Name

BAAK, Saang Joon

Official Title

Professor

AffiliationFaculty of International Research and Education

(School of International Liberal Studies)

Contact Information

Address・Phone Number・Fax Number

Address
1-6-1 Nishi-Waseda, Shinjuku-ku、Tokyo 169-8050, Japan

URL

Grant-in-aids for Scientific Researcher Number
30339923

Sub-affiliation

Sub-affiliation

Faculty of International Research and Education(Graduate School of Asia Pacific Studies)

Faculty of Political Science and Economics(Graduate School of Economics)

Affiliated Institutes

商学学術院総合研究所(産業経営研究所)

兼任研究員 2009-

現代韓国研究所

研究所員 2008-2009

日韓グローバル研究所

研究所員 2010-2012

現代韓国研究所

研究所員 2009-2010

日韓グローバル研究所

研究所員 2012-2012

韓国学研究所

研究所員 2013-2018

韓国学研究所

研究所員 2018-

Educational background・Degree

Educational background

-1988 Seoul National University Faculty of Economics Economics
-1990 Seoul National University Graduate School, Division of Economics Economics
-1997 University of Wisconsin-Madison Graduate School, Division of Economics Economics

Degree

Ph. D. Thesis University of Wisconsin-Madison, US Economic theory

Career

AssociateResearchFellow,KoreaInstituteforIndustrialEconomics&Trade
1997-(KIET), Sep. ~ Mar. 1999

Academic Society Joined

Society for Computational Economics

Econometric Society

American Economic Association

Japanese Economic Association

Research Field

Keywords

heterogeneous expectations, dynamic economics, exchange rate, trade

Grants-in-Aid for Scientific Research classification

Social sciences / Economics / Economic policy

Social sciences / Economics / Economic policy

Social sciences / Economics / Economic statistics

Social sciences / Economics / Economic theory

Research interests Career

heterogeneous expectations and price dynamics

Current Research Theme Keywords:heterogeneous expectations

Individual research allowance

globlal imbalance and East Asian exchange rates

Current Research Theme Keywords:globlal imbalance and East Asian exchange rates

Individual research allowance

Impacts of exchange rates on trade

Current Research Theme Keywords:exchange rates, trade, structural break

Individual research allowance

Paper

Monetary Policy and Corporate Investment: Analysis of the Asset Price Channel and the Balance Sheet Channel

SaangJoon Baak

BOK Economic Analysis 2018-92018/03-2018/03

Detail

Publish Classification:Research paper(bulletin of university, research institution)

Is the yen misaligned more during the Abenomics period? 

SaangJoon Baak

Japan and the World Economy Peer Review Yes (44) p.26 - 342017/10-2017/10

Detail

Publish Classification:Research paper (scientific journal)

Estimates of Korea’s bilateral export functions

SaangJoon Baak

Journal of Market Economy 44(1) p.1 - 322015-

The long recession of Japan and its lessons for Korea

SaangJoon Baak

Market and Government Research Center, Seoul National University 2014/03-

Changes in the Japanese market since Abenomics and penetration strategies for Korean firms

朴相俊

日本研究、韓日産業技術協力財団 14(03) 2014/03-

Do Chinese and Korean products compete in the Japanese market? An investigation of machinery exports

SaangJoon Baak

Journal of Japanese and International Economies 34p.256 - 2712014-

Revisiting the J curve for Japan

M. Ono and S.J. Baak

Modern Economy vol. 5p.32 - 472014-

世界経済の環境の変化と韓国の輸出に対する影響

朴相俊

世界経済の構造転換が東アジア地域に与える影響、日中韓国際共同研究報告書、内閣府経済社会総合研究所 2013-

Measuring misalignments in the Korean exchange rate

SaangJoon Baak

Japan and the World Economy vol. 24p.227 - 2342012-

The impact of the Chinese Renminbi on Korean and Japanese Exports to the United States

SaangJoon Baak

Korea and the World Economy vol. 12(no. 3) p.425 - 4552011-

The impact of exchange rates on the Korean exports: Focusing the possibility of structural changes

SaangJoon Baak

Journal of Market Economy vol. 40(no.1) p.27 - 492011-

Measuring misalignments in the Korean exchange rate

SaangJoon Baak

ERINA Discussion Paper No. 1102e2011-

Revisiting the J curve for Japan

Masanori Ono and SaangJoon Baak

Discussion Paper Series 66, The Economic Society of Fukushima University 2010-

The bilateral real exchange rates and trade between China and the U.S.

SaangJoon Baak

China Economic Review vol. 19, no. 32008-

The service sector in the ROK

SaangJoon Baak

ERINA ROK Economic System Series no. 142008-

Exchange rate volatility and exports from East Asian countries to Japan and the U.S.

SaangJoon Baak

Applied Economics vol. 392007-

The effect of the Chinese renminbi on Korean Exports to Japan

SaangJoon Baak

The Journal of Econometric Study of Northeast Asia vol. 6, no. 1p.103 - 1122007-

The impact of the Chinese renminbi on the exports of the ROK and Japan to the US

SaangJoon Baak

ERINA Discussion Paper No. 0604e2006-

Exchange rate volatility and trade among the Asia Pacific countries

SaangJoon Baak

Journal of International Economic Studies 8(1) p.93 - 1162004-

Japanese yen and East Asian currencies: before and after the Asian financial crisis

SaangJoon Baak

Journal of Asia Pacific Economy 9(3) p.271 - 2872004-

Exchange rate volatility and exports from East Asian countries to Japan and the U.S.

SaangJoon Baak、Arif Al-Mahmood,Souksavanh Vixathep

International Development Series 03−22003-

The impact of the Japanese yen on the Korean won: before and after the Asian financial crisis

SaangJoon Baak

Journal of Econometric Study of Northeast Asia, vol. 3, no. 2, pp. 39~50. 3(2) p.39 - 502002-

Dynamics of a market with market participants switching their expectation formation functions

Korea’s Official Pool of International Economists & Regional Experts Series 2001-332001-

Exchange rate volatility and the Korean exports

SaangJoon Baak

Journal of Korean Economic Analysis 7(3) p.179 - 2132001-

Heterogeneous Expectations, Volatility and Welfare

International Development Series 2000-

Tests for Bounded Rationality with a Linear Dynamic Model Distorted by Heterogeneous Expectations

SaangJoon Baak

Journal of Economic Dynamics and Control vol. 23p.1517 - 15271999-

Optimal strategies for the futures trade of the Korean Public Procurement Service

SaangJoon Baak and Y.S. Jung

1999-

IMF Bail-Out and Korea’s Economic Reform

SaangJoon Baak and Y. S. Jung

KIET Economic Review vol. 3(no.1) p.3 - 151998-

Investment of Physical Capital in Korean Manufacturing Industries: From Quantity to Quality

SaangJoon Baak

KIET Economic Review vol. 3(no. 2) p.3 - 71998-

The macroeconomic effects of foreign direct investment

SaangJoon Baak (朴相俊)

KIET industrial economy (KIET産業経済) vol. 21998-

Books And Publication

為替レート、金融と貿易、(第39章、現代韓国を知るための60章)

朴相俊

明石書店2014-

Detali

ISBN:978-4-7503-4082-1

韓国のサービス部門-その傾向と労働生産性の国際比較 (第4章、韓国経済の現代的課題)

朴相俊

日本評論社2010-

Detali

ISBN:978-4-535-55616-4

On-campus Research System

Special Research Project

グローバル化する日本経済の脱工業化とサービス貿易

2008

Research Results Outline:1. Unbalanced capital-labor ratio among sectors and economic growthAs deind1. Unbalanced capital-labor ratio among sectors and economic growthAs deindustrialization proceeds in advanced countries, la...1. Unbalanced capital-labor ratio among sectors and economic growthAs deindustrialization proceeds in advanced countries, labor shifts from the manufacturing sector to the service sector faster than physical capital. As a result, the capital-labor ratio of the service sector becomes relatively lower than that of the manufacturing sector. This paper investigates whether this unbalanced capital-labor ratio among sectors have some impacts on economic growth. Since sectoral investment data are not avaiable in general, the data were computed based on a multi-sector neo classical growth model. The empirical analysis using the WDI and Penn-world data for the period from 1980 to 2004 shows over-investment in a sector has negative influence on economic growth, implying that countires in which labor is moving to the service sector but capital investment does not follow will have sluguish economic growth.2. The service sector in the ROK: A comparison of trends and labor productivity with selected OECD countriesThis paper computes the labor productivity of five OECD countries (South Korea, Japan, Germany, UK, US) for the period from 1980 to 2003 using OECDSTAN indcators database (2005) and compares them. Especially by comparing the service sector productivity of South Korea (ROK) with those of Japan and other advanced countries, this paper aims to obtain policy implication regarding the service sector development. The computed productivity shows that South Korea and Japan follows very similar trend in which some service sectors are absorbing workers from some downsizing manufacturing sectors due to deindustrialization and thus suffer from low labor productivity. This problem chanllanges the two countries. One imprtant task of the Korean and the Japanese economy is to develop industries which will efficiently producing services and thus which will absorb workers from low-productive service sectors.

市場参加者の合理性と近年の通貨危機における韓国為替レートの非合理的な動き

2012

Research Results Outline:The purpose of this paper is to examine whether heterogeneous expectations The purpose of this paper is to examine whether heterogeneous expectations models can explain the irrational dynamics ofthe ...The purpose of this paper is to examine whether heterogeneous expectations models can explain the irrational dynamics ofthe Korean exchange rate during 2007-2008 global financial crisis. Even though the fundamental economic variables such as GDP, current account balance and unemployment rate were not badly affected by the so called sub-prime mortgage crisis and the collapse of Lehman Brothers, Korea's currency value depreciated much more drastically than other Asian currencies in 2008. The present paper adopted heterogeneous models in which two types of market participants trade foreign currencies to maximize their profits in the foreign currency market. In the first model, one type of market participants have rational expectations and the other type has static expectations. In the second model, one type is fundamentalsits who believe that the exchange rate will return to the equilibrium value based on PPP. The other type is chartists who believe the current trend will persist. In the two models, market participants can change their expectations formations functions based on their past performance. Empirical tests using montly data for the period from 2000 January to 2012 June show that the two heterogeneous models better fit to the actual data than rational expectations models. In addition, the test results indicate the presence of heterogeneity in the expectations of market participants. However, the results are not consistent with theoretical prediction in the respect that the fraction of type-one agents do not increase but decrease when the performance of type-one expectation formation function outperform the performance of type-two expectations formation function.Finally, the heterogeneous models better capture the irrational movements of the Korean exchange rate in 2008-2009 than rational expectations models. However, the dynamics of the Korean exchange rate in that period were much more volatile than even the predictions of the heterogeneous models, implying that to explain the excessive volatility in the Korean exchange rate during the global crisis requires more than lack of rationality of economic agents.

Was there a structural break in the impacts of exchange rates on the machinery exports of Japan to the US?

2017

Research Results Outline:This research analyzes the panel data of ten-digit level machinery commoditThis research analyzes the panel data of ten-digit level machinery commodities which are exported from China, Japan and Sout...This research analyzes the panel data of ten-digit level machinery commodities which are exported from China, Japan and South Korea to the US from 2002Q1 to 2012Q4 to determine the impacts of exchange rates on the quantity and price of the exports of the three Asian countries involved. The TSLS estimation results show that a depreciation of the yen by 1% in a quarter leads to 0.47% increase in the Japanese quantity and 0.48% decrease in the Japanese price, resulting in a very slight change in the value of Japan’s exports in the same quarter. Even though it pushes up the Chinese quantity more than it pushes down the Chinese price, its impact on the Chinese export value is negligibly small. In contrast, a 1% depreciation of the yen in a quarter increases the Korean quantity by 0.85% and decreases the Korean price by 0.7% resulting in 0.15% increase in the Korean export value in the same quarter. In addition, it increases the Korean export value in the following quarter by 0.19%. The test for a structural break will be performed after the data coverage is extended to 2017Q4.

The impacts of exchange rates on the machinery exports from China, Japan and Korea to the US

2016

Research Results Outline:This research analyzes the panel data of ten-digit level machinery commoditThis research analyzes the panel data of ten-digit level machinery commodities which are exported from China, Japan and Sout...This research analyzes the panel data of ten-digit level machinery commodities which are exported from China, Japan and South Korea to the US from 2002Q1 to 2012Q4 to determine the impacts of exchange rates on the quantity and price of the exports of the three Asian countries involved. The TSLS estimation results show that a depreciation of the yen by 1% in a quarter leads to 0.47% increase in the Japanese quantity and 0.48% decrease in the Japanese price, resulting in a very slight change in the value of Japan’s exports in the same quarter. Even though it pushes up the Chinese quantity more than it pushes down the Chinese price, its impact on the Chinese export value is negligibly small. In contrast, a 1% depreciation of the yen in a quarter increases the Korean quantity by 0.85% and decreases the Korean price by 0.7% resulting in 0.15% increase in the Korean export value in the same quarter. 

The impacts of exhange rates on the machinery exports from China, Japan and Korea to the US

2016

Research Results Outline:This research analyzes the panel data of ten-digitlevel machinery commoditiThis research analyzes the panel data of ten-digitlevel machinery commodities which are exported from China, Japan and South...This research analyzes the panel data of ten-digitlevel machinery commodities which are exported from China, Japan and SouthKorea to the US from 2002Q1 to 2012Q4 to determine the impacts of exchangerates on the quantity and price of the exports of the three Asian countriesinvolved. The TSLS estimation results show that a depreciation of the yen by 1%in a quarter leads to 0.47% increase in the Japanese quantity and 0.48%decrease in the Japanese price, resulting in a very slight change in the valueof Japan’s exports in the same quarter. Even though it pushes up the Chinesequantity more than it pushes down the Chinese price, its impact on the Chineseexport value is negligibly small. In contrast, a 1% depreciation of the yen ina quarter increases the Korean quantity by 0.85% and decreases the Korean priceby 0.7% resulting in 0.15% increase in the Korean export value in the samequarter. 

脱産業化と経済成長(Deindustrialization and economic growth)

2005

Research Results Outline:The purpose of this paper is to investigate the impact of deindustrializatiThe purpose of this paper is to investigate the impact of deindustrialization on economic growth and to compare it with the ...The purpose of this paper is to investigate the impact of deindustrialization on economic growth and to compare it with the impact of industrialization. The paper employs a two sector neo-classical growth model as the theoretical basis of empirical tests. The two sectors are industry (or manufacturing) and services. Then, the growth model is converted into testable growth equations. Empirical tests using data from 93 countries for the period from 1975 to 2002 indicate the contribution of the service sector on economic growth is almost the same as that of the manufacturing sector. However, further tests using sub sets of data with different income levels show the relative contribution of the sectors depend on income levels. The results imply that transition from agriculture to services without going through industrialization should not be a desirable development policy and that the impacts of deindustrialization on economic growth are positive for rich countries.

Foreign Countries Research Activity

Research Project Title: Bounded rationality and Exchange rate volatility

2010/04-2011/03

Affiliation: Ann-Arbor,University of Michigan(アメリカ)

Lecture Course

Course TitleSchoolYearTerm
Introduction to Macroeconomics 01School of International Liberal Studies2018spring semester
Introduction to Macroeconomics 51School of International Liberal Studies2018fall semester
Financial institutions and markets 51School of International Liberal Studies2018fall semester
Korean Economy (in Korean) 51School of International Liberal Studies2018fall semester
Seminar on Economy and Business 01School of International Liberal Studies2018spring semester
Seminar on Economy and Business 51School of International Liberal Studies2018fall semester
Seminar on Economy and Business 52School of International Liberal Studies2018fall semester
Intermediate Seminar 01School of International Liberal Studies2018spring semester
Intermediate Seminar 07School of International Liberal Studies2018spring semester
Applied MacroeconometricsGraduate School of Political Science2018summer quarter
Doctoral Research Guidance on Applied Macroeconometrics AGraduate School of Economics2018spring semester
Doctoral Research Guidance on Applied Macroeconometrics BGraduate School of Economics2018fall semester
Research guidance(seminar) on Applied Macroeconometrics AGraduate School of Economics2018spring semester
Research guidance(seminar) on Applied Macroeconometrics BGraduate School of Economics2018fall semester
Applied MacroeconometricsGraduate School of Economics2018summer quarter

Education Content And Method Device

Introduction to Macroeconomics

2012/04-

Advanced Seminar: Japanese and East Asian Economies

2006/10-

Intermediate Seminar: Japanese Economy

2014/04-

Korean Economy

2008-

Monetary and Financial Economics

2006-

Advanced Macroeconomics

2002-2005

Qauntitative Analysis

2001-2004

Statistics

2000-2004

Development Economics

2000-2009

Econometrics

2000/04-2011/07