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The economics of korean unification

  • Marcus Noland
  • Sherman Robinson
  • Ligang Liu

We simulate the impact of a customs union and an exchange rate unification of North and South Korea. Factor mobility and technological change are of critical importance. If factor markets do not integrate, the macroeconomic impact on South Korea of economic integration is relatively small, while the effects on North Korea are large. With factor market integration, there is a significant impact on the South Korean income and wealth distribution. If integration is accompanied by external capital inflows, there is a significnt appreciation of the real exchange rate with deleterious implications for the South Korean traded-goods sector.

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Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

Volume (Year): 3 (1999)
Issue (Month): 3 ()
Pages: 255-299

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Handle: RePEc:taf:jpolrf:v:3:y:1999:i:3:p:255-299
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  1. Hughes Hallett, Andrew & Ma, Yue & Melitz, Jacques, 1994. "Unification and the Policy Predicament in Germany," CEPR Discussion Papers 956, C.E.P.R. Discussion Papers.
  2. Thimann, C & Breitner, M-H, 1995. "Eastern Germany and the Conflict between Wage Adjustment, Investment and Employment : A Numerical Analysis," Papers 02, American Institute for Contemporary German Studies-.
  3. Bernhard Herz & Werner Roger, 1995. "Economic growth and convergence in Germany," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 131(1), pages 132-143, March.
  4. Boltho, Andrea & Carlin, Wendy & Scaramozzino, Pasquale, 1997. "Will East Germany Become a New Mezzogiorno?," Journal of Comparative Economics, Elsevier, vol. 24(3), pages 241-264, June.
  5. Stone, Richard, 1986. "Nobel Memorial Lecture 1984: The Accounts of Society," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 1(1), pages 5-28, January.
  6. Hans-Werner Sinn, 1995. "Staggering along: wages policy and investment support in East Germany," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(4), pages 403-426, December.
  7. Marcus Noland, 1996. "German Lessons for Korea: The Economics of Unification," Working Paper Series WP96-3, Peterson Institute for International Economics.
  8. Golan, Amos & Judge, George & Robinson, Sherman, 1994. "Recovering Information from Incomplete or Partial Multisectoral Economic Data," The Review of Economics and Statistics, MIT Press, vol. 76(3), pages 541-49, August.
  9. Marcus Noland & Sherman Robinson & Li-Gang Liu, 1998. "The Costs and Benefits of Korean Unification," Working Paper Series WP98-1, Peterson Institute for International Economics.
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