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Journal of Economic Theory and Econometrics
JETEM/계량경제학보/計量經濟學報/JKES
Journal of the Korean Econometric Society

Implications of Near-Autarky for North Korean Economy

Vol.28, No.2, June , 112–134


English Version |  Korean Version
  •   (Department of Economics, Seoul National University)

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Abstract  

This paper introduces a notion of near-autarky to describe the following features of North Korean economy: economic sanctions, more than 40 percents of trade dependency, chronic trade deficits, and monopolistic trade with China. The model in this paper is a dynamic stochastic general equilibrium(DSGE) model modified to incorporate the above features. The result show that North Korea have no incentive to deviate from the current situation. And also the fact that North Korea's biggest trade partner is China weakens the effectiveness of economic sanctions against North Korea.


Keywords
   Economic Sanctions; Near-Autarky; North Korean Economy

JEL classification codes
   F51
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