The paper discusses the impact and implications of Korean unification by setting up a two-region endogenous growth model. The numerical solutions are based on the formal analytical model, and have been calibrated so that they reflect the observed features of the North and South Korean economies. The numerical solutions provide evidence about the speed of convergence and the large amount of interregional transfers that would be required to make the North Korean economy economically viable. We also model the impact of foreign aid, migration and borrowing abroad for the transition process.
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Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number
212003.
Length: 26 pages Date of creation: Oct 2003 Date of revision: Handle: RePEc:hkm:wpaper:212003
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Find related papers by JEL classification: O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household H40 - Public Economics - - Publicly Provided Goods - - - General
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