This study measures the degree of dollarization in North Korea using results from a survey of 231 North Korean refugees. Specifically, we compare foreign currency use of households as both store-of-value substitutes (i.e., asset substitution) and transaction substitutes (i.e., currency...

"North Korea's anthracite export to China, which represents more than 40% of its total exports, is experiencing fall outs from a downturn in export unit prices, China's dwindling steel industry, the Chinese government's restructuring plans for the steel industry, and strengthened environmental...

Anthracite exports have special value within the DPRK's economy. In this paper, we focus on what determines the DPRK's anthracite exports to China. We use panel data consisting of cross-section data from 30 provinces in China and quarterly time-series data from 1998 to 2013. Controlling for all...

Korean Abstract: 본 연구는 공공부문과 민간투자사업자를 포함한 일반균형모형을 사용하여 재정사업과 BTL민간투자사업의 후생 차이를 비교⋅분석한다. 다른 모든 조건이 동일할 때, 정부가 세입⋅세출을 동일하게 유지해야...

Korean Abstract: 본고에서는 노동자들이 위험 기피적이고 차입제약을 갖는 Mortensen-Pissarides (1994) 매칭모형에 경제활동참여 의사결정을 내생화하여 실업급여 지급기간 변화가 노동시장에 미치는 영향을 분석하였다. 모형의...

This paper argues that existing matching models with unemployment as an active search and nonparticipation as an inactive search predict counterfactual results: the unemployment rate is at most two times as volatile as the employmentpopulation ratio; only 20 percent of the actual volatility of...

I construct a matching model to explain the labor market transition between employment, unemployment and nonparticipation, and evaluate the quantitative effects of firing costs. The model has several features that are distinguished from previous studies: endogenous labor force participation,...

This paper examines a dynamic stochastic general equilibrium (DSGE) model containing exible prices, search frictions and nominal wage contracts. It is assumed that the nominal hourly wage rate and the hours of work are jointly determined, so-called efficient bargaining, for each period. The...

I construct a dynamic stochastic general equilibrium (DSGE) model characterized by flexible prices, search frictions, and nominal wage contracts, and examine to what extent the model can explain the quantitative business cycle properties of real macroeconomic variables in the U.S. economy. I...

A generalization and the widespread use of foreign currency in North Korea is called dollarization. Opinions are mixed over the backgrounds and the causes of the phenomenon, whether it is peculiar to the North, what it implies about the reality, and what effects it will have on the North's...