Korea’s Income Inequality and the Strategy for Inclusive Growth," Chapter 3 of Income Distribution and Economic Growth, National Research Council for Economics, Humanities and Social Sciences, Future Policy Focus Research Monograph 17-07-01, 2017.
  13. “Firm Level Heterogeneity and the Aggregate Exchange Rate Effect on Exports,” with Robert Dekle and Heajin Ryoo, Economic Record, V. 92 No. 298: 435-447, 2016.
  14. "Effects of Product Dynamics and Foreign Trade Policy on Korea’s Economic Development via Productivity Growth and Structural Transformation," Chapter 3 of Openness and Economic Development, KDI Research Monograph 2016-02, 2016.
  15. “Korean Adults’ Capacity: Empirical Analysis and Policy Challenges” with Ju-Ho Lee and others, Korean Economy Forum, Spring Issue, 2016.
  16. “Empirical Analysis on the Determinants of the ODA Volume and Its Application to Korea,” Review of International and Area Studies, 25(1): 49-80, 2016.
  17. “Empirical Analysis about the Relationship among Financial Development, Economic Growth, and Income Inequality and Its Policy Implications for Korean Economy,” Korean Economy Forum, Winter Issue, January, 2016.
  18. “Korean’s Skill Capacity and Age: Empirical Analysis of PIAAC Data,” with Ju-Ho Lee, Ji-Eun Jeong, and Choi Hwang, Chapter 1 of Skills of Koreans: Empirical Analysis and Future Strategies, KDI Research Monograph 2015-08, 2015.
  19. "Theoretical and Empirical Analysis of the Relationship between Structural Transformation and Economic Development and Its Policy Implications," Chapter 2 in Korean Economic Development from Agriculture Sector Development and Structural Transformation, KDI Research Monograph, 2015.
  20. “The Price of Experience,” with Yong Kim and Iourii Manovskii, American Economic Review, 105(2): 784-815, 2015.
  21. “Complementarity and Transition to Modern Economic Growth,” with Yong Kim, B.E. Journal of Macroeconomics, Issue 1, pp. 365-412, 2015.
  22. "Is Korea Number One in Human Capital Accumulation: Education Bubble Formation and Its Labor Market Evidence, KDI School of Public Policy and Management WP Series 14-03, and Chapter 1 in Comprehensive Study on New Direction of Human Capital Policy, KDI Flagship Research Monograph.
  23. “Legacy of Khmer Rouge Regime on Skill Formation in Cambodia,” Journal of International and Area Studies, V. 21 No. 1, pp. 1-19, 2014.
  24. “Testing Solow's Implications on the Effectiveness of Development Policy,” KDI Journal of Economic Policy, V. 36 No. 1, pp. 107-126, 2014.
  25. “Features of Korean ODA System and Suggestions for Its Improvement,” Journal of Korea's Development Cooperation, No. 4, pp. 3-50, 2012.
  26.  “Inquiry into Effective Development Policy from Economic Growth Theory's Perspectives,” Journal of Korea's Development Cooperation, No. 2, pp. 3-16, 2012.
  27. “Growth and Inequality: Model Evaluation Based on an Estimation-Calibration Strategy,” with Robert M. Townsend, Macroeconomic Dynamics, Volume 12, pp. 231-284, 2008.
  28. “Assessment of Relationship between Growth and Inequality: Micro Evidence from Thailand,” Macroeconomic Dynamics, Volume 12, pp. 155-197, 2008.
  29.  “Sources of TFP Growth: Occupational Choice and Financial Deepening,” with Robert M. Townsend, Economic Theory, Volume 32, Number 1, pp. 179-221, 2007.



  1. Human Capital and Development: Lessons and Insights from Korea’s Transformation, with Ju-Ho Lee and Song Chang Hong, Edward Elgar, Foreword by Rt. Hon. Gordon Brown, May 2018.
  2. Studies on Promotion Plans of Triangular Cooperation in Korean Development Cooperation, National Research Council for Economics, Humanities, and Social Sciences, Joint Research Series 14-41-01, 2014.
  3. Korean Economic Development from Agriculture Sector Development and Structural Transformation, KDI Research Monograph, 2015.


Work in Progress

  1. “Evolution of the Composition of North Korean International Trade and Its Implications on Unification Strategy of Korean Peninsula,” mimeo, 2019.
  2. “Impacts of North Korea-China Trade on North Korea’s Welfare,” mimeo, 2018.
  3. “Empirical Analysis of Pivotal Country Selection in Triangular Cooperation and Applications to Korea’s Development Cooperation Strategy,” mimeo, 2018.
  4. “Dynamics of Firms and Trade in General Equilibrium,” with Robert Dekle and Nobuhiro Kiyotaki, 2017.
  5. “Global Prosperity Sharing: A Model of Sustainable and Effective International Development Cooperation,” mimeo, 2017.


Research Grants

  1. Principal Investigator, A Theory of Firm and Macroeconomic Dynamics of International Trade, Japan Society for Promotion of Science (JSPS) Grants-in-Aid for Scientific Research (Kakenhi) Challenging Exploratory Research Category, Grant #23653053, FY 2011-2012.
  2. Research Associate, Micro Survey for Growth, Inequality, and Organizational Design, Population Research Center at the University of Chicago, 1995 – 2000, Questionnaire Design and Data Analysis PI: Professor Robert M. Townsend at the University of Chicago.
  3. Research Associate, Survey of Financial Institutions and Household Characteristics in Thai Villages, 1998, PI: Professor Robert M. Townsend at the University of Chicago.


Policy Research

  1. Project Manager, Theory and Empirical Analysis for Promotion of Housing Market Stabilization of Korea, Presidential Council of Policy Planning of Blue House, 2021.
  2. Project Manager, Foreign Exchange Transaction Monitoring and Market Stabilization Measures, BOK-KPP Policy Consultation for Cambodia, 2021.
  3. Project Manager, Monetary Operations and Foreign Exchange Rate Policy, BOK-KPP Policy Consultation for Cambodia, 2020.
  4. Project Manager, Post-Covid-19 Changes of Global Order and the Implications on Korean Peninsula Peace Process: Focusing on New South Policy and New North Policy, Korea Institute for National Unification, 2020.
  5. Monograph on the Effectiveness of Development Cooperation in Southeast Asia: From the Mutual Prosperity Perspective, PM, Korea EXIM Bank EDCF, 2019.
  6. 「Perspectives and Key Issues of Interbank Market Development of Cambodia」, Chapter 1 in Interbank Market Development in Cambodia, BOK-KPP Policy Consultation, 2019.
  7. Demographic Dividend with a Gender Dimension: The Case of the Republic of Korea, Consultant, UN ESCAP, 2019.
  8. Medium Term Budget Planning Task Force of Korean Government 2019-2024, Division of Foreign Affairs and Unification, Project Manager, 2019.
  9. Studies on the Effectiveness of Multilateral Development Cooperation, Project Manager, Prime Minister’s Office of Korean Government, 2019.
  10. Advanced Sectoral Growth Tool and Extensions of the Long-Term Growth Model, Consultant, Global Facility on Growth for Development, World Bank, 2018.
  11. Re-examination of the Roles of ODA Loans and Korea’s ODA Implementation System with the Changes of Global Environment of Development Cooperation, Project Manager, Korea Exim Bank, 2017.
  12. Long-Term Growth in the Face of Macroeconomic Constraints, Consultant, Global Facility on Growth for Development, World Bank, 2016.
  13. “Analysis of Development Effectiveness of ODA Loans,” Chapter 4 of Analysis of Economic Impacts of ODA Loans, Researcher, Korea Exim Bank, 2016.
  14. “Understanding of the Employment, Income, and Human Capital Formation of North Korean Defectors,” KDI Research Monograph (Non-disclosure), 2016.
  15. Implications of EU’ Knowledge Sharing System on Korea’s Strategy for Development Cooperation, Project Manager, KDI CID, 2016.
  16. Medium Term Budget Planning Task Force of Korean Government 2016-2020, Division of Unification and Foreign Affairs, Project Manager, Promoting Development Cooperation and Private Sector Development Using Development Finance, 2016.
  17. Methods of Developing Milestone Indices of Long-term Growth Agenda for Korean Economy, Korean Chamber of Commerce, Project Manager, 2016.
  18. Nuts and Bolts of the Aid for Vocational Education: Insights from a Good Practice, Background Research Paper for Education Commission, International Commission on Financing Global Education Opportunity, 2016
  19. Medium and Long Term Plans for Enhancing Financial Cooperation in Korea’s Development Cooperation System, Project Manager, Economic Development Cooperation Fund at Korea Eximbank, 2016.
  20. Korea’s Development Cooperation Strategy via Triangular Cooperation, Project Manager, Prime Minister Office of Government of Korea, 2015.
  21. Medium Term Budget Planning Task Force of Korean Government 2015-2019, Division of Unification and Foreign Affairs, Vitalization of Private Sector Cooperation in Korean ODA System, 2015.
  22. Reform Plans for the System of Knowledge Sharing Program (KSP), Ministry of Strategy and Finance of Government of Korea, 2014-2015.
  23. Cambodia Knowledge Sharing Program (KSP), Education Reform for Sustainable Growth in Cambodia Focusing on Higher Education, 2014-2015.
  24. Exploration on Advancing the Korean Development Cooperation System by Introducing Development Finance, Project Manager, Economic Development Cooperation Fund at Korea Eximbank, 2013.
  25. Cambodia Knowledge Sharing Program (KSP), Cambodian Skill Shortage and Skill Mismatch Analysis with Policy Recommendation, 2013-2014.
  26. Medium Term Budget Planning Task Force of Korean Government 2013-2017, Division of Unification and Foreign Affairs, Exploration of Current Status of Korean ODA and Forecasting of Appropriate Size of Korean ODA for National Budget Plan, 2013.
  27. Cambodia Knowledge Sharing Program (KSP), Skill Need Assessment and Forecast of Cambodian Labor Market, 2012-2013.
  28. Studies on Designing Korean Approaches to Official Development Assistance, Project Manager, Korea Eximbank EDCF, 2012.
  29. Microeconomics of Income Distribution Dynamics in East Asia and Latin America, Joint IDB-World Bank Project, Consultant Economist, PI: Francois Bourguignon, World Bank, 1998-2000.
Faculty Directories


- Economic Growth and International Development - Growth and Inequality - Human Capital - Finance and Growth - Demography and Labor - Firm Dynamics - International Trade


- Economic Growth and International Development - Empirical Methods in International Development - Advanced Topics in International Development: Finance, Growth and Inequality - Studies of International Development Cooperation Policy and system - International Development Classic Readings: Reading "An Inquiry into the Nature and Causes of the Wealth of Nations" - Seminar on Area Studies - East Asia and Globalization


- Commendation from Minister of Strategy and Finance of Government of Korea, 2012. - Joint Center for Poverty Research(Northwestern University and the University of Chicago) Funded Graduate Fellow (1999-2000) and Research Affiliate (since 2001). - Andrew W. Mellon Foundation Fellowship, 1998-1999. - William and Flora Hewlett Foundation Fellowship, 1997-1998 - Korea Foundation for Advanced Studies Fellowship 1993-1997. - Alumni President Prize and Summa Cum Laude, Seoul National University, 1991.