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Potential economic reforms in North Korea: a dynamic general equilibrium model

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  • Scott Bradford
  • Dong-jin Kim
  • Kerk Phillips

Abstract

We use a dynamic general equilibrium model to examine hypothetical market reforms in North Korea. We model partial reform, in which producers choose capital allocations across sectors, with the government still fixing total capital. We also consider two full market reform scenarios. In one, public infrastructure investment remains unchanged, while, in the other, it increases substantially. In all scenarios, we assume a closed economy and a constant military size. Our simulations show little hope for the North Korean economy without boosting infrastructure. Although all of the reforms raise consumption, only significant increases in infrastructure investment bring positive economic growth.

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  • Scott Bradford & Dong-jin Kim & Kerk Phillips, 2011. "Potential economic reforms in North Korea: a dynamic general equilibrium model," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 14(4), pages 321-332.
    • Handle: RePEc:taf:jecprf:v:14:y:2011:i:4:p:321-332
    DOI: 10.1080/17487870.2011.600037
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    Cited by:

    1. Shagdar, Enkhbayar & Nakajima, Tomoyoshi, 2020. "Economic Impacts to Be Brought by the DPRK’s Return to International Society: CGE Analysis with the GTAP 9A Data Base," Conference papers 333199, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    2. Warwick J. McKibbin & Jong Wha Lee & Weifeng Liu & Cheol Jong Song, 2018. "Modeling the Economic Impacts of Korean Unification," Asian Economic Journal, East Asian Economic Association, vol. 32(3), pages 227-256, September.

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